John Fitzgerald's "7 Steps to Accelerated Wealth"

Discussion in 'Information Resources' started by ArJay, 7th Apr, 2008.

  1. ArJay

    ArJay Member

    Joined:
    7th Nov, 2004
    Messages:
    382
    Location:
    Adelaide
    Anyone else read John Fitzgerald's new book 7 Steps to Accelerated Wealth? Found it very thought provoking...

    He talks a bit about passive (ie buy and hold) versus active (ie trading/developing) wealth building and then goes into more depth about the specifics behind the "active" approach.

    I found it really interesting reading as his first book (Seven Steps to Wealth) was one of my early inspirations. The new book goes into a fair bit more detail about how he's made his wealth and how he identifies, sets up, controls and exits deals. It's an interesting insight into how seemingly high risk scenarios can be mitigated into manageable win-win solutions and how he's solved the various dilemmas he's encountered in his trade.

    He also regurgitates all the basics from his earlier book as a reference point and goes much more deeply into the psychology and mindset needed to be successful. This includes a great chapter on "Have You Got What it Takes?" which basically takes the reader through an evaluation of whether they have in them the qualities and drive that's needed to make the most of an accelerated wealth building approach.

    All up I found it a good read regardless of whether I use the strategies. It's by no means one of the "get rich quick" books (as John points out) but more of a realistic look at what's potentially possible if we choose to take this path.

    As a consequence of where i work (library) I've hungrily devoured most books on property and found this one quite refreshing as it focuses on a side not often touched on. Worth a look if you get the chance....

    Rory :)
     
  2. FrankGrimes

    FrankGrimes Member

    Joined:
    3rd Jul, 2003
    Messages:
    919
    Media:
    2
    Location:
    Sydney
    I bought it a few weeks back and I'm enjoying it - I found the same thing as you, it is very thought provoking. I also find his energy and enthusiasm great to read. I understand the whole buy and hold process so its nice to read a book that offers some “out of the box” ideas and strategies.. I will report back once I’ve finished reading it.

    What’s his original book like? There are a lot of references to it in this book but I have not read it.
     
  3. ArJay

    ArJay Member

    Joined:
    7th Nov, 2004
    Messages:
    382
    Location:
    Adelaide
    Hey FG.
    His original book was/is really good. Very much along the lines of Jan's book. It's more aimed at beginners as a real fool proof strategy to building wealth. Most of the essentials he goes into in the "Back to Basics" chapter of the new book.

    Still worth a read tho if you get the time. I just re-read it recently to touch up on a few of his concepts...

    R:)
     
  4. Player

    Player Live Every Day

    Joined:
    14th Feb, 2008
    Messages:
    2,965
    Location:
    Paradiso
    I've also recently read John Fitzgerald's latest book - 7 Steps to Accelerated Wealth. It does touch upon some of his early principles of passive investing and piggy-backing or leap frogging equity growth into deposits for other IP purchases.

    His earlier book describes the whole process and whilst it may appear basic for some, the principles are worth revising. It was his first book (7 Steps to Wealth) that really woke me up to depreciation benefits as a means to help reduce your holding costs while capital growth does its work.

    The latest book is full of more active and advanced strategies if compared to passive investing. These include land subdivisions, land-banking, flips, re-zoning options, development, etc. I have heard him speak many times and also spent time one on one with John and the biggest take home message is that no matter what active strategies you undertake, always have the passive strategy ticking away in the background (slow but sure). The latest book does not entertain the advanced strategies in great detail, however gives adequate consideration to enable the reader to decide whether or not the straegies are for them and, if so, to investigate seeking further detailed knowledge.

    John also entertains higher/grander notions involving helping others, community, giving back, and being custodians of wealth and knowledge. Check out www.jlf.com.au or google "custodian wealth builders" and navigate the site(s). He is a remarkable person who has (and continues to) walk his talk.
     
  5. Nth Brisbanite

    Nth Brisbanite Member

    Joined:
    15th Nov, 2007
    Messages:
    777
    Location:
    North Brisbane
    John Fitzgerald is someone who has changed my life and I'll be forever grateful. He has motivated some of my friends and family to buy properties when they never thought they could do it.

    I'm keen to buy and read this book
     
  6. DavidMc

    DavidMc Member

    Joined:
    22nd Feb, 2005
    Messages:
    2,853
    Location:
    Melbourne
    I have to say I have a soft spot for John, 7 Steps was the book that got me started.

    I did have a flick through this book, however found it too much of a re-hash of 7 steps plus his 'Success from Scratch' product (which I also own). It goes into even more detail on the rezoning etc complete with example paperwork!

    I'm interested to see what Jenman has to write about him in his new book about spruikers, 'Stiched'.
     
  7. Nth Brisbanite

    Nth Brisbanite Member

    Joined:
    15th Nov, 2007
    Messages:
    777
    Location:
    North Brisbane
    Although John appears to have a conflict of interest in that he (1) appears to promote property he is developing (2) suggests that applicants use his finance company, I still don't think of him as a "spruicker". He is nothing like Henry Kaye in that his principles are very conservative. I know 2 people who have worked or work for his company and I'm sure they wouldn't have stayed if they thought he was unethical. I've been to his seminars and they are soft sell in contrast to some of the hard sell presentations that I've endured.

    A friend of mine said that he wouldn't have got started in investing without John Fitzgerald. He appears to be very happy with the capital gains and rental return from a house and land deal that he got through his company. My friend said that it was so easy!!
     
  8. Player

    Player Live Every Day

    Joined:
    14th Feb, 2008
    Messages:
    2,965
    Location:
    Paradiso
    Hi David,

    I had invested in property very aggressively in my early 20's and then for 10 years or so had "parked". Although having said that, I did reduce debt significantly and with a stack of equity in the wings, John Fitzgerald was also the catalyst for me kick-starting my investing again.....and I've never looked back.

    The Australian newspaper ran a negative story on him a couple of months ago and Neil Jenman was one of his critics. Whilst I believe Jenman's heart is in the right place, I am not sure that he has ever met John nor investigated the schools for youth at risk that John has founded and supports (Toogoolawa). Jenman maintains that Fitzgerald gains too much promotional mileage from his charity.

    THerefore expect him to feature in "Stiched", but perhaps not for the right reasons. I agree that it does re-hash Success from Scratch and Signposts to Success, however for those new to John's ideas, I still believe his latest book "7 Steps to Accelerated Wealth" is well written (in his matter of fact style) and a very easy read.

    I would be interested to hear of others who have read John's books or dealt with him. I have found John Fitzgerald to be an outstanding person.
     
  9. Ausprop

    Ausprop Member

    Joined:
    20th Jun, 2004
    Messages:
    10,497
    Media:
    7
    Location:
    PERTH, WA
    a bit of a love in running on this thread. Let's keep it real.... the initial book promoted house and land because that was easiest for jlf to sell with decent comms. Even TIC has thrilled customers who bought any old product because Oz has had an enomous run up in the price of property. Ask them after 12 years of static cap prices and loss making cashflow if they are still so thrilled.

    still the new book sounds interesting and I will give it a read. always interested to read beyond buy'n'die
     
  10. Nth Brisbanite

    Nth Brisbanite Member

    Joined:
    15th Nov, 2007
    Messages:
    777
    Location:
    North Brisbane
    It'd be interesting to know whether Jenman is heavily involved in charity
     
  11. normailson

    normailson Member

    Joined:
    14th Feb, 2008
    Messages:
    113
    Media:
    1
    Location:
    Sydney, NSW
    Come On People!

    John Fitzerald's first book was about buying new house and land in areas such as Brisbane. He advocated negative gearing and depreciation, a buy and hold strategy and land - no apartments. Nothing new here really.
    But what's that I hear? Oh, JLF is a real estate company that can assist me to buy property (at an over-valued price, mind you). How convenient! I'll buy 3 or 4 of these overpriced things on the equity of my house. After all the education tells me to do this to be financially secure.
    But wait there's more!!! JLF's CWB will sell you the property while JLF's Investloan provides the finance and valuer. Meanwhile, JLF's lawyer will do the conveyancing and JLF's property management arm will get you a tenant. CWB will also organise some get-togethers to talk drum your wealth (drum up more business)
    Can anyone see a problem here?
    John is a businessman with:
    1. Many vested interests to gain from his "education"
    2. an environment where opportunities for collusion are rife
    3. a mascot - the school
    If any of our governing bodies had any balls the would move to stamp stuff like this out or regulate it more strongly.
    John Fitzgerald has probably encouraged many people to invest and has in the recent past made people money on the back of the RE boom but at the end of the day he is lining his own pockets through his many businesses.
    The number one lesson is: never outsource your knowledge. Do it yourself.
    A good businessman - YES. A "remarkable man" - I for one was nearly burnt and will never join the appreciation club.
    Not all property spruikers are ugly and overweight. And what has Jenman's charitable leanings got to do with anything.
     
  12. oc1

    oc1 Developer

    Joined:
    31st May, 2005
    Messages:
    1,827
    Location:
    .
    Bought it yesterday and read it last night. I thought it was a good read. Not a heavy read but does make you think. It got me of my butt today and I made an offer to purchase 21 blocks on an option. :D
     
  13. Player

    Player Live Every Day

    Joined:
    14th Feb, 2008
    Messages:
    2,965
    Location:
    Paradiso

    That's great Oscar,

    let us all know how you get on with your option strategy.
     
  14. lizzie

    lizzie when i grow up ...

    Joined:
    13th Sep, 2004
    Messages:
    11,736
    Media:
    2
    Location:
    back in the painting clothes
    fantastic oscar ... okay ... so it is now on my "buy" list for today.
     
  15. redwing

    redwing Progress Not Perfection

    Joined:
    16th Mar, 2004
    Messages:
    8,533
    Media:
    69
    Location:
    WA
    JF was in Perth last week; did any WA SS's attend?
     
  16. Hunter@scientis

    Hunter@scientis Property Fan

    Joined:
    16th Apr, 2008
    Messages:
    1
    Location:
    Melbourne, Victoria
    I was also burnt by JLF Corporation. Wolf in sheep's clothing if you ask me.

    Not to say his book doesn't contain good strategies. If it gets you off your tush and investing, maybe it isn't all bad.
     
  17. DavidMc

    DavidMc Member

    Joined:
    22nd Feb, 2005
    Messages:
    2,853
    Location:
    Melbourne
    Can you please share how?

    Did you get massively ripped off on a deal or were you recommended a property that 'only doubled' instead of tripled?
     
  18. Alex P Keaton

    Alex P Keaton Member

    Joined:
    16th Mar, 2008
    Messages:
    3,121
    Location:
    Australia
    He has another Perth seminar in June. For the $30 you pay you also get his book for free.

    Was it a good seminar?

    :)
     
  19. Rixter

    Rixter $uper Investor (Retired)

    Joined:
    15th Mar, 2001
    Messages:
    9,335
    Media:
    12
    Location:
    Highton Vic.
    I went a few years back.

    Was just like all the other marketing companies educating the investment basics then providing their products/services to get newbies started.
     
  20. ryan_mel

    ryan_mel Member

    Joined:
    7th Dec, 2006
    Messages:
    209
    Location:
    Melbourne,VIC
    Hi normailson,

    Your post trigger me to think about "the Aldy Group", who almost burnt me as well, not sure have you guys heard about it, but pretty much similar as how you described to sell overpriced properties.

    100% percent agree and like the No.1 lesson: "never outsource your knowledge"

    Cheers

    Ryan