Money Secrets of the Rich

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From: Paul Hendriks


Hi All

I have just bought John Burleys - Australia's Money Secrets of the Rich

I have firstly read thru chapter 28 Structures for Business & Investment, Tax Reduction & Asset Protection

That was good, & seems like the Structure I am setting up for my business & Investments is pretty much right...

I would like someone's opinion of the book that has read it several times as he seems to focus a lot on Shares thru auto investments.

What was your opinion on his overall theme?

Have you put his advise into practise & is it working for you?

It's a fair chunk of a book & I'm looking forward to getting into it, but wondering how much of a open mind I should keep!

Looking forward to responses

Regards
Paul
 
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Sim

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Reply: 1
From: Sim' Hampel


On 6/21/02 7:03:00 AM, Paul Hendriks wrote:
>Hi All
>
>I have just bought John
>Burleys - Australia's Money
>Secrets of the Rich

I thought it was a very good book for what it was intended to be. I'm thinking of sending a copy over to my sister to see if it helps her with goal setting, debt reduction and saving.

>I would like someone's opinion
>of the book that has read it
>several times as he seems to
>focus a lot on Shares thru
>auto investments.
>
>What was your opinion on his
>overall theme?

Overall, to me the book seemed to concentrate on the basics. Simple little things you can do to first reduce expenses, maximise income, reduce debt, start saving and work towards investment. From this point of view, and the fact that it had information specific to Australia in it, I thought it was quite good.

>Have you put his advise into
>practise & is it working for
>you?

I have several automatic investment plans running, not exactly the way Burley suggested, but similar. How is it working for me ? Ask me in 20 years time ;-)

Basically, because the money comes straight out of my pay, it never hits my bank account and so I never miss it. It's definitely a long term strategy though... so patience is required (ie. ignore it for the next 10 years or more).

>It's a fair chunk of a book &
>I'm looking forward to getting
>into it, but wondering how
>much of a open mind I should
>keep!

Just one part of a broader strategy, which suits my personal situation right now. Not for everyone, but a good way to start.

 
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Reply: 1.1
From: Dale Gatherum-Goss


HI

I enjoyed the book and found it very useful. It is something that we have actively recommended to clients as a starting point and to reinforce the basics.

Good luck

Dale
 
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Reply: 1.1.1
From: Duncan M




I particularly liked his fantastic collection of quotes, proverbs and
sayings from a vast array of sources that he litters throughout the book.

Duncan.
 
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Reply: 1.1.1.1
From: Nigel W


You're right Duncan. The sayings were fascinating.

I agree with all that it's a good book. I think however it may be a bit overwhelming for beginners.

I always recommend Richest Man in Babylon as a good starting point. If people can get past its "parable" style (which I personally really enjoy but is to everyone's tastes) then it is the best starting point I think.

I think people need to learn incrementally, to gradually build upon their existing knowledge and expand their view of what's possible. Although this goes against human nature which is the desire for instant knowledge and gratification. (which I suppose accounts for the popularity of the "dream peddling" gurus with their expensive courses designed to take someone from zero to millionaire in next to no time).

In my opinion, grand vision but baby steps to start with is the way to go. Then you can expand your circle of confidence and competence to bigger and better things and more advanced strategies.
 
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Sim

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Reply: 1.1.1.1.1
From: Sim' Hampel


I agree Nigel... "Richest Man in Babylon" first, maybe even Paul Clitheroe's "Making Money", then followed by something like "Money Secrets of the Rich", then even "The Millionaire Next Door".

Any other suggestions for beginners ? I'm talking about people who haven't yet really got their finances in order yet, so not yet ready for the "investing" books like Jan Somer's and even Kiyosaki - I'm in two minds about Kiyosaki for financial novices.

 
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Reply: 1.1.1.1.1.1
From: Duncan M


I quite liked "Getting it Together" by Noel Whittaker.. when I was about
24ish or so (7-8 yrs ago).. A good intro to Money Management, Debt etc.. Its
aimed at young people.

Duncan.
 
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Reply: 1.1.1.1.1.2
From: Jas


> From: "Sim' Hampel" <sim@hampel.com.au>
>
> I agree Nigel... "Richest Man in Babylon" first, maybe even Paul
> Clitheroe's "Making Money", then followed by something like "Money
Secrets
> of the Rich", then even "The Millionaire Next Door".

Millionaire next door? What a dry read! I forced myself to plough
though it.

There are lots of financial planning books for women around. These
general have good information that's aimed at people who know very
little, but want to know more. Can't remember the titles, I've lent
them all out.

Jas
 
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Reply: 1.1.1.1.1.3
From: Nigel W


On 6/21/02 11:40:00 AM, Sim' Hampel wrote:
>>Any other suggestions for
>beginners ? I'm talking about
>people who haven't yet really
>got their finances in order
>yet, so not yet ready for the
>"investing" books like Jan
>Somer's and even Kiyosaki -

perhaps TW's budget book?? A session of Forward living with the Husband???

I always use the analogy of trying to fill a bath with an bucket full of holes. The more holes in the bucket the longer it will take to fill the bath...

step one has gotta be to control expenditure. if a person can't do that - they are unlikely to achieve financial freedom.

>I'm in two minds about
>Kiyosaki for financial
>novices.

I'm a bit equivocal about RK books for beginners too Sim. I think RDPD can have the undesirable effect of making people think they can do super duper secret mezz loan flip flop wrap leveraged credit enhanced syndicated killer deals, run a billion dollar mlm and float themselves on the nasdaq whilst living out of their car before they've even finished reading RDPD all whilst working for no money but getting great experience!

Don't get me wrong. Great book (the subsequent ones I'm not so sure of - I got bored with hearing the same thing over and over) but the devil is always in the detail.

Without wanting to sound condescending. I have heard RDPD disciples waxing lyrical about their asset column but not even understanding the difference between P&I and IO loans!

Dream big, but start small and work your way up!
 
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Reply: 1.1.1.1.1.3.1.1
From: Andrew D


Excuse my ignorance but what is a session of forward living ?? Could someone explain.

Enjoy

AD
 
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Reply: 1.1.1.1.1.3.1.1.1.1
From: Mark Laszczuk


I agree with the RK stuff, although RDPD was the first book I read on investing. But I'm not one of those that got carried away, it just set me in the right direction. I too get really annoyed at the way he repeats himself. If he didn't repeat all the time, all of his Rich Dad books could be condensed into one volume, about the size of the latest book.

Mark
'no hat, some cattle
 
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Reply: 1.1.1.1.2
From: Michael G


Nigel,

I got a tape of "Babylon" and listening to it was even better, think "arabian music background" and old man, talking to Achmed.

Michael G
 
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