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Book Review: How to Get Rich

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A while ago I posted my review of Donald Trump’s The Art of the Deal. Here’s a look at one of his new books, How to Get Rich.

In the beginning of his book he makes a good point that not a lot of people tend to grasp on: you ask a baker how to make bread…so why wouldn’t you ask a billionaire how to get rich? Makes enough sense to me. Trump goes into how to make money, but he talks about how to make it in his context – the context of a billionaire.

I think one of my problems with Trump’s book is the same problem that I have with every money book that I read – it’s unrealistic to the majority of people in my age category (18 – 34). We’re saddled with debt that reaches the six figures from credit cards, student loans, consolidation loans, mortgages – you name it. Reading this book only serves to reinforce the fact that we’re up shit’s creek without a paddle. Sure, the Rich Dad series and some other books give you a better view on how to get OUT of the situation that you’re in, but they still assume that you’re able to just cut out needed expenses like cell phones, food bills, and internet access.

Doesn’t work like that in 2006.

Overall, the Trump book isn’t so bad that I would suggest not reading it. I do, however, suggest that you take it as a work of fiction…

Book Review: The Art of The Deal

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Donald Trump.

Not only is he making money by putting new episodes of The Apprentice on the air, but he’s got people like me out there buying his books! I read The Art of The Deal last summer and am only getting around to posting the book review now. Sorry about that, folks. Sometimes life gets in the way!

I liked this book. I liked looking at business deals the way that Donald Trump looks at them – or at least seeing what vantage point he takes when judging a new real estate deal. Trump provides an interesting look at how he approaches a deal, the players involved, and the politics involved.

Of particular interest is the Wollman Rink story. Trump takes the reader through the story of the city spending tons and tons of money on a project that he felt he could complete at a fraction of the cost and in a quicker time period. I won’t ruin the ending of that particular story (does The Donald actually make it?), but I’m sure that those of you who are old enough to remember this actually happening – which I am not – know how it ends!

Other good parts of the book include: the story of how Trump employed his then-wife Ivana to manage one of his hotels because of her meticulous attention to detail, how/why Trump renovated his buildings in the manner that he did especially those that are in the heart of New York City, and when Trump knows he’s got a good deal and when he’s got a failure.

For anyone out there who likes looking at money in a non-traditional way (like I do), I recommend this book. It’s not too domineering to be unreadable, nor is it too secretive to not be informative. I give it two thumbs up!

Book Review: Own Your Own Corporation

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I started reading Own Your Own Corporation a few months ago – sometime during the summer, I believe. The book is part of the Rich Dad series that attempts to give everyday schmucks like you and me some insight into what the millionaire mind thinks about money and making money. The series is actually a pretty good series and I recommend it to anyone out there who is looking for a different view on money.

My adventures with the Rich Dad series began sometime last spring; I think it was around February or March. At the time, I was trying to figure out how to juggle all of my finances in a way that 1) paid off my debts quickly and 2) I could start to build some financial assets, no matter how small. Well, without losing focus of this particular book review, the Rich Dad approach worked for me with respect to helping me understand money and who needs to get paid first on payday…

This book, written by Garrett Sutton, Esq., is an excellent review of the types of business entities that you could potentially start and what makes each of them different. Sutton goes over the advantages and disadvantages of each entity and then gives some pointers on how to make money to fund your new organization.

I admit that the information in this book wasn’t exactly applicable to me and my new web design firm, but the stuff about employees and independent contractors was interesting and could be useful in the future. I recommend this book to anyone who is looking to start a big-time company, but if you’re looking to start a small-scale (and I mean SMALL-scale) company like me, then Own Your Own Corporation may not be the best investment for you, though the information on the pros and cons of different organizations may be helpful at some point in the future.