Archive for November, 2008

Thursday, 27th November 2008

The practical way to riches, part 5

Written by George Traganidas Topics: Habits, Personal Finance

By now you must have a clear idea of the practical way to riches. To summarise what we said before, you need to follow these practical steps. You must put aside money every month that you will use for investments. You must save money every month that will cover you in case of emergency. You must control your expenses and spend less than what you earn. Finally, you must seek advice from competent people on a way to invest your money.

The above steps must become your habits. Every month you must do them like you brush your teeth every morning. Where most people fail is that they follow this advice for a while and then they relax and skip a few months. In the end, they just do it whenever they remember or when they have money left over. This is a disaster and it will make you to fail. This step will help you to resist the temptation of going down that path. It is a very critical step.[…]

(0 comments)

Bookmark and Share


Tuesday, 18th November 2008

“Successful Property Letting” by David Lawrenson

Written by George Traganidas Topics: Books, Property Investing

Successful Property Letting

I was curious about this book, because it was written by a UK author and it covered how to let your property in the UK market. Its reviews were good and I decided to have a look. After I finished reading it I agreed that it is a very useful and informative book.

David is very down-to-earth and he explains in his book the whole process of how to search for a property and how to select the appropriate one. He gives guidelines on how to rent it and most importantly how to manage your tenants. In the end, he gives more advice on tax and other general issues. As the title says, he puts more focus on the letting side of property than on the buying side. He covers the buying at the start of the book, but the main focus is on how to be a successful landlord.[…]

(0 comments)

Bookmark and Share


Tuesday, 18th November 2008

The practical way to riches, part 4

Written by George Traganidas Topics: Habits, Personal Finance

The last posts have covered the basic steps of the practical way to riches. In order to become rich, you must put aside money every month to invest in projects. In addition, you need to save money every month to cover any emergencies that might happen along the way. The last thing we covered was the need to control your expenses, so you can enjoy life and build your wealth.

Now it is time to get into more depth about the creation of wealth. We have built a good basis by spending less than we earn and saving money for troubled times. We started to build a sum of money to invest to expand our wealth. Now it is time to invest this sum of money and make it work for us. Make the money produce more money without us having to be involved. This is the secret.[…]

(0 comments)

Bookmark and Share


Tuesday, 11th November 2008

“The Wordly Philosophers” by Robert Heilbroner

Written by George Traganidas Topics: Books, Personal Finance

Worldly Philosophers

I just finished “The Wordly Philosophers” by Robert Heilbroner. It is a very interesting book that looks into the lives and teachings of great economists like Adam Smith, Carl Marx and focuses on their lives and how their every day life has influenced their theories.

This book does not provide any practical steps on how to become a great economist or any other secrets. It reviews the theories of these people that have shaped the world today. Therefore, you might wonder why I review it.

The reason why I decided to write about it is because it can help you with achieving wealth.[…]

(0 comments)

Bookmark and Share


Tuesday, 11th November 2008

The practical way to riches, part 3

Written by George Traganidas Topics: Habits, Personal Finance

In the last two posts we talked about the first two habits on the practical way to riches. These two habits are putting aside money to invest and save. This first will help you grow your wealth and the second will help you in a case of emergency. We need to plan well and get organized if we want to get rich.

Today’s post is about the third habit. The first two habits talked about managing the money that is flowing in. Now it is time to monitor the money that is flowing out. This is a very painful topic for many people and also an eye opener. If you do not get a good handle on this habit, then nothing else matters. You are moving away from riches fast.[…]

(0 comments)

Bookmark and Share


Tuesday, 4th November 2008

“Think and Grow Rich” by Napoleon Hill

Written by George Traganidas Topics: Books, Habits, Personal Finance

Think and Grow Rich

This book is a classic one about wealth creation and it covers practical and theoretical ways on how to achieve this. It is structured in 13 steps that you can follow to achieve wealth. Most of the focus of the book is on the mindset, as the title implies. Think and grow rich, not work and grow rich.

It guides you to build a goal for your future in step 1 and then in the following steps it talks about how to move towards that goal. Near the end it starts to focus more on traits that you need to have to achieve the goal and also it has some very nice questionnaires for self analysis. These are useful to see where you are aiming at, but it does not provide steps on how to achieve them.[…]

(0 comments)

Bookmark and Share


Tuesday, 4th November 2008

The practical way to riches, part 2

Written by George Traganidas Topics: Habits, Personal Finance

Last week, we talked about the first habit on the practical way to riches. The first habit is to put aside some money each month so you can invest it and make the money work for you.

The second habit is as important as the first one. The first one will help you to expand your wealth and start to earn more. What we must pay attention to is that the wealth that we build is built on a strong foundation. The second habit will help to prevent a bad event of destroying our progress.[…]

(0 comments)

Bookmark and Share


Search