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Archive for the ‘Book Reviews’ Category

If you haven’t read any of the Rich Dad books, you need to. They are all about financial literacy and now to use that literacy to build up the asset column of your balance sheet. The Cashflow Quadrant the second book of the Rich Dad series (after Rich Dad, Poor Dad), and it talks about becoming financially free.

Kiyosaki discusses how most people are in either the ‘E’ quadrant or the ‘S’ quadrant, yet rich are not in those quadrants. After reading his explanations for all of it, I agree with him. The four quadrants, as he describes them, are: ‘E’ for Employee, ‘S’ for Self-Employed, ‘B’ for Business Owner, and ‘I’ for Investor. The book is about moving from the ‘E’ and ‘S’ quadrants over to the ‘B’ and ‘I’ side of the diagram.

If you want to be financially free, reading this book is a necessity. He discusses the importance of creating a self-sustaining business system, as opposed to just creating another job for yourself. Being currently self-employed myself, I see the value in this. Personally, I’ll be working to move from the ‘S’ quadrant over to the ‘B’ quadrant — fully — over the next few years.

Get the book, read it, and increase your financial literacy. There is even a great tip on how to lower and/or eliminate your consumer debt. It’s super easy and it’s included in the book. Your future may very well depend on your implementation of the ideas presented in this book. But if this is your first introduction to the Rich Dad series, start with the first book:

Once you have read that (or if you have already), get the next book, Cashflow Quadrant:

Of course, you can also buy them both and read them back to back, instead of three years apart like I did. Pick them up today.

If you are just kicking around the idea of going into business for yourself, you need to read Loopholes of the Rich by Diane Kennedy. The subtitle is “How the Rich Legally Make More Money & Pay Less Tax.” Quite an appropriate title.

Diane Kennedy is a very successful CPA, and boy does she know her stuff. From start to finish, this book is all about making you and your company as tax-leveraged as possible. Did you know that — if you run your own corporation and work as an employee — you can pay yourself a childcare expense? This book is filled with a bunch of tidbits like that.

Worried about the issue of double taxation? If that is why you aren’t going to start your own company, you need to get this book. If you manage your business right, and take full advantage of what the IRS gives to you, double taxation will just become some horror story told around a campfire.

Another worry I’ve come across while talking with people is the issue of liability. With the proper business structure, liability can be reduced or eliminated. Diane covers all of that in this book. It’s a quick and easy read, but it is loaded with information. I’ve read it once, and I’m going to have to read it again so I can get new ideas for running my business the best way possible.

Make a lot of money, and pay less taxes…all legally. Sounds good to me. Here’s a link to the book on Amazon.com, so you can check it out for yourself (just buy it):

Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax

I’ve read a few business books in my day, and I thought it was time to write some reviews of them. I’ll write a review of each book and place it here in the “Book Reviews” category so you can easily find them.

I’ll review books that meet the following criteria: 1) I have read the book; 2) I think the book will benefit you (the readers) in some way; and 3) the book deals with some aspect of business. Since, no matter one’s specialty, an entrepreneur must be fluent in all things business, it’s good to read up on the subject. Read all you can about everything you can.

If you can learn a lot from others, you can save yourself some mistakes. Keep an eye out for the first review!