Richard’s Book Reading Challenge 2015 – March Update

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At the start of this year, one of the goals I set for myself was a book reading challenge.

It goes like this: Read at least two books per month

'Read' includes audio and includes the following sources:

• Traditional paper-based books - as available in bookshops or via Amazon for example
• Digital reader books - such as Kindle books and eBooks
• Audio books - such as those available via Audible and audiobooks.com
• Video streamed books - some classic self-improvement books are surprisingly available through YouTube

I will update this post each month with my progress, to share the material and also to hold myself to account 😉

To receive updates on this post enter your details in the big sign up box on the top right >>>===^^^^^^

Why not share your reading challenges or recommendations in the comments section and then we can keep each other motivated...

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Current Read or Listen:

How I found Freedom in an Unfree World - Harry Browne

Secrets of the Millionaire Mind - T. Harv Eker

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March 2015

Book reading challenge goal status 10/6 - on a bit of a roll now...

Property Investor Toolkit - Richard W J Brown

Format - Kindle Text Book

Key Idea:

OK, so I am a little biased (yes I am the author!), so I shall try and relay the content as objectively as possible here.

Quite simply, my intention was to write an introductory book to property investing that I myself would have liked to have when I started. As result, this is book presented in the style of a 'toolkit' or in 'text book' format, as it contains tables, links, numbers and such like.

The sections covered in the toolkit are: (property investing) strategy, criteria & calculations, research tools, reading lists & communities, lettings & property management, financials and property and an investment. The intention is that by reviewing the toolkit you should be ready to proceed with your property journey, or change course of you have already started and want to look at an alternative strategy say.

It is a short book, with a low price ticket but is not short on content as much of the 'fluff' that is often found in books has been removed to leave page after page of practical tips and support in your property investment journey.

The Property Voice Insight:

Of course, my position as author is biased but I really did intend to set out some tips and guidance to assist new and early-stage property investors to get going or chage tack. More experienced investors have also found something of value in the book, even if it is a web resource or book reference that they had never come across before. There are also a range of bonuses available to book buyers such as a PDF version of the book, sample deal calculators and a handy, 'know your retirement number' tool as well. It surely has to be staple diet to anyone considering investing in property?

Conclusion - every property investor should have a copy & leave a fantastic review on Amazon too! 🙂

The Millionaire Next Door- Thomas J Stanley

Format - Audio Book

Key Idea:

The sub-title is: 'The surprising secrets of America's wealthy'. At first sight this might sound like a corny book with cheesy, headline-grabbing titles but as the content is research-based spanning hundreds, if not thousands, of millionaire Americans over an extended period it is worthy of closer inspection.

The 'secrets' referred to are essentially the common characteristics that millionaires follow compared to non-millionaires. The findings are at times surprising. For example, and giving rise to the title, many millionaires do not live in prime neighbourhoods but in normal neighbourhoods. This is until they have achieved their wealth, when they may relocate but if they do, they maintain an air of modesty about them that perhaps suggests they 'don't belong there'. They are usually humble, frugal, meticulous with their finances (spending, saving and taxes) and often made their wealth through businesses (not always). The vast majority are first-generation millionaires, so are self-made and they followed some key principles that allowed them to accumulate far more in wealth than many people that out-earn them.

The Property Voice Insight:

This book at times genuinely surprised me and also reshaped some of my thinking in some respects. For example, conventional middle-class, educated corporate career types are often sucked into a trap of having to maintain appearances that sucks wealth away from them. Things like, new and imported cars, living in expensive neighbourhoods and other trappings of a wealthy-looking lifestyle at times merely masked high debt and low net-worth. Contrast this with the millionaires who live modestly, budget fastidiously, save diligently, hunt for bargains, buy second-hand cars and so on. They also pay less in tax, which is worth noting - not by illegal means but purely by arranging their affairs so their investments are more sheltered from tax and are gifted away before inheritance tax bites. Note the likes of Billionaires like Buffett, Gates and most recently Cook, who all intend to give away their fortunes before dying.

Finally, the contrast between generations was illuminating. The children from first-generation millionaires often failed to repeat the success of their parents. The main reasons were a) they became dependent on the finances of their parents and so lost the drive to do as their parents had done and; b) they were naturally better educated but then followed a more mainstream corporate career and then fell into the lifestyle traps of their peers that sucked their wealth away. Those that did succeed were either more independent, or followed a career that allowed them to adopt similar principles to their parents, such as professionals and entrepreneurs. The key to successful wealth creation however is wealth education, with a lifestyle that supports it.

Personally, I am pleased to be living some of the principles outlined but I could go one or two steps further I think, so it was both interesting and challenging to read this book. Do I shop at M&S or Next or Ted Baker or Ralph Lauren for my next shirt or not...?

Conclusion - wealth creation principles are learnable and can be followed regardless of income.

The Rich Revolution - Bruce Bishop

Format - Kindle Book

Key Idea:

This is a half biography and half wealth principles book based on the author, Bruce Bishop's personal experience. There is much to respect here, especially given some of the challenges that Bruce encountered early in his working career (dyslexia and lack of qualifications). However, after reading more and more of this type of book, it is clear that those that succeed in life are not usually limited by what many of us consider to be limitations and so their story becomes both inspiring to those with obstacles to overcome and challenging to those that seemingly have it all too. Perhaps the best way to get out of a comfort zone is to make ourselves uncomfortable?

Principles such as the relationship of time and money, leverage, planning, financial budgeting & allocation, an expert network all get a mention; as does property investing as an asset class of choice!

The Property Voice Insight:

My biggest take away was the 'life plan' section, which emphasises the importance of creating a personal life plan (not a business plan or just a financial plan) and then working back towards action plans and goals for the short, medium and long term. I have read a lot of the content before elsewhere but that does not devalue the book, as constant reinforcement and repetition of timeless principles is useful to ingrain them into our psyche.

Conclusion - an easy to digest read based on the real experience of someone who has overcome much to attain wealth through applying wealth principles.

Property Investment: The Essential Rules - Samantha Collett

Format - Kindle Book

Key Idea:

Sam's first book is something of a property investor bible, as it covers buying property at auction in great depth and I have recommended that book under our Resources page already. This book is a different style of book and addresses the learning, that Sam coins as 'the essential rules' of property investing.

It is therefore, another of those 'does what it says on the tin' books, so you know what you will be getting here. What I like about Sam is her obvious ethical approach and so there is no sailing close to the wind you will find in here and instead you can sail in charted waters without fear or risk.

The Property Voice Insight:

'Plan for the worst, hope for the best and you won't be surprised in between' says Sam and her entire approach seems to be all about that...understanding what she is getting into and the downside risk, planning (and hoping) for a great outcome (which she seems to achieve most of the time) and a grateful attitude for the end result. That is to be admired and means her book is very level-headed, practical & realistic.

I have a bunch of notes from the book, too many to list here but I have to at least name-check these: the 'pub test' for building your dream team, it's about the money (income / cashflow) not how many to avoid the focus on how many properties when it's the income, equity and lifestyle they bring that matters and the similar principle of 'knowing when to walk away'. Finally, 'there is no perfect property deal' and 'the grass is not always greener' help to avoid 'analysis paralysis' or the 'green-eyed monster' as I would put it...focus on you and what you want and remember there is always a compromise to be made somewhere...although not too many!

Conclusion - I love real stories from real investors with integrity and Sam's pick-up, put-down book is definitely worth a spin.

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February 2015

Book reading challenge goal status 6/4 - Yes I am ahead of target 🙂

The Miracle Morning - Hal Elrod

Format - Audio Book

Key Idea:

The core idea is outrageously simple - start your day in the right way and all the rest will follow...motivation, success, personal transformation even. Bold claims indeed. But guess what...Hal Elrod might just be right! Once in a while, a book comes along that is a game changer or mindset shifter and for me this might just be up there with Covey's & 7 Habits as a personal development masterpiece.

I don't want to go into enormous detail but the so-called Life S-A-V-E-R-S outlined in the book build on many of the ingredients of success spanning...well as far back as you want to go really. The promise is to have a morning routine from 6 to 60 minutes that will set you up perfectly for your day...

The Property Voice Insight:

You may gather by now that I have been impacted by this book. The SAVERS (silence, affirmations, visualisation, exercise, reading & scribing) collect together many time-honoured, if less well applied, personal success ingredients. An easy listen and Hal's personal story is inspiration enough - the guy was dead for 6 minutes after a horrific car crash, was told he would not walk again, had brain damage...it is an amazing story in itself. Over time, Hal rebuilt his life and did so by applying what became known as The Miracle Morning.

I had experimented with many aspects of the SAVERS over the years but failed to find a system that allowed me to make them stick in my routine. The Miracle Morning (TMM) helps to do this and I am well into my own '30-day Miracle Morning Challenge' - drop me a mail if you want to join my personal accountability Facebook group, it's called Miracle Morning Kickstart. As a result of TMM I have found a routine that works for me, am getting up much earlier, have managed to stick with disciplines like meditation where I could not before and have uncovered a whole bunch of apps and tools to aid my learning & development (note: I found some of these through the book resources and some myself).

Conclusion - must read!

100 Property Investment Tips - Rob Dix, Rob Bence & Me! (OK, I was more a contributor than an author...please don't sue me Rob & Rob)

Format - Kindle

Key Idea:

This is a new approach in this sector - a collection of property investment tips from around 30 property investors. There is a large number of tips contributed personally by the authors, co-founders of The Property Hub Rob Dix & Rob Bence, along with a large number from individual property investors. I even managed to have 3 out of 4 of mine condensed into 1 with some clever editing. (I share the other one in this post). The tips are assembled into different sections, such as strategy, lettings and so on, with each tip getting it's own chapter for easy navigation. As a result of the multiple contributors there is a wide variety of views, opinion and insight within a single publication.

The Property Voice Insight:

Perhaps the easiest way to share my insight is to show you the review I left on Amazon for the book:

The good guys finish first once again!

This book is a little different to the many others...it's a great 'coffee table' or 'meeting room' read, as it is broken down into bite-sized chunks, with a short chapter per tip. The great thing about property is that people can follow different paths and still achieve success...within reason! This book of tips helps to share the many different facets and perspectives of property investing, with contributions from many real-world property investors...including me! OK, so I am a little biased but only for the one tip that I contributed...that still leaves ninety nine more that I can learn from and appreciate myself, so I am not biased there.

Well done Rob & Rob - another great contribution to the improvement of property investing knowledge.

Enough said!

Think and Grow Rich - Napoleon Hill

Format - YouTube Audio

Key Idea:

The title suggest that this is a book about achieving wealth and accumulating wealth and it certainly can be applied this way. However, the author is at pains to explain that 'rich' means more than financial or economic riches and includes other 'riches'like knowledge, character, community causes, etc. What is fascinating about the book is that it was written originally in 1937 and yet is still selling today. The reason why is that it outlines a success formula that the author uncovered by researching over twenty years into the lives of successful people, beginning with Andrew Carmegie, who at that time was the world's richest man. The book breaks success down into 13 key components of personal mastery that lead to success. Hill s credited with making more millionaires than any one else in history, so it makes to hear what he has to say!

The Property Voice Insight:

I have at least 3 different versions of this book. A paperback, tucked away somewhere that I read in my twenties, a Kindle version recently acquired and now the abridged audio commentary I referenced above. As I had read the book some years back, I decided to trial the YouTube audio version, which is in fact a summary of the book along with snippets from the author himself. Tip: the YouTube version is only 2 hours long and can be listened to whilst working as I did.

I have to admit that my biggest recollection of the book from my first read was that of 'auto-suggestion'or 'self-talk' as it is now more commonly known. However, this is not a book on self-talk and is in fact so much more...I only wish I had paid as much attention last time around as this! The fact that it was written in 1937 should not put you off by any means, as many of the success principles are equally applicable and valid today. I love the concept of the 'mastermind group', which I have been applying a lot of late without really recalling it's origins. Desire, persistence, imagination and intuition (the sixth sense) all get covered along with many more topics.

I have heard some say that they did not enjoy reading this book, I don't recall how I 'felt' the first time around but somehow this time I was scribbling notes furiously like a sponge...eager to retain the info more directly this time. I would have to say that I did enjoy it this time around for sure, perhaps it was the fact that I heard a condensed version by audio, who knows?

I imagine if you are in anyway into self-improvement that you might already have read this boo, if you have then I can recommend this audio version as a 'sub-conscious' background listen. If you have not read this book...where have you been; it's definitely worth a go.

HMO Property Success - Nick Fox

Format - Kindle

Key Idea:

I seem to have concentrated on books that 'did exactly what was written on the tin' this month! Nick Fox is a very experienced investor, specialising in HMOs and here he takes us through all the steps to consider if we would like to follow suit. In all honesty, in such a niche area of property investing, this book is quite simply a must read. I don't need to go into immense detail here, as it is presented in such a logical and common sense way for people with no prior experience to pick up and follow.

The Property Voice Insight:

Once again, why reinvent the wheel I say, here is the review I left for the book on Amazon:

A thorough and very much a common sense approach to HMO investing. This is refreshing when so many people try and sell or even try to buy the 'sizzle' of huge cash flow and recycled funds within weeks. A more pragmatic approach can yield a more sustainable business model as Nick outlines. With this book as a guide you will not go too far wrong.

If you in any way are considering investing in HMOs (houses of multiple occupation), then this is certainly essential reading to help prepare the way - I believe I described it as the HMO Bible in the review above.

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January 2015

Book reading challenge goal status 2/2 - Yay!

The 4-Hour Work Week - Timothy Ferriss

Format: Audio Book

Key Idea:

This is a radical book that challenges the long-held belief that the traditional 9-5 is the only / best way to earn a living. Working in four hours a week (a metaphor), means we are free to do what we want to do with our lives and gives prominence to the term 'digital nomad'. Travelling the world, learning new things, serving others are all now possible to Tim Ferriss and his followers through a range of productivity hacks, remote working and 'muse businesses', among many ideas shared in this comprehensive resource-packed book.

The Property Voice Insight:

To live exactly in the mode of Tim Ferris as outlined in detail in the book may be at one end of the spectrum and therefore might not appear to be that 'realistic' to the masses...yet. I have no doubt that there is a tribe of 'digital nomads' that have adopted the advice and taken the plunge...I even know some myself! However, even if the ideal, as set out in the book, may at first appear out of reach to us, there are many aspects of the book that can be adopted into our lives to improve them and make us more productive. Virtual assistants, less frequent email-checking, 'dreamlining' and a lite packing list are just some of the take always that I am already adopting. If nothing else it should make us rethink how we work and allow us to reconsider our 'work-life balance' in a newly enlightened way.

Terrible Estate Agent Photos - Andy Donaldson

Format: Hardback

Key Idea:

Well...it's a book of terrible photographs taken by estate agents... 🙂

The Property Voice Insight:

Great for the reception / coffee table. Funny, stupid and downright bizarre at times...these were all photos taken to include in real property listings. Horses in doorways, upside-down photos, pictures of a neighbour's garden and images that would be more at home in an episode of CSI make for an interested...ahem...'read'. Oh, in a 'short month', such as January where I was hurtling down a ski-slope, it still counts toward my goal 😉