Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker
My rating: 4 of 5 stars
Nice light holiday reading. Not really ... more like thought provoking and new year resolution plotting. This book had a
few "ah has" for me which makes it a good reference book for the future.
Specifically I liked the idea of putting 10% of your earnings to put away to save for investing and another 10% into a savings or "spend" account. I think I need to look at the Canadian Tax Free Savings Account (which pays a high interest rate) to save for vacations and have the second one earning interest for us to create a seed account for investing.
Second, I really want to start creating a passive income. Eker provides examples of two primary sources of passive income that caught my attention. The first source is "money working for you " (e.g. stocks, bonds, money markets, mutual funds, owning mortgages or other assets that appreciate in value and can be liquidated for cash). The second is "business working for you" (e.g. rental real estate; royalties from books, music or software; licensing your ideas; becoming a franchisor; owing storage units; owning vending or other types of coin-operated machines; and network marketing). page 157
Eker suggests you choose three ideas to research and become an expert on. I'm going to check out a few and see what is feasible on a modest or less financial investment commitment until our investment fund grows.
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Labels: book review, personal finance