Archive for August 2007

Book Review: The E-Myth

I was talking to my friend who visited over the weekend and he mentioned this book called The E-Myth.

I borrowed the book from another friend on Monday and completed reading it on Wednesday.  It is a great book for small business owners or anyone contemplating starting a small business.

A key reason that this book applies to me is the fact that I really want to help over 100,000 people accomplish far more than they ever thought possible with their personal finances by October 2011.  This will require a humongous team effort!

Here are some things I am taking away from this book.

  • The same thing that prompted me to write THIS is what will enable this effort to reach 100,000 people.  I certainly can not do it all!
  • Great doers don't necessarily make great leaders.
  • Putting together a structure and a system always trumps "flying by the seat of the pants"
  • Consistency in the overall "experience" is HUGE
  • Following the system – everyone following the same system and protocol leads to this consistency
  • Great people have a vision of their lives that they practice emulating each and every day.
  • I want to go to the hotel the author mentions in chapter 15.

Well worth the few hour read!

Tony also offers his takeaways from this book HERE.

Looking for additional Personal Finance Resources?  You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

I want you to be 100% debt-free

Anyone who has read this blog knows clearly that I want you to be debt-free – including the mortgage!

Think about that for a minute …  Debt-free INCLUDING the house.  How much money goes out to pay debt and the house every month?  For the average family it is somewhere between $1,000 and $3,000 every month!  What would you do with that money if it did not have to go to service that debt? 

A www.JosephSangl.com Financial Hero, David Bach, recently wrote an article on Yahoo! Finance about "How to save big on your mortgage".

In the article, David makes a fantastic statement.  David writes …

I'm often asked if it makes more sense to prepay a mortgage or invest the money in stocks and bonds. Rather than ponder which asset will get you a higher return, I think the better question is which investment decision will free you financially and allow you to retire earlier.

In my 9 years of experience as a financial advisor for Morgan Stanley, the clients who paid their debts off early — specifically their mortgages — retired 5 to 10 years before those who didn't.

I ran the calculations for a $150,000 30-year mortgage with 6.0% interest: 

I just love the idea of all of us reading this blog being debt-free including the house!

Looking for additional Personal Finance Resources?  You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.