Book review: Billionaire in Training by Bradley Sugars

Billionaire in Training (Because Millionaire just isn’t rich enough…) by Bradley J Sugars

Synopsis:
As the title suggests, this book is focused on creating and continuously increasing your wealth. The author explains important concepts such as cash-flow and passive income and looks at different stages in business and how people at those stages can improve their wealth situation. The method this book uses is on creating a business and building that business into a profitable one so you can sell and repeat the process. The author looks at ‘five levels of entrepreneurs’ and how each level thinks about money and how they can reach the next level.

What I gained from reading this book:
I had low expectations for this book based on the title. I expected another book on how to use massive amounts of debt and buy foreclosed properties to build wealth. I was pleasantly surprised that this was not the case. After the first few chapters I was worried it was just another marketing hype book focused on selling seminars and other books by the author. While this is partly true, I did find valuable information that really made me think about my current situation and why I need to do something about it.

First, the negatives. In one way, this book is a vehicle the author uses to sell his workshops, business coaching services, books and a board game. Almost every chapter you are reminded that you can contact an ‘ACTION business coach’ to get you on track to wealth. For some people, it will be too much marketing but for me it wasn’t enough to annoy me. It’s actually interesting to read the book to see the techniques the author uses to promote his other products and services. After all, his cross product selling is one of the reasons he is rich! One technique that is commonly (or overly) used is when the author uses uppercase type to highlight certain words. Turn to any page and you will without a doubt find words in uppercase like RICH, LEAD, PASSIVE, WEALTH, MAKE MONEY WITH MONEY, CASH etc. Whenever I see this it puts me off because it has been abused so many times by bad salespeople. If I make EVERY other WORD uppercase, it REALLY gets ANNOYING to read. Also, you begin to THINK that everything you are READING is only HYPE and SALES PITCH. But in this case, I didn’t believe it was hype.

Another thing that bothered me was how many times the author would say something like “Later I’ll show you how to…” “More on this later” “I’ll go into more detail later”. It makes the whole book sound like a sales pitch. Most people will probably be fine with that style of writing, but it bothered me.

Now for the positives. I found most of the points the author made had excellent foundation and really made sense. For example, the author suggests that you do not create a business in a field you excel in, which is something most people would think the opposite. So if you can give a good haircut, you shouldn’t start a hairdressing business. Why? Because instead of working on the business and thinking of ways to increase cash-flow and profitability, you will be stuck cutting hair. Also, because of your skill and knowledge as a hairdresser, you won’t be happy with the other employee’s haircutting skills so you won’t be able to move away from that position yourself. In essence, you will be stuck with a job instead of running a business. Points like these really give insight as to why so many businesses fail. I really felt that most of the points were very logical. Simple observations like how an employee ‘earns’ money while a manager ‘makes’ money really give good insight to how people in different positions think about money.

Overall, I felt I really learned something from this book and will really try to use the concepts in my life.

As a side note, I did notice after reading it that although the title reads “Billionaire in Training”, the word Billionaire wasn’t used once in the entire book. Or at least I never saw it. Which makes me believe the title was chosen for marketing reasons, not to describe the content. Hmm.. Bit misleading but still a good book.

Positives:
Many of the points make sense. Some of the points are very unique and stand against popular belief, which gives a great way to look at your current situation and how to improve it.

Negatives:
One of the purposes of the book is to promote other products and services. Some people may find this annoying as it does distract from the real information. The use of uppercase to highlight words is overused and cheapens what the author is saying.

Recommended for: People wanting to quit being an employee
This book gives an excellent overview on how to move from being an employee to a self-employed person to a manager all the way to an Entrepreneur. While the book may be light on information, the information it does provide is very thought provoking and logical.

Genre: Wealth

Overall rating: 7 out of 10 stars



Australians can buy the book by clicking the picture below:


Where to from here:
In this book the author mentions The E-Myth Revisited and I suggest this book after you have read this one. The book also has a recommended reading list of books I have not read yet but would be a good source to continue on the topic. It should be noted that 8 out of 17 of the books listed in this list is by Brad Sugars - another example of cross selling in action.

If you have read this book, feel free to give it your own rating by posting a comment below.

Book review: I will teach you to be rich by Ramit Sethi

I will teach you to be rich – Ramit Sethi

Synopsis:
As the title implies, this book is focused on teaching you to be rich. The book is focused on young people (in their 20s). A six week program is explained in detail on how to look at every aspect of your situation and improve it. From optimising your credit cards and bank accounts, to tracking your spending and simple investments. The book also looks at how you can negotiate to get a raise or even get a better deal on a house or car. The book uses plain English without any complicated formulas or number crunching.

What I gained from reading this book:
A more accurate title for this book would be ‘I will teach you to be in control with your money’ and if you follow the steps, you will be in control. This book can make you rich if you do follow the instructions. You won’t get rich tomorrow, or even in a years’ time, but eventually you will. Studies show that people who have a strong control over their income and spending become richer as time goes on. The great thing about this book is it is easy to implement.
This book was straight forward and very easy to read. My biggest gain from reading this book was seeing a fresh perspective on personal finance that I actually enjoyed. I had already implemented the steps that the author suggests, so although I didn’t learn anything new (I’ve read so many books on this subject), I did get much needed reinforcement that I am doing the right thing and one day it will pay off.

Positives:
This book is extremely easy to read and is enjoyable. Young people will relate to the author and his writing style. The advice given is practical and it works.

Negatives:
I thought that maybe it could go into more detail, but then readers would get bored and not implement the plan. So the fact that the book is short and basic is a good thing. The most important thing here is that the reader takes action, and I think the book will do a great job encouraging it.

Recommended for: All young people
Every young person (from teenage years onwards) should read this book. Even if you hate the word finance and don’t want to think about it, you should check it out. In forty years time you will be so glad you did.

Genre: Personal finance

Overall rating: 8 out of 10 stars

Australians can buy the book by clicking the picture below:

Where to from here:
If you want to go into more detail on the topics covered, I have reviewed many other books on personal finance that go into great depth. Click on ‘List of book reviews’ at the top of the page to see the ones I have reviewed.

If you have read this book, feel free to give it your own rating by posting a comment below.

Book review: Rich Dad's Retire Young Retire Rich by Robert Kiyosaki

Rich Dad’s Retire Young Retire Rich – Robert Kiyosaki

Synopsis:
Robert Kiyosaki is the author of the book Rich Dad Poor Dad (I have also reviewed his book Cashflow Quadrant). This is the fifth book he has released under the ‘rich dad’ brand. The basis of this book is explaining how he was able to start with nothing and retire nine years later financially free. The focus is on the different forms of leverage and how you can use them for your benefit. The main message is to expand your ‘context’ or your reality. The last section in the book discusses specific investments such as real estate, paper assets (shares, options) and businesses.
Like the other Rich Dad books, the author contrasts the things his ‘rich dad’ and his ‘poor dad’ have said to him in the past. The focus is on helping you understand that what you believe and say will ultimately determine what type of person you end up as (as in poor, middle class or rich). As the author would say ‘the words became flesh’.

What I gained from reading this book:
I gained so much from the Rich Dad Poor Dad book. Read through that review to see how important I feel it is. This is the third book of his that I have read. He has made some really good points in this book and other points I didn’t agree with. But I did gain from this book. The idea of expanding your context and opening your mind is a powerful one. While I was reading certain chapters I wasn’t too interested in what was being said but after I finished the book I began to notice the truth in the points he made. The examples he made of people not willing to open their mind to possibilities would fit some of my friends perfectly.
I already knew the points he made on shares and options (I studied them at university) so I didn’t learn anything new there but the explanations are well done. This book really does a good job at improving your ‘context’ as the author would say. In other words, it opens your mind to the possibilities of doing things that you would normally never consider.
Although I am not rich yet, I do feel that these books are helping me and improving my future prospects. This book doesn’t look at investment specifics because there are plenty of books on the topic. This book looks at helping you accept that it is possible to get rich (which many people including my friends don’t accept as a possibility).

Positives:
Introduces people to some basic concepts in shares, real estate and options. The conversational style of writing is easy to understand. The book can really help open your mind to possibilities that many people would never accept. The explanations on the different forms of leverage are very useful in real life.

Negatives:
Some people may not like the use of fairy tales to make points. Others may not like the repetition the author uses. Basically, if you did not like his other books, you won’t like this one. If you haven’t read his other books, I recommend Rich Dad Poor Dad over any others.

Recommended for: Those wanting to be rich or successful
I recommend this book for people who seriously want to be rich or successful one day. I say ‘seriously’ because I know many people who say they want to get rich but won’t do anything about it. If you don’t want to put effort in, this book won’t be useful to you. If on the other hand you really aim to put the effort in to try to get rich, this book (as well as his others) can really put things in perspective.

Genre: Investments and personal finance

Overall rating: 7 out of 10 stars

Australians can buy the book by clicking the picture below:



Where to from here:
If you are interested in reading other books by Robert Kiyosaki, I have reviewed other ones here:
Rich Dad Poor Dad
Cashflow Quadrant
Why we want you to be rich by Robert Kiyosaki and Donald Trump

On the other hand, you may want to consider reading books looking at ways millionaires become rich:
The millionaire next door by Thomas Stanley and William Danko
Ten roads to riches by Ken Fisher

Book review: The Millionaire Next Door by Thomas Stanley and William Danko

The Millionaire Next Door: The surprising secrets of America’s wealthy – Thomas Stanley and William Danko

Synopsis:
This book is basically an analysis of the millionaires and their habits. The book looks at a wide range of aspects such as how much they spend on cars, watches and suits, whether they give cash gifts to their children or not, what type of jobs they hold, and how they became rich in the first place. The authors have surveyed countless millionaires and found patterns among them. They compare high income individuals with low net worth (non-millionaires) to millionaires with low income to see how somebody can become a millionaire despite having lower income than others.
The authors try to get a feel for the mindset that millionaires have and try to give a clear picture on how anybody could do the same. The authors even provide a simple formula for the reader to look at their own situation and see whether they are above or below the average in terms of net worth.

What I gained from reading this book:
This book goes into incredible detail on millionaire habits. The book is full of statistics and analysis of a wide range of topics. I found the results very interesting. So much is revealed that many people would never consider being possible. Before reading this book I had a picture of how the typical millionaire lives, but after finishing the book I realised how wrong I was. The detail in the book allowed me to compare my own situation with the case studies to see how I perform.
The major gain I received from this book was the confidence that if I follow the principles in the book, I have a better chance of being financially independent in the future. Not only that, I know what things I should avoid doing that will reduce my chances of becoming financially free. My hyper-spending friends could learn a lot from this book but I know that they would never bother reading it.

Positives:
Very detailed and insightful analysis on millionaires and their attitudes. Great comparison between millionaires and non-millionaires. Provides very informative case studies that are seen in real life all the time.

Negatives:
The analysis is very detailed which some people may not like. At times I even had trouble staying focused because of all the statistics.

Recommended for: Everybody
I recommend this book for everybody because everybody can learn how to make better use of their money. Those who wish to be financially independent in the future should have a read to see what it takes to get there. On the other hand, those not concerned with becoming millionaires should still read the book. Those not concerned with how they spend their money have higher risks as explained in the book.

Genre: Wealth

Overall rating: 7 out of 10 stars

Australians can buy the book by clicking the picture below:



Where to from here:
If you are interested in reading more on how people become rich, have a read on:
Ten roads to riches by Ken Fisher

Book review: Cashflow Quadrant: Rich Dad's Guide to Financial Freedom by Robert Kiyosaki

Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom – Robert Kiyosaki

Synopsis:
This book is the sequel to the Rich Dad Poor Dad book. It expands on the concepts and principles explained in the first book. The focus in this book is on the different ways people earn money and more importantly, the psychological mindset of the type of people in each area. The author splits up all ways to earn money into four ‘quadrants’. The quadrants are: Employee, Self-employed (or small business), Big business, and Investor. The author then looks at each quadrant and explains why the people in certain quadrants have an advantage over others. Differences in people within the quadrants are explained. The book concludes with steps to become financially successful.

What I gained from reading this book:
I gained so much from the first Rich Dad book and this book was great to expand my understanding on the concepts that the author discusses. Reading about all the different types of people and the different quadrants was a great way to take a look at myself and my personal situation. By the end of the book I had a clearer understanding of where I currently am (financially and psychologically) and where I want to be in the future. Just like the first book, there were great tips and advice that were never discussed in my University years studying finance and investments that I feel are so important for everybody.

Positives:
Expands on the valuable concepts in the first Rich Dad book and introduces new concepts. Great explanations on the different types of people and ways to earn money. This book can be a great tool to assessing your situation.
The concepts are very simple to understand which means anybody can read it. You don’t have to have studied accounting or finance before to understand the points the author makes.

Negatives:
If you did not like the first Rich Dad book, you probably won’t like this one either. If you haven’t read the first book, you probably won’t understand what this book is discussing. The author uses repetition as a teaching tool and some people may not like learning this way.

Recommended for: Everybody
Everybody who has read the first Rich Dad book should read this book to expand the understanding of the concepts explained. I recommend this book for everybody because having a basic understanding of cash flow can improve your personal finance situation.

Genre: Self help and personal finance.

Overall rating: 7 out of 10 stars

Australians can buy the book by clicking the picture below:



Where to from here:
If you are interested in reading other books by Robert Kiyosaki, I have reviewed other ones here:
Rich Dad Poor Dad
Retire Young Retire Rich
Why we want you to be rich by Robert Kiyosaki and Donald Trump

On the other hand, you may want to consider reading books looking at ways millionaires become rich:
The millionaire next door by Thomas Stanley and William Danko
Ten roads to riches by Ken Fisher

Book review: The ten roads to riches by Ken Fisher

The ten roads to riches: The ways the wealthy got there (and how you can too!) – Ken Fisher

Synopsis:
This book describes 10 different paths that people have taken to become rich. Obvious paths such as ‘becoming a CEO’ or ‘rich and famous’ are examined but other unusual paths that many people may not consider like ‘being a ride-along’ or ‘marrying well’ are also considered. Each chapter deals with a different way to become rich and explains how you can start off on that road. The likeliness of succeeding with each path is considered and what it takes to get there. The author explains the path using examples such as how Nike, Bill Gates, Steve Jobs and other high worth people made it. At the end of each chapter is a list of recommended books to read that goes into detail on the certain path.

What I gained from reading this book:
I found this book incredibly interesting. To read about all the different paths really opened my eyes to paths I never even considered. This book was very entertaining and I enjoyed reading of not only who succeeded, but those who didn’t. It was great to hear how hard it is to get to the big money in certain paths.
This book was great to help me decide which direction I want to take in life. By explaining each path and what it takes to get there, I could see a picture of that lifestyle. The explanations really helped me decide whether I would like to follow that path or not. I would read the chapters on ‘become a CEO’ or ‘rich and famous’ and could clearly see that those paths are not for me. Finding out which paths I don’t want to take helped me considerably in choosing the path I do want to take.

Positives:
The author has obviously put a lot of research in to compile all the statistics and information on all the rich people he refers to. The book is packed with wisdom and advice that could be very valuable if used properly.
The explanations and examples really do paint a picture of the type of lifestyle possible through each path. Many books that focus on getting rich don’t consider what it would actually be like for those people.

Negatives:
Only one chapter is used for each path so people looking for detailed instructions or information on what to do may be disappointed. This book can be thought of as the ‘first step’ in helping you decide what road you want to take. From there you will need to source out other books that go into greater detail on the path.
The only aspect I didn’t really like is the author’s own experiences. I would’ve preferred hearing more about famous people I have heard of before. But for everyone else, this may be a positive because it shows that the author is credible. It is good to know the author knows what he is writing about.

Recommended for: People interested in wealth
I recommend this book first for people who have a desire to one day become rich. This book is a great first step to understand what needs to be done to succeed.
I also recommend this book for people who may not be interested in becoming rich, but want to read about how other people become rich. The book is very interesting to hear about how other people have become rich and many people will find it entertaining.
Genre: Wealth

Overall rating: 7 out of 10 stars

Australians can buy the book by clicking the picture below:



Where to from here:
If you have found a path in this book to your interest, you will probably want to read up more detailed books specifically on that path. The book contains a list of books on each path that you could read up on.
You may want to read another book on the rich such as:
The millionaire next door by Thomas Stanley and William Danko

Book review: Why we want you to be rich by Robert Kiyosaki and Donald Trump

Why we want you to be rich (Two men, One message) – Robert Kiyosaki and Donald Trump

Synopsis:
Robert Kiyosaki (author of Rich Dad Poor Dad) teams up with Donald Trump to explain the financial problems the US will face in the future and why you need to be part of the solution rather than the problem. Both men explain the problems associated with the ageing population and the lack of financial education most people have. They believe many people have an ‘entitlement mentality’ where they expect other people to take care of them whether it is the government or employers. They explain that everybody needs to learn to take care of themselves.
The book then continues in explaining the qualities successful people have and the many avenues you can pursue to become rich. They discuss influencing factors that helped them become successful and offer general advice for people in different situations.

What I gained from reading this book:
I am a fan of Donald Trump and Robert Kiyosaki. I have read other books by them (that I have reviewed) so I like their style of writing. For me, this book was a great motivational tool to help me get started on my ideas. The issues they discuss at the start of the book were the same issues my economics lecturers would discuss so I found it very interesting.
I think of this book as a transcript of an interview with both authors. The tone of the writing is very conversational and I enjoy it that way. I enjoyed reading about their life experiences and how other people influenced them. This book gave me plenty of things to think about.
I liked this book, but not as much as other books by the authors. The content in this book overlaps considerably with other books written by the same authors. For those who haven’t read any of Robert or Donald’s books before, this is fine. But for those who have read their other books, there is very little here that is new. For me it was still an interesting read.

Positives:
If you like Donald Trump or Robert Kiyosaki and their writing styles, this book is enjoyable and interesting. Their concerns with the current and future economic problems are important for everybody to understand.
If you want to hear the two men’s opinions on finance, success and the current and future economic problems, you may enjoy this book.

Negatives:
If you don’t like Donald Trump or Robert Kiyosaki or their writing styles, you will probably hate this book. The book rated 3 out of 5 stars by Amazon reviewers so many people obviously didn’t like this book. If you are looking for specific advice on how to get rich, this book isn’t for you. They don’t explain a set formula to follow, instead they explain what type of person you need to be. If you are looking for specific advice, there are plenty of other books on the topic.

Recommended for: People interested in Donald Trump or Robert Kiyosaki
Many of the books I review are so good that I strongly believe everybody should read them. This book isn’t one of those. I know that many people will not like this book.
If you like reading what these two men have to say (like me) then I recommend this book for you. If the very mention of the name Trump frustrates you, don’t read it. I’m finding it hard to recommend this book to a certain group because of the mixed reviews on Amazon. If you are curious in reading this book, understand that I honestly enjoyed it and go over to Amazon to hear what other people had to say.

Genre: Success

Overall rating: 6 out of 10 stars

Australians can buy the book by clicking the picture below:



Where to from here:
As this book gives you ‘food for thought’ rather than exact methods and strategies, you will probably want to read a ‘how-to’ book on investing. I have not reviewed any detailed investment books yet so go ahead and search Amazon for one if you wish. If you find a good one, please let me know so I can look at it.

Book review: Rich Dad Poor Dad by Robert Kiyosaki

Rich Dad Poor Dad – Robert Kiyosaki

Synopsis:
The basis of this book is comparing the advice poor and middle class parents give their children to the advice rich parents give their children. The advice from the poor and middle class parents is along the lines of ‘go to school, get good grades and get a secure job’. The author suggests another path and shows why the conventional advice of getting a ‘secure job’ may not be good advice anymore.
The author uses his childhood experiences and compares advice he received from his real dad (his ‘poor dad’) and his friend’s dad (his ‘rich dad’).

What I gained from reading this book:
I am a Bachelor of Commerce graduate with majors in Finance, Economics and Commercial Law. Before I read this book I had already graduated and studied finance for quite some time. Throughout my finance studies my instincts always bothered me. Almost every finance lecture, I understood what the person was saying, but I knew that something was amiss with their advice. As soon as I started reading this book everything clicked. The author was discussing many of the same issues that bothered me. The number one point that bothered me like nothing else was that almost 100% of the financial planning students I talked to had never invested anything during their studies. The author of the book makes a similar point that ‘Wall street is the only place where people drive up in Rolls-Royces to get advice from people who take the subway’. It concerns me that many financial planning graduates who will eventually become financial planners and advise other people have never invested on their own.

This book was an eye-opener for me and it will be for many people. Even with my financial studies behind me, I have gained some valuable investing advice that my lecturers never discussed. I have kept in mind the concepts this book discusses and I believe it has positively impacted my investment returns more so than the advice from my third year ‘advanced investment’ units. Because of this book I was able to understand why much of the advice given by my finance lecturers is obsolete.

Positives:
Can open your mind to a different way of making a living other than the conventional 9-5 job. If you apply the way of thinking to your life you may find improvements in your finances.
It gives good explanations of simple situations and how they relate to income statements and balance sheets. This is great for people who know nothing about accounting. Teaches the basic principles of cash flow and why you should understand it.

Negatives:
I have read some negative reviews for this book* saying the advice it offers is dangerous. If you have no financial education and follow exactly what this book says, then yes it is dangerous (just like any financial advice). The author mentions many times that you must improve your financial education and I recommend the same. You shouldn’t buy a stock on a ‘hot tip’ without proper education or research, so don’t follow this advice without doing some extra research into personal finance.
Some people may not like this book because it doesn’t show ‘step-by-step’ instructions how to get rich. If you read this book looking for a formula to follow to get rich, you will be disappointed. Instead, read it with an open mind and consider the principles when you make financial decisions in the future.
There are some things written in this book that many people will not like to hear. For example: the author explains why a person’s house is not an asset. Try not to take offense with anything like this and understand why he says it.
These points aren’t really negatives because I don’t really have any negative things to say about this book. These points are warnings for people who could potentially be disappointed by certain aspects of the book. If you understand that this book is not a ‘formula to get rich’ and you keep an open mind to the concepts explained, you should find great value.

Recommended for: Everybody
I recommend this book for everybody because the concepts are so valuable once you properly understand them. Have a read of this book and continue improving your financial education by reading other books. Too many people neglect their personal finances and wonder why they struggle. By reading this book it can open your eyes to why people get stuck in financial problems and how to avoid them.
I found so much value in this book that I made sure every member of my family read it.

Genre: Personal finance

Overall rating: 8 out of 10 stars

Australians can buy the book by clicking the picture below

* There is a very popular negative review by John T. Reed that criticises every point the author makes and tries to explain why the book is terrible advice. It made me wonder why somebody would put so much effort into demolishing the book and its advice. Eventually I realised that the person did this to sell his own books (he has over 30) which he has links to on the same page. I wouldn’t take anything that person says seriously when you consider his main motive: ‘criticise the competition to sell my own books’.

Where to from here:
If you are interested in reading other books by Robert Kiyosaki, I have reviewed other ones here:
Cashflow Quadrant
Retire Young Retire Rich
Why we want you to be rich by Robert Kiyosaki and Donald Trump

On the other hand, you may want to consider reading books looking at ways millionaires become rich:
The millionaire next door by Thomas Stanley and William Danko
Ten roads to riches by Ken Fisher