DISCOVER HOW THE RICH MAKE THEIR MONEY SO THAT YOU CAN BECOME FINANCIALLY FREE
This book is for anyone who want to secure their financial future but is confused about all the contradictory financial advice out there. It's a practical guide to growing your money the smart way by understanding what the rich invest in, that the average person does not.
As an investment advisor and mentor, Michael Yardney grew frustrated watching people reach retirement and end up dependant on the government, their families or a job.
Fact Sadly while the rich keep getting richer, most people end up with nothing to show for all their years of working. Most people don’t enjoy financial security in their retirement years because they were never taught how to invest.
This is a must read for anybody who wants to get ahead financially by investing.
What’s it Readers will learn the essential skills of investment as well as becoming financially fluent by understanding the language of money, finance, shares and property.
Michael shows you how to take control of your finances and achieve financial freedom by getting your money working for you in this easy to understand practical guide that covers the psychology and mindset of successful investing together with sound strategies for the stock market and real estate investing.
About the Author Michael is a bestselling author, but he’s no theorist. He bought his first property close to 40 years ago when he was in his early 20’s – without a deposit and not understanding the rules of the game. He then went on to build a multi-million dollar property portfolio in his spare time.
Michael has probably educated more successful investors than anyone else in Australia and has been voted Australia's leading property investment advisor.
I found this book to be misleading when comparing property investment options to shares (such as saying shares can only have an LVR of 50%, which is incorrect, it can be as high as 85%), selective use of time periods and criteria to favour property over other asset classes, and basic mathematical mistakes (eg in the demonstration of compound interest). The book would benefit from referencing its statistical claims, such as that there was an average Australian salary of $100,000 in 2016 - a quick google search shows that the figure is actually $79,721.
Would not recommend if you’re looking for an unbiased comparison of different asset classes.
As expected, since he specialises in property investing, the bulk of this book focuses on being a successful property investor, the general aspects being applicable to most other buy-and-hold investing activities as well. Some parts are rehashed from his other books, which covered then more in-depth. All in all, nothing new; nevertheless it is a nice quick referesher.