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November 29, 2010


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I have recommended Malkiel & Ellis, and Bernstein also to many people. I hope to read Sethi during the holidays.
I would also recommend watching

the Google authors youtube presentation by Dan Solin.
Those financially pressed can send the link as a gift - it could be the best gift many people get.

I read Dave Ramsey's first book "Financial Peace" in the mid-90s which helped teach me self discipline and budgeting skills. After this I craved more. When you've got your debt and cash flow under control the next step would be how to increase your income. I read several books but found Michael Masterson's Automatic Wealth the best.

His premise is creating "multiple sources of income". The idea here is to accept your day job and income but increase your wealth through other vehicles - rental property and business ownership. After reading his book in 2006 I bought a few modest homes for rental.

In addition I expanded my moonlighting business which now exceeds my day job in net income. Masterson does a good job providing the numbers on rental property as well as how to succeed in business. He doesn't provide ideas on what kind of businesses with the exception of copywriting. He evidently made a lot of money on this but I didn't find value in these chapters.

The bottom line is that the best way to increase your wealth (after cutting expenses and operating within a budget) is through multiple income streams. 10 years ago my household had only one, my job. We now have 5 which includes rental properties, a business and the income from my spouse and I.

Note that rental properties are a break even on cash flow. The benefit with those are twofold - tax deductions (through depreciation and other expenses) and having someone else pay your asset off.

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