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Wealth Can't Wait: Empower Your Freedom, Create Your Future and Build a Life Worth Living
STACK THE ODDS IN YOUR FAVOR AND START BUILDING YOUR WEALTH TODAY!
David Osborn and Paul Morris, two of the most popular and celebrated wealth-building minds in the game today, have mastered the art of science of sustainable wealth creation through entrepreneurship, passion, and a relentless focus on growth, success, and fulfillment. In 'Wealth Can't Wait', they share their decades of knowledge, debunk the myth that building wealth is often difficult, and demonstrate how you can create horizontal income streams to enjoy more financial freedom throughout your life.
Far from a get-rich-quick formula, 'Wealth Can't Wait' equips you with a comprehensive set of wealth-building skills that will serve you throughout your life. Osborn and Morris's tested and proven five-part strategy outlines what is required to build wealth - from making the initial choice to dealing with setbacks - and details how to cultivate the mindset, habits, business, and momentum to secure the greatest results. The book's valuable tips, building blocks, and lessons from the authors' own experiences will inspire you to start achieving your financial ambitions today.
David Osborn and Paul Morris, two of the most popular and celebrated wealth-building minds in the game today, have mastered the art of science of sustainable wealth creation through entrepreneurship, passion, and a relentless focus on growth, success, and fulfillment. In 'Wealth Can't Wait', they share their decades of knowledge, debunk the myth that building wealth is often difficult, and demonstrate how you can create horizontal income streams to enjoy more financial freedom throughout your life.
Far from a get-rich-quick formula, 'Wealth Can't Wait' equips you with a comprehensive set of wealth-building skills that will serve you throughout your life. Osborn and Morris's tested and proven five-part strategy outlines what is required to build wealth - from making the initial choice to dealing with setbacks - and details how to cultivate the mindset, habits, business, and momentum to secure the greatest results. The book's valuable tips, building blocks, and lessons from the authors' own experiences will inspire you to start achieving your financial ambitions today.
243 pages, Hardcover
First published April 4, 2017
108 people are currently reading
1244 people want to read
About the author
David Osborn
1 book12 followersAs a businessman, David Osborn has built one of the top real estate brokerages in the world with more than 4,500 agents and annual sales volume exceeding $8.5 billion per year. As a serial entrepreneur, David founded over 50 companies with at least 25 that are ongoing profitable concerns. He employs exceptional people and distributes millions of dollars to his partners.
David is also an educator, who teaches audiences how to live abundant lives through goal-setting, hiring great talent, and developing multiple streams of income. As an adventurer, David constantly strives for new goals that will stretch and expose him to new ways of thinking, including summiting Mt. Kilimanjaro, traveling one way around the world, and visiting over 65 countries.
As a family man, David is the proud father of two wonderful daughters, a son and lives in Austin, Texas with his beloved wife, Traci, who is a mom and artist.
David is also an educator, who teaches audiences how to live abundant lives through goal-setting, hiring great talent, and developing multiple streams of income. As an adventurer, David constantly strives for new goals that will stretch and expose him to new ways of thinking, including summiting Mt. Kilimanjaro, traveling one way around the world, and visiting over 65 countries.
As a family man, David is the proud father of two wonderful daughters, a son and lives in Austin, Texas with his beloved wife, Traci, who is a mom and artist.
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Displaying 1 - 30 of 44 reviews
January 1, 2018
A lot of the self help-Wealth type books pick on the same things, even reiterating and re-quoting what's already been written. This is the case with this book, but this book is a great example of how exceptional organization and writing can supersede that. This synthesizes wealth wisdom of old and recent better than I've seen so far. This all covers the first two parts, which is essentially the foundation of wealth building. After that, the gems are thrown. Practical processing and strategy for hiring, how to approach real estate and rental property, and a lot more. In totality, it talks about the truth of wealth building, in both a philosophical and practical way, and is the best book I can recommend to anyone on the subject from the last few years. Excellent.
Notes: Your level of income doesn't determine your level of wealth (2). If you're not building wealth, then you're depleting it. The real journey to wealth is built upon knowledge, skills, habits, and relationships that you apply to the money. Building wealth requires making a choice (7).One day you wake up. And instead of going back into the matrix, you stop.
Freedom is the power to choose and create (10). When you say yes to wealth, you're saying yes to your potential for freedom. In the absence of wealth, your choices are limited and this compromises your quality of life, work, and health. Building wealth is a way of saying "yes!" to yourself and to those things that are important to you. Wealth is just code for freedom, and freedom is the ultimate gift in life (11). If anyone suggests that your focus on building wealth is misplaced, just smile, thank them, and wish them luck.
Knowledge without action is wasted potential (14). The only time you lose is when you quit (15).
"In nearly all things, the biggest obstacles we'll ever face is ourselves (17). Staying comfortable where you are will not get you on the path to wealth (18). Wealth is built alongside some risk. And the longer you wait, the greater the stakes! *The biggest risk in life is not taking one.
Steer clear from those who think money is a dirty word.
Don't let a bad occurrence hold you back (20).
"The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge"- Stephen Hawking
"You build wealth by applying yourself to the task of building wealth. If you commit to building wealth, it will happen. It's that simple (22).
"It takes as much energy to wish as it does to plan"- Eleanor Roosevelt
Once you decide to be wealthy, the second most important step is to create a wealth vision (23). People who build wealth tend to have a plan, a focus, and a vision for the future.
The more you outsource to others, the more you create an amazing team (25). Accountability isn't about blame or finding wrong. It's about owning your circumstances and outcomes (27).
"Measurement is the first step that leads to control and eventually to improvement. If you can't measure something, you can't understand it. If you can't understand it, you can't control it. If you can't control it, you can't improve it."- H. James Harrington (28)
If you think of yourself as a corporation, you will naturally build greater wealth. At some point in life--when your business grows large enough--the tax and structural benefits outweigh the cost of running a corporation (a minimum of $2,000 a year). That's when you should take this step and form your version of Me, Inc. (29).
How much does your household earn a year?
What are the sources of your household income?
What is your net income after taxes?
How much do you spend on essentials?
How much do you spend on leisure or discretionary spending?
How much could you invest?
Once you've answered these questions, you can take these three basic steps to begin treating yourself like a corporation (30):
1. Learn how to create a profit-and-loss statement
2. Track your expenses each month
3. Create a personal financial statement
"If you don't have a plan for your life, the first person you meet will give you one." (33) If you want ultimate influence over where you go, then create a vision for yourself.
If you spend your life living off your paycheck, you're living off your cash flow (36). If instead you live below your means and save the extra cash, you can use that cash to buy assets. This will put you on the path to asset-based living. If you practice this discipline, you'll have cash flow from those assets. "Without building assets, you will almost certainly never become wealthy." Buy assets that will survive most down markets with positive cash flow. Accumulate as many of these intelligent assets as possible, and then when the market jumps, you will reap an unfair share of the market rise (37). "We define smart assets as those assets that are either purchased below market value or need modest improvements that add value, and that are purchased with smart debt or no debt. Debt is 'smart' when your total cash flow is greater with the debt than it would be without the debt; and, when you still have a cushion in case the asset goes down in value. You have this when your cash flow covers debt even in a market downturn."
"Always max out your tax-deferred investments." (39)
Make sure you have a personal financial statement that you keep up to date (41). Then create a Profit & Loss (P&L) or income statement. This is a list of all your income-broken into two categories: income coming from passive sources and income coming from your work or active sources. This P&L statement should also list all of your expenses.
Vertical Work-money earned through work
Horizontal Work-Income that comes from investment sources. Most people only have vertical income.
We all have the opportunity to receive multiple streams of horizontal income. Eventually, most people will have income from social security, maybe a work pension, some potential interest income from fixed income, some dividends from your 401 (k), and finally rental income from any rental properties you own. If you get this key point--that your financial future will be horizontal income--then why not build a plan today to expand your horizontal income streams? (43-44)
The concept of vertical income is something we're taught in school: Develop a skill or trade, take it to the marketplace, and earn income.
Start thinking of vertical income as a tool to create horizontal income, where vertical income minus expenses equal money left over to invest.
-Aim to have 100% of your expenses covered by your horizontal income streams (45).
-"Don't let the market take you down. Have enough equity in the property and enough free cash flow to make sure all bills can be paid and thus be safe in a declining market"
-Spend less and earn more. Be careful not to increase spending equal to your income increase
-Shift your thinking from working for money to working for wealth
-$1 of passive income equals $10 of earned income
The most important Accelerator for wealth building and life is "Take responsibility for everything in your life-good or bad (54). Having a no-excuse habit is the single greatest change you can make in your lie. Consider the possibility of removing 'have to' and 'need to' from your vocabulary (56).
Wealth attracts wealth just as poverty attracts poverty (64). Wealthy people have a mindset that's contagious. Poor people have a mindset that's contagious. If you want to build wealth, hang out with, learn from, and attract a community that supports wealth.
Your grown-up "comfort zone" and your perception of reality is killing your dreams (66). So many people set their goals low because they don't want to fail and they can't see possibility beyond the reaches of their current context. So they "dumb down" what they want in life to match what they think they can accomplish, rather than what they would really like to have if they saw a path to achieving it (67).
A powerful and expansive way to think big is to ask the question: "What do I want in my life?" (68)
See yourself as the future self you want to be (69).
There is a world of difference between thinking and saying "I can" or "I will" (which lack power), and thinking or saying "I am," "I have," or "It is" (which are very powerful). Choose your thoughts wisely. "I am" is the most powerful phrase in our language (71).
To create powerful affirmations, use the present tense, not the future. Use "I am" rather than "I will" or "I can." To increase the power of your affirmations, add action words and emotional words that resonate deep inside you. Ex: "I am enjoying my work and feeling fulfilled while I earn $450,000 a year with ease." (72)
Knowing a lot can get in the way of seeing new possibilities. The moment you "know" everything, you stop growing and evolving (75).
When you state your goals and affirmations, add "with ease." This frees you from the barrier of burden and sacrifice (80).
How do you turn the hard things into easy things and get them done? First, if you are facing something that you believe is hard, ask yourself a few questions: Is this something I really want to do? Is this something that is key to an outcome I really want? If your answer to either of these questions is "No," then don't waste your time. Just delegate it or drop it. (85)
Business decisions built from a platform of delusional optimism can be a total disaster (88). For every business venture or investment, we carefully think through 3 possible outcomes: What's the worse, best, and most probable outcome? (89)
The cash flow you are generating can generate more cash flow. But, don't start with huge expenses and expect earnings to catch up (90). "Don't over-leverage real estate to get bigger and bigger returns. Instead, make sure cash flow protects you in case of a severe market shift." For investment property, we only buy when cash flow either covers 100% of the costs or a short-term plan will create that cash flow (94). This makes our portfolios sage in a downturn. "For a personal residence, we make sure we are not living in something we could not afford if the markets changed or we had a disruption in income (lost job, client, etc).
"The mind is a wonderful servant but a terrible master"-Robin Sharma (106)
Reframing gives us a choice about how to look at the things that happen in our lives (111). It allows us to choose the positive that exists inside of every single challenge-no matter how severe (113).
"You don't need to be a disciplined person; you just need to master a few disciplines"-Gary Keller
*Want to get to the end of your journey without regret? Learn from others. Learn their regrets. (123)
"Make your business decisions based on solid fundamentals as opposed to guesses about the future. We don't base our buying decisions on future appreciation." (126)
"If real estate has gone up 10% a year for five years, know that it could soon contract or fall. Alternatively, if the market's been "cold" for a while and no one is buying and prices are down 20-30%, know that things may well improve and plan your investments accordingly (127)
"Become an expert in real estate. Paying a seasoned home inspector $500 will tell you more about a house (a single target purchase) than you could ever know about a stock. A very good local realtor can reasonably predict what the sale price of a property would be after certain improvements, or what an apartment will rent for once it is renovated...With very little research, you can become an expert in real estate submarkets or micro-markets."
***"Great wealth isn't built by diversifying into a million different things. This means in addition to having a diversified portfolio if you want to build wealth, get really good at something that generates revenue and stick with it. For us that's real estate...Real estate is where we buy, sell, and hold to build wealth. Our target rate of return is 15% a year. If you earn 15% on your nest egg, year after year, your money doubles in 4.8 years, and then that doubled nest egg doubles again in the same 4.8 years. In addition to the return, each year we pay off more of the mortgage adding principal growth. Compare that to the long-term rate of a diversified portfolio of assets and you'll see why we don't diversify." (129-130)
If you keep learning, you will earn (132).
Look at wealth building as a process, not an event. Part of the process is chunking down your big goals into small, bite-sized ones and then adding accountability (136)
"You can't grow big if you work small and manage small." (141) Delegate the small things to grow big (142).
There are 7 Pillars of Business to understand your business and evaluate new opportunities. "If you master the Seven Pillars, you will become an A-level businessperson" (147)
Pillar 1: Client Acquisition-It's the Most Important Skill
She who controls the clients controls the business. "If you want a profitable business, focus on acquiring and retaining clients. Client acquisition is the first rule for having a successful business (148).
Pillar 2: Look for Barriers to Entry
A barrier to entry is simply what stops outsiders from entering your market (152). If you have no market protection, your business likely isn't viable, or at least won't produce great returns over time. "Look for barriers to entry that chase away most investors. If you invest the time and money to resolve the issues, you will create unique opportunity"-Eddie Kricher
Pillar 3: Magnify your Effectiveness and Power through Leverage
"Leverage is the reason some people become rich and others do not become rich."- Robert Kiyosaki
The best business is on that can run without you (157). "If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it, you almost don't have to manage them."-Jack Welch
-Develop standards in advance and stick to them (160). You might miss some great hires because they fail on certain fronts, but it is better to pass on a few good ones than to hire a single bad one.
Hiring Process (161): Find the best, find out what motivates them, hire them, create an environment that supports the new hire; if they're working out (perhaps not perfect, but on the road to meeting standards), they keep working together; if they're not working out in 90 days, fire them and start over. Get the right people, in the right positions, under the right conditions (162). Look for a track record of success. If someone sound great but has jumped from job to job and never really made it anywhere, be very cautious. Don't hire someone you need to fix (163).
-"As long as your property cash flow pays all of your bills, including the mortgage (with some cushion), then you are using a safe amount of debt (165)...If you have equity equal to or greater than 30% in every real estate asset you invest in, then you will have a cushion against a shift in the market"(166).
Normally, financial institutions secure debt in 2 ways: if the borrower fails, they can take over the property, sell it at auction, and keep the proceeds up to the amount of the loan or require a personal guarantee, meaning you personally guarantee the loan for any shortfall if the foreclosure/auction sale doesn't satisfy the entire debt. Most sophisticated investors can get something called "non-recourse" debt. This means banks cannot go after your other assets, and require only the underlying property to secure the loan (generally available only to very large investors who put enough money down so that the lender is not at risk of loss if the economy tanks and the borrower fails to pay the mortgage. "Either way, during lease negotiations you should try to get rid of personal guarantees."(167)
Pillar 4: Modeling-Identify a person or company that is doing what you are doing at a much Higher level
Don't presume that someone won't want to share. Most people love to share their successes (169).
Pillar 5: Invest in your Area of Core Competence
If you want to go far, invest in your area of competence
Pillar 6: Use the 80/20 Rule to Drill down to the Vital Few
Pillar 7: Invest in Coaches, Mentors, and Masterminds
The best accountability partner is a skilled coach who not only holds you accountable but also brings perspective and resources to the table (179). "Simply hiring someone to hold you accountable will change your results dramatically."Your life is worth that level of purposefulness (180). Get outside help. Hire a consultant, a coach, or just ask a smart friend to chat with you about best practices in your business.
"Lead with revenue. Never let your expenses get ahead of your revenues."-Gary Keller (181)
If you spend less than you earn, you can keep your business going indefinitely.
Being authentically purposeful with your goals and agenda each day will unquestionably make your life more fulfilling because you will attract people, work, and activities that are in alignment with your purpose (183). Form a community where winning in your field is the norm (186).
"Wealth does not grow all at once and it does not grow in a long, continuous straight line into the future." (201)
"Once you have erased your expensive consumer debt, learned to earn more, and have saved a bit, you can start planting money trees." Ex: A rental property would be a good example of a money tree or starting a small business, or investing in part of a multifamily property. "If it's a rental, make sure it cash flows." (202) After it takes root, then it's maintenance. The extra time you spend up front pays dividends in the end (203). Designed for the long term, cash flowing properties are sustainable in a declining market. And then when a boom comes, you will reap the benefits of your good investment decisions.
There are a lot of senior citizens on the Forbes list of wealthiest people. "There is not a better way to increase your energy and productivity than taking great care of your health." When in doubt, eat the least processed most natural options (205).
The environment we live in will either support our health or destroy it (208). Everything is energy (209). Create the environment that brings you the most energy possible.
ARE YOUR ACTIONS GETTING YOU WHERE YOU WANT TO GO AND WHAT YOU WANT IN YOUR LIFE? (215)
One of the easiest ways to accomplish multiple streams of income paid monthly is through real estate. Buy a house that has cash potential with 20-30% down. Monthly rent pays the mortgage (Consider 15-year mortgages for faster pay down). Save the profits.
To determine real estate investment cash flow: Take the gross total rent and deduct 40% for the vacancy, management fees, taxes, insurance, and repairs. With 60% left over, deduct principal and interest. The amount remaining is your cash flow.
**Target properties in the middle to lower economic zones for cash flow with room to add value. Targeting high-end properties is riskier and is more of an appreciation play (220-221).
"The number-one mistake that most people make is being too afraid to begin, or too afraid of making a mistake. In reality, they should fear doing nothing a lot more (238).
Notes: Your level of income doesn't determine your level of wealth (2). If you're not building wealth, then you're depleting it. The real journey to wealth is built upon knowledge, skills, habits, and relationships that you apply to the money. Building wealth requires making a choice (7).One day you wake up. And instead of going back into the matrix, you stop.
Freedom is the power to choose and create (10). When you say yes to wealth, you're saying yes to your potential for freedom. In the absence of wealth, your choices are limited and this compromises your quality of life, work, and health. Building wealth is a way of saying "yes!" to yourself and to those things that are important to you. Wealth is just code for freedom, and freedom is the ultimate gift in life (11). If anyone suggests that your focus on building wealth is misplaced, just smile, thank them, and wish them luck.
Knowledge without action is wasted potential (14). The only time you lose is when you quit (15).
"In nearly all things, the biggest obstacles we'll ever face is ourselves (17). Staying comfortable where you are will not get you on the path to wealth (18). Wealth is built alongside some risk. And the longer you wait, the greater the stakes! *The biggest risk in life is not taking one.
Steer clear from those who think money is a dirty word.
Don't let a bad occurrence hold you back (20).
"The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge"- Stephen Hawking
"You build wealth by applying yourself to the task of building wealth. If you commit to building wealth, it will happen. It's that simple (22).
"It takes as much energy to wish as it does to plan"- Eleanor Roosevelt
Once you decide to be wealthy, the second most important step is to create a wealth vision (23). People who build wealth tend to have a plan, a focus, and a vision for the future.
The more you outsource to others, the more you create an amazing team (25). Accountability isn't about blame or finding wrong. It's about owning your circumstances and outcomes (27).
"Measurement is the first step that leads to control and eventually to improvement. If you can't measure something, you can't understand it. If you can't understand it, you can't control it. If you can't control it, you can't improve it."- H. James Harrington (28)
If you think of yourself as a corporation, you will naturally build greater wealth. At some point in life--when your business grows large enough--the tax and structural benefits outweigh the cost of running a corporation (a minimum of $2,000 a year). That's when you should take this step and form your version of Me, Inc. (29).
How much does your household earn a year?
What are the sources of your household income?
What is your net income after taxes?
How much do you spend on essentials?
How much do you spend on leisure or discretionary spending?
How much could you invest?
Once you've answered these questions, you can take these three basic steps to begin treating yourself like a corporation (30):
1. Learn how to create a profit-and-loss statement
2. Track your expenses each month
3. Create a personal financial statement
"If you don't have a plan for your life, the first person you meet will give you one." (33) If you want ultimate influence over where you go, then create a vision for yourself.
If you spend your life living off your paycheck, you're living off your cash flow (36). If instead you live below your means and save the extra cash, you can use that cash to buy assets. This will put you on the path to asset-based living. If you practice this discipline, you'll have cash flow from those assets. "Without building assets, you will almost certainly never become wealthy." Buy assets that will survive most down markets with positive cash flow. Accumulate as many of these intelligent assets as possible, and then when the market jumps, you will reap an unfair share of the market rise (37). "We define smart assets as those assets that are either purchased below market value or need modest improvements that add value, and that are purchased with smart debt or no debt. Debt is 'smart' when your total cash flow is greater with the debt than it would be without the debt; and, when you still have a cushion in case the asset goes down in value. You have this when your cash flow covers debt even in a market downturn."
"Always max out your tax-deferred investments." (39)
Make sure you have a personal financial statement that you keep up to date (41). Then create a Profit & Loss (P&L) or income statement. This is a list of all your income-broken into two categories: income coming from passive sources and income coming from your work or active sources. This P&L statement should also list all of your expenses.
Vertical Work-money earned through work
Horizontal Work-Income that comes from investment sources. Most people only have vertical income.
We all have the opportunity to receive multiple streams of horizontal income. Eventually, most people will have income from social security, maybe a work pension, some potential interest income from fixed income, some dividends from your 401 (k), and finally rental income from any rental properties you own. If you get this key point--that your financial future will be horizontal income--then why not build a plan today to expand your horizontal income streams? (43-44)
The concept of vertical income is something we're taught in school: Develop a skill or trade, take it to the marketplace, and earn income.
Start thinking of vertical income as a tool to create horizontal income, where vertical income minus expenses equal money left over to invest.
-Aim to have 100% of your expenses covered by your horizontal income streams (45).
-"Don't let the market take you down. Have enough equity in the property and enough free cash flow to make sure all bills can be paid and thus be safe in a declining market"
-Spend less and earn more. Be careful not to increase spending equal to your income increase
-Shift your thinking from working for money to working for wealth
-$1 of passive income equals $10 of earned income
The most important Accelerator for wealth building and life is "Take responsibility for everything in your life-good or bad (54). Having a no-excuse habit is the single greatest change you can make in your lie. Consider the possibility of removing 'have to' and 'need to' from your vocabulary (56).
Wealth attracts wealth just as poverty attracts poverty (64). Wealthy people have a mindset that's contagious. Poor people have a mindset that's contagious. If you want to build wealth, hang out with, learn from, and attract a community that supports wealth.
Your grown-up "comfort zone" and your perception of reality is killing your dreams (66). So many people set their goals low because they don't want to fail and they can't see possibility beyond the reaches of their current context. So they "dumb down" what they want in life to match what they think they can accomplish, rather than what they would really like to have if they saw a path to achieving it (67).
A powerful and expansive way to think big is to ask the question: "What do I want in my life?" (68)
See yourself as the future self you want to be (69).
There is a world of difference between thinking and saying "I can" or "I will" (which lack power), and thinking or saying "I am," "I have," or "It is" (which are very powerful). Choose your thoughts wisely. "I am" is the most powerful phrase in our language (71).
To create powerful affirmations, use the present tense, not the future. Use "I am" rather than "I will" or "I can." To increase the power of your affirmations, add action words and emotional words that resonate deep inside you. Ex: "I am enjoying my work and feeling fulfilled while I earn $450,000 a year with ease." (72)
Knowing a lot can get in the way of seeing new possibilities. The moment you "know" everything, you stop growing and evolving (75).
When you state your goals and affirmations, add "with ease." This frees you from the barrier of burden and sacrifice (80).
How do you turn the hard things into easy things and get them done? First, if you are facing something that you believe is hard, ask yourself a few questions: Is this something I really want to do? Is this something that is key to an outcome I really want? If your answer to either of these questions is "No," then don't waste your time. Just delegate it or drop it. (85)
Business decisions built from a platform of delusional optimism can be a total disaster (88). For every business venture or investment, we carefully think through 3 possible outcomes: What's the worse, best, and most probable outcome? (89)
The cash flow you are generating can generate more cash flow. But, don't start with huge expenses and expect earnings to catch up (90). "Don't over-leverage real estate to get bigger and bigger returns. Instead, make sure cash flow protects you in case of a severe market shift." For investment property, we only buy when cash flow either covers 100% of the costs or a short-term plan will create that cash flow (94). This makes our portfolios sage in a downturn. "For a personal residence, we make sure we are not living in something we could not afford if the markets changed or we had a disruption in income (lost job, client, etc).
"The mind is a wonderful servant but a terrible master"-Robin Sharma (106)
Reframing gives us a choice about how to look at the things that happen in our lives (111). It allows us to choose the positive that exists inside of every single challenge-no matter how severe (113).
"You don't need to be a disciplined person; you just need to master a few disciplines"-Gary Keller
*Want to get to the end of your journey without regret? Learn from others. Learn their regrets. (123)
"Make your business decisions based on solid fundamentals as opposed to guesses about the future. We don't base our buying decisions on future appreciation." (126)
"If real estate has gone up 10% a year for five years, know that it could soon contract or fall. Alternatively, if the market's been "cold" for a while and no one is buying and prices are down 20-30%, know that things may well improve and plan your investments accordingly (127)
"Become an expert in real estate. Paying a seasoned home inspector $500 will tell you more about a house (a single target purchase) than you could ever know about a stock. A very good local realtor can reasonably predict what the sale price of a property would be after certain improvements, or what an apartment will rent for once it is renovated...With very little research, you can become an expert in real estate submarkets or micro-markets."
***"Great wealth isn't built by diversifying into a million different things. This means in addition to having a diversified portfolio if you want to build wealth, get really good at something that generates revenue and stick with it. For us that's real estate...Real estate is where we buy, sell, and hold to build wealth. Our target rate of return is 15% a year. If you earn 15% on your nest egg, year after year, your money doubles in 4.8 years, and then that doubled nest egg doubles again in the same 4.8 years. In addition to the return, each year we pay off more of the mortgage adding principal growth. Compare that to the long-term rate of a diversified portfolio of assets and you'll see why we don't diversify." (129-130)
If you keep learning, you will earn (132).
Look at wealth building as a process, not an event. Part of the process is chunking down your big goals into small, bite-sized ones and then adding accountability (136)
"You can't grow big if you work small and manage small." (141) Delegate the small things to grow big (142).
There are 7 Pillars of Business to understand your business and evaluate new opportunities. "If you master the Seven Pillars, you will become an A-level businessperson" (147)
Pillar 1: Client Acquisition-It's the Most Important Skill
She who controls the clients controls the business. "If you want a profitable business, focus on acquiring and retaining clients. Client acquisition is the first rule for having a successful business (148).
Pillar 2: Look for Barriers to Entry
A barrier to entry is simply what stops outsiders from entering your market (152). If you have no market protection, your business likely isn't viable, or at least won't produce great returns over time. "Look for barriers to entry that chase away most investors. If you invest the time and money to resolve the issues, you will create unique opportunity"-Eddie Kricher
Pillar 3: Magnify your Effectiveness and Power through Leverage
"Leverage is the reason some people become rich and others do not become rich."- Robert Kiyosaki
The best business is on that can run without you (157). "If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it, you almost don't have to manage them."-Jack Welch
-Develop standards in advance and stick to them (160). You might miss some great hires because they fail on certain fronts, but it is better to pass on a few good ones than to hire a single bad one.
Hiring Process (161): Find the best, find out what motivates them, hire them, create an environment that supports the new hire; if they're working out (perhaps not perfect, but on the road to meeting standards), they keep working together; if they're not working out in 90 days, fire them and start over. Get the right people, in the right positions, under the right conditions (162). Look for a track record of success. If someone sound great but has jumped from job to job and never really made it anywhere, be very cautious. Don't hire someone you need to fix (163).
-"As long as your property cash flow pays all of your bills, including the mortgage (with some cushion), then you are using a safe amount of debt (165)...If you have equity equal to or greater than 30% in every real estate asset you invest in, then you will have a cushion against a shift in the market"(166).
Normally, financial institutions secure debt in 2 ways: if the borrower fails, they can take over the property, sell it at auction, and keep the proceeds up to the amount of the loan or require a personal guarantee, meaning you personally guarantee the loan for any shortfall if the foreclosure/auction sale doesn't satisfy the entire debt. Most sophisticated investors can get something called "non-recourse" debt. This means banks cannot go after your other assets, and require only the underlying property to secure the loan (generally available only to very large investors who put enough money down so that the lender is not at risk of loss if the economy tanks and the borrower fails to pay the mortgage. "Either way, during lease negotiations you should try to get rid of personal guarantees."(167)
Pillar 4: Modeling-Identify a person or company that is doing what you are doing at a much Higher level
Don't presume that someone won't want to share. Most people love to share their successes (169).
Pillar 5: Invest in your Area of Core Competence
If you want to go far, invest in your area of competence
Pillar 6: Use the 80/20 Rule to Drill down to the Vital Few
Pillar 7: Invest in Coaches, Mentors, and Masterminds
The best accountability partner is a skilled coach who not only holds you accountable but also brings perspective and resources to the table (179). "Simply hiring someone to hold you accountable will change your results dramatically."Your life is worth that level of purposefulness (180). Get outside help. Hire a consultant, a coach, or just ask a smart friend to chat with you about best practices in your business.
"Lead with revenue. Never let your expenses get ahead of your revenues."-Gary Keller (181)
If you spend less than you earn, you can keep your business going indefinitely.
Being authentically purposeful with your goals and agenda each day will unquestionably make your life more fulfilling because you will attract people, work, and activities that are in alignment with your purpose (183). Form a community where winning in your field is the norm (186).
"Wealth does not grow all at once and it does not grow in a long, continuous straight line into the future." (201)
"Once you have erased your expensive consumer debt, learned to earn more, and have saved a bit, you can start planting money trees." Ex: A rental property would be a good example of a money tree or starting a small business, or investing in part of a multifamily property. "If it's a rental, make sure it cash flows." (202) After it takes root, then it's maintenance. The extra time you spend up front pays dividends in the end (203). Designed for the long term, cash flowing properties are sustainable in a declining market. And then when a boom comes, you will reap the benefits of your good investment decisions.
There are a lot of senior citizens on the Forbes list of wealthiest people. "There is not a better way to increase your energy and productivity than taking great care of your health." When in doubt, eat the least processed most natural options (205).
The environment we live in will either support our health or destroy it (208). Everything is energy (209). Create the environment that brings you the most energy possible.
ARE YOUR ACTIONS GETTING YOU WHERE YOU WANT TO GO AND WHAT YOU WANT IN YOUR LIFE? (215)
One of the easiest ways to accomplish multiple streams of income paid monthly is through real estate. Buy a house that has cash potential with 20-30% down. Monthly rent pays the mortgage (Consider 15-year mortgages for faster pay down). Save the profits.
To determine real estate investment cash flow: Take the gross total rent and deduct 40% for the vacancy, management fees, taxes, insurance, and repairs. With 60% left over, deduct principal and interest. The amount remaining is your cash flow.
**Target properties in the middle to lower economic zones for cash flow with room to add value. Targeting high-end properties is riskier and is more of an appreciation play (220-221).
"The number-one mistake that most people make is being too afraid to begin, or too afraid of making a mistake. In reality, they should fear doing nothing a lot more (238).
April 14, 2017
This book started off weak but end with a BANG.
Enlighten me on the dilemma i am facing now in regards to career choice and wealth building.
This book could joyly well be the next 'Think and Grow Rich' in the making!
Highly recommended read.
Enlighten me on the dilemma i am facing now in regards to career choice and wealth building.
This book could joyly well be the next 'Think and Grow Rich' in the making!
Highly recommended read.
January 14, 2022
Good summary of what Gary Keller talks about throughout his books. Solid overall but I will likely return to the source rather than the summary.
December 13, 2017
I found this book to be kind of a hodgepodge of financial and life advice skewed towards real estate investing. Many of the sections seemed more like one author was writing a gushing personal reference letter for the other, which made it kind of weird.
It's not that the writing was bad or that the advice was bad. There is no magic bullet. The secret to building wealth really is spending less than you make and then investing what's left over to build up sources of passive income. That and not carrying debt. Dave Ramsey recommends having an emergency stash of a thousand dollars, which is good. Morris and Osborn did say one thing in this book that I found interesting, which was to have a supply of capital to be ready to invest when there are price drops that produce value. This is suspiciously like Buffet's advice to "be fearful when others are greedy and greedy when others are fearful."
Ultimately I think this book wants to be too many things: budgeting, goal setting, health, investing. I wish the authors would pick a subject and stick with it. Save the others for separate works. Also, tell things from a first person point of view. Show us how you did it. The writing will be more engaging that way.
It's not that the writing was bad or that the advice was bad. There is no magic bullet. The secret to building wealth really is spending less than you make and then investing what's left over to build up sources of passive income. That and not carrying debt. Dave Ramsey recommends having an emergency stash of a thousand dollars, which is good. Morris and Osborn did say one thing in this book that I found interesting, which was to have a supply of capital to be ready to invest when there are price drops that produce value. This is suspiciously like Buffet's advice to "be fearful when others are greedy and greedy when others are fearful."
Ultimately I think this book wants to be too many things: budgeting, goal setting, health, investing. I wish the authors would pick a subject and stick with it. Save the others for separate works. Also, tell things from a first person point of view. Show us how you did it. The writing will be more engaging that way.
September 27, 2020
Of all the entry-level books on building wealth that I've read, I think this might have been the most comprehensive/personally engaging (but recency-bias could easily be at play). The key ideas that I'm taking from the book are:
- Always be aware of what game it is that you're playing. Follow the rules that help you in this game, and, when the rules don’t serve your higher purpose, break them.
- Make a conscious effort and maintain the habit to continually further your knowledge with learning
- You cannot underestimate the value of a coach.
- Everything is energy: surround yourself with those who/that which empowers/energizes/inspires you.
- Never stop seeking the opportunity in every event - there is always a blessing in the mud. Learn to reframe, and you'll never lose.
- You’re exactly where you are because of your actions and who you are being.
- Let others lead small lives, but not you.
- First thought versus second thought.
- Client acquisition is king.
- "How can I earn the right to take you to lunch?"
Kindle Highlights:
* Your level of income doesn’t determine your level of wealth. If you’re not building wealth, then you’re depleting
* The greatest thing you can do to increase your wealth is to further your knowledge of wealth.
* And instead of going back into the matrix, you stop. You look at your life and ask, “What game am I playing?” All of us are, to some degree, sleepwalking through our lives.
* If you commit to something 100%, it’s virtually certain to happen—unless you change your mind or die. That doesn’t mean that we don’t take days off, or procrastinate, or have moments of doubt;
* To attentively build wealth, make these major commitments: 1. Save capital to invest. 2. Make saving a daily habit and revisit your spending and savings goals each month. 3. Learn about wealth. You can accomplish this simply by reading or listening to four books a year about investing. Learning consistently leads to greatness over time. 4. Search for investments in your areas of choice. It’s crucial to hunt down opportunities that produce a solid yield. Hunting is a way of life for a wealthpreneur. Keep looking until you find something that helps you win. Hunting will teach you along the way. Once you’ve found an investment that produces a good yield, maximize it and find another. 5. Take action. Knowledge without action is wasted potential.
* And remember: The only time you lose is when you quit.
* If you are growing and others are not, move on. You can still love them, just see them less.
* “ Even a bad plan is better than no plan.” —Peter Thiel
* Once you have a plan, break it down into action steps that immediately move you toward your chosen outcome.
* So, give outsourcing a try. The more you outsource to others, the more you create an amazing team.
* Planning to build your fortune while planning to build the fortunes of those on your team takes vision, and it is the fastest way to accelerate your own growth. Once you change your vision around this, you can immediately look for and attract talent.
* And yet when we create a different perspective on accountability, it actually sets us free. There isn’t a top athlete in the world who doesn’t either hold themselves accountable, or have a great coach to hold them accountable for improvement. No spaceship was ever launched without accountability.
* For example, if you want to be a great skier, hire an Olympic-level coach. Want to be an awesome golfer? Hire the best golf coach you can find. Want to learn to prospect in sales? Hire a sales coach. This can be incredibly fun. And, a great coach shares new perspective to get you there faster and with more ease.
* If you think of yourself as a corporation, you will naturally build greater wealth... You can, however, begin to think of yourself as a corporation immediately. In fact, adopting this mindset will significantly benefit your business. Even if you are an hourly wage earner, your household generates income and incurs expenses. Following are some questions to get you started. • How much does your household earn a year? • What are the sources of your household income? • What is your net income after taxes? • How much do you spend on essentials? • How much do you spend on leisure or discretionary spending? • How much could you invest? Once you’ve answered these questions, you can take these three basic steps to begin treating yourself like a corporation: 1. Learn how to create a profit-and-loss statement. 2. Track your expenses each month. 3. Create a personal financial statement.
* You have to have a good air game (planning and vision skills) to take full advantage of your earnings skills. You also have to have a good ground game (grinding through your work and making things happen) to execute your plan. People tend to be naturally good at one or the other. What comes easily to you? Create an awareness that building wealth requires both.
* How do you move from a cash-flow-based life to an asset-based life? The first step is to measure separately your income flow from work and your income flow from assets. Then, create a “Dream Budget.” Finally, match your income sources to your current budget and your Dream Budget. And, plan for a future where your income flow from your cash-flowing assets covers your budget.
* First, always max out on your tax-deferred investments. It is a great path, but it’s only the beginning to asset-based living. Next, implement one or more of the fastest ways to build income-producing assets: Use other people’s money (often referred to as “OPM”), take a job that pays in salary and equity, and build a business that serves investors.
* Why do the wealthy thrive after a downturn? The reason is simple. Even though a downturn hurts the wealthy—the number of millionaires dropped in 2008 and 2009—they still have enough cash to buy assets when the price of assets has dropped dramatically.
* Generally, business cycles last approximately seven years. To navigate these cycles to your advantage, start accumulating cash when things seem hot. When things drop precipitously, wait a little bit for the dust to clear and then build your asset holdings at significant discounts. Crashes are always more violent and quicker than booms. Thus, prices get more severely discounted more quickly when things go south. If you are familiar with the cycle and become an expert in your sector, opportunities will materialize.
* Start thinking of vertical income as a tool to create horizontal income, where vertical income minus expenses equals money left over to invest.
* "What we really want to do is what we are really meant to do. When we do what we are meant to do, money comes to us, doors open for us, we feel useful, and the work we do feels like play to us." —Julia Cameron
* Building wealth can happen with ease. First, let’s distinguish ease from easy. To us, living a life of ease is pursuing the things we want in life. Contrast that with doing what others want us to do or what we perceive we should be doing, and we experience the path without ease.
* Forget about what others want you to have in your life or what you think you should have in your life. Do this for yourself, and keep in mind that we can be our own harshest critics—and thus, our greatest impediment to achieving ease.
* “If you get stuck, start dreaming.”
* If you continually assess what you want in your life and move toward those choices, then you are choosing a life of ease. Having what you want creates ease. It does not mean that the path is easy or that it is the path of least resistance.
* Every time you bump into adversity, ask yourself this question: “What is the opportunity in this for me?” There is an opportunity to grow and learn in almost any situation.
* "Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else’s hands, but not you. And remember the four things that never return: the spoken word, the speeding arrow, the wasted life, and the neglected opportunity." —Jim Rohn
* The most important Accelerator for wealth building might also be the most important Accelerator for life, and that is: Take responsibility for everything in your life—good and bad.
* Accept this truth: You’re exactly where you are because of your actions and who you are “being,” how you are showing up in the world. As soon as you accept that, you’re willing to receive.
* It’s natural to take credit (as we should) when something goes right, but then take no responsibility when it does not go well. “You reap what you sow” is one of the best lessons in life. If you thought about it before every interaction you had with another person, your life would work for you.... "You reap what you sow” is one of the best lessons in life. If you thought about it before every interaction you had with another person, your life would work for you.
* Consider the possibility of removing “have to” and “need to” from your vocabulary—except when you are referring to a trip to the bathroom. Very few things in life are not a choice. Instead, choose empowering language. That language, in turn, will shape the way you think. And that will lead you on the path to ease.
* Here are two ways you can turn the tables on any setback: • First, know that you control every outcome. Consider the following formula: Event + Response = Outcome, or E + R = O. • Second, know that if you are willing to win, you can. If you look hard enough, you can find advantages in every setback.
* There is an old proverb about a Taoist farmer that goes something like this: A boy falls off a horse and fractures his leg. The family says: “Oh no! How horrible!” The wise man says: “You can’t be sure it’s horrible.” Then the army comes and conscripts all able-bodied boys. They leave the boy at home because of the bad fracture. The family says: “Wow, you were right. It’s a blessing the boy fractured his leg.” The wise man says: “You can’t be sure it’s a blessing.” Then famine strikes the village, and the boys who were conscripted were at least well fed and cared for and had a greater chance of survival. The family says: “Oh, how horrible! If he hadn’t fractured his leg, he would have been well fed.” The point to the proverb is this: You just don’t know what outcome will result from an event in your life.
* “What about this event could benefit me? What happened that could be to my advantage?” The answer might not be obvious, but if you ask this over and over—and you are open to the answer—you’ll find one.
* It’s no surprise to us that Warren Buffett donated his money to the Gates Foundation. It’s also no surprise to us that Warren and Bill are friends, or that they play bridge together. Wealth attracts wealth just as poverty attracts poverty. If you’re surrounded by poverty and raised in poverty, the odds of being poor are increased dramatically.
* A basic, yet powerful and expansive way to think big is just to ask this simple question: “What do I want in my life?”
* There is a world of difference between thinking and saying “I can” or “I will” (which lack power), and thinking or saying “I am,” “I have,” or “It is” (which are very powerful). Therefore, it is important to choose your thoughts wisely.... To create powerful affirmations, use the present tense, not the future. Use “I am” rather than “I will” or “I can.” To increase the power of your affirmations, add action words and emotional words that resonate deep inside you. For instance: “I am enjoying my work and feeling fulfilled while I earn $450,000 a year with ease.”
* Try engaging in the opposite of worry: Create a positive visualization. Take the affirmation “I am enjoying my work and feeling fulfilled while I earn $450,000 a month with ease.” After you create that affirmation, close your eyes and picture in your mind’s eye where you are sitting, what it looks like, what it smells like, and what it feels like. That’s all it takes—no more, no less. It is a created moment that can take you anywhere you choose to be.... It's actively rehearsing the opposite of worry.
* Here is one of the most frustrating truths: What we know now has gotten us to where we are. We have done the best we could with the information that we have. What’s going to take us to the next level is not yet known to us.
* When you state your goals and affirmations, add “with ease.” This frees you from the barrier of burden and sacrifice.
* It is the beginning of wisdom when you recognize that the best you can do is choose which rules you want to live by, and it’s persistent and aggravated imbecility to pretend you can live without any. —Wallace Stegner
* Consider this: Be aware of what game you are playing and what the rules are. Follow the rules that help you and play along just like a rules guy. And, when the rules don’t serve your higher purpose, break them.
* We tend to label things as hard. For example, how often do you say or think the following: • “I had a hard day at work today.” • “My back is killing me.” • “My job is hard.” The reality is most of what we deal with is easy.... As soon as you tell yourself how hard something is, guess what? It becomes hard. Instead, try this: Over the next 48 hours, make a mental note of every time you call something hard. For extra credit, re-label it as easy. Then observe how that changes things.
* How do you turn the hard things into easy things and get them done? First, if you are facing something that you believe is hard, ask yourself a few questions: Is this something I really want to do? Is this something that is key to an outcome I really want? If your answer to either of these questions is “No,” then don’t waste your time. Just delegate it or drop it. That’s easy!
* Interestingly, you don’t even have to believe that a task is actually easy for you to choose it and for it to work for you.
* When the facts change, I change my mind. What do you do, sir? —Winston Churchill
* We never suggest a pessimistic approach or a focus on what doesn’t work. Rather, we temper optimism by getting clarity. For every business venture or investment, we carefully think through three possible outcomes: 1. What is the worst possible outcome? 2. What is the best possible outcome? 3. What is the most probable outcome? This helps us determine whether a deal is worth doing.
* It’s human nature to hate to be wrong more than we love building wealth. Unfortunately, this dislike for mistakes can cause us to avoid taking the risks necessary to build wealth. Potential investors, fearful of making a mistake like Paul’s home purchase, can get frozen and find themselves permanently stuck on the sidelines.
* Paul’s large real estate buy at exactly the “worst” moment didn’t hurt him in the long run because he stayed within four of his simple maxims: 1. Buy value. One common way to do that is to buy the worst house in the best neighborhood. Paul’s purchase was the ugliest house in one of Los Angeles’s best neighborhoods, and it sits at the peak of a hill giving ocean and city views. Renovating under these circumstances creates tremendous value. The built-in upside potential shielded him from the crash. 2. Maintain a margin of safety. Paul purchased within a margin of safety by borrowing far less money than he could have for the large renovation project. 3. Buy only where you know the market. Paul is from Pittsburgh and lives in Los Angeles. His portfolio is exclusively in Los Angeles and Pittsburgh. There are reasons to vary from this, but there is safety in following it. 4. Invest only if you have cash flow to cover the mortgage. For investment property, we only buy when cash flow either covers 100% of the costs or a short-term plan will create that cash flow. This makes our portfolios safe in a downturn. For a personal residence, we make sure we are not living in something we could not afford if the markets changed or we had a disruption in income (lost job, client, etc.).
* By having a game plan and sticking to solid fundamentals, you will not lose in the long run.
* Be an observer. Identify your negative self-talk: How frequent and how severe is it? Here is a way to help measure it. Wear a rubber bracelet and give it a snap or twist a ring on your finger every time you have negative self-talk. This will bring awareness. Should you turn this into a business product?
* Avoid words like “always” and “never” in front of a negative statement. It locks the behavior into your brain and it becomes an integral part of you.
* Step Six: Be Authentic. Publicly Share Your Mistakes. This is counterintuitive, because our first instinct is to hide our flaws. But if you share a mistake, it immediately loses its energy.
* Step Seven: Understand the True Significance of Your “Failure.” For better or worse, we are far less significant than we think. You might forever carry around the pain associated with a simple blunder that caused an audience to erupt into laughter. But 99% of the audience will forget about it within an hour.
* If you hear a voice within you saying, ‘You are not a painter,’ then by all means paint, and that voice will be silenced. —Vincent Van Gogh
* First Thought vs Second Thought: Just accept that we have little power to control what we refer to as our first thought. For example, we might say to ourselves, “Damn it, I am such an idiot. I can’t believe I left my watch there. I don’t deserve to have nice things!” But, we can control our reaction to it. That is the second thought. And it is the second thought that matters most. We’re going to show you how to win the battle with the negative self-talk.
* Wouldn’t it likewise be possible to conclude: “The world is out to help me”?
* Perspective: If you hold either belief—“The world is out to get me,” or “The world is out to help me”—it creates an expectation of the negative or the positive. Further, what you expect you will look for, focus on, and find. Every day there is more than enough negative stimuli to support a terrible day and more than enough positive stimuli to support a great day.
* Learn to reframe and you’ll never lose.... “We don’t reframe our experiences, we reframe our judgments about those experiences. Every experience bears fruit, it’s only our judgment of the fruit that keeps it from accelerating our wealth.”
* Kids have an incredible ability to start each day fresh, renewed, and open to possibilities. That’s what we call “starting at zero.” Starting at zero every day is a choice. Children choose it, and we can, too.
* There is a genius in starting each day at zero. Approach life each day with a beginner’s mind and you will learn more, see more, and enjoy more.
* Building wealth is fun if you allow it to be. The road to wealth is easier if you make it a game. Learn how to have fun building your wealth in the online bonus for this chapter by going to www.wealthcantwait.com/game.
* One of David’s greatest pleasures is to go to a juice store or a coffee shop once a week and contemplate his plan. He takes his vision and goals for his future and determines where he is and how he is doing. Then he thinks about what would improve his life and what he would like for his future.
* To design your life with the end in mind is to create a life worth living. Being purposeful—even if it’s purposefully having fun and scheduling vacations ahead of work—is the key to achieving what you want at a very high level.
(Full highlights in Evernote)
- Always be aware of what game it is that you're playing. Follow the rules that help you in this game, and, when the rules don’t serve your higher purpose, break them.
- Make a conscious effort and maintain the habit to continually further your knowledge with learning
- You cannot underestimate the value of a coach.
- Everything is energy: surround yourself with those who/that which empowers/energizes/inspires you.
- Never stop seeking the opportunity in every event - there is always a blessing in the mud. Learn to reframe, and you'll never lose.
- You’re exactly where you are because of your actions and who you are being.
- Let others lead small lives, but not you.
- First thought versus second thought.
- Client acquisition is king.
- "How can I earn the right to take you to lunch?"
Kindle Highlights:
* Your level of income doesn’t determine your level of wealth. If you’re not building wealth, then you’re depleting
* The greatest thing you can do to increase your wealth is to further your knowledge of wealth.
* And instead of going back into the matrix, you stop. You look at your life and ask, “What game am I playing?” All of us are, to some degree, sleepwalking through our lives.
* If you commit to something 100%, it’s virtually certain to happen—unless you change your mind or die. That doesn’t mean that we don’t take days off, or procrastinate, or have moments of doubt;
* To attentively build wealth, make these major commitments: 1. Save capital to invest. 2. Make saving a daily habit and revisit your spending and savings goals each month. 3. Learn about wealth. You can accomplish this simply by reading or listening to four books a year about investing. Learning consistently leads to greatness over time. 4. Search for investments in your areas of choice. It’s crucial to hunt down opportunities that produce a solid yield. Hunting is a way of life for a wealthpreneur. Keep looking until you find something that helps you win. Hunting will teach you along the way. Once you’ve found an investment that produces a good yield, maximize it and find another. 5. Take action. Knowledge without action is wasted potential.
* And remember: The only time you lose is when you quit.
* If you are growing and others are not, move on. You can still love them, just see them less.
* “ Even a bad plan is better than no plan.” —Peter Thiel
* Once you have a plan, break it down into action steps that immediately move you toward your chosen outcome.
* So, give outsourcing a try. The more you outsource to others, the more you create an amazing team.
* Planning to build your fortune while planning to build the fortunes of those on your team takes vision, and it is the fastest way to accelerate your own growth. Once you change your vision around this, you can immediately look for and attract talent.
* And yet when we create a different perspective on accountability, it actually sets us free. There isn’t a top athlete in the world who doesn’t either hold themselves accountable, or have a great coach to hold them accountable for improvement. No spaceship was ever launched without accountability.
* For example, if you want to be a great skier, hire an Olympic-level coach. Want to be an awesome golfer? Hire the best golf coach you can find. Want to learn to prospect in sales? Hire a sales coach. This can be incredibly fun. And, a great coach shares new perspective to get you there faster and with more ease.
* If you think of yourself as a corporation, you will naturally build greater wealth... You can, however, begin to think of yourself as a corporation immediately. In fact, adopting this mindset will significantly benefit your business. Even if you are an hourly wage earner, your household generates income and incurs expenses. Following are some questions to get you started. • How much does your household earn a year? • What are the sources of your household income? • What is your net income after taxes? • How much do you spend on essentials? • How much do you spend on leisure or discretionary spending? • How much could you invest? Once you’ve answered these questions, you can take these three basic steps to begin treating yourself like a corporation: 1. Learn how to create a profit-and-loss statement. 2. Track your expenses each month. 3. Create a personal financial statement.
* You have to have a good air game (planning and vision skills) to take full advantage of your earnings skills. You also have to have a good ground game (grinding through your work and making things happen) to execute your plan. People tend to be naturally good at one or the other. What comes easily to you? Create an awareness that building wealth requires both.
* How do you move from a cash-flow-based life to an asset-based life? The first step is to measure separately your income flow from work and your income flow from assets. Then, create a “Dream Budget.” Finally, match your income sources to your current budget and your Dream Budget. And, plan for a future where your income flow from your cash-flowing assets covers your budget.
* First, always max out on your tax-deferred investments. It is a great path, but it’s only the beginning to asset-based living. Next, implement one or more of the fastest ways to build income-producing assets: Use other people’s money (often referred to as “OPM”), take a job that pays in salary and equity, and build a business that serves investors.
* Why do the wealthy thrive after a downturn? The reason is simple. Even though a downturn hurts the wealthy—the number of millionaires dropped in 2008 and 2009—they still have enough cash to buy assets when the price of assets has dropped dramatically.
* Generally, business cycles last approximately seven years. To navigate these cycles to your advantage, start accumulating cash when things seem hot. When things drop precipitously, wait a little bit for the dust to clear and then build your asset holdings at significant discounts. Crashes are always more violent and quicker than booms. Thus, prices get more severely discounted more quickly when things go south. If you are familiar with the cycle and become an expert in your sector, opportunities will materialize.
* Start thinking of vertical income as a tool to create horizontal income, where vertical income minus expenses equals money left over to invest.
* "What we really want to do is what we are really meant to do. When we do what we are meant to do, money comes to us, doors open for us, we feel useful, and the work we do feels like play to us." —Julia Cameron
* Building wealth can happen with ease. First, let’s distinguish ease from easy. To us, living a life of ease is pursuing the things we want in life. Contrast that with doing what others want us to do or what we perceive we should be doing, and we experience the path without ease.
* Forget about what others want you to have in your life or what you think you should have in your life. Do this for yourself, and keep in mind that we can be our own harshest critics—and thus, our greatest impediment to achieving ease.
* “If you get stuck, start dreaming.”
* If you continually assess what you want in your life and move toward those choices, then you are choosing a life of ease. Having what you want creates ease. It does not mean that the path is easy or that it is the path of least resistance.
* Every time you bump into adversity, ask yourself this question: “What is the opportunity in this for me?” There is an opportunity to grow and learn in almost any situation.
* "Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else’s hands, but not you. And remember the four things that never return: the spoken word, the speeding arrow, the wasted life, and the neglected opportunity." —Jim Rohn
* The most important Accelerator for wealth building might also be the most important Accelerator for life, and that is: Take responsibility for everything in your life—good and bad.
* Accept this truth: You’re exactly where you are because of your actions and who you are “being,” how you are showing up in the world. As soon as you accept that, you’re willing to receive.
* It’s natural to take credit (as we should) when something goes right, but then take no responsibility when it does not go well. “You reap what you sow” is one of the best lessons in life. If you thought about it before every interaction you had with another person, your life would work for you.... "You reap what you sow” is one of the best lessons in life. If you thought about it before every interaction you had with another person, your life would work for you.
* Consider the possibility of removing “have to” and “need to” from your vocabulary—except when you are referring to a trip to the bathroom. Very few things in life are not a choice. Instead, choose empowering language. That language, in turn, will shape the way you think. And that will lead you on the path to ease.
* Here are two ways you can turn the tables on any setback: • First, know that you control every outcome. Consider the following formula: Event + Response = Outcome, or E + R = O. • Second, know that if you are willing to win, you can. If you look hard enough, you can find advantages in every setback.
* There is an old proverb about a Taoist farmer that goes something like this: A boy falls off a horse and fractures his leg. The family says: “Oh no! How horrible!” The wise man says: “You can’t be sure it’s horrible.” Then the army comes and conscripts all able-bodied boys. They leave the boy at home because of the bad fracture. The family says: “Wow, you were right. It’s a blessing the boy fractured his leg.” The wise man says: “You can’t be sure it’s a blessing.” Then famine strikes the village, and the boys who were conscripted were at least well fed and cared for and had a greater chance of survival. The family says: “Oh, how horrible! If he hadn’t fractured his leg, he would have been well fed.” The point to the proverb is this: You just don’t know what outcome will result from an event in your life.
* “What about this event could benefit me? What happened that could be to my advantage?” The answer might not be obvious, but if you ask this over and over—and you are open to the answer—you’ll find one.
* It’s no surprise to us that Warren Buffett donated his money to the Gates Foundation. It’s also no surprise to us that Warren and Bill are friends, or that they play bridge together. Wealth attracts wealth just as poverty attracts poverty. If you’re surrounded by poverty and raised in poverty, the odds of being poor are increased dramatically.
* A basic, yet powerful and expansive way to think big is just to ask this simple question: “What do I want in my life?”
* There is a world of difference between thinking and saying “I can” or “I will” (which lack power), and thinking or saying “I am,” “I have,” or “It is” (which are very powerful). Therefore, it is important to choose your thoughts wisely.... To create powerful affirmations, use the present tense, not the future. Use “I am” rather than “I will” or “I can.” To increase the power of your affirmations, add action words and emotional words that resonate deep inside you. For instance: “I am enjoying my work and feeling fulfilled while I earn $450,000 a year with ease.”
* Try engaging in the opposite of worry: Create a positive visualization. Take the affirmation “I am enjoying my work and feeling fulfilled while I earn $450,000 a month with ease.” After you create that affirmation, close your eyes and picture in your mind’s eye where you are sitting, what it looks like, what it smells like, and what it feels like. That’s all it takes—no more, no less. It is a created moment that can take you anywhere you choose to be.... It's actively rehearsing the opposite of worry.
* Here is one of the most frustrating truths: What we know now has gotten us to where we are. We have done the best we could with the information that we have. What’s going to take us to the next level is not yet known to us.
* When you state your goals and affirmations, add “with ease.” This frees you from the barrier of burden and sacrifice.
* It is the beginning of wisdom when you recognize that the best you can do is choose which rules you want to live by, and it’s persistent and aggravated imbecility to pretend you can live without any. —Wallace Stegner
* Consider this: Be aware of what game you are playing and what the rules are. Follow the rules that help you and play along just like a rules guy. And, when the rules don’t serve your higher purpose, break them.
* We tend to label things as hard. For example, how often do you say or think the following: • “I had a hard day at work today.” • “My back is killing me.” • “My job is hard.” The reality is most of what we deal with is easy.... As soon as you tell yourself how hard something is, guess what? It becomes hard. Instead, try this: Over the next 48 hours, make a mental note of every time you call something hard. For extra credit, re-label it as easy. Then observe how that changes things.
* How do you turn the hard things into easy things and get them done? First, if you are facing something that you believe is hard, ask yourself a few questions: Is this something I really want to do? Is this something that is key to an outcome I really want? If your answer to either of these questions is “No,” then don’t waste your time. Just delegate it or drop it. That’s easy!
* Interestingly, you don’t even have to believe that a task is actually easy for you to choose it and for it to work for you.
* When the facts change, I change my mind. What do you do, sir? —Winston Churchill
* We never suggest a pessimistic approach or a focus on what doesn’t work. Rather, we temper optimism by getting clarity. For every business venture or investment, we carefully think through three possible outcomes: 1. What is the worst possible outcome? 2. What is the best possible outcome? 3. What is the most probable outcome? This helps us determine whether a deal is worth doing.
* It’s human nature to hate to be wrong more than we love building wealth. Unfortunately, this dislike for mistakes can cause us to avoid taking the risks necessary to build wealth. Potential investors, fearful of making a mistake like Paul’s home purchase, can get frozen and find themselves permanently stuck on the sidelines.
* Paul’s large real estate buy at exactly the “worst” moment didn’t hurt him in the long run because he stayed within four of his simple maxims: 1. Buy value. One common way to do that is to buy the worst house in the best neighborhood. Paul’s purchase was the ugliest house in one of Los Angeles’s best neighborhoods, and it sits at the peak of a hill giving ocean and city views. Renovating under these circumstances creates tremendous value. The built-in upside potential shielded him from the crash. 2. Maintain a margin of safety. Paul purchased within a margin of safety by borrowing far less money than he could have for the large renovation project. 3. Buy only where you know the market. Paul is from Pittsburgh and lives in Los Angeles. His portfolio is exclusively in Los Angeles and Pittsburgh. There are reasons to vary from this, but there is safety in following it. 4. Invest only if you have cash flow to cover the mortgage. For investment property, we only buy when cash flow either covers 100% of the costs or a short-term plan will create that cash flow. This makes our portfolios safe in a downturn. For a personal residence, we make sure we are not living in something we could not afford if the markets changed or we had a disruption in income (lost job, client, etc.).
* By having a game plan and sticking to solid fundamentals, you will not lose in the long run.
* Be an observer. Identify your negative self-talk: How frequent and how severe is it? Here is a way to help measure it. Wear a rubber bracelet and give it a snap or twist a ring on your finger every time you have negative self-talk. This will bring awareness. Should you turn this into a business product?
* Avoid words like “always” and “never” in front of a negative statement. It locks the behavior into your brain and it becomes an integral part of you.
* Step Six: Be Authentic. Publicly Share Your Mistakes. This is counterintuitive, because our first instinct is to hide our flaws. But if you share a mistake, it immediately loses its energy.
* Step Seven: Understand the True Significance of Your “Failure.” For better or worse, we are far less significant than we think. You might forever carry around the pain associated with a simple blunder that caused an audience to erupt into laughter. But 99% of the audience will forget about it within an hour.
* If you hear a voice within you saying, ‘You are not a painter,’ then by all means paint, and that voice will be silenced. —Vincent Van Gogh
* First Thought vs Second Thought: Just accept that we have little power to control what we refer to as our first thought. For example, we might say to ourselves, “Damn it, I am such an idiot. I can’t believe I left my watch there. I don’t deserve to have nice things!” But, we can control our reaction to it. That is the second thought. And it is the second thought that matters most. We’re going to show you how to win the battle with the negative self-talk.
* Wouldn’t it likewise be possible to conclude: “The world is out to help me”?
* Perspective: If you hold either belief—“The world is out to get me,” or “The world is out to help me”—it creates an expectation of the negative or the positive. Further, what you expect you will look for, focus on, and find. Every day there is more than enough negative stimuli to support a terrible day and more than enough positive stimuli to support a great day.
* Learn to reframe and you’ll never lose.... “We don’t reframe our experiences, we reframe our judgments about those experiences. Every experience bears fruit, it’s only our judgment of the fruit that keeps it from accelerating our wealth.”
* Kids have an incredible ability to start each day fresh, renewed, and open to possibilities. That’s what we call “starting at zero.” Starting at zero every day is a choice. Children choose it, and we can, too.
* There is a genius in starting each day at zero. Approach life each day with a beginner’s mind and you will learn more, see more, and enjoy more.
* Building wealth is fun if you allow it to be. The road to wealth is easier if you make it a game. Learn how to have fun building your wealth in the online bonus for this chapter by going to www.wealthcantwait.com/game.
* One of David’s greatest pleasures is to go to a juice store or a coffee shop once a week and contemplate his plan. He takes his vision and goals for his future and determines where he is and how he is doing. Then he thinks about what would improve his life and what he would like for his future.
* To design your life with the end in mind is to create a life worth living. Being purposeful—even if it’s purposefully having fun and scheduling vacations ahead of work—is the key to achieving what you want at a very high level.
(Full highlights in Evernote)
May 31, 2017
Wealth Can't Wait is a phenomenal book! It's one that will keep you reading, and can be used as a practical guide to making money! In fact, while reading, I opened my online production store and made my first sale! So thank you David Osborne and Paul Morris!
I first heard about this book on Andrew Ferebee's "Knowledge For Men" podcast, and I shortly purchased it after first hearing David (or Paul) speak about having 50 different streams of passive income. I thought wow! I don't even have one.....YET! This book will definitely inspire you to get up off your butt and get to creating wealth. There were so many things I enjoyed about this book, but for the sake of time, I'll only list my top 3 favorite things about this book!
Monk's Top 3 Favorite Things About "Wealth Can't Wait"
1. Structure - This book had like 50 chapters, but it was a short read, so that means every other page or so is a new chapter. This helped me as a reader to stay focused on the central topic of the chapter, and when a new chapter came, I was ready for the topic change! You would be amazed at how many Authors just cram everything together, and confuse the reader! Good job on not doing that!
2. Usability - This is one to keep in your library so that you can turn back to it and use it as a field guide to making money! I used it to start my online production store! (www.maschinemonk.com)
3. Philosophy Meets Best Business Practice - This isn't your typical business book! It won't bore you, and in fact it's quite entertaining because this book focuses on mentally and physically making you into a wealth generating person, and not just teaching you how to make a quick dollar. I can tell David and Paul put a lot of good thought into this book, and I am forever grateful for the concepts that those two have introduced to me in this book! I'm sure a lot of folks who are reading this, are new entrepreneurs or are new to real estate, so this book is golden for us!
With that, I would recommend this book to those who are thinking of going into business or real estate, and don't know where to start! This can be your first glance into both creating a business and getting into real estate.
Once again, I was highly impressed by this book, and couldn't put it down, and I thank David Osborn and Paul Morris for writing such a magnificent book!
I first heard about this book on Andrew Ferebee's "Knowledge For Men" podcast, and I shortly purchased it after first hearing David (or Paul) speak about having 50 different streams of passive income. I thought wow! I don't even have one.....YET! This book will definitely inspire you to get up off your butt and get to creating wealth. There were so many things I enjoyed about this book, but for the sake of time, I'll only list my top 3 favorite things about this book!
Monk's Top 3 Favorite Things About "Wealth Can't Wait"
1. Structure - This book had like 50 chapters, but it was a short read, so that means every other page or so is a new chapter. This helped me as a reader to stay focused on the central topic of the chapter, and when a new chapter came, I was ready for the topic change! You would be amazed at how many Authors just cram everything together, and confuse the reader! Good job on not doing that!
2. Usability - This is one to keep in your library so that you can turn back to it and use it as a field guide to making money! I used it to start my online production store! (www.maschinemonk.com)
3. Philosophy Meets Best Business Practice - This isn't your typical business book! It won't bore you, and in fact it's quite entertaining because this book focuses on mentally and physically making you into a wealth generating person, and not just teaching you how to make a quick dollar. I can tell David and Paul put a lot of good thought into this book, and I am forever grateful for the concepts that those two have introduced to me in this book! I'm sure a lot of folks who are reading this, are new entrepreneurs or are new to real estate, so this book is golden for us!
With that, I would recommend this book to those who are thinking of going into business or real estate, and don't know where to start! This can be your first glance into both creating a business and getting into real estate.
Once again, I was highly impressed by this book, and couldn't put it down, and I thank David Osborn and Paul Morris for writing such a magnificent book!
August 6, 2022
I have mixed views about this book. On the one hand, the authors have clearly achieved impressive results in business and real estate. On the other hand, this book just didn't hit. It felt like the first third or more of the book was "prep work" for the substantive content of the book.
The book was at its best when it came to discussing some of the lessons learned the authors have learned about real estate investment. For example, their experiences with prior downturns/recessions, how they select a property, and so forth. This was the best part of the book and could have easily been elaborated on in far greater detail.
Compared to other similar books I've read by Michael Masterson, this book seems to have a curious blind spot about income. Sure, there are some stories of people building up a million dollar plus net worth by retirement through index funds... Assuming you are already practicing those basics (e.g. save 10%+ of income to retirement accounts, use tax advantaged accounts to the maximum, minimize investment costs by using index funds etc), what else matters? Raising income should be close to the top of the list. The book occasionally mentions the high incomes that the authors and people they know have made in real estate sales, but this could have been further developed.
The book was at its best when it came to discussing some of the lessons learned the authors have learned about real estate investment. For example, their experiences with prior downturns/recessions, how they select a property, and so forth. This was the best part of the book and could have easily been elaborated on in far greater detail.
Compared to other similar books I've read by Michael Masterson, this book seems to have a curious blind spot about income. Sure, there are some stories of people building up a million dollar plus net worth by retirement through index funds... Assuming you are already practicing those basics (e.g. save 10%+ of income to retirement accounts, use tax advantaged accounts to the maximum, minimize investment costs by using index funds etc), what else matters? Raising income should be close to the top of the list. The book occasionally mentions the high incomes that the authors and people they know have made in real estate sales, but this could have been further developed.
July 30, 2017
Stack the odds in your favor and start building your wealth today!
David Osborn and Paul Morris, two of the most popular and celebrated wealth-building minds in the game today, have mastered the art and science of sustainable wealth creation through entrepreneurship, passion, and a relentless focus on growth, success, and fulfillment. In Wealth Can’t Wait, they share their decades of knowledge, debunk the myth that building wealth is often difficult, and demonstrate how you can create horizontal income streams to enjoy more financial freedom throughout your life.
Far from a get-rich-quick formula, Wealth Can’t Wait equips you with a comprehensive set of wealth-building skills that will serve you throughout your life. Osborn and Morris’s tested and proven five-part strategy outlines what is required to build wealth—from making the initial choice to dealing with setbacks—and details how to cultivate the mindset, habits, business, and momentum to secure the greatest results. The book’s valuable tips, building blocks, and lessons from the authors’ own experiences will inspire you to start achieving your financial ambitions today.
David Osborn and Paul Morris, two of the most popular and celebrated wealth-building minds in the game today, have mastered the art and science of sustainable wealth creation through entrepreneurship, passion, and a relentless focus on growth, success, and fulfillment. In Wealth Can’t Wait, they share their decades of knowledge, debunk the myth that building wealth is often difficult, and demonstrate how you can create horizontal income streams to enjoy more financial freedom throughout your life.
Far from a get-rich-quick formula, Wealth Can’t Wait equips you with a comprehensive set of wealth-building skills that will serve you throughout your life. Osborn and Morris’s tested and proven five-part strategy outlines what is required to build wealth—from making the initial choice to dealing with setbacks—and details how to cultivate the mindset, habits, business, and momentum to secure the greatest results. The book’s valuable tips, building blocks, and lessons from the authors’ own experiences will inspire you to start achieving your financial ambitions today.
April 5, 2018
What's unique about this book is the fact that it was co-authored by David Osborn and Paul Morris, both of whom have been successful in business and life. Throughout they share their wisdom on what is wealth and how to achieve it and it is almost as if they took turns writing it. Many times they will use themselves as examples (in third person) as it pertains to certain topics and discussions. Not a bad book, though some advice is basic and reading it can be mundane (especially to those who read many books about success) but nevertheless you do get a perspective. To expand on that, both authors made it big through real estate and this is a book of opinion, not of scholarly research, so that has to be taken into perspective. It is no surprise then, when they suggest that the most fruitful path to wealth is real estate. I highly suggest this book to those who are in real estate and want to be successful in life. Otherwise, unless you have a penchant for their prose or the structure of the text, you wouldn't necessarily find the text enlightening as compared to other texts in the same area.
May 29, 2017
The authors chose wealth, think wealth, habituate wealth, develop wealth, and grow wealth. Although they have varied business experiences, both made much of their current wealth from real estate. One of the recurring themes focuses on hiring staff and using others to limit personal liabilities. Another is buy low and sell high. Concepts are simple and easy to understand. The book is full of cheers, sayings, and positive reinforcements but lacks practical how-to-do it information. Examples meant to inspire fall short by highlighting negative actions rather than positive steps to take. The appendix includes a happiness index and horizontal income chart are the basis for a life audit. There is no index.
I was randomly chosen through a Goodreads Giveaway to receive this book free from the publisher. Although encouraged, I was under no obligation to write a review. The opinions I have expressed are my own.
I was randomly chosen through a Goodreads Giveaway to receive this book free from the publisher. Although encouraged, I was under no obligation to write a review. The opinions I have expressed are my own.
May 21, 2021
Wealth Can't Wait is a fairly short book on setting up your financial future for success. The book is divided into 5 parts...
1. Make The Choices To Build Wealth
2. Embrace The Mindset That Builds Wealth
3. Create The Habits That Build Wealth
4. Develop A Business That Builds Wealth
5. Create The Momentum That Builds Wealth
I found part one to be the most insightful, and part two to be a waste of time.
The authors did a great job of structuring this book and making it easy to consume. There are plenty of gems in there, but chances are you're familiar with most of them.
I've read quite a few books on this topic and have found that the value you extract from non-fiction books are highly dependent on where your are in your journey for knowledge. Overall, I think this is a great book for most people. However, if you're a regular reader of similar material... there might not be much in this book for you.
1. Make The Choices To Build Wealth
2. Embrace The Mindset That Builds Wealth
3. Create The Habits That Build Wealth
4. Develop A Business That Builds Wealth
5. Create The Momentum That Builds Wealth
I found part one to be the most insightful, and part two to be a waste of time.
The authors did a great job of structuring this book and making it easy to consume. There are plenty of gems in there, but chances are you're familiar with most of them.
I've read quite a few books on this topic and have found that the value you extract from non-fiction books are highly dependent on where your are in your journey for knowledge. Overall, I think this is a great book for most people. However, if you're a regular reader of similar material... there might not be much in this book for you.
October 29, 2020
Some Notes :
- Money doesn’t really matter, unless, of course, you don’t have any.
- When you say yes to wealth, you’re saying yes to your potential for freedom.”
- Wealth creates freedom, and freedom is the ultimate gift in life.
- Knowledge without action is wasted potential.
- The biggest risk in life is not taking one.
- The simplest way to build wealth is to live below your means and to invest your excess cash flow wisely.
- It’s Far Easier to Build Wealth When You’re Around the Wealthy
- Wealthy people have a mindset that’s contagious.”
- Nothing will stop your progress like the brick wall of negative self-talk.”
- Kids have an incredible ability to start each day fresh, renewed, and open to possibilities. That’s what we call ‘starting at zero.’ Starting at zero every day is a choice. Children choose it, and we can, too.”
- Money doesn’t really matter, unless, of course, you don’t have any.
- When you say yes to wealth, you’re saying yes to your potential for freedom.”
- Wealth creates freedom, and freedom is the ultimate gift in life.
- Knowledge without action is wasted potential.
- The biggest risk in life is not taking one.
- The simplest way to build wealth is to live below your means and to invest your excess cash flow wisely.
- It’s Far Easier to Build Wealth When You’re Around the Wealthy
- Wealthy people have a mindset that’s contagious.”
- Nothing will stop your progress like the brick wall of negative self-talk.”
- Kids have an incredible ability to start each day fresh, renewed, and open to possibilities. That’s what we call ‘starting at zero.’ Starting at zero every day is a choice. Children choose it, and we can, too.”
January 20, 2021
This is a great book for beginners in personal finance and people that don't know how to get started investing. Many of the concepts he teaches are great, but they're beginner level concepts. I've heard David speak on podcasts and loved it so I was slightly disappointed with the book. If you have any background in personal finance or read self-help/finance books you will find the book elementary.
With the above being said, I applaud David for writing the book because the masses need more information on investing, finance, personal development, and growing a business. He has amassed a lot of wealth and more wealth than most people will in their lifetimes so it's a good book that most people can learn from.
If you are new to investing and want to learn how to create what he calls horizontal income, which is passive income, I highly recommend the book.
With the above being said, I applaud David for writing the book because the masses need more information on investing, finance, personal development, and growing a business. He has amassed a lot of wealth and more wealth than most people will in their lifetimes so it's a good book that most people can learn from.
If you are new to investing and want to learn how to create what he calls horizontal income, which is passive income, I highly recommend the book.
August 19, 2020
I always enjoy reading life wisdom from successful people. The concepts in this book are organized and easy to follow, which reminds me of the style of "The ONE Thing". While there might be some overlap in this genre, the authors' experiences and interpretations gave these principles different perspectives and flavors. Some of my favorite ideas from this book are asset-based living, making it happen with ease, think the second thought, and rainmakers rule. And the book also provides a comprehensive life audits to help us reflect on our lives and take action. I guess the only thing I'm uncertain about is the third-person narration. To me, it somehow distances the authors from the readers. Overall, a book worth checking out!
December 4, 2022
At first I felt myself longing for a deeper dive and that the authors were just skimming the surface. As I progressed, I realized that I was not seeing the forest for the trees. I’ve done a lot of work on mindset, to the point where I feel like “you had me at hello” any time the discussion goes that way. That said, this book came to me at just the right time. It bumped me out of my state of ambiguity and put me on a path. The authors touch on many different approaches, and it’s up to the reader to pick the one that sings to her. There truly is a lot of good info in this book, and I do feel it is a guide to wealth and success that I will refer back to many times.
October 12, 2017
This was yet another book introduced to me by my spouse and a must read for everyone. The insights and amazing tips in here are very helpful especially if you are trying to find new ways to improve yourself. Very engrossing book, so much so that I could not put it down and almost finished it in one sitting. David Osborn is a very good story teller. Some of the other self help books I have read are incredibly boring, while David Osborn's book is easy to follow, and at times relate to.
A must read!
A must read!
December 31, 2017
Great book. I read it because of David Osborne appearance in Entrepreneurs on Fire podcast on 14.11.2017. This book is a compendium of success business stories of the authors in real estate business, but they present the moral of the stories in a general way, from the wealth generation viewpoint. It is easy to read and includes a variety of "tools" or exercises that help you planning your future. The explained concepts are well summarized in what they call "wealth accelerators" and they also include additional online material.
June 19, 2017
I was so excited about reading this book after listening to David on the self-made podcast. While there are many good ideals in this book, it's essentially a mindset book. I was hoping for more practical advice so if you aren't new and understand the mindset of winners, then I wouldn't necessarily put this on my priority list.
Regardless it's a good read and it's a must if you are just starting your journey
Regardless it's a good read and it's a must if you are just starting your journey
December 14, 2018
Solid read
It was a great read but to my view condensed and consolidates a lot of practical wisdom. I mostly enjoyed the ideas of life audits and financial vision, and of course the mentality / mind-frame necessary to achieve success. I took lots of notes and highlighted a lot so it was a valuable read.
It was a great read but to my view condensed and consolidates a lot of practical wisdom. I mostly enjoyed the ideas of life audits and financial vision, and of course the mentality / mind-frame necessary to achieve success. I took lots of notes and highlighted a lot so it was a valuable read.
April 15, 2020
Good book with 7 pillars for building wealth today. I’ve heard many of these similar ideas before, but this was still a good read. I liked the idea of looking for barriers to entry for whatever you’re interested in so it is more difficult for competitors to enter and erode your returns.
One of my favorite quotes was, “If you don’t have a daily agenda, the first person you meet each day will give you theirs”. I’ve tried to address this w my daily notecard that I complete every morning but it’s always good to hear.
One of my favorite quotes was, “If you don’t have a daily agenda, the first person you meet each day will give you theirs”. I’ve tried to address this w my daily notecard that I complete every morning but it’s always good to hear.
January 11, 2021
Excellent and useful read-containing lots of real-life examples and some practical tips are also given. The book gets more interesting in the last few pages.
For example:
Life Index?
More of/Less of exercise?
Good and love/ Good and hate ... Excercise?
.
.
.
Warning!
The authors kinda self-promote a lot and that is why this book gets a 3-star from me.
For example:
Life Index?
More of/Less of exercise?
Good and love/ Good and hate ... Excercise?
.
.
.
Warning!
The authors kinda self-promote a lot and that is why this book gets a 3-star from me.
May 21, 2017
Good book that tells the reader to look at what they earn and spend than save more than you spend. Everyone is different so wealth is different for everyone. This book is a good starter which good ideas. One just has to live within their means and than invest or save.
August 29, 2017
Good book to chart a path. Having met both authors, I have a little more background; maybe understanding of where they are coming from as far as business goes. That being said, this is a great book highlighting what mindsets are helpful in building wealth.
January 10, 2018
Well compiled guidebook
I enjoyed the read and the applicable strategies and guidelines. The authors lay out knowledge from their own experiences (successes and failures) which makes the information more genuine.
I enjoyed the read and the applicable strategies and guidelines. The authors lay out knowledge from their own experiences (successes and failures) which makes the information more genuine.
January 14, 2018
Great points were raised, tips were given, and questions asked that really make one think. Some sections felt very repetitious, and this is a book that you can revisit a few times before digesting everything. Still seems like a spin-off from Gary Keller's books and visioneering ideas.
November 6, 2018
Based on the table of contents, this book looks like a compilation of other books success's recipe.
And well, it is. Not much new in here. It's not bad either.
For those who believe they can get it through repetition and hearing the same thing through different words.
And well, it is. Not much new in here. It's not bad either.
For those who believe they can get it through repetition and hearing the same thing through different words.
December 26, 2018
Great book if you're looking at ways to get your mindset sorted on wealth creation.
The authors are the real deal i.e. have done a lot in the real estate space and while you need to discover your own "path to wealth" they have mapped out the way that you can go about it
The authors are the real deal i.e. have done a lot in the real estate space and while you need to discover your own "path to wealth" they have mapped out the way that you can go about it
May 31, 2025
This book had a lot of information from other sources, but after reading I don’t feel that the message landed. Most things stayed on the surface and no real depth with regard to the traps, pillars and/or life audit.
June 15, 2017
Great book. Easy read. Book attacks the wrong mindset and the lack of future planning. I will be reading it with my business team to pass along some principles.
June 16, 2017
Must read ❤️
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