How to build wealth the smart way - slow and steady
This book will show you how to take control of your finances and grow your wealth using nothing more than a few key principles and commonsense wisdom. It shows you how to let go of easy excuses, stop waiting around for magically simple solutions, set intelligent financial goals, and design an action plan that you can follow through to completion.
Using a storytelling approach, it shares the financial experiences of the author and her clients, guiding readers through the tools and tactics necessary to effect positive financial change in their lives. Although focused on personal finance goals, the lessons here easily translate to life itself.
About the Author
Sarah Riegelhuth is a senior financial adviser and co-founder of award-winning boutique financial advisory firm Wealth Enhancers. In 2011 Sarah co-launched the League of Extraordinary Women, an organisation supporting and developing young female entrepreneurs.
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Comments about Get Rich Slow:
Clearly written - you can really understand the concepts and the author clearly demonstrates how the principles can be utilised in real life.
Comments about Get Rich Slow:
Sarah has put forward an excellent, easy to read book for people of all ages. Her realistic, honest and common-sense approach allows you to relate to her ideas and really take her suggestions on board.
My favourite quote... "If we don't have the money, we can't buy it" flies in the face of so many impressionable ads these days promising young people quick money to buy all the things they "NEED"! If only quotes like Sarah's were as attractive to TV campaigns!
Sarah demonstrates an uncanny knack for understanding the way a consumer's mind works and her anecdotal approach makes this an enjoyable and practical read.
Comments about Get Rich Slow:
Book Review - Get Rich Slow by Sarah Riegelhuth
I have been reading books related to financial planning for over a decade. There are a lot of good books with enormous technical detail out there. If someone asks me to recommend a lay- persons book that will help them master the important principles and get control over their finances then I would easily recommend Sarah's book to them.
If I had to use a few words to describe this book I would say it is accessible, generous, practical, and transformational.
Accessible: By accessible I mean that Sarah's book is easy to approach, reach or use. It is one of those rare books that is easily or readily understood. For sure, financial affairs are complex but it takes a rare ability to look behind the complexity and define the key principles. Sarah does this handsomely.
Generous: What strikes me about this book is Sarah's willingness to share her intellectual capital with readers for a little over $20. Sarah's job revolves around the information and knowledge that she is willing to give away or share. This is the type of kind, friendly, and helpful attitude that makes her a special person. By sharing her resources with us she elevates herself to a position where she is free from pettiness in character and mind. It is a really simple strategy – want to stand out from the crowd? Then give people more of your time or money than is usual or expected
Practical: By practical I mean that this book is disposed to action. It is designed for actual use and is capable of being put to use. It involves and relates to real situations and events. Use the contents in this book to help you make sensible decisions and choices, especially the types of decisions and choices that you have to make every day.
Transformational: Transformational is defined as the act or process that creates spontaneous, sudden and dramatic change in form, function, appearance, structure, substance, nature, condition, or character. At a personal level, transformation implies a process of profound and radical change that orients a person in a new direction and takes them to an entirely different level of effectiveness. Transformation implies a basic change of character with little or no resemblance between the past configuration or structure and the new.
I know that I can not fully do justice to Sarah's book but thought I would offer you 20 key principles that I picked up from her book about accumulating wealth.
20 Principles for Accumulating Wealth
1. Accept responsibility for your own finances. Your financial situation is entirely your own responsibility.
2. Work towards wealth accumulation by taking small incremental steps that become good habits.
3. Understand the cost of debt and control your debt. Understand what you should borrow money for and what you should not borrow money for. Use a conservative level of borrowing to leverage your investment portfolio.
4. Start early to take advantage of compound interest.
5. Understand what investment really means: placing money or capital in something that gives returns or appreciates in value.
6. Understand investment basics such as: The difference between capital and income; risk verses return; and liquidity.
7. Understand the relative strengths, weaknesses, and differences between the three main asset classes (cash, shares, and property). Particularly understand the costs of entry and liquidity of each asset class.
8. Start your investment portfolio by investing in the asset class with the lowest costs of entry and with the highest level of liquidity.
9. Invest in yourself.
10. Get to understand and make appropriate use of superannuation. It provides a tax effective structure to accumulate long-term wealth.
11. Your attitudes and behaviours are the primary determinant of your wealth accumulation success.
12. Get to understand which of your attitudes to money are sabotaging your success.
13. Recognise some of your money habits and develop new productive money habits by questioning whether you are really receiving value for money.
14. Take stock of your income and expenses and identify your surplus income. Your surplus income is what you should use to get you to where you want to be.
15. Take stock of your assets and liabilities to establish your net wealth.
16. Create an effective cash management system by setting up a set of bank accounts and distributing cash flow according to a pre-set strategy.
17. Set financial goals which have emotional appeal and prioritise them.
18. Classify your goals according to three buckets: The emergency bucket; the lifestyle bucket; and the retirement bucket.
19. Protect your income generating ability by making appropriate use of life insurance, trauma cover, TPD, and income protection.
20. Seek and share advice.
I hope you enjoy the book as much as I did. Good luck with your wealth accumulation journey.
About the author ix
Part I: Let's get real 1
1 What are you waiting for? 3
2 Get rich slow 15
3 Aiming for ?nothing?? 25
4 Good debt, bad debt 39
5 Start yesterday 57
Part II: Let?s get smart 63
6 Many roads to wealth 65
7 Investing in cash 73
8 Investing in shares 81
9 Investing in property 91
10 Investing in you 99
11 Don?t forget about retirement 107
Part III: Now . . . let?s get going! 121
12 Psychology of money 123
13 Bad habits 135
14 Take stock 145
15 Goal setting 157
16 Protect yourself 169
17 Seek and share advice 181
Just do it! 189
Number Of Pages: 240
Published: 13th November 2012
Publisher: John Wiley & Sons Inc
Country of Publication: US
Dimensions (cm): 23.0 x 15.3 x 1.1
Weight (kg): 0.33
Edition Number: 1