Jul 6, 2020

The Simple path to wealth by J L Collins!


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About the Author:
JL Collins wrote The Simple Path to Wealth as a guide to money and investing for people who realize that money is important, but would rather spend their time raising kids, advancing in their careers, pursuing other passions and making the world a better place.Jun 25, 2016

Understanding Money:

Most people ignore learning the basics of personal finance because it seems too complex or boring. But in investing a few hours in learning the basics, you can position yourself to make your money work for you, not against you. And in doing so, you can start making decisions independent of money, instead of the reverse.

Since money is the single most powerful tool we have for navigating this complex world we’ve created, understanding it is critical. If you choose to master it, money becomes a wonderful servant. If you don’t, it will surely master you.

Jun 29, 2020

How to get Rich by J Paul Gatty!

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About the Author: J. Paul Getty, in full Jean Paul Getty, (born December 15, 1892, Minneapolis, Minnesota, U.S.—died June 6, 1976, Sutton Place, Surrey, England), American oil billionaire reputed to be the richest man in the world as per Fortune Magazine in 1957. 

Getty was a man of principles, and in his book he explained the valuable and expert advice about life.  At some time of life, he was gone into depression, and then he struggled to control the estate, and this took 20 years to finish. The significant opportunities in the market are not for everyone so becoming rich depends on the desire, creativity as well as on the energy.


J. Paul Getty was the richest man of the world according to Fortune Magazine. He was a visionary and a man of principles and value. 

He was a man of principles. Getty promoted working to make society a better place. He was also in support of cooperating with labor unions and as per him, becoming rich also has some responsibilities. These include a positive attitude and a decent character.

This in turn funded many easy-money and selfish millionaires. From his age’s point, Getty offers new management techniques. He discusses how being wealthy and getting rich are different. We appreciate the ageless value of his knowledge. Plus, his business advice holds even now. Hence, we highly recommend this inspiring business biography.

He wrote books about the secret of getting rich and disclosed secrets of their success. Paul Getty explained some critical blueprints in his book that anyone can follow in his footsteps. 

Getty was famous for his wealthy decisions and actions in society, and we felt that the books mentioned responsibilities on individuals for a decent character. The fascinating discussion in the book was a positive attitude, and we appreciate the management techniques discussed in the book.

Ordinary people can also become rich. All they need is enough desire, energy and creativity. 
People who cry over lack of business prospects are just making excuses. Their reasons vary from high taxes, unfair competition through to high-cost of labor. But, if you pay your staff more, they can purchase more. Plus, no business ever ended only due to high taxes. Besides, if you face high competition, use it to your advantage. Rather than taking such steps, many people give up before even starting. It’s because fear and defeat prevent them from seeing opportunities.  

The Young Millionaire  
Getty became a millionaire by age 24 as he wished to retire early, however, his parents tried to convince him to stay productive. This was because many people’s lives depended on their company.
Hence, in 1919, he again entered the oil business. This time he started drilling in South California. He worked with his crew, motivating them. But, due to the in depression in 1929, much like 2020, the firm’s stock fell too much.
In 1930, after his father’s death, Getty started controlling the estate. He also ran the oil company side by side and searched for oil. Getty began buying big oil firms in South California. In 1932, he purchased the Tide Water Associated Oil Company. This was not a friendly merger and hence took 20 years to finish.
Getty was the head of the Mission Corporation in the late 1930s. He bought the Hotel Pierre for $2.3mn. Besides, he also bought a hotel in Mexico. Getty even wanted to enlist for WW2. But, he was too old for that. He learned that his aircraft firm was key to the war effort. Hence, he started to manage the operations. He increased production and stayed at the factory until the war got over. This was the time when he expanded in the Middle East for the oil business. His oil field in Saudi Arabia produced 13mn barrels. By 1954, he had his fleet of oil tankers.
Gettys explained the 10 key rules to reach a financial independence:
  1. Go into businesses you know and understand.
  2. Focus on producer more enormous amounts of good products/services.
  3. Be economical first. Then think of making money.
  4. Don’t ignore new chances of expansion. They can be anywhere. But, check properly and don’t fall prey to the urge to over-expand.
  5. Delegate jobs in your business. But, always be responsible for overseeing your workers.
  6. Reduce costs and improve productivity. This should be the same in both good and bad times.
  7. Take risks. And be ready to use borrowed funds. But, always pay back the loans fast. This will help improve your credit rating.
  8. Always be on the look for new markets and opportunities.
  9. Take pride in what you do. Keep a flexible service policy and solve consumer issues fast.
  10. Wealth comes with responsibility. Hence, use your money to help others. These may also include your workers, shareholders.

Getty give an inside on the different types of People

  • A millionaire mindset needs hard-work, knowledge, and focus. People are of four main categories. But, not each one of them has the traits to become wealthy.
  • People who don’t want to work for anyone – These people are independent. For them controlling their own lives is more crucial than a paycheck.
  • People who want to work for others and share in the profits – This feature is most common in best sales professionals.
  • People who are happy to work for others – These people want the safety of a paycheck. But, they don’t have the confidence and drive to work independently. Or even on commission.
  • Salaried employees who don’t want to help employers make a profit – Such people don’t do much work. And, they don’t even add value to free-enterprise.

The Millionaire Mindset

This mindset focuses on efficiency, profit-motive and cost awareness. In other words, this means having an eye for detail, while saving and making money. Pushing inefficient people into retirement is sensible. Because keeping them in your firm will be more costly.

The Executive Way
  • Good executives are great at directing the activities of their staff. 
  • They’re loyal, productive and can solve issues fast. 
  • These people are creative and independent thinkers. 
  • They don’t micromanage, follow directions blindly or use too much oversight. Instead, they lead by example. 
  • They can both explain and instruct what is needed. Besides, they’re also accountable for the work of their subordinates. 
  • Hence, if it’s good or bad, they take the blame if their supervision was inadequate. Great executives don’t ask others to do things they won’t do themselves. 
  • They praise their people publicly. But never lash out at them in front of others.

Don’t Stress About the Wrong Things

Getty said that many executives are stressed. 
The reason is not that they worry about the amount of their work. Instead, they emphasize keeping their jobs. 
As a boss, he saw stressing about job and overwork as a weakness. Hence, he suggested the use of a positive mindset to handle tough employees. 
He led by example as he was always a hands-on manager. His beliefs were not to push employees to become efficient. Instead, to guide them for the same.
He said that mutual respect and trust are the base for productive communication. 
It’s because negativity is harmful. When people see that their contributions don’t matter, they disconnect. They may even become aggressive and steal things and for them, such acts are justified as the firm distanced them. But, when people turn negative, management puts more boundaries. This in turn further distances people.

Facing Challenges

Getty avoids roundabout bargain. He didn’t delegate. Instead, he directly spoke with union leaders. He told directly that their demands were very high. Plus, he showed the company’s reports stating that real state-of-affairs. Getty gave evidence to back his claims. 

This unarmed union leaders who finally accepted his original offer. When a company’s profits increased in a year, Getty increased wages.

Getty said that labor unions like honesty and straight answers. Once they have the facts, they make sound decisions. Getty knew the rights of the collective bargain. Plus, he praised how unions increased staffs’ living standards. Hence, he never faced issues with unions.

These did mean that negotiations were around better working conditions and higher wages. But, for Getty these demands were reasonable. He understood that employees are like consumers. Hence, the more income they had, the better it was for the nation’s economy.

Great managers face tough situations head-on. American business history has many such turnaround stories. Where executives faced adversity, but then revived their firms. Such stories include Ford Motor Corp, Valley National Bank, American Motors and United Fruit Co. 

In every case, when issues came, managers didn’t run away. Instead, they analyzed the situation and created a plan, and if they wanted more time, they took it, they didn’t panic. 

Also, some of these firms’ managers also had to make sacrifices. This was important to remain in the fight. But, in the end, they emerged victoriously.

Art and Fan Mail

Getty had a considerable interest in collecting art. Plus, he saw great art as a sound investment. For example, he bought the Ardabil Persian rug. This was one of the two best carpets in the Western world. Getty bought it for $68,000 in 1938. Then, in 1958 Getty gifted it to the LA County Museum of Art. At that time the value of this rug was $1 million.
Getty had five marriages and said that none of his marriage worked. His four sons also joined the oil business. They first worked in the firm’s gas stations changing tires and oils. Getty got around 3,000 letters monthly from strangers. They were mainly requesting money, asking for jobs or marriage proposals. Despite being a billionaire, Getty said that true richness is something different. It comes when people do what they like and follow lasting values. As per him, status seekers were very materialistic. For these people status and financial freedom were the same. But for Getty true wealth was following principles and doing something good for the society.

Jun 14, 2020

The Little Book of Common Sense Investing by John C. Bogle


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The Author says that, the simplest and most efficient investment strategy is to buy and hold all of the nation’s publicly held businesses, which is index fund at very low cost." Bogle maintains that the "classic index fund" that owns this market portfolio is the only investment that guarantees a fair share of stock market returns.

The book elaborates on the same practice of index investing that Bogle built the Vanguard Group around to turn a profit for clients.

Now, the index funds make up for $1 trillion in funds invested. All investment experts like Warren Buffett and William Sharpe recommend these funds. They say these are perfect for an individual investor. In this book The Little Book of Common Sense Investing, Bogle discusses what index funds do. He also explains why they’re so reliable. So, if you’re an investor, reading this book is a must. 

John C. Bogle (born 8 May 1926), who founded the Vanguard Group of Investment Companies in 1974 and built it into a giant mutual fund company, with $4.9 trillion in assets under management today, died on 16th Jan 2019.

John C. Bogle is the author of this book The Little Book of Common Sense Investing. He’s also the CEO and former chairman of Vanguard Mutual Fund Group. Vanguard is the world’s most prominent complete no-load mutual fund firm. In 1976, Bogle launched the 1st index fund of the world for ordinary people and built his empire based on his core principles of investing.

   The book explains the following concepts: 

  •  What is an Index Fund? 
  •  Why this Funds is Trustworthy? 
  •  Who should invest in Index Funds? 
  •  What are the returns on this fund compared to other funds and Individual Stocks?         
  • The way emotions, short- run mindset and admin fee impact your investment?
  • Why you must avoided fund traded on the Exchange? 
The author says that many investors don’t have any professional knowledge or training.
Consequently, they don’t check a company’s worth, and it’s stock’s value. Nor can these investors forecast a firm’s share value in the future. Thus, he advises investors to be conservative in their choices. He recommends putting money in a diverse portfolio. And the stocks in such portfolio must be held on to in the long run.
The ideal way to broadly invest is by buying an index fund. This covers the whole market. Your plan must be to buy the entire market. And then, hold on to it for the long-term. This investment principle is a sure win. In contrast, speculative investments will lose over the same time-frame.

Index Fund:

An index fund is a type of mutual fund or exchange-traded fund (ETF) with a portfolio constructed to match or track the components of a financial market index

An index mutual fund is said to provide broad market exposure, low operating expenses, and low portfolio turnover. These funds follow their benchmark index regardless of the state of the markets. 

Index funds are generally considered ideal core portfolio holdings for retirement accounts, such as individual retirement accounts. Legendary investor Warren Buffett has recommended index funds as a haven for savings for the later years of life. Rather than picking out individual stocks for investment, he has said, it makes more sense for the average investor to buy all of the S&Ps 500 Index companies at low cost an index fund offers.
An index fund is a portfolio of stocks or bonds designed to mimic the composition and performance of a financial market index.

Index funds have lower expenses and fees than actively managed funds.
Index funds follow a passive investment strategy. Index funds seek to match the risk and return of the market, on the theory that in the long-term, the market will outperform any single investment.

The core idea behind index funds is straightforward. Index funds have the highest number of diversified shares. These funds denote a portfolio holding a range of stocks which comprise an index. When the businesses in the index pay dividends, their firms’ value grows. And, so do their share prices. Overall, such growth increases the total value of an index. Hence, as all the businesses in a specific index grow, investors holding those funds prosper too.

Jun 7, 2020

The Principles for Success by Ray Dalio!

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The Author believes an idea meritocracy is the best decision-making system because it requires honesty and leads to continual improvement.

He explained it by dividing his principles into Life Principles and Work Principles. The life principles apply to individual success, and the work principles guide group success.

Raymond Thomas Dalio (born August 8, 1949) is an American billionaire hedge fund manager and philanthropist who has served as co-chief investment officer of Bridgewater Associates since 1985. He founded Bridgewater in 1975 in New York. Within ten years, it was infused with a US$5 million investment from the World Bank's retirement fund.

The Author shares his life journey in the book and based on the lessons he learned from life he divided the principles into two categories such as Life Principles and Work Principles.

The Author has struggled in life and went through many failures before he reach massive success, from those failures he learned the concept that there are principles to everything. His major failure was in 1982, when he bet everything he had on a depression in stocks and the market never come back and he lost everything he had and from this failure it gave him the humility he needed to balance his aggressiveness and shift mind set from thinking "I'm right" to asking "how do I know I'm right?"

He believes, everything on the Universe, the planet, the earth, the occurrence of an events, the 24 hours in a days that we have, our mind and body how it operates are all is based on some specific principles and if we learn those principles, then we can achieve great success in life.

The 5-Step Principles for Getting What You Want in Life
  1. Set clear goals.
  2. Identify problems and don’t tolerate them.
  3. Diagnose your problems to find root causes.
  4. Design solutions to get around problems.
  5. Do the tasks required to completion.

1.Set clear goals.
The first step is to set a clear goal in mind what you really want.

For Example like you want an income of say of a specific amount every month or  year after 20 years or 30 years from now.
Divide it into small goals in order to reach the greatest goal in life.

2. Diagnose your problems to find root causes
The second step would be what things you need to do to archive those goals?
What are the obstacle’s you may face to achieve those goals?
Analyse the root cause for those obstacles?

Just like a doctor or an IT professional, when they find the problem in hand they try to diagnose the root cause of it that is creating the problem.

3. Design solutions to get around problems.
When diagnosing your problems and the root cause is analysed or identify, think for the solutions to overcome those problem areas. Analyse the your weakness and where you or somebody is lacking.

4. Fix your mistakes:   
Design and implement the solution to the problem and the road towards your goal will be started with one small goal at a time.  

5. Do the tasks required to completion.
You have to push through to results, and if you keep doing that over and over again, you will inevitably succeed,

These 5 steps form a loop. Once you complete one turn of the loop, then you’ll look at your results and go through the process again, setting new, higher goals.

The author says "You do it over and over again because you have determination — you will inevitably succeed."

People may usually give up when they find any obstacles or when find it difficult, then identify what your weakest steps are. Then get better at them, or find someone who can help you compensate for them, so that you can accomplish the small goals.

The Author while implementing the above steps asked to look into the points before making any decisions.

Jun 2, 2020

The Richest Man in Babylon by George S Clason!

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It was a story that happened in the city of Babylon, where there was once the wealthiest man named Arcad.

Arcad did not inherit the wealth, instead, he becomes a self-made millionaire by himself. One fine day, two of his childhood friends approached him to ask how he becomes so rich while both his friends were also working very hard and still barely able to maintain their family.

Arcad smiled and told them that while working as a scribe, Arcad was once told the secret of wealth, of a rich man in return for his services.

Interestingly the rich man guided him to acquire wealth, The rich man shared his wisdom that you should not spend all the money you earn, rather invest it, and invest it wisely and this is what Arcad did, he saved enough money to lend to a shield builder, who then paid interest on the loan, thus increasing Arcad's wealth.

So the simple secret to building wealth is explained as per the below points.

1. Save and invest it wisely.

The secret to becoming is not only about accumulating wealth, but it is also about how to invest it wisely.

So, you should also look for investment opportunities to make wise investments.

This is because the money if you keep at home will not increase its value, even keeping it in the bank will generate only a nominal 2% of interest, and instead, you have to invest your savings in something that generates more money, such as investing stocks and stocks that may give 20 to 25% return on your invested money,  government bonds, fixed diposit where you may get 6 to 7% interest, which better than keeping the money in the bank as it may yeild good returns over the long period if the principle of compounding aplied, gold may yeld 8% to 12% or more interest depending on the inflation condition of a country and real estate the safest investment on earth with huge returns like 25% to 40% or as a cash flow per month if kept on rent or start-ups businesses, which may yeld returns from 20% to 60% or more if that business works and grows successfully over the years.

Albert Einstein famously said that compound interest is the most powerful force in the universe. He said, “Compound interest is the 8th wonder of the world. He who understands it earns it; he who doesn't pay it.” Who am I to argue with such a smart guy?

The Power of compounding applies to both Fixed Deposit and Good Stocks and Shares, when kept for a long time, provided you need to know when to sell it, otherwise it will yield exponential returns and even Berkshire Hathaway founder Warren Buffett's long-game investing strategies finally cemented his billionaire status at 56 — about 26 years after he first joined the seven-figure club. At age 87, he's now worth nearly $85 billion.

If you want to know more about the power of compounding follow the link below.

The secret to being financially successful is always to believe how little you know. 

True wisdom lies in realizing how little you know and accept it. The ancient philosopher Socrates accepted that he does not know anything and that is why he is considered knowledgeable.

Also, if you want to learn more about investing and how to increase your wealth, please check the my post on the book review on the bestseller book Rich Dad Poor Dad by Robert Kyosaki.

 2. Learn the Trial and Error Theory:

You can only raise money gradually by learning through the process of trial and error, receiving money is a long process that is made up of countless small steps and often has to go through some setbacks.

This is because the world is constantly changing, especially in the area of finances. This means that you can never choose a money making strategy, such as investing only in a certain stock, and waiting for money from it.

The financial system and life itself is very uncertain, so sooner or later there will be something massive such as the stock market collapse. That means you have to adapt to the new situation and learn about new wealth building strategies.

You need to experiment and maybe fill in something, and as soon as you discover your next winning strategy, something big will happen.

But through this process of experience and adaptation, you will increase your overall ability to invest wisely as you are gaining more knowledge.

In fact, this process of trial and error is consistent with the way scientific progress is made:

3. Learn the difference between making money and receiving money:

Earning money is usually done to achieve short-term financial success, you usually only care about the things you can buy with the next salary, while the future is also a concern. But this kind of thinking has an inherent danger, what if the next salary does not come?

For example, the real estate you purchase will not bring you immediate funds, rather you must first pay the investment or wait for its value to increase. It may take a little time, but once this investment provides money, it works as long as you own it.

This type of long-term planning can help protect unexpected events such as losing your job

"Making money" describes a process where you work for money, but "getting money" means creating situations where money works for you and increasing its number.

To understand this better, imagine that you work as a manager of a profitable factory, and every month you get a very good salary.

Obviously you are making money, but are you receiving money?
If you want to receive money, you have to go through the process of saving and investing some of that money. 

For example, if you keep saving a part of your income and investing it in real estate such as home or flat and put it on rent, and the rent keeps coming every month without fail, then you will receive money, because your money will be working for you even when you are sleeping or going on a vacation.

Earning money is usually done to achieve short-term financial success, you usually only care about the things you can buy with the next salary, while the future is also a concern. But this kind of thinking has an inherent danger, what if the next salary does not come?

For example, the real estate you purchase will not bring you immediate funds, rather you must first pay the investment or wait for its value to increase. It may take a little time, but once this investment provides money, it works as long as you own it.

This type of long-term planning can help provide protection for unexpected events such as losing your job.

4. Making investments that come back with interest can be highly lucrative.

When you lend money to someone, you can expect them to pay interest for it, and this is one of the important ways in which people with money can get more money just like what the banks do and how are the banks becoming rich and making more money.

To understand that paying interest is a fact of life, you must first understand that money is a resource like employees or raw materials.

As an investor, interest is an attractive way of building wealth due to its compound nature, you can get your interest income to grow over time, as you will be earning interest on top of interest as well.

As you can see, your money not only works tirelessly for you, it also becomes increasingly effective over time.

5. How good luck and hard work are related.

Opportunity is a source of good fortune that arises more often, as opposed to chance. How would you define fate?

Many people think that luck constitutes accidental gains, serious events. But is it really always accurate?

Suppose you are playing in a tennis tournament and you have worked hard for months and made all the preparations. 

Finally, you win the final by placing a clip at the top of the net so that the ball bounces out of reach of your opponent, was it just, coincidence or fate?

Not at all, you have earned that fortune through your hard work.

Real fate needs to be separated by chance, as fate is not really random. Instead, people work hard for it and earn it.

The secret to becoming rich is to reduce your needs to save money, and to invest a part of it regularly in a way that generates interest for you.

Also, never take a loan to buy some luxury items, because once you find yourself in such unnecessary debt, it is very difficult to get out of it. If you desperately desire an item, but can't afford it, save to buy it and invest wisely.

Never hand over your, hard-earned money to an amateur, no matter how attractive an opportunity, if the person you are handing over your money is inexperienced in that area, chances are they will fail.

So you should only invest with people who have proven that they know what they are doing.

The book by Robert T. Kiyosaki on Rich Dad Poor Dad is written and based on the same principles, however explained as per the present day.

May 26, 2020

The Secret to Millionaire Mind by T Harv Eker!

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Have you ever wondered, how the rich millionaires think and how do they create and acquire wealth and it seems so easy for them while the average people struggle and if you notice one thing common in them is all of them are entrepreneurs and no one becomes rich by doing a salaried job? 

They create employments, create solutions for people's problems, create money, help society in some way or another.

Is the difference found in their upbringing, education, intelligence, skills, timing, work habits, contacts, luck, or their choice of jobs, businesses, or investments?

In Secrets of the Millionaire Mind, the Author explains that our prior programming since childhood on the subject of money has a deep impact on how we interact with money and what our future possibilities of wealth are likely to be.

The book is all about mastering the game of Wealth Management and he shared the secrets of how the millionaires think and work for the money than the common man. 

What is the Formula they apply regarding wealth building and can reach ones goals or dreams?

The Author's early life was tough as there was always a scarcity of money and his parents struggled to make ends meet.

Moving to the US as a young adult, Harv began to grow his ambition of financial success started several business ventures, none of which succeeded. Eventually, he went on to open one of the first retail fitness stores in the US, which grew to 10 branches in just two and a half years.

Harv was able to sell part of the business to a Fortune 500 company at an impressive $1.5 million, making his dream finally become a reality.
This was when Harv started to consider the way people think about money and wealth. 

His blueprint was set for a certain level of financial achievement, meaning that everyone else’s blueprint was probably also set to something like this.

An interesting thing is he realized that this blueprint could be changed by using a series of principles and techniques that he now teaches in his Millionaire Mind book and seminars.

About the Author: 

The Author's early life was tough as there was always a scarcity of money and his parents struggled to make ends.

Moving to the US as a young adult, Harv began to grow his ambition of financial success started several business ventures, none of which succeeded. Eventually, he went on to open one of the first retail fitness stores in the US, which grew to 10 branches in just two and a half years.

Harv was able to sell part of the business to a Fortune 500 company at an impressive $1.5 million, making his dream finally become a reality.
This was when Harv started to consider the way people think about money and wealth. His blueprint was set for a certain level of financial achievement, meaning that everyone else’s blueprint was probably also set to something like this.

An interesting thing is he realized that this blueprint could be changed by using a series of principles and techniques that he now teaches in his Millionaire Mind book and seminars.


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