Books :)

FAKE - My Life as a Rogue Trader - by David Bullen.

It's a very good story of one of the four 'rogue traders' whose foreign exchange trading cost National Australia Bank $ 360 million.

Hi Jacque,

Seeing this pop up again prompts me to ask - were you asking about books or about reading?

If it's the latter - I find that my wealth creation reading is much clearer and useful if I browse the book first. That is, I flick through, noting the titles of the chapters, length, sub titles, pictures, just checking out what it's all about. Then I go back and read it and it sticks more and makes more sense.

I also love writing in the margins! Invaluable when you're trying to remember that bit where.........

Cheers, Medine

The thread kind of digressed, Medine
I was originally asking for reading tips, but a book list is fab too!
I write in margins too, and also put post-it stickers (I got this pen with them in it- top idea!) as I all too easily forget where I read what.
Summarising the main points/chapters of a book also helps. Doing a book review allows you to retain the information longer as well.

Hint hint Medine... Why don't you review your favourite investing book for us all?!

Just some short notes and general impressions would be fine.

Cheers
N.

Nigel,

That's an excellent idea.

We're waitng Medine.

Okay -

I re-read "One Minute Millionaire" (the fact side) over the summer. My 30 second book review is:

- Luck is preparation meeting opportunity. Continually prepare yourself to meet opportunity.

- Remember: Everyone has a million dollar idea, you just have to find it, and find out how to use it.

- You'll need a team of contacts, who all have an identified network, to put your ideas to use. You'll need to try more than one idea to strike it lucky.

- Four main money making things to do: Shares, Property, Business and Internet

- Determination and motivation are paramount

- Give people the opportunity to behave in the way you'd like them to.

Wow! I recalled that without looking back at the book (mostly because I've now passed my copy on to a friend that may join my dream team). I guess the writing in margins thing really works for recall. Will keep my eye out for that post-it pen, Jacque, I love new toys.

Now, how about your latest book, Nigel. Can you give us a 30 second review?

Cheers, Medine

Is it bad that most of the wealth creation books in our house are now on the top shelf out of reach ? Our daughter Ella is 15 months old now, so my latest read is :

- Story of 5 little ducks (must be a JV)
- Go out each day, their numbers dwindling by one each trip (stupid investor ducks apparently, not learning from previous mistakes)
- Toward end, all 5 ducks return (because Mother Duck "went Quack Quack Quack Quack", which I assume is some veiled reference to the power of the Reserve Bank or the Media)

Just another example of the sheep mentality, which apparently can also apply to ducks. ;-)

Cheers
Carl

Sure! I'm re-reading Richest Man in Babylon. Okay admittedly it's a short book so maybe I'm cheating but here goes ... start the clock

The 7 cures for a lean bank balance:

1) Save 10% of your income [Comment - at least!]

2) Control your expenses! [Comment - At first I thought this was basically the same thing as principle 1 but now I think there's a subtle difference]

3) Make your money multiply! Cash doesn't make you wealthy, it is earnings on your money - passive income which makes you rich

4) Guard your principal against loss! I.e. the first rule of investment is don't lose your money. Before you invest money in any venture, acquaint yourself with the dangers. Get advice.

5) Own your own home! [Comment - the tax system in Bablyon/US was different to ours.]

6) Get and maintain appropriate insurance. [Comment - most neglected area of investment I think]

7) Increase your ability to earn

Also 2 of the five "Laws of Gold" are worth recalling:

a) Gold slips away from the person who invests it in businesses he is not familiar with.
b) Gold flees the person who forces it into impossible earnings or follows the advice of tricksters

Stop the clock! phew.

Who's next to take up the 30 second book review challenge?

N.

"Who's next to take up the 30 second book review challenge?"

N.
__________________
Nigel

O.K. - My 20 cents

I am just about to re-read "New Market Wizard" by Jack D.Schwager

This book is a must for every trader/investor and contains interviews with some traders who distinguish themselves from the herd.
Those supertraders make millions of dollars - sometimes in a matter of hours.

Jack Schwager interviews these supertraders whose success occur across a whole spectrum of financial markets.
All of them are using different methods, but they all share the same thing, which is an edge.
Those guys are talking about their success and wins, as well as about their embarrassing losses, that have proven them all to be humans after all.

Some of them :
- Stan Druckenmiller - who, as manager of the famous Soros Quantum Fund realized an average annual return of more than 38% on assets worth $ 3 billion.
- William Eckhardt, w mathematician who, in collaboration with legendary trader Richard Dennis selected and trained the legendary traders group known as the Turtles.
- Bill Lipschutz, a former architect who, for eight years was Salomon Brothers largest and most successful currency trader.
- Blair Hull a former blackjack player who begin an options trading company with $ 1 million - and went on to realize cumulative net profit of approx. $ 90 million.

This book is as good for the professional as well as for an average investor, because the elements that determine success in trading are fully applicable in any field of financial endeavor...

Have a good one.....

Can I cheat and copy my top 10 books from my website --- oh well sometimes it is easier to ask for forgiveness than permission. Aside: I was frustrated by how many books were waiting to be read so I took a speed reading course last year - there is always room for improvement, no to work on comprehension...

The List

Rich Dad Poor Dad - Robert Kiyosaki
This book and the subsequent books are now considered and institution. A great to way to start reading about why some are wealthy and some aren’t and how you can choose.

Think and Grow Rich – Napoleon Hill
First published in 1937, and rewritten many times, a classic that is just as relevant today


The Richest Man Babylon – George S Clason
A book of basic wisdoms told through a parable.

The Millionaire Next door – Stanley/ Danko
This shows that anyone with a steady job can make it and that the characteristics of many millionaires are the same ones you already have.

The 9 steps to Financial Freedom – Suze Orman
This book takes you step by step through the process of breaking through the bad debt in your life and getting an effective savings program in place

Building Wealth through Investment Property – Jan Somers
The first Australian on the list. Jan’s books are easy to read and understand. She shows how to lay out a well planned wealth building strategy.

Ordinary Millionaires – Jim McKnight
Jim has done all the work for us by interviewing 12 ordinary Australians who have created their wealth through property. You to will be amazed at how easy it can be.

Streets Ahead – Monique Wakelin and Richard Wakelin
A step by step guide by two Australians who show how to build your knowledge to be successful in property investment.

Wealth Magic – Peter Spann
From a checkout chick to waterfront properties. Through a number of valuable mentors and hardwork Peter shows anything is possible.

From 0-130 Properties in 3.5 years – Steve McKnight
Steve and his partner concentrated on positive cashflow investments, a good story of one way to gain a passive income.

Jane

Disclaimer: These are only suggested readings and do not take into account your personal circumstances. There is no responsibility taken if you read them all and do not achieve your life goals.