Review of the Eventual Millionaire; How Anyone Can Be an Entrepreneur and Successfully Grow Their Startup by Jaime Tardy

This book is not a get rich quick book.  It is more of a step-by-step guide to walk you through starting your own successful business no matter what business you choose.  The author has interviewed over 100 self-made millionaires and used their stories and her own to create these tips for others.  She walks through how to get out of debt, face your fears, choosing the business that is right for you, setting goals, selecting a mentor, networking, and achieving your goals.  While I will admit, I skimmed through some sections of the book, I found other parts to be very helpful and useful.  Here are the biggest things I took away from this book.

Setting Goals

Goals are extremely important in achieving anything in life that takes time.  Set big picture goals and then break those down into smaller step-by-step goals so that you can see the progress you are making.  Put your goals in a place where you will see them every day as a daily reminder to keep you on track.  I put mine on an app on my phone and try to look at it daily.  I also try to do at least one thing every day that will help accomplish one of these goals. 

Networking, Mentors, and Mastermind Groups

Everyone wanting to start their own business should find a mentor that is willing to help you along the way.  I have learned that I need to find one for myself and maybe someday I can do the same for someone else.  It is also very important to network and start a mastermind group of about 5-10 people at multiple stages of their businesses, preferably similar businesses, but not necessarily competitors.  This can be a group that meets regularly to give each other advice.  I’m considering trying to put one together either online or locally for bloggers. 

Keep Learning

It is very important to constantly read up on any subject that can help you with your business whether it is books or just reading blogs and forums.  Since I am starting this blog, I should probably focus on the subjects of personal finance, writing, and all aspects of blogging.

 

Face Your Fears

As a kid, I was extremely shy.  When I became a teenager and wanted to earn my own spending money and get my own car, I really opened up a lot because I was determined to get a job and accomplish these goals and I did accomplish them rather quickly.  Since then, I am not really shy, but I do tend to worry about what others think of me and I have never been good about speaking in front of a large audience.  I just don’t like being the center of attention.  I have had to do some public speaking a few times in the last couple of years and it has gotten a little easier and I notice as I get older that I tend to not worry as much about what others think of me.  From my past experience, I know that if I want something bad enough, I am willing to face my fears to get it.  I just need to remember that and move forward knowing that it is never as bad as I think it will be and it will all be a thing of the past when it is over. 

Overall I would recommend this book to anyone wanting to start any kind of a business.  Even if you don’t want to start a business, there are a lot of areas of this book that will help you achieve your goals in your personal life.  

Review of the Automatic Millionaire by David Bach

This is, by far, my favorite personal finance book ever! I have read it at least 3 times. I remember the first time I read it straight through in less than 2 hours. I just couldn't put it down! The number one reason people don’t save money is because they are not disciplined enough to do so. David’s method solves this problem and is really very simple: make everything automatic. You don’t even have to budget (although I still highly recommend it). If you automate all of your finances, you don’t have to think about it, you won’t argue with your spouse, and you will be saving money and building wealth in the process.

David goes into great detail about 401k, emergency savings, debt, mortgage, and tithing. My favorite chapter is about an older couple he met that actually shared this method with him. They didn’t make much money, but they somehow managed to pay off two mortgages early, renting their first house out after paying it off, and save enough money to retire in their fifties. Their secret was making it all automated. You can’t spend what you don’t see. This is a very easy read. He makes it easy to understand and easy for anyone to accomplish. I highly recommend this book no matter what your financial situation is.

Review of The Total Money Makeover by Dave Ramsey

Dave Ramsey's book, The Total Money Makeover is one of the first personal finance books I ever read. While I don't agree with everything Dave preaches, this is a great book for anyone who is trying to get out of debt. He is a little extreme and believes that you shouldn't spend any money on anything other than absolute necessities until you are completely debt free. I think everyone needs to indulge once in a while or you will just fall completely off the wagon.  By indulge, I don't mean go out and buy a new car, but maybe go out to dinner once a month or buy a new outfit once in a while. I like to make myself meet certain goals before doing this so that I know I am still coming out ahead. 

Dave also has a 7 baby step system that consists of building an emergency fund, save 3-6 months expenses, paying off all debt (including mortgage), college savings, retirement, and building wealth. I think his system works great for those who do not have self discipline. For others, like me, it is helpful to use bits and pieces of his advice to fit your own personal needs.  He doesn't like this and if you've ever listened to his radio show you know what I mean. Those who follow him religiously tend to stick to every detail of his plan and scold those who don't. However, if you are serious about getting out of debt, his "My Total Money Makeover" online forum is a great motivator.  It is free to view the forums, but if you want to join the conversation, you will need to pay a monthly fee (currently $9.95/month or $89.88/year). They are very active forums too with lots of daily activity. 

Another thing that not everyone agrees with is the way Dave teaches how to pay off debt. His method is to pay off the smallest balances first. You will save more money in the long run if you pay off debts with the highest interest rates first. However, the reason Dave teaches the method of paying off smallest balances first is to keep you motivated. You will pay off your smaller debts quickly leaving you with less total debts and you will feel less overwhelmed. Also, with each small debt you pay off, that's more money you can apply towards your next debt. 

Even though I don't agree and follow every detail of his plan, I still believe this is one of the best personal finance books out there and everyone could learn something from it.