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- Herausgeber: Business Book Summaries
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- Sprache: Englisch
The must-read summary of Michael Masterson's book "Automatic Wealth for Grads... and Anyone Else Just Starting Out".
This complete summary of the ideas from Michael Masterson's book "Automatic Wealth for Grads" shows that after finishing university, most students dream of becoming financially independent by finding a good job. Masterson, a highly published author and well-seasoned business entrepreneur, has a substantially more ambitious vision of financial independence than most students even aspire to. He believes that people should earn ten times what they need to live on each year, in order to live off interest generated by investments. After much experience in the matter, Masterson has proposed a fail-safe principle – you should commit to saving 15% of everything you earn and spread it across five important areas which will increase your wealth. This succinct summary includes key quotes from Masterson’s book, including one where he defends his focus on 'becoming rich’. He says that it is not the be all and end all of life, but it certainly makes life more enjoyable and can be achieved more easily than you think once you set the wheels in motion. It is simply about learning how to save and invest the right proportion of your income to see long-term rewards! This is a really helpful and practical read for college students or recent graduates.
Added-value of this summary:
• Save time
• Understand the key concepts
• Increase your business knowledge
To learn more, read "Automatic Wealth for Grads" and start saving and investing for your future.
Das E-Book können Sie in Legimi-Apps oder einer beliebigen App lesen, die das folgende Format unterstützen:
Seitenzahl: 39
Veröffentlichungsjahr: 2013
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Book PresentationAutomatic Wealth For Grads by Michael Masterson
Summary of Automatic Wealth For Grads (Michael Masterson)
Book PresentationAutomatic Wealth For Grads by Michael Masterson
Book Abstract
MAIN IDEA
If you’re graduating from college or just starting out in life, your primary business goal should really be to become financially independent as soon as possible. In practical terms, that will require you to have a personal net worth of ten times the amount you want to live on each year so you can live indefinitely on the interest generated by your investments alone.
To reach that goal as fast as possible, you need to put your wealth generation activities on auto-pilot. Specifically, you should commit to saving 15-percent of everything you earn and applying that money in five key wealth generating areas:
How you spread that 15-percent of your income between these five areas will vary over time, but if you make a simultaneous strong start in all five areas, it’s not unreasonable for you to expect to become financially independent after 10-years or less of solid, focused work. You’ll also need to organize yourself to find the time to work all five parts of the automatic wealth program. There’s really only one realistic way to do that: Wake up – and get to work – earlier than everyone else. Each morning, use that extra time to work on doing the things which will matter most in terms of your long-term success. Those optional early hours can make your life into exactly what it should be as determined by your own passions and desires.
“Making money is not the most important thing in life. And getting rich shouldn’t be your number one goal. But as a recent college graduate (or young person embarking on a career), wealth building should be on your agenda. Because – like it or not – your financial situation will affect your ability to enjoy every other aspect of your life. When you have 60 years of life ahead of you, becoming wealthy is not just easy, it can be automatic. If you start practicing the wealth building skills now, then before you know it you will be doing them without conscious effort. That’s what I mean by automatic. Financial wealth is the net savings you have put aside for spending in the future. If you want to become wealthy, you have to learn how to save and invest a significant portion of your income.”
– Michael Masterson
About the Author
MICHAEL MASTERSON has been a self-employed business entrepreneur for more than 40 years. He has been involved in the development of dozens of successful businesses, including two that grew beyond $100 million. Mr. Masterson currently serves as editor of Early to Rise, a daily e-mail newsletter. He is the author of three books: Automatic Wealth: The Six Steps to Financial Independence, Power and Persuasion: How to Command Success in Business and Your Personal Life and Confessions of a Self-Made Millionaire.
The Web site for this book is at www.earlytorise.com.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
Summary of Automatic Wealth For Grads (Michael Masterson)
1. Enhance your career
Your first job probably won’t pay all that much. That’s fine, as long as you get started at developing good work habits. Once you’ve done that, you then work at skyrocketing to the top of your field. In addition to a higher income, becoming better will also generate stronger career options, more favorable networking opportunities and the chance to link up with mentors who will help advance your career. Your goal is simple – to do whatever it takes to become the top earner in your company.
Choosing a rewarding career is difficult. For one thing, there are so many options to choose from. For another, it’s usually hard to tell what a job will be like until you actually plunge into it and get some hands-on experience. Despite all those various pressures, you should try and find a job you’ll enjoy by:
Talking to people you trust.Trying to find something which is aligned with your own passions and interests.Looking for work which may lead to situations where you’ll be able to use your talents.
