Amazing book. I really enjoyed this one. A book on money, backed by research on how the rich handle money. It is very enlightening to hear a description other than that of Trust Babies and Super-Stars. To hear about people who make money in a slow and steady way, to hear and find how people best become wealthy.
It is a very through book, describing multiple levels of the way money is handled. A couple of interesting things to me were: The largest indicator of wealth accumulation seemed to be the way the spouse that stays at home. They referred to two aspects of wealth building: financial offense and defense. Financial offense was acquiring money. You know, high salary, good yielding investments, being born into the right family, etc. Financial defense was keeping expenses low, spending on what is necessary without fluff, etc. They found sound financial defense was the strongest indicator of wealth building, and the wife most often was influential one in this realm. Very interesting.
Another interesting aspect is how they view the acquisition of vehicles. One thing they mentioned is how once someone remarked flippantly how the wealthy tended to buy their vehicles by the pound. Then, when they checked, they found that they were in fact buying vehicles that were cheapest by weight! The buying techniques were interesting to. Once those with a "I scratch your back, you scratch mine" arrangement with a dealer was removed, the most prevalent car shopping technique was to shop all locations for used cars. They said that people who do this are always casually looking for a car, but never in a hurry. They will often check, even test drive, then make a low ball offer. If it's not taken, they politely say good bye and walk off.
I really liked this book, and found it very interesting. It's actually kind of nice to know I already have a number of these habits having been taught by my parents. Not that wealth building is my goal in life, but being able to be wise with my money is, and it's nice to know I'm on the right track. A recommended read.
It is a very through book, describing multiple levels of the way money is handled. A couple of interesting things to me were: The largest indicator of wealth accumulation seemed to be the way the spouse that stays at home. They referred to two aspects of wealth building: financial offense and defense. Financial offense was acquiring money. You know, high salary, good yielding investments, being born into the right family, etc. Financial defense was keeping expenses low, spending on what is necessary without fluff, etc. They found sound financial defense was the strongest indicator of wealth building, and the wife most often was influential one in this realm. Very interesting.
Another interesting aspect is how they view the acquisition of vehicles. One thing they mentioned is how once someone remarked flippantly how the wealthy tended to buy their vehicles by the pound. Then, when they checked, they found that they were in fact buying vehicles that were cheapest by weight! The buying techniques were interesting to. Once those with a "I scratch your back, you scratch mine" arrangement with a dealer was removed, the most prevalent car shopping technique was to shop all locations for used cars. They said that people who do this are always casually looking for a car, but never in a hurry. They will often check, even test drive, then make a low ball offer. If it's not taken, they politely say good bye and walk off.
I really liked this book, and found it very interesting. It's actually kind of nice to know I already have a number of these habits having been taught by my parents. Not that wealth building is my goal in life, but being able to be wise with my money is, and it's nice to know I'm on the right track. A recommended read.
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