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Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth! Second Edition
vBulletin Book Store > vBulletin books beginning with M
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Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth! Second Edition |
Author: Robert G. Allen
Published: 2005-04-05 |
List price: $18.95
Our price: $12.89
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Usually ships in 24 hours
As of: November 20th, 2008 05:34:11 AM
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Customer comments on this selection.
 Makes it sound easy
This book has no shortage of practical ideas for creating other streams of cashflow.
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br /I found the beginning of the book to be very reasonable. One pieice of advice I thought was honest and realistic is that you will rarely beat the stock market, so pick a mutual fund that tracks the SP 500, sink some cash into it, and don't look at it again for 30 years, counting on the natural growth of the market to give you a return. You can take smaller amounts of money and apply them more aggressively elsewhere.
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br /After that sound advice, however, Allen gets into more aggressive stock and investment strategies such as options. It is interesting to read about the approach and worth considering if you have set a small percentage of your portfolio aside for aggressive investments.
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br /One thing about the book that made me cringe - and I see this in other places like "Money" magazine - is the fact that the author seems to regard the entire value of your house as part of your net worth regardless of how much you owe on it. A more honest approach to real estate investment is given by Kiyosaki's "Rich Dad" books, which point out, quite astutely, that any money you owe is a liability and therefore only the equity in your house is part of your assets. What you owe counts against you.
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br /In Robert Allen's book, there are memorable quotes scattered on each page that are worth remembering. One of them says something to the effect of "if you think nobody cares about you, just miss a couple of mortgage payments." That is exactly the point. Your debt on your house is a ball and chain until you are free of that debt, it counts against your net worth. Most home owners are net negative, at least for a few years, before their equity and investments bring them past break even. As long as you owe that debt, the house isn't yours. It seems to me that Allen is glazing over that fact; I am certain he knows better.
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br /Nonetheless, Allen describes how buying a home in a good neighborhood can give you a good return on your down payment, but it seems to me that he neglects the amount of interest you paid out of pocket during the time you carried the mortgage. Do the amoritzation schedule... if you buy an undervalued house with a reasonable appreciation rate, you could conceivably turn your down payment into a reasonable return within the first few years of ownership. However, over time the curve gradually dips below zero and stays negative until you reach a critical point where more of your monthly payment counts towards the principle and the appreciation of your home is starting to beat the interest. For most homes and interest rates, you only profit at the sale within a short inital period, or considerably farther down the road. And for anyone that has bought a home that isn't brand new, they know that the invisible costs of home ownership are significant - every paint bucket, lawn mower belt, nail, hammer, and vacuum cleaner quickly adds up. Your home is a forced savings account, but it has fees. Allen happily tells you that your house is your greatest investment, but conveniently forgets the small stuff.
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br /Another thing that this book (and many others) fails to address is the following:
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br /1. Rental properties require renters
br /2. Owning property for less than 2 years may stick you with capital gains taxes
br /3. Not every transaction is a winner. Nobody writes about the losers 'cause it won't sell books
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br /Listing these items seems unnecessary but in the tens of books I've read on this subject, it seems to me that nobody wants to admit the dirty work. I haven't quite found the honest book on this subject that admits the dirty work and addresses the best way to handle it.
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br /Finally, regarding a more detailed approach to the specific *tax* consequences (and advantages) to investing, check out Kiyosaki's "Real Estate Tax Advantages" book. It goes into more detail than Allen. Allen, however, offers more detail on tax leins.
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 Ways to Make Passive Income
This books talks about multiple ways to earn income, ultimately leading to the goal of financial freedom. Having multiple streams of income is smart because it's risky to rely on one source when it could be taken away from you at any time, leaving you in the dust. Not only does the author talk about multiple streams, but if you are an employee, he talks about bringing value to your position. Keeping track of your finances and making every dollar count is also discussed. The idea is to create lifelong streams of income. The author also suggests to add at least one new income stream a year. What fantastic advice, which will ultimately lead to financial freedom. Wonderful book!!
One of the best
This book sky rocketed my career and my investment
br /IQ. It is well written,entertaining, as well as informative. It is one of the best books I've read on business.
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br /J. Wilson
br /LI, New York
Must read for financial management growth!
This book is EXCELLENT! Very easy read with good clear explanations of ways to make money and make money work for you. It will change your perspective on finacial security.
Cash is King
Robert Allen hits the nail on the head here. I have 14 different streams of income in my business and it's the single reason for my continued success over 13 multi-million dollar years. Highly recommended!
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