What do you think?
Rate this book
Money Secrets of the Rich: Learn the 7 Secrets to Financial Freedom
Burley found that the books on money either went one of two ways. They were either too technical that once you were done reading them, you had to do a bunch of research in order to even begin, or they were very motivational but didn't tell you what to actually do. Money Secrets Of The Rich strives to be a book that does both.
484 pages, Paperback
First published January 1, 2009
25 people are currently reading
161 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 5 of 5 reviews
February 10, 2024
Buying books from the local op shop but leaving them unread at home has become a recent pastime. This one though I actually read - likely due to my desire to get rich quick. It was a 2001 edition and for $3 it was a small price to pay for learning the secrets of the rich.
Being a 2001 edition, I expect a lot of the content to be outdated, and I was not disappointed in that regard. Dial-up internet was the norm. The dot-com bubble had burst. System of a Down released Chop Suey! So yeah, a lot of references to websites, companies and services are now outdated. Despite all that, I expected the core concepts to remain timeless, and I was also not disappointed.
As most personal finance and wealth accumulation books, the key principles remain largely the same: Identifying the level of investor you are. Knowing your financial goals. Tracking your net wealth (like a balance sheet) and budget (like a profit and loss statement). Living within your means. Investing before splurging and doing so automatically and regularly. Reinvesting your returns. Discipline in paying down debts. Home refinancing. Buying second hand cars. Saving on insurance. Reducing your bank fees. All that stuff is pretty much the first two parts of the book.
The third part I spent most of my time on as it was a little more advanced. It delved into some principles and rules of active investing — nothing controversial here. It then went through some examples of positively geared properties returning 20%-100% returns, which was a little hard to follow — one example covered a concept I had not known before called vendor financing. He emphasised that only positively geared properties are investments from a cash flow perspective, and that negatively geared properties expecting capital appreciation is just 'hope'. Sadly his warnings about unrealistic expectations of doubling of housing prices every seven years in the Australian market became reality over the next two and half decades. Can't really fault him for that though.
Did I learn any secrets of the rich? Unless you've hit it big on the lottery, there are no secrets. It's just discipline and patience aided by the magic of compounding.
Being a 2001 edition, I expect a lot of the content to be outdated, and I was not disappointed in that regard. Dial-up internet was the norm. The dot-com bubble had burst. System of a Down released Chop Suey! So yeah, a lot of references to websites, companies and services are now outdated. Despite all that, I expected the core concepts to remain timeless, and I was also not disappointed.
As most personal finance and wealth accumulation books, the key principles remain largely the same: Identifying the level of investor you are. Knowing your financial goals. Tracking your net wealth (like a balance sheet) and budget (like a profit and loss statement). Living within your means. Investing before splurging and doing so automatically and regularly. Reinvesting your returns. Discipline in paying down debts. Home refinancing. Buying second hand cars. Saving on insurance. Reducing your bank fees. All that stuff is pretty much the first two parts of the book.
The third part I spent most of my time on as it was a little more advanced. It delved into some principles and rules of active investing — nothing controversial here. It then went through some examples of positively geared properties returning 20%-100% returns, which was a little hard to follow — one example covered a concept I had not known before called vendor financing. He emphasised that only positively geared properties are investments from a cash flow perspective, and that negatively geared properties expecting capital appreciation is just 'hope'. Sadly his warnings about unrealistic expectations of doubling of housing prices every seven years in the Australian market became reality over the next two and half decades. Can't really fault him for that though.
Did I learn any secrets of the rich? Unless you've hit it big on the lottery, there are no secrets. It's just discipline and patience aided by the magic of compounding.
September 24, 2018
One of the first personal finance books I ever read (twice). Has some good fundamental lessons to learn.
July 30, 2021
Best finance book I have ever read !!!
April 25, 2021
Not all of this is relevant as an Australian, but I found it a great step by step book to getting the foundations of your financial house in order. Every chapter is a new day and a new topic. Many of which I never thought of doing. A must read, and extremely actionable book
January 29, 2016
Incredible must read for anyone interested in being wise with the money God has in trusted them with!! I've been to John's seminar and about to go to his boot camp. He's in line with Dave Ramsey and Rich Dad. Easy read, one chapter a day.
Displaying 1 - 5 of 5 reviews