Category: Book Reviews

A Book for Seasoned Investors - 7Twelve

6/9/2018

Q. I have some investment experience, but still not sure what's the best way to invest my money. Do you have a book to recommend for people like me?

A. For anyone who feels they have a good sense of the basics of investing but aren't quite sure they have a philosophy of their own, 7Twelve is a great book to read - it describes a balanced investment philosophy and is easy to read.

The title 7Twelve refers to a strategy that calls for dividing your portfolio equally into 12 mutual funds or ETFs covering 7 key investment categories that provide full diversification. Those asset classes are U.S. stocks, foreign equities, real estate, natural resources, U.S. bonds, foreign bonds, and cash.

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Kiyosaki's Top New Money Tips

5/16/2015

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The author of Rich Dad, Poor Dad had a new book in 2015 - Second Chance: for your money, your life and our world.

In this book, Kiyosaki offered a few new money tips, some non-conventional ones are below:

1. Save Less
Maintain an emergency fund, but that's it, don't go above that.

2. Don't Consider Your House an Asset
Remember: homes cost money to maintain, and the odds of making money when you sell aren't a sure thing anymore.

3. Seek Out Passive Income
Real Estate investing is still Kiyosaki's favorite, but other businesses should be considered - such as writing an e-book and start a web-based business.

I like many of Robert Kiyosaki's books, my favorites are below:

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Dymystify Retirement Planning - A Book Worth Reading

9/8/2014

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Q. I'm in early 40's and want to know the best way to plan my retirement, do you have any book to recommend?

A. Yes, currently the #1 best selling retirement planning book at Amazon is "The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Questions".

This books is not just for people over 50, it is for everyone. It starts with the top 10 financial recommendations for every age. Part one of the book addresses people who are at least 10 years from retiring. The second part addresses questions people likely to ask when get closer to retirement.

What makes this book outstanding is it's written and organized in the Q&A format, you will surely find some retirement questions you may not even have known you should ask, here they are, with easy to understand answers.

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Founders at Work: Stories of Startups' Early Days

3/24/2014

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Founders at Work: Stories of Startups’ Early Days by Jessica Livingston is a collection of interviews with founders of famous technology companies about what happened in the very earliest days.

These people are celebrities now, but what was it like when they were just a couple friends with an idea? Founders like Steve Wozniak (Apple), Caterina Fake (Flickr), Mitch Kapor (Lotus), Max Levchin (PayPal), and Sabeer Bhatia (Hotmail) will tell you in their own words about their surprising and often very funny discoveries as they learned how to build a company.

Where did they get the ideas that made them rich? How did they convince investors to back them? What went wrong, and how did they recover? These are just some of the questions covered.

Nearly all technical people have thought of one day starting or working for a startup. For them, this book is the closest you can come to being a fly on the wall at a successful startup, to learn how it’s done.

But ultimately these interviews are required reading for anyone who wants to understand business, because startups are business reduced to its essence. The reason their founders become rich is that startups do what businesses do—create value—more intensively than almost any other part of the economy. But how? What are the secrets that make successful startups so insanely productive? Read this book, and let the founders themselves tell you.

You can purchase the book at Amazon, it has gathered 4.5-star reviews.

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100 Questions to Ask Before You Buying a Franchise

2/14/2014

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Q. I am considering starting a business, I heard Franchise is a safe route. Is there anything I need to pay attention to as I research the kind of Franchise I will get into?

A. Even though Franchise is a relatively safe way to start your own business, due diligence is still needed.

Below is a list excerpted from an excellent book - Franchise Bible - How to Buy a Franchise, for your reference.

Financing

Have you and your spouse and knowledgeable family members discussed the idea of buying a franchise?
Are you in complete agreement?
Do you have the financial resources required to buy a franchise? If not, where are you going to get the capital?
Are you and your spouse ready to make the necessary sacrifices in the way of money and time in order to operate a franchise?
Will the possible loss of company benefits, including retirement plans, be outweighed by the potential monetary and self-pride rewards that would come from owning a franchise?
Have you made a thorough written balance sheet of your assets and liabilities, as well as liquid cash resources?
Will your savings provide you with a cushion for at least one year after you have paid for the franchise, allowing a one-year period of time to break even?
Do you have additional sources of financing, including friends or relatives who might be able to loan you money in the event that your initial financing proves inadequate?
Do you realize that most new businesses, including franchises, generally do not break even for at least one year after opening?
Will one of you remain employed at your current occupation while the franchise is in its initial, pre-profit stage?

Personal

Are you and your spouse physically able to handle the emotional and physical strain involved in operating a franchise, caused by long hours and tedious administrative chores?
Will your family members, particularly small children, suffer from your absence for several years while you build up your business?
Are you prepared to give up some independence of action in exchange for the advantages the franchise offers you?
Have you really examined the type of franchise or business you desire and truthfully concluded that you would enjoy running it for several years or until retirement?
Have you and your spouse had recent physicals?
Is the present state of your health and that of your spouse good?
Do you and your spouse enjoy working with others?
Do you have the ability and experience to work smoothly and profitability with your franchisor, your employees and your customers?
Have you asked your friends and relatives for their candid opinions as to your emotional, mental and physical suitability to running your own businesses?
Do you have a capable, willing heir to take over the business if you become disabled?
If the franchise is not near your present home, do you realize that it would not be beneficial to sell your home and buy one closer until the new venture is successful?
Do you and your spouse have past experience in business that will qualify you for the particular type of franchise you desire?
Is it possible for either you or your spouse to become employed in the type of business you seek to buy before any purchase?
Have you conducted independent research on the industry you are contemplating entering?
If you have made your choice of franchises, have you researched the background and experience of your prospective franchisor?
Have you determined whether the product or service you propose to sell has a market in your prospective territory at the prices you will have to charge?
What will the market for your product or service be like five years from now?
What competition exists in your prospective territory already?
From franchise businesses?
From non-franchise businesses?

Other Considerations

Do you know an experienced, business-oriented franchise attorney who can evaluate the franchise contract you are considering?
Do you know an experienced, business-minded accountant?
Have you prepared a business plan for the franchise of your choice?

Financial

Are you satisfied with the franchisor?
Is your franchise profitable?
Have you made the profit you expected to make?
Are your actual costs those stated in the offering circular?
Is the product or service you sell of good quality?
Is delivery of goods from the franchisor adequate?
How long did it take you to break even?
Was the training provided to you by the franchisor adequate?
What is your assessment of the training provided?
Is your franchisor fair and easy to work with?
Does your franchisor listen to your concerns?
Have you had any disputes with your franchisor? If so, please specify.
If you have had any disputes, were you able to settle them?
How was your settlement accomplished?
Do you know of any trouble the franchisor has had with other franchisees? If so, what was the nature of the problem?
Do you know of any trouble the franchisor has had with the government?
Do you know of any trouble the franchisor has had with local authorities?
Do you know of any trouble the franchisor has had with competitors?
Are you satisfied with the marketing and promotional assistance the franchisor has provided?
Have the operations manuals provided by the franchisor helped you?
What do you think of the manuals?
Are the manuals changed frequently? If so, why?
Other comments you would like to make.
Is the franchisor a one-person company?
Is the franchisor a corporation with an experienced management that is well trained?
Does the franchisor operate a business of the type being franchised?
Is the franchisor involved in other business activities?
Is the franchisor offering you an exclusive territory for the length of the franchise?
Can the franchisor sell a second or third franchise in your market area?
Do you have the right of first refusal to adjacent areas?
Will the franchisor sublet space to you?
Will s/he assist you in finding a location for franchise operation?
Must you least fixtures, signs or equipment from the franchise? If so, are the prices reasonable?
Does the franchisor provide financing? If so, what are the terms?
Does the franchisor require any fees other than those described in the offering circular from the franchisee? If so, what are they?
Has the franchisor given you information regarding actual, average or forecasted sales?
Has the franchisor given you information regarding actual, average or forecasted profits?
Has the franchisor given you information regarding actual, average or forecasted earnings?
What information have you received?
Will the franchisor provide you with the success rates of existing franchisees?
Will the franchisor provide you with their names and locations?
Are there any restrictions on what items you may sell? If so, what are they?
Does your prospective franchisor allow variances in the contracts of some of his/her other franchisees? What is the nature of the variances?
In the event you sell your franchise back to your franchisor under the right of first refusal, will you be compensated for the goodwill you have built into the business?
Does the franchisor have any federally registered trademarks, service marks, trade names, logotypes and/or symbols?
Are you, as a franchisee, entitled to use them without reservation?
Are there restrictions, exceptions or conditions? If so, what are they?
Does the franchisor have existing patents and copyrights on equipment you will use or items you will sell?
Does the franchisor have endorsement agreement with any public figures for advertising purposes? If so, what are the terms?
Has the franchisor investigated you carefully enough to assure himself/herself that you can successfully operate the franchise at a profit both to him/her and to you?
Has the franchisor complied with FTC and state disclosure laws? Are there any regulations specific to the industry in which your franchise business will operate? (Include any special licenses or legal restriction on operations set by statutes.)
Does the franchisor have a reputation for honesty and fair dealing among the local firms holding his/her franchises?

How to Try Something On the Side?

2/2/2014

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Do you fear losing your job?

If so, you are not alone! And this how-to book will be very helpful for you - The Economy of You: Discover your inner entrepreneur and recession-proof your life.

For example, what are the common characteristics of the most successful side businesses? Here is a short list of what this book tells you:

Low start-up costs. "As side-giggers showed me over and over again, there is no need to spend big before you start earnings."
Fits well with your full time work and doesn't pose a conflict.
Take advantage of your skill set.
The hustle is fun. It can't be just about money.

Before you start a side business, what questions should you ask yourself? Here are 3 questions the author suggested:

Which fields are growing?
Which problems can I solve?
Can I realistically get paid to do what I like?

I like this book because it has some very useful information such as above, as well as the list of top 50 side gigs. Especially helpful is her description of the jobs best suited for the kind of individuals and the resources you need to get started.

The book is available at Amazon. Released in December 2013, it already received a lot of good reviews.

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A Book for Seasoned Investors - 7Twelve

Kiyosaki's Top New Money Tips

Dymystify Retirement Planning - A Book Worth Reading

Founders at Work: Stories of Startups' Early Days

100 Questions to Ask Before You Buying a Franchise

How to Try Something On the Side?

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