Which book first?

[alexlee]

I also vote for Rich Dad Poor Dad (Kiyosaki) and The Richest Man in Babylon (Classon).

Kiyosaki may be basic and general but that would be exactly what an 18 year old needs. The Richest Man in Babylon teaches the mindset.

From then, Jan Somer's books for an introduction into property and then I suggest Neil Jenman and Terry Ryder's books for a good analysis of how the property market works.

Spann, Yardney, Reno Kings, etc are also recommended.

I generaly don't recommend Noel Whittaker's books: they're not aimed at teaching you how to get rich. His books only teach you how to survive. Not a bad idea if you already have terrible money habits, but if you're looking to learn how to get rich (instead of just looking to get out of a hole) don't read his books. On that level, Jenman's books aren't out to teach you how to get rich either, but someone who is already interested / experienced in property will learn a LOT from reading his book (I know I did).
Alex

 

[silene101]

Thanks for all your replies! So many, so soon!

Yes I was actually thinking Rich Dad Poor Dad too. I think thats the one I'll go with. I'll just leave it inadvertently lying around in the next few days!

My daughter recently bought her first I.P at 19 years of age, she's got the right mindset. Being the avid reader that she is, she read most of my investment books. I must ask her if one particular book inspired her more than the others.
She is also a member of this forum and contributor.

I will also push Richest man in Babylon as it has an excellent message.

Cheers,
Silene101

 

[Programmer]

I generaly don't recommend Noel Whittaker's books: they're not aimed at teaching you how to get rich. His books only teach you how to survive. Not a bad idea if you already have terrible money habits, but if you're looking to learn how to get rich (instead of just looking to get out of a hole) don't read his books.

Hi Alexlee, have two issues with this attitude/belief;

1. Noel Whittaker is a very wealthy man. I dare say he would be far, far wealthier than you or I. Actually, that's wrong, he'd be far wealthier than most, if not all forumites. He practices what he preaches. He 'teaches' the basics because they're not only important, they're vital. Noel teaches investment basics because it is investment basics (the understanding of HOW money works) that underpin any successful investment scheme you or I will undertake. To say that Noel does not teach people how to get rich is not only misleading, it's ridiculous. We've all seen time and again that when people do not at least have a basic understanding of what they're doing, they often lose the lot. 'Getting rich' is as much a 'way of life', a mindset, as it is simply buying recurrent income via equities, property etc etc. He teaches fundamentals (of many areas) here to start the process.

2. You've obviously read only a few of his books (maybe only 1? "Making Money Made Simple?"). There are others, including "Borrowing to invest" and "Golden Rules of Wealth".

There would not be one (even half-respected) publisher/commentator/presenter/spruiker etc etc etc that is not aware of the BASICS. How do you think the property 'gurus' learnt they're techniques? These techniques are simply a deviation from the basics.

It IS true to say that Noel is a more conservative investor - and that he does, in fact, favour shares over property. But to say to someone interested in starting to invest that they should avoid Noels books because he doesn't teach you how to be rich is just a bit silly.

 

[alexlee]

Fair comment. I've only read 'Making Money Made Simple and the Golden Rules of Wealth. Both of which I read after I'd already read about the basics in other books, and had already started investing. At the time, reading about how credit cards are bad and how to save for the first home deposit wasn't exactly valuable to me. I also feel the same about Kiyosaki's books now (too general, not specific enough) though it's good as a basic book.

In part I don't like Noel's books because it doesn't fit my own personality, so I'm biased. He's too conservative and while I want to kick the job by 40. I tend to skim articles or books that talk about how if you put in $10 a week for 40 years you'll end up with a nestegg. Nor am I interested in books that teach you how to 'get your financial house in order first' because mine is already in order.

I'm interested in how you can achieve financial independence in around 10 - 20 years. That's why I like property: the leverage without the risk of margin calls. For example, I never gear shares, even though I'm willing to gear for property.

I think with so many books out there, and so many ways of getting rich (shares, property, business, whatever), you have to find the techniques / plans that fit your personality.

e.g. property investing would not be appropriate for someone who is afraid of debt, while share trading wouldn't be appropriate for someone who can't handle price fluctuations (like me).

I'm sure Whittaker is a wealthy man. So is Bill Gates, but that doesn't mean I will definitely learn something out of reading about how he built Microsoft. I read Richard Branson's biography with interest but I'm not going to start a record company. What I would REALLY want at this stage is a book that shows, step by step, how to make the jump from having just a few 'buy and hold' IPs to doing deals full time. I'll just have to read the forum.
Alex

 

[agent 86]

Silene 101

Two equal starters for an 18yr old.
Both completely differing styles, so hopefully one of them if not both will work.

RDPD. Kiyosaki
Getting it Together. Noel Whittaker (definite slant toward youth)

 

[willair]

Silene,
A book by N E RENTON,Understanding Investment Property it's 480
or so pages but it is by an Australian author and one of the best
books on real estate investing,Renton has several books out there
on investing.
good luck willair......

 

[Andrew_A]

Well I have read all the titles mentioned and would have no problems suggesting.

"Getting it Together" by Noel Whittaker.

Sure it would be a bad idea to stop at just this book, but I believe it's an excellent primer for teens as it's deliberately pitched at this level and I think it's just a very good book for this purpose.

**Edit** I'm biased as this was actually my first 'wealth creation' book and remember what a revelation it seemed like when I read it at age 23.

 

[redwing]

My top 3 would be Noel Whittakers "Getting it Together" and "More Money"

Plus

"The Richest man in Babylon"

Redwing

 

[FrankGrimes]

My Dad gave me Jan Somers books when I was 18, I'm now 23 and haven't looked back. Story by Story was a real eye opener.

Rich Dad Poor Dad is ok, I found it repetitive.

 

[toony]

Mine are as follows;

Any of the Jan somers books. She was around alot earlier than all these others. Key messages - time in the market, the best time to buy is when you can afford it.

Peter Spann - renovate and hold. He used to buy, fix and then sell. He then realised how much more these places would be worth if he kept them.

Rich Dad, Poor Dad was a good read too.

 

[redwing]

I feel like an odd person out..I've tried to read rich dad poor dad twice now over the years and haven't been able to get "into it"

Third time lucky maybe..

redwing

 

[ani]

I've seen a few family members have the light bulb moment with "Ordinary Millionaires" and "Story by Story". There was a story for each person that they could see themselves in.

Once you "see" it you can read any of the others mentioned and get something out of it.

Rich Dad Poor Dad didn't do it for me

 

[Fish]

Hi Silene,

I'm all for Jan's Building Wealth -Story by Story first. Let him read short stories of average people, and young people, who don't appear to be special. Get him hooked, thinking that he can do this if they can...and then let his own curiosity rule which books of yours he reads next. Perhaps leave Richest Man in Babylon around...for an easy story as to how wealth creation works.

Without the passion and belief that it can happen...his interest may wane.
Cheers
Fish

 

[silene101]

Frankgrimes you say that Rich Dad Poor Dad got a bit repetitive, I agree although I also thinks repitition is a good way to learn sometimes. Drums the message in firmly!

Ultimately I hope my son will develop a 'thirst' for as much knowledge as he can get and read all of these books reccommended.

I'm watching him now through the window washing his car with much love, dedication and commitment; one day I hope he can transfer that zeal to the world of investing!

Silene101

 

[rexilla99]

I've seen a few family members have the light bulb moment with "Ordinary Millionaires" and "Story by Story". There was a story for each person that they could see themselves in.

Once you "see" it you can read any of the others mentioned and get something out of it.

Rich Dad Poor Dad didn't do it for me

I just finished this book, "Ordinary Millionaires" , It was a great book, can recommend it to anyone.

 

[landlubber]

when the student is ready the teacher appears ..

Start with "Richest Man in Babylon".... great basics .....then Jan Somers "Building Wealth with Residential Real Estate".

Then ....just do it !!

LL

 

[FrankGrimes]

I feel like an odd person out..I've tried to read rich dad poor dad twice now over the years and haven't been able to get "into it"

Third time lucky maybe..

redwing

I'm with you, didnt get all the way through. After the Jan Somers book I was motivated enough. Rich Dad poor dad became very repetitive with no real actual content.

Ordinary millionares is good too, I think anything with actual stories is better as it gives the reader a sense of "I can do this".

 

[lizzie]

i put my vote in for rich dad poor dad. it was a real lightbulb moment for me as it explained not only property investing, but how money actually works. that is a big step - understanding the cycle of money.

other than that - peter spann and jan somers. real estate riches by dolf de roos was a pretty good beginner book as it showed you "why" to invest and also what to look for in a property, rather than the process of investing.

 

[BBarnes]

I feel like an odd person out..I've tried to read rich dad poor dad twice now over the years and haven't been able to get "into it"
redwing

It's one book I also tried to read several times, but just couldn't seem to finish it. I guess we are all different, and are motivated by different readings.
Jan's books were my first, and I hold them in high regard. Michael Yardney's was excellent, and I know I'm a bit late, but I just bought a copy of Peter Spann's book which I intend to start in about 10 minutes time.
I guess, to each his/her own.
But if your first book doesn't work for you, buy another, and another, until you find one that does motivate you.....then go back and try the others again later.
Bill

 

[annE]

Hi

I support the recommendations of Ani and Rexilla 99 with ' Ordinary Millionaires' and ' Story by Story' 100%.

I started off reading Noel Whittaker's ' Making Money Made Simple' which led me to the Jan Somers books and then for me the ' light' went on.

However, I was about 30 years older than Silene101's son when it did! There are always late developers in everything.

annE