Automatic Wealth for Grads... and Anyone Else Just Starting Out

by Michael Masterson, Mark Skousen

"Michael Masterson has personally helped more people achieve financial independence than anyone else I know. He has been a valuable mentor in my own life. Michael's credentials go far beyond the fact that he is an extremely successful businessman. (There are thousands of those.) He has a unique gift for discerning—and explaining in easily accessible terms—what it really takes to succeed. Automatic Wealth for Grads will give any young person a tremendous headstart for achieving their financial and professional goals at a very young age."
—Justin Ford, author of Seeds of An Incredible Wealth-Building Plan for Your Children and Editor of Main Street Millionaire "Only time will tell whether you will have the guts and honor to follow Masterson's masterful plan. Good luck!"
—From the foreword by Mark Skousen, Adjunct Professor, Columbia University, 2004-05 and Benjamin Franklin Chair of Management, Grantham University Organized around proven wealth-creating principles, this invaluable guide reveals powerful techniques and strategies that have personally worked for Michael Masterson as well as for the many people he's helped become wealthy and successful. Filled with in-depth insights and practical advice, Automatic Wealth for Grads will show you how

Genres: Finance, Money, Business, Nonfiction, Personal Finance, Self Help

256 pages, Hardcover

First published January 1, 2005

Reviews

[Ramy · Rating 4 out of 5]

الكتاب يستحق بالضبط 3.75
و الاقرب 4

بعد عدة كتب فى ذلك المجال ...اكتشفت ان هناك ....تقسيمات فرعية داخل نفس الموضوع "بناء الثروة"
فهناك من يتناول موضوع بناء الثروة من ناحية بناء نفسية الشخص الذى يريد بناء الثروة و تأهيله نفسيا للتعب من اجل جمعها او اقناعه ب أن الكسل ايضا ممكن يساعده فى جمعها او اقناعه حتى بانه لا داعى لان يمتلك ثروة فعلية و يكفى ان يتصرف و كأنه يمتلك الثروة..هذا اتجاهو لكنه لا يعجبنى اذ ان كل الاشخاص متحمسين كفاية نفسيا ليصبحوا اثرياء و لكن قلة قليلة من تريد خطوات عملية و قلة اقل من لديها النفسية و العملية لتنفيذ الخطوات للحصول على الثراء فى نهاية الامر مهما تكلف من وقت و من تعب
Think and Grow Rich
ابن عضلاتك المالية

و هناك من يتناول موضوع بناء الثروة من وجهة نظر تسويقية و اعلانية
مثل الكتاب الذى بين يدينا
و هناك من يتناول موضوع بناء الثروة من وجهة نظر فلسفية
The Science of Getting Rich
و هناك من يتناول موضوع بناء الثروة من وجهة نظر ماليا بحتة "و تلك الجزئية التى افضلها"
أغنى رجل في بابل
Rich Dad Poor Dad
النموذج الرباعي للتدفقات النقدية

الكتاب بين يدينا هو كوكتيل من
وجهةالنظر المالية و لهذا افضله
و وجهة النظر التسويقية و الاعلانية و هذا ما لم اهتم به
ووجهة النظر النفسية فى بعد الاوقات ....فهناك اوقات يتحدث عن نفسية المقبل على بناء الثروة و نفسية من اصبح فى نهاية المطاف و يسعى للتقاعد

الكتاب اعجبتنى الاجزاء المتعلقة ب الادخار...و الاجزاء المتعلقة ب نفسية و توجه الموظف الذى يرغب فى زيادة مرتبه....و الجزء الخاص ب النصائح العقارية....و الجزء الخاص ب كيفية توزيع راس مالك "ثروتك" على انواع الاستثمار المختلفة "ذهب عقار اموال سندات"

الاجزاء التى لم تهمنى ....الاجزاء التسويقية و الاعلانية و الحديث عن البورصة و الاسهم و كيفية استخدام الموظف للايميل ؟؟!! و الجزء الاخير المتعلق ب مشاريع ما بعد التعاقد و التى لا تهدف للربح !!

الخطوة 1 ادرك الواقع
الادخار قد يجعلك مليونير فى نهاية المطاف ..ادخار جنيه واحد يوميا و لمدة 65 سنة يجعلك مليونير فى النهاية اجل
....فما بالك بادخار اكثر من ذلك ؟
ادخار اكثر من ذلك سيجعلك مليونير فى سنين اقل ....ضعف الرقم يوميا سيجعلك مليونير فى 33 سنة....فما بالك ب الاستثمار و الادخار معا...هذا ما قد يجعلك تصل ل هدفك فى ربع المدة 15 سنة ...اظن الرقم الان مقبول

الخطوة 2 خطط لان تصبح ثريا
اولا ادخر
ثانيا اسعى ل زيادة مرتبك الحالى عن طريق عدة خطوات يسردها المؤلف
ثالثا كون راس مال و لكن قبلها خطط ل نوع الاستثمار الذى ترغب فىه او تفهم فيه
اجعل ل نفسك مشروع جانبى بجانب وظيفتك

الخطوة 3 اكتسب عادات الاثرياء ...ماذا تفعل لتظهر بمظهر الثرى ؟ بسيطة اشترى ملابس مثله ... حينما يريد الثرى شراء افخم زوج جوارب شراب... هناك سقف ل سعر هذا الشراب ب شرائك نفس الشراب انت مثلك مثله ...مثال اخر بيل جيتس و مرتبته اكيد هى ليست مرتبة من الذهب لانها لن تكون مريحة ... هى مرتبة ما لها سقف للسعر بشراؤك واحدة مثلها ف انت تتمتع بنفس الراحة التى يتمتع بها اغنى رجل فى العالم....تلك الفكرة ...هناك سقف للصرف سيجعلك فى النهاية تعايش ما يعايشوه الاثرياء

الخطوة 4 قم بزيادة دخلك بشكل هائل
عن طريق الاسهم او السندات او الذهب او العقارات ب الاضافة ل وظيفتك و مشروعك الجانبى...و يشرح الاجزاء دى ب التفصيل

الخطوة 5 ازدد ثراء و انت نائم
بعد بناؤك ل مشروعا و شركة او حتى مجموعة عقارات ووصولها ل مرحلة تتطلب منك اقل قدر من الادارة يمكنك انفاق 2-3 يوميا فى ادارتها و التمتع ببقية اليوم مع العائلة

الخطوة 6 تقاعد مبكرا
التقاعد لا يعنى عدم العمل تماما بالعكس اذا اعتبرت انك قد تقاعدت بالفعل وا نت فى شبابك ستجد ان زيارتك ل عملك اصبحت محببة لنفسك اكثر منها امر انت مضطر لفعله

الكتاب القادم :

[Jim · Rating 3 out of 5]

Summary: save 15% of everything you ever earn. Eventually, you will be wealthy.

The end.

[Mohammed · Rating 4 out of 5]

كتاب رائه وجميل في موضوعه. كما ان ترجمة الكتاب جيدة ، والتي غالباً ما تحرم القارئ متعة القراء في الكتب المترجمة. الكتاب عبارة عن ست خطوات يوصي بها المؤلف لتحقيق ثروة في فترة تتراوح بين ٧ - ١٥ سنة. طرح المؤلف غير تقليدي وفيه الكثير من الافكار الرائعة.

[Rick Sabatini · Rating 4 out of 5]

It was a good book for a newbie to wealth stuff like me. It wasn’t what I expected, but in a good way. I thought it would be all about stocks and real estate. There was a bit of that stuff in those specific chapters, but there was also a lot about improving your value in the workplace and to the general market. I got a lot out of it.

[Seemy · Rating 3 out of 5]

Considering the publication date of book. I can see why some of the information seems stated, however, important wealth building principles are never obsolete - so you will definitely find the knowledge inside this book valuable and a worthwhile read.

Coincidentally, I also read similar book earlier this year by the author “Alex Becker” entitled “10 Pillars of Wealth Building” - which is more excellent and relevant for todays times - which if your interested in, you can also find its review on my read bookshelf list via my profile :)

To Our Continued Success!
Seemy
Waseem.tv/Blog

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[Chip Cook · Rating 5 out of 5]

Sounds like a book about kicking off a process, walking away, and letting it run itself while you go rest your feet on the public bar foot rail, right? Well, it's not.

It's about creating and living habits, and habits are, by definition, automatic.

If I had encountered Masterson as a young man, I would have blown him off and made the same mistakes I made anyway. That I came upon his books as a grown man has made a positive difference in my life. This is one of those books.

[Osama · Rating 4 out of 5]

الكتاب موجّه لمتوسطي العمر ولديهم فرصة عمر أقصر للوصول للثراء ، لذلك تجد جل الاهتمام في تقليل الخطورة واللعب في الجانب الآمن كما ترى من شخصية المؤلف المتحفظة جدا في التعامل واكتساب المال وطرق استثماره .
الكتاب اعتبره مُثري ومتوسع اكثر من غيره في الثقافة المالية بناءً على ما ابتدأته في هذا المجال :
الاب الغني والأب الفقير
أغنى رجل في بابل
فكر وازدد ثراءً

[Temawy · Rating 5 out of 5]

الكتاب مليء بالنصائح العملية ، ولذلك ينبغي قراءته أكثر من مرة، فهو كتاب عملي قابل للتطبيق
في رأيي أفضل من الكتب المالية الاخرى بكثير حتى أنه افضل من الأب الغني والأب الفقير، وأفضل من أغنى رجل في بابل،

[Alex · Rating 3 out of 5]

I really liked a couple chapters of the book - some others are pretty basic.

[Dmitri Pavlov · Rating 4 out of 5]

Save and Invest, great refresher

[Ryan · Rating 5 out of 5]

I really enjoyed this book. There was plenty of solid advice, not just for grads, but for anyone looking to step-up their financial game.

[Yasser]

.

[River · Rating 4 out of 5]

Interesting book of how to build wealth and develop your brand and business. It is a chill read and have a lot of interesting ideas that can be put into actions.

[Mathias · Rating 2 out of 5]

Boken kanske är bra men var helt omöjligt att hitta i ljudboken. Bra att veta att gör gratis först och sen kötts på med marknadsföring och referals

[Ahmed Omer · Rating 3 out of 5]

اكسب أكثر مما تنفقه وأمتلك بأكثر مما أنت مدينه به

[30nist · Rating 1 out of 5]

I’m not recommending getting into a crowded market with a weak, copycat product. But your chances of success doing that would be much greater than trying to create a new market with an untested product. When it comes to launching a new product, a very good position to take is second or third place. The marketability is proven with the first success. By coming in second or third, you reduce your risk while still enjoying the momentum that the first product may have created in the marketplace. But even if you are fourth, fifth, or tenth into the market, you can still be successful so long as you price your product competitively, sell it forcefully, and develop its own peculiar benefits to distinguish it from the competition.

Forget Retail and Glamour Businesses We can make this section very short. If your idea for a side business involves a retail store or just about any business you think is glamorous (travel and entertainment are the two biggest culprits), save your money. Retail businesses can succeed, but they are very difficult and very time-consuming, and they almost never provide the ROI you want from them. Travel and entertainment businesses are even worse. If you are already in one of these businesses, you know what I’m talking about. If you aren’t, take my word for it. You’ll be glad you did.

Pro

Con Most advices are pre finance crisis so they don't really apply to the post financial crisis where only ultra globalized aclamated bisiness thrive

[Tyler · Rating 1 out of 5]

Synopsis: Michael Masterson is a self-made millionaire who shares his secrets in this book on how new graduates can also become self-made millionaires by the time they are thirty. The secret is to have your income increase exponentially, start your own business and sell it for millions and buy and sell real estate until you are rich.

My Review: I like to think that I would have been a skeptical reader of this book in 2007/2008, but in today's economy and marketplace, the instructions and estimates in this book are laughable. As an example (These aren't direct quotes, but my interpretation): "we'll be conservative and assume that you will only profit 12% per year in the stock market, but really you should be able to make around 25%." Or another, "Real estate investing will allow you to profit between 25 and 50%, while the best option of all is to start your own business (not a restaurant) where you can profit 50%!" I found Masterson's tone annoying, his list after list of what you should be doing ridiculous and most of all, I felt that the entire book was based upon unsustainable tenets. All you millionaires by thirty out there will disagree with my review, but I haven't come across too many lately (ps. even if your starting salary is only $20,000 you should be making $150-$250,000 in a few years if you are diligent!).

[sleeps9hours · Rating 2 out of 5]

I had fun with this one. I always figured to make tons of money you’d have to be willing to put in tons of hours, sacrificing a regular life, and Mr. Masterson shows this is true. This book allowed me to breathe a sigh of relief that I am normal for not somehow being able to raise 3 kids while simultaneously running some get-rich-quick scheme during naptimes (you know, those times I worry about my wasted career potential, but end up appreciating that life with my babes is too sweet to give up). I did like seeing his tips on working efficiently toward goals. I believe they’re probably similar to books like the 7 habits of highly effective people and that stuff, but I haven’t read much of that so it was new to me.

Make long-term goals based on your core values. His are in wealth building, health, and personal relationships. Get up early. Start working by 7:30 or 8, sometimes as early as 6 or 7. Be first into the office. He’s not into stocks. He likes real estate, direct marketing businesses, high-paying jobs.

[Kimberly · Rating 3 out of 5]

Interesting enough. I liked what it had to say about setting definite "sell" points when an investment has dropped 25% below the high. This was new to me. I usually read in finance books that you should hold onto things forever...just so long as they don't hit rock bottom. This has given me something to think about.

Some of the material is a bit heavy for an audio book. I feel like I'd need to look at some of the calculations and numbers in print, but it was good to listen to overall. I wonder if the recommendations would change given the stock and housing crash. I do think it had good advice about being the best employee you can be.

PS - personally, I found the last chapter or so a little funny: drinking wine with every sit down dinner will make you feel rich. Of course, I admit I'm biased because I don't drink alcohol...which just means I have more to invest! :)

[Daniel Kasbohm · Rating 3 out of 5]

Pretty good. He goes into detail about how real estate is practically god's gift to humanity, which seems a little hollow now that the economy has completely collapsed in the aftermath of people aggressively "flipping" in Florida and other places. Another basic premise of his book was just "get into an important sales/marketing position at your company" which even he states is impossible at large firms like mine.

But many of his values are similar to mine (like save a lot, dont spend your life working like a dog just to do absolutely nothing in retirement, happiness comes from time with friends and family) and he reinforced several of my favorite mantras too (such as use trailing stops to protect your investments, plan your goals and values, get into work early each day, etc) so it wasnt a total loss.

[Abdulrahman Al Fawaz · Rating 4 out of 5]

A great book on some common sense of managing personal finance. The book does not give a secret of any sort of way to riches.

It explains it in common size long term step by step risk averse approach. It can be summarized in the following: Always keep on savings money, being invaluable to your employer in order to earn the top specially in field of Sales and marketing, investing in real estate, investing in the stock market, the power of compounding, moonlighting a serious business, etc.

A must read for any wealth minded individual. By the way, do not expect to see any "watch the trend" language or advice.

[Wellington · Rating 4 out of 5]

Many of the things he says I don't agree with but he provides a wealth of knowledge about money/career to anyone willing to listen. But at the heart of the book, I think the message is really "Yes, you can."

Can anyone offer a more important empowering message?

You can subscribe to the guy's website and read a lot more of for him for free - which is how I found out about the book. If I were to rate his 6 days a week newsletter, I would give it a 4.5/5.0 and I recommend him to anyone willing to make a step in a new direction.

[Jen · Rating 3 out of 5]

It took me almost two years to finish this book, which is probably explained by the fact that I didn't really want to read it; primarily because it was a graduation present. From my mom.

But, I'm glad I've read it. There's definitely some information I can see myself using in regards to work and the advice for financial matters is really helpful, because you're never too young to be thinking about retirement (right?!).

[Heather Larcombe · Rating 3 out of 5]

A useful book for salespeople and those who want to be salespeople. If you prefer not to be or become that flavor of accomplished thief, don't pick up this book until you have more than $100 K to invest. Everything starts, travels, and ends with starting new businesses and selling things and ideas to people. Nothing else is even vaguely recommended until you have used the fleecing of the masses to get a solid six figures together.

[travelgirlut · Rating 2 out of 5]

I read the first half and flipped through the second half. While the author makes some good points, I think I'm just too lazy to follow his methods. Basically he's saying work really hard and you'll make lots of money. I'll just stick with saving 10 percent and not plan on retiring for 40 years.

[S]

650.12 MAS

[Alex · Rating 4 out of 5]

A good, quick read.

[Becky Straub · Rating 5 out of 5]

Excellent advice. NOT a get-rich-quick book. Glad to know we are on the right track. Also new steps we will be taking soon :)

[Vinnydbullet · Rating 4 out of 5]

Great book to get you motivated to start working.

[Paul · Rating 4 out of 5]

A great first investment/ finance book.