For anyone short of time, a good summary of the book "Automatic Millionaire" By David Bach. I guess the contents will be more on illustrations on the concepts and might be repetitive like all "Retire Rich" books. But it does not take away the key concepts that is encapsulated in the pdf file.
David Bach outlines the philosophies on becoming The Automatic Millionaire:
! You don't have to make a lot of money to be rich.
! You don't need discipline.
! You don't need to be "your own boss".
! By using The Latte Factor, you can build a fortune on a few dollars a day.
! The rich get rich because they pay themselves first.
! Homeowners get rich; renters get poor.
! Above all, you need an "automatic system" so you can’t quit.
http://www.irgworld.in/docs/Investing/TheAutomaticMillionaire.pdf
Take a look. Of importance to me is Homeownership. Your home is not an investment, but you will be surprised how you managed to keep up with inflation and have options open to you should you be owning a 4/5 room HDB 10yrs down the road.
1 comment:
WJ,
Thanks for the post :)
It's good to have perspective.
Cash flow is good! Capital gain is also good! Just as long we don't overpay and over extend ourselves:)
My HDB 3 room is not on your list, but it has been a great inflation hedge so far - 3 bagger now.
If I crash and burn, I can get cash flow from renting out 1 room.
If Singapore is too expensive for me, I can cash out and hop to another country with lower cost of living.
Yes! Life is good when I have options :)
Post a Comment