Rich Dad Poor Dad

Rich Dad Poor Dad
What the Rich Teach Their Kids About Money –That the Poor and Middle Class Do Not!
Robert T. Kiyosaki

Yes it’s a bit gimmicky but if you’re serious about improving your personal finances the Rich Dad philosophy is worth reading about.

I was a little challenged by this book as some of Kiyosaki’s personal views and friendships do not match my own but that’s ok. I still found a lot of value in this book. Biggest take away was his take on savers being losers. At first I was thinking what the f*ck! But the more I mulled over it I realised he is right. With interest rates as low as they are right now our money in the bank is going nowhere. The best term deposit I could find was 2.4%. Is that even keeping up with inflation? You have to have your money working for you and the book gives you plenty of ideas for that.

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The Total Money Makeover

The Total Money Makeover
A proven plan for financial fitness
Dave Ramsey

I think Dave Ramsey is the American equivalent of our Scott Pape The Barefoot Investor. He has a no nonsense approach for sorting out your personal finances and is well know for his stance on eliminating all debt. As a property investor with debt on investments I find this a bit extreme but he is very popular with a huge following so I guess it works for some. He makes it clear in the book that he is a Christian man and includes some bible verse in the text. This might not be everyone’s cup of tea and not what you would expect in a personal finance book. However, it doesn’t detract from the actual usefulness of his teachings on money.

Again some of what he teaches is not relevant for Australians but the overall concepts and process he outlines would work for anyone. If you are into super detailed zero sum budgeting then this is the book for you…I guess now is a good time to confess I find monthly budgets a bit much and prefer a looser approach but each to their own. No judgement here.

Please note as an affiliate of Amazon Associates I receive a commission if you make a purchase by clicking through the Amazon links on this website.  This is at no extra cost to you.

Unf*ck Your Finances

Unf*ck Your Finances
Melissa Browne

Ok so the title might put some people off. Truth be told I love a good swear word and love that Melissa has enough courage and sass to be so bold. If you are offended by colourful language this is definitely not the book for you. However, if like me you are happy to converse like a sailor you will love this book as I did. Melissa presents some excellent strategies to get your finances on track including a great way to set goals and stay on track with them. She also touches on our mindset about money and acknowledges the shame many of us associate with money. Not to mention she is a qualified accountant and financial advisor so she knows a thing or two about personal finance! And finally she is an Australian women promoting financial wellbeing and is helping others. What’s not to like?

Please note as an affiliate of Amazon Associates I receive a commission if you make a purchase by clicking through the Amazon links on this website.  This is at no extra cost to you.

The Barefoot Investor

The Barefoot Investor
The only money guide you will ever need
Scott Pape

If you’re in Australia where I am, unless you have been living under a rock, I’m pretty sure you would have heard of Scott Pape the Barefoot Investor. I would recommend his books if you are just starting out with managing your money and want to learn the basics of managing your money in a very simple way. He is all about simplicity which is great and I highly recommend him.

Pape is an unapologetic Aussie bloke who says it like it is and has an ability to really simplify financial concepts. An essential read for any Australian starting out on their financial journey. I think what really distinguishes Pape and explains why this book is a best seller is that he lays out a step by step program you can follow along with.  He doesn't use any jargon and this makes this book so accessible to the everyday person.  Pape also includes references to actual financial organisation such as banks, super funds and fund managers that he uses.  This is such a selling point for me, as even though he is not suggesting you use who he uses, it gives you a reference point and somewhere to start researching what may be suitable for the reader.  A top read.

Please note as an affiliate of Amazon Associates I receive a commission if you make a purchase by clicking through the Amazon links on this website.  This is at no extra cost to you.

Making Money Made Simple

Making Money Made Simple
Noel Whittaker

On the first page of this book it states “The aim of this book is to cover the essentials of money, investment, borrowing and personal finance in a simple way’ and Noel does exactly that. It might not be as catchy or entertaining as some of the other personal finance books I have read (Sorry Mr. Whittaker) but this book explains money in simple terms and provides lots of examples so you can understand the numbers behind the strategy or theory. I would not hesitate to recommend this book. I read this early on in my journey to educating myself about money and it certainly laid the foundations for the knowledge I have today and influenced how I manage my money to this day. Thank you Noel.

 

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The One Thing

The One Thing
The surprisingly simple truth behind extraordinary results
Gary Keller with Jay Papasan

This is an excellent book. It is a New York Times bestseller and I understand why. I happened to be listening to the Amy Porterfield Online Marketing Made Easy podcast and Jay Papasan was her guest. Well I was captivated. He talked about the strategies covered in the book about staying on track, achieving better results in less time and how to build momentum towards your goal. If you want to improve your productivity, improve your focus and have a clear path outlined to achieve the results you want in life this is the book for you.

I got so much out of this book. Keller teaches us a lesson in constraint, how to channel our energy and attention to the top priority in our life ‘the one thing’. I particularly liked how he breaks down how to approach a long-term goal. Working out what needs to be done in 5 years to achieve a 10 year goal and then what needs to be done 3 years from now to be on track for 5 years, what needs to be done in 1 year to be on track for 3 years, what needs to be done in 6 months, 3 months, this month, this week and today. A great way to get clarity and perspective on how to get something done.

Please note as an affiliate of Amazon Associates I receive a commission if you make a purchase by clicking through the Amazon links on this website.  This is at no extra cost to you.

Your Money Milestones

Your Money Milestones
A guide to making the 9 most important decisions of your life
Moshe A. Milevsky, PH.D.

I read this book very quickly. Partly because it was interesting and partly because I had to return it to the library in 3 days!

I love Milevsky’s take on human capital “The most valuable asset class for most people during their working years is their human capital.”  He presents the idea that human capital should be viewed the same as other assets such as a gold mine or oil well. When preparing a person balance sheet to define our net worth our human capital should be included. He calls it a ‘Holistic Person Balance Sheet’. You can find out your human capital investment potential by using the a calculator he created at www.qwema.ca [edit- this is the link he published in his book but it didn't work when I tried it].

I also took a lot from his chapter on tax. He likened the government to a business partner. You might not like them but you have signed a contract and they are your business partners for life. “ If you earn $100, you must share the appropriate sum with your business partner, but if you lose $100, the business partner will subsidize a portion of the loss. And so, just as your partner keeps a close eye on your activities to make sure you pay your fair share of the agreement, you must ensure that your partner is not taking too much.”

What he says about insurance: make your excess as high as possible, save the difference in a savings for insurance reserve fund. Some events like a broken phone are likely to happen but inexpensive and therefore not worth insuring for. Insure for events that are unlikely to happen but would have a significant effect on your family and standard of living for example the death of the main income earner.

Please note as an affiliate of Amazon Associates I receive a commission if you make a purchase by clicking through the Amazon links on this website.  This is at no extra cost to you.

Gold Start

Gold Start
Teaching your child about money
Andrew Lendnal

This book is great for parents who want to learn how to teach their children about money.

Lendnal covers how children learn about money and what kids should know and when, including a special section for teenagers. He provides many worksheets and family activity ideas all throughout the book about goals, saving, budgeting and receiving an allowance to name a few.

Lendnal focuses his teaching on four basic principles of money management- earning, spending, saving and sharing.  The content is relevant for Australian and New Zealander families and contains specific financial information relating to those countries.

Financial Secrets Revealed

Financial Secrets Revealed
Collective wisdom from business gurus, financial geniuses and everyday heroes
Amanda Cassar

Amanda Cassar is a financial adviser from the Gold Coast in Queensland. She is a qualifying member of the international group the Million Dollar Round Table, which is where it appears she has met many of the people she interviewed in this book.

It’s no secret that hearing about other peoples’ life journeys and how they manage their finances is of high interest to me. Hence, I found this book to offer a lot of value in that regard. She interviews a good spread of women and men, which I like and more importantly for us Aussies most of the interviewees are from Australia. No offence to other nations intended, I just find that many of the great personal finance books and personalities tend to be American which means some of the information presented is not relevant to our financial environment.

One interesting take away was David Batchelor’s ( The Wills & Trusts Group, UK) comments about learning early the benefit of personal development. He follows Jim Rohn’s advice from his book The Art of Exceptional Living. Live on 70 percent of what you earn. Break the other 30 percent into three pots: 10 percent for long-term savings, 10 percent for future financial independence and not to be touched. 5 percent to give to charity and finally the last 5 percent for spending on what ever you want.  Not a bad strategy.

Extraordinary Property Investing

Extraordinary Property Investing
How an ordinary Bank Teller acquired 151 properties in less than 10 years
Felicity Heffernan

This book is not for beginner property investors. As Heffernan explains in the first couple of chapters she was trained in America by property investor John Burley.

She uses a complex cash flow strategy called vendor finance. The basic principle is you find someone who has the money to pay a mortgage but no deposit. You take out a mortgage on the property and then rent it out to the client at a much higher rate. You agree on a price and time in the future when the client will take over the loan. This is not a common strategy and requires you to have special contracts draw up by a solicitor, as well as find a bank that will accept the terms. You want to know what you’re getting yourself into. Certainly not for the faint hearted.

For beginners there is no harm in learning about advanced strategies and she has a good section on debt elimination strategies. I also found value in the final chapters on investment mindset.

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