The 7 S.E.C.R.E.T.S. of the Money Masters by Robert Shemin & Peter Hirsch isbn: 978-0-470-61518-8. Website listed in book not functional. Good book.
- SECRETS acronym stands for Safety, Expense, Cash flow, Rate of Return, Economy, Tax Efficiency and (Common) Sense.
- They suggest tracking your time via a spreadsheet; activity, time spent, made money or might make money for you in the future, enjoyed? e.g. if you're doing something you hate, maybe you're in the wrong business, can someone else do it?)
- 7 questions to ask money managers: how get paid (%investing/%from giving advice), are you invested in this yourself, Where will my money end up (show me the money), Is this investment suitable for my age, assets & risk tolerance; show me your mother's porfolio; list pros & cons of this investment; how diversified am I (what % of my wealth is tied up in this investment)
- Very important to educate self on money along with planning & budgeting weekly, monthly, annual and lifetime financial goals. Be aware of trends.
- At age 70.5 there are forced distributions from 401k which will be taxed.
Accidental Genius, Revolutionize your thinking through private writing by Mark Levy. isbn: 1-57675-083-3.
- Private writing techniques can be used in a lot of different ways to create ideas, refine ideas, solve problems and so on. Very good book.
Slackonomics, Generation X in the Age of Creative Destruction by Lisa Chamberlain. ibsn: 978-0-7867-1884-9
- A book which may help you understand Generation X, adults born in mid 60s through the 70s and possibly early 80s.
Secrets of a Millionaire Real Estate Investor by Robert Shemin, Esq. isbn: 0-7931-3705-5
- Single Family house should generate a cash flow of $150-300 per month
- Set goals & make your plan. Keeping a clear focus on your personal needs and goals will increase your likelihood of finding the right properties and minimize the risks to the downside of real estate investing. Personal, Health, Education, Spiritual, Family, Vacation/travel, Fun/hobbies, career, financial and charitable goals. Understand your personality.
- He looks for a house at 25-40% below market value because he starts out with the basic assumption that he will overlook costs.
- A lot of good information & checklists. A lot of possibly useful forms in appendix. Worth re-reading.
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