Saturday, November 16, 2013

How To Get Rich: Wealth Building Guide for the Financially Illiterate

At first, I was suspicious about “How to get rich” Title, being afraid of one more “get rich quick” and “ultimate secret of success” book. So, I’m really glad "How To Get Rich: Wealth Building Guide for the Financially Illiterate" by Barbara Friedberg is totally different. 

It provides clear explanations of personal finance fundamentals, discusses good habits behind building wealth and illustrates many concepts with real life stories from the Author’s life. I personally agree with most of the advice and since I’m 31 years old, there is still some time left to build wealth till the retirement.   

I also found story about moving from Southern California to Mid-West a vivid confirmation that Author follows the principles she described in the book (“Had we remained in pricey Southern California our lifestyle would have been more expensive and hectic with less time and money left for recreation and investing.”).

Here are some quotes I highlighted

  • How to get rich can be learned, just like how to ski, or how to speak another language
  • Worksheets and clear directions create a no fail path to end up rich, while sacrificing the things that don’t really matter.
  • Funny (The only reason a great many American families don’t own an elephant is that they have never been offered an elephant for a dollar down and easy weekly payments.” Mad Magazine)
  • Slap together a few bad money habits; smoking, buying lunch out, playing the lottery and you’ve needlessly spent thousands of dollars over the years
  • Your spending, saving, and investing habits, not your income determine whether you will amass wealth or not. There are individuals on modest salaries who have amassed great amounts of wealth through smart choices.
  • The difference between a comfortable retirement and insufficient funds at age 65 are smart lifestyle and investing choices
  • It’s consoling to realize that you don’t have to earn hundreds of thousands of dollars per year to become wealthy
Could be improved
I had some problems with formatting and fonts on Kindle Fire HDX. But that did not really deteriorate my reading experience.

Conclusion:
Easy to understand book for people, who start their personal finance journey and want to learn basics.

Book's page at Amazon:

 

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