Comments on: Review: Automatic Wealth

By: Dividends4Life

Dividends4Life — Sun, 25 Nov 2007 13:47:23 +0000

The 8 Wealthy Habits is something we should all strive for. Another important key is to marry someone with the same perspective. You may be enlightened, but if your spouse loves to spend you will always be broke or in an argument.

Best Wishes,
D4L

By: Minimum Wage

Minimum Wage — Sat, 24 Nov 2007 15:37:15 +0000

Sometimes your individual personal “success” can detract from the team effort.

One of my pizza managers was obsessed with accumulating enough money to buy a franchise. He was paid a base salary plus percentage of store profit. (He figured he’d have his franchise and be out of that store by the time his cost-cutting hurt the bottom line.) His (short-term) strategy was to cut costs. I was one of the best drivers at a different (same chain) store, filled in a few times at his store, and he recruited me to work for him. Then he decided to use me as the ONLY driver on weeknights after 9 pm (normally this store kept two drivers working the whole shift).

This was profitable for me, as I got to deliver ALL the pizzas rather than just 60 percent of them , but it increased delivery times, which ultimately decreases sales volume. The corporate bean-counters, who closely track the numbers, caught on and fired him.

By: rhbee

rhbee — Sat, 24 Nov 2007 13:00:29 +0000

Seeming isn’t being, wanting isn’t doing. Two ideas I have learned to keep in mind as I plan, we plan our future. A long list of everything I want, is still just a long list, and the appearance that things are fine will never be as good as things actually being fine.

By: Minimum Wage

Minimum Wage — Sat, 24 Nov 2007 05:26:33 +0000

One big suggestion he offers is giving regular status reports to people who have power to give you significant raises and promotions, but in those reports focus on the accomplishments of the project as a whole and give most of the credit to the team that helps you do it.
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How is this applicable to, say, delivering pizzas?

By: Sandy

Sandy — Fri, 23 Nov 2007 16:47:48 +0000

I was surprised to see something missing off that list of 8 wealthy habits, and that is that they refuse unsecured debt. We can build wealth much faster when we’re making monthly payments to our savings account instead of to credit cards and department stores, etc. I’m just wondering if this was addressed in that chapter. In my mind, they just have to shun, at least unsecured debt. Wouldn’t they focus on the real price and pay the full price and not be interested in monthly payments? Just wondering…

By: Plan Your Escape

Plan Your Escape — Fri, 23 Nov 2007 15:25:48 +0000

Thanks for the review Trent. Very thorough and informative as always. These reviews always lead me straight to my library online request form which is getting longer with each review!

I’m on a bit of a personal development reading binge lately so I’ll be checking this out as well.

Thanks!

Peter