What the back pages say: Sir Alex wants Sneijder, Houllier’s Villa job is on the line and Liverpool seal record £25m …
DAILY MAIL : Sir Alex Ferguson will try to exploit growing turmoil at Inter Milan by making a concerted attempt to sign Wesley Sneijder at the end of the season.
Insurance rates could rise as Fairfax books losses from Japan quake
TORONTO – Insurance customers could face premium hikes as Fairfax Financial Holdings Ltd. (TSX:FFH) digests the financial toll from last month’s massive earthquake and tsunami in Japan.
Books on Pickton, Richler vie for B.C. prize
Journalist Stevie Cameron’s recounting of the Robert Pickton murders and a new biography of late Montreal writer Mordecai Richler by Charles Foran are among the books nominated for Canada’s richest non-fiction prize.
2010 Florida 22nd U.S. House District race: Allen West launches second offensive against Ron Klein
Incumbent Democrat Ron Klein won a second term representing Florida’s 22nd congressional district in 2008, beating his opponent, Lt. Col.
This book by Jim Paul and Brendan Moynihan is a book any trader should read – The book correctly states that there are lots of different ways to make money and only a few ways to lose it. Therefore you need to concentrate on not losing first
If you have not read this book you will see the markets in a completely different light and one that could lead you to bigger profits and is simply one of the best investment books ever writtten.
What I Learned Losing a Million Dollars is a fascinating, insightful, easy-to-read true story of Jim Paul’s rise from a humble country background to jet-setting millionaire trader and Governor of the Chicago Mercantile Exchange.
It is an examination of the lessons he learned from losing a million dollars in the market which brought about his demise and then covers his rise from the ashes.
This book contains no technical theories and really focuses on how NOT To lose money – there are plenty of ways to make money so how come most traders lose it?
The answer lies as we have stated that:
It’s not how you make money that’s important there are many ways to do that, but are only a few ways to lose it and if you are mindful of them and don’t make losing mistakes – you can emerge a winner.
The book is essentially divided into two parts:
Section 1
The first half of the book about Jim’s life makes you feel close to him and the experience he is facing as his world crashes around him. It’s both funny and sad in equal measure and is a superb fiction story.
Section 2
After the loss and its aftermath, comes the authors views of what he had learned and this really is original, thought provoking and insightful. The authors show you how to identify and manage the risks, both monetary and emotional that is part of any decision making including trading.
Playing great defense
The authors covers the key areas ALL losing traders fail in, that let losses get out of control.
Key areas covered are:
– The three biggest mistakes traders make and how to avoid them.
- Why the most important part of building wealth is not losing it.
- The psychological pattern which all losses take in a traders head, regardless of the position size
The discussion on the risk/reward ratio, and why most other books get it wrong is perhaps the most interesting part of the book.
This point is worth the books price alone as the aothor explains
Why you have to take into account the PROBABILITY of return, and PROBABILITY of loss, when trading and not simply divide the size of your expected return by the size of your expected loss, as most authors suggest – if you do you will lose!
This really is the key point of the book if you want to keep losses under control as it states in the preface.
“This book is a case study of the classic tale of countless entrepreneurs: the risk taker who sees an opportunity, the idea that clicks the intoxicating growth, the errors and the collapse. Our case is that of a trader, but as with all case studies and parables the lessons can be applied to a great many other situations.
If you want a book to show you the importance of emotional discipline and the art of risk management, then this is it.
This book has recently gone out of print, so get your hands on a second hand copy or get to the library and read it.
GRAB 3 X FREE TRADER & FREE TRADER PROFITS NEWSLETTER
I was listening to “America’s Success Coach”, Jack Canfield, recently and he told a story that reminded me of Bob Proctor’s “333 Story” from his international bestseller “You Were Born Rich”. In summary, the “333 Story” is a great example of what you can achieve when you make a firm decision and remain open to possibilities rather than focus on obstacles.
Jack Canfield recounted that while he was in Atlanta promoting his book, “Success Principles: How to get from where you are to where you want to be”, that he was interviewed by a woman who said his publisher had sent her two copies of his book. She read one and gave the second copy to her brother who had been unemployed for three years. He was depressed and refused to venture out.
Well three weeks later her brother had finished the book. He shaved, put on a suit and attended three job interviews. Just three days later he was offered a job. Just writing about this gives me goose bumps. Books indeed have the power to transform your life.
It was novelist, journalist and poet, Christopher Morley who said:
“When you give someone a book, you don’t give him just paper, ink,
and glue. You give him the possibility of a whole new life.”
This man had certainly been given a new lease on life when he was given the gift of “Success Principles”.
It can be argued that one book has single-handedly transformed the world of personal development. Someone gave a little green book to Lloyd Conant who spent an entire weekend reading and rereading its contents. On Monday morning he decided that he would build a world-class corporation and that is exactly what he did. Nightingale-Conant is a giant in the field of personal development. The company is recognised around the world for the quality of its training programs and all the leaders in the field of personal and business development, marketing and sales training, spiritual growth and wealth building aspire to have their resources distributed by Nightingale-Conant.
One evening, Lloyd Conant told Bob Proctor and Harold Gash, two of his “top lieutenants”, about the little green book. Proctor was just itching to discover the name of the book and more importantly what was written in the pages of this book that has had directed Lloyd Conant to his true purpose in life – to put the inspirational and educational recordings of Earl Nightingale in every home around the world. The book was “The Science of Getting Rich” and, though its text is outdated by our twenty-first century standards, it continues to fascinate and inspire a new army of transformational leaders.
Bob Proctor says of “The Science of Getting Rich” that:
“The contents of this book have served as the foundation for every personal development program I have written for the past quarter century.”
In fact, Bob Proctor used this book as the basis of his “Science of Getting Rich” seminar – a powerful seminar that has helped thousands of people across the world better understand, and apply with outstanding results, the process of wealth creation.
The little green book inspired Rhonda Byrne to create and produce the movie “The Secret” – a movie which I recently heard described as a blockbuster. That made me smile for this movie does not feature the likes of Bruce Willis, Halle Berry, Samuel L Jackson, Brad Pitt, Angelina Jolie, Matt Damon or George Clooney. There are no breath-taking action scenes, suspenseful car chases or even elaborate sets.
Instead, the movie features the likes of Bob Proctor, Loral Langemeier, Rev. Michael Beckwith, Jack Canfield, Lisa Nichols, Dr Joe Vitale and Bob Doyle among others. The film stars teachers, philosophers, finance experts, psychologists, physicists and authors. Bizarre, isn’t it? But when you understand the spirit in which this film was made it really is no surprise that it has been as successful as it has been and, more importantly, the power of this movie to transform lives across the globe.
“As you learn The Secret you will come to know how you can have, be or do anything you want. You will come to know who you really are. You will come to know the true magnificence that awaits you in life.”
Rhonda Byrne
I’m sure you can recall a book, perhaps even given to you by a friend or loved one, that made a significant impact on your life. I urge you therefore, to continuing reading inspirational books and to give someone you care about the gift of a great book.
Nickolove Lovemore is a Life Coach, a Certified LifeSuccess Consultant and a Certified NLP Practitioner who will work with you to develop your personal success strategy for achieving your goals. Visit Achieve Life Success
for special offers and gifts, articles and news about upcoming teleseminars and other events. Email Achieve Your Goals to receive free course.
Making the Most of Your College Years
When college freshmen report to campus in coming days, they will have plenty to worry about, from class registration to roommates. One hopes they also will understand and appreciate that they and their parents are shelling out thousands of dollars on tuition, books, and room and board. It’s way too much money to waste.
Hanjin books 56 vessel orders worth $4.9B
SUBIC BAY FREE PORT—Korean shipbuilder Hanjin Heavy Industries Corp.-Philippines (HHIC-Phil) has booked 56 new building projects for its shipyard at Subic’s Redondo Peninsula, putting projected sales for all its vessel orders at $4.9 billion, a return which is more than double the firm’s total investments of $1.9 billion in the past four years.
This is Edward Lefevre’s story of the legendary speculator Jesse Livermore – and Reminiscences of a Stock Operator is full of trading wisdom.
Although written 83 years ago, its wisdom and insight are timeless, being often featured as one of the top ten investment books of all time – and this is a book every trader should read.
Jesse Livermore – A Trading Legend
The book follows the exploits of Jesse Livermore and his colorful trading history.
He made and lost tens of millions of dollars, speculating in the stock and commodities markets during the early 1900s.
At one stage, he made $10 million dollars in just one month – imagine what this amount would be worth today!
The Importance of Money Management
Reminiscences of a Stock Operator, though, are not so much lessons in how to make money – but how you should protect what you have.
The book is a witty and entertaining read – but the real value of the book is the insight into a traders mind, and how our emotions cause us to lose more than we should – if we don’t trade with discipline.
As Livermore says:
“Losing money is the least of my troubles. A loss never bothers me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does the damage to the pocketbook and to the soul.”
Can you associate with that? – I can!
“All stock market mistakes wound you in two tender spots – your pocketbook and your vanity.“
Yes, we all hate taking losses, but at the end of the day, you have to forget your pride – as Livermore says, but you need to keep losses small.
The Myth of Market Timing
Whilst the book is rightly seen as an insight into trader psychology, it also makes an important point in relation to market timing, and trying to PREDICT market turning points.
As Livermore correctly says:
“One of the most helpful things that anybody can learn, is to give up trying to catch the last eighth-or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.”
He’s Right!
Many traders make the mistake of trying to predict market turning points – and follow methods such as Gann and Prechter – but the fact is, the best way to make money, is to wait for confirmation – before entering the market.
You miss a bit of the move, but so what? – You will make money overall, as the odds will be in your favor.
Predicting the market, nearly 80 years after Livermore’s death, is still a major mistake traders make today.
A Sad Ending and a Lesson
This book was published seven years before the 1929 Crash.
Although Livermore avoided losses in the crash – he got out before the crash – he made the mistake of going back in too early – and lost heavily.
The market falls of late 1931 and 1932 drove him to bankruptcy – and eventually to suicide. This shows how even great traders like Livermore, could not keep their emotions out of trading – we all know it’s hard to do, but it’s an essential part of trading success.
Reminiscences of a Stock Operator remains one of those books that is a true classic, in the eyes of all who have read it.
If you have not read it, do so – it will bring a smile to your face, and give you trading insights you will remember forever.
1,000 Pages Of Wealth Building Material FREE!
Including tips, strategies and systems and more on speculating info info. Visit our web site at
Hoofy and Boo report that Warren Buffet called the book The Intelligent Investor, by Benjamin Graham, the best book on investing ever written. Also, former Federal Reserve Chairman Alan Greenspan recently released his eagerly awaited book The Age of Turbulence. Percy Miller, also known as Master P, released the book Guaranteed Success that shares a wealth of wisdom on how to invest in the stock market, how to make money in real estate, how to diversify your portfolio, and more. Master P is a rapper, producer, semi-pro basketball player, and Founder and CEO of No Limit Enterprises out of New Orleans, Louisiana. www.minyanville.com
Even with the arrival of the Internet, there are individuals out there who still prefer a good old fashioned book. There is a wide variety of books available in the market that offers various tips and advice on how to get by different financial situations. The world of books has also come to your doorstep through the Internet. With all these choices, it can get quite confusing when you need to select the book that suits you best.
One thing you need to look at is what type of book suits you best at that particular point in your life. Take a look at the titles and authors and then do some research by checking out what the book reviews are. This will give you a preview of what to expect if you decide to purchase the book. You can also do a background check on the authors to ensure that they are qualified on the subject. In addition, look for a book that teaches a new concept. Another thing to look for is to ensure that the author’s writing style appeals to you. It is easy to enjoy a book when you can relate to various situations. This will give you a clearer picture of what the author is trying to put across. Talk to friends or people on forums to get their opinion of the book and its author. Word-of-mouth is one of the ways to spread news about bestselling books. If the book you think of purchasing is good, it will be on everybody’s lips and selling fast.
It is also a good idea to double check if the book is a repeat of something you have previously read. Books by the same author have a way of being a repeat of the same material just repacked differently.
Mercy Maranga writes content on Finance and Finance Management. Visit her site here for more information on Finance. Finance Information
As I was arranging the numerous personal finance books I’ve accumulated over the years, I couldn’t help but wonder how I can put everything together in such a tiny little space. Then I asked myself, if I had a very small book shelf that can accommodate only 10 of these books, which books would I choose? I had to think really hard because I love reading books and I’ve learned a great deal about life and money through ALL of them. These 10 books are special in that they have completely altered the way I view money and life! They have inspired me to learn more about money and pursue financial freedom! May these same books help you achieve your financial dreams!
Here are Rich Money Habits’ top 10 best personal finance books of all time!
#10. 8 Secrets of the Truly Rich by Bo Sanchez
This one is special because it’s written by a preacher – and a famous Filipino preacher at that! Bo Sanchez is a best-selling author of inspirational books in the Philippines. This is his first book that openly talks about money, business and investing.
What I particularly like about this book, is that it tackles one of the most critical obstacles in making money – that is, how to reconcile money and religion. Living in the only predominantly Catholic country in Asia, it is very important for me to align what I believe in whether it be on religion or money. Otherwise, I’ll just be confused and end up going nowhere.
The book is full of stories on how daily money habits make you rich or poor. It describes the most common perceptions we have about money. We were taught that money is the root of all evil. When we watch our favorite TV shows, rich people are often portrayed as greedy. They only got rich through “drug” dealing or some other “illegal” means. Due to this stereotyping, some us unconsciously don’t want to be rich! Who would want to be the “bad” guy in our own soap opera called life?!
As a result, there is conflict inside of us. Some of our internal dialogs are
“I want to be rich…BUT not so rich that my friends would hate me and I would no longer have friends.” err…who wants to be loner?!
Or the most common,
“I want to be rich…and I’m so desperate the only way for me to get rich is by winning a million dollars through lottery.”
The great tragedy is never realizing that you don’t have to be a crook, or be greedy, or become unfriendly, or win a lotto ticket to be rich – you only need to build rich money habits!
#9. Multiple Streams of Income by Robert G. Allen
This is one of the books I bought when I was in the US. Since I love reading personal finance books, I ordered a bunch of them online. I was able to get them cheaper because I looked under the “used” books section. Surprisingly, most of them are in relatively good condition and look almost new!
The book was my first exposure to having multiple streams of income. For someone who worked as an employee most of his life, I thought I could only earn from one stream of income – my job! I realized having only one stream of income is not a very good idea because there’s also only one way money can come to me – through my paycheck!
Having multiple streams of income is NOT necessarily having a second job, or even a third! Multiple streams of income building systems so that money can flow through your life. It means, investing both your time and money to learn how to build those systems.
One way could be through real-estate investments where you get a “stream” of income from the monthly rental of your tenants. Another “stream” could be getting portfolio income like “dividends” or “interests” from your stocks or bonds investments. And yet another “stream” could be from royalties you receive from publishing a book or a music recording if you’re a singer. Having a LOT of “streams” where money can come to you is certainly better than relying on just your “job” to make money. The challenge is how to utilize what you have like time, skills, and money to setup these streams of income.
#8. Secrets of the Millionaire Mind by T. Harv Eker
The great thing about the book is it makes you realize what money habits you have developed since the day you were born. It brings out those subconscious thoughts that are hindering you from achieving financial success. Some of the internal dialogs with yourself could be.
“I am not good enough. I’ll never be amount to anything financially.”
Or you might say
“I’m poor because my parents are poor…and my grandfather is poor…and my great grandfather is poor…so I will always be poor…”
You might not be saying it out loud. You might only be thinking about it. Worse, you might not even be aware of it. And you wonder why you’ll not getting anywhere. As T. Harv Eker aptly put it
“…if your subconscious ‘financial blueprint’ is not ‘set’ for success, nothing you learn, nothing you know and nothing you do will make much of a difference.”
#7. The 4-Hour Workweek by Timothy Ferriss
The book speaks about the “New Rich”, a group of people who have the time, money and mobility to spend only 4 hours a week to generate money and live the life they want. The rest of their time is spent on things they love to do like dancing in Buenos Aires, scuba diving in Panama or basking in the Hawaiian sun.
Who wouldn’t want to spend only 4 hours of his time working instead of the usual 40 hours a week? Who wouldn’t want to have the luxury of time to do the things you really love? Who wouldn’t want to take a very long vacation in the beaches of Hawaii while your business is taken care of and money is still coming in?
For employees, it offers practical tips on how to negotiate with your boss for a work-at-home arrangement. It also provides ideas on how to plan your own “mini” retirements so the money is still coming in, without you around. It even discusses how you can “outsource” your life!
The 4-hour workweek is easy to read. The ideas are presented in a simple and uncomplicated manner that you think you’re reading a comic book. The book is conversational and funny. Reading it is like speaking with the author face to face. You might even find yourself occasionally laughing at his jokes. (I know I have)
#6. Rule #1 by Phil Town
I picked up this book out on a whim when I was at a bookstore in Malaysia. The book explains investing in a very simple and understandable manner. It is not intimidating in any way. After reading this book, it made me realize that I did not need to be afraid of investing. I just need to learn how to do it right.
Rule # 1 is “Don’t lose money.”
Whether the market is going up or going down, don’t lose money. Whether it is a bear market or a recession, don’t lose money. Whether you have billions or just a couple of hundred dollars in investment, don’t lose money.
The book discusses some of the basic myths about investing and provides simple strategies for successful investing while spending only 15 minutes a week. It tells about the five key numbers that really count when determining the value of a stock or business. It even mentions valuable internet tools and the advantages of managing your own investments to achieve your investment goals.
I know there may be other books on investing out there, but so far, this is the only one I’ve come across that made me understand the world of investing a little bit better.
#5. The Richest Man in Babylon by George S. Clason
I came across the Richest Man in Babylon from reading Rich Dad, Poor Dad by Robert Kiyosaki. It tells about the ancient secrets of money. The book coined the phrase “pay yourself first”. In ordinary terms, it means – SAVING. But it is more than that. The book tells that in any trade you’re in, you CAN still “pay yourself first”. Once you have “money” in savings, you can then have that “money” work for you.
But how can you save when your little money is not even enough to survive on? How can you set aside 10% of your income when you’re living on 110% of it? How do you “pay yourself first” when the creditors are coming after you?
Paying yourself first is certainly not easy. It takes tremendous discipline. That’s one of the reasons why it is not popular. But once you get the rich money habit of controlling your money instead of it controlling you, your confidence builds up, you’ll think that if you can do this then you can do anything. And as with anything related to money, it touches everything. Your health improves. You become successful in what you do. People will wonder why you’re always brimming with confidence. You become the richest man in every sense of the word.
Isn’t it better to walk into a store knowing you can buy anything you want because you have the money (saved)? Doesn’t it give you peace of mind knowing that if some emergency occurs, you can readily rely on your saved “emergency fund”? Would it be nice to be able to help your family or those closest to you “financially” for a change? That’s the dream. And it starts with paying yourself first.
#4. The Millionaire Next Door by Thomas J. Stanley Ph.D. and William D. Danko Ph.D.
The book is based on a comprehensive research on the money habits of millionaires. The results are surprising in the sense that majority of those millionaires are not what we commonly expect them to be. As aptly described in the book,
“These people cannot be millionaires! They don’t look like millionaires, they don’t dress like millionaires, they don’t eat like millionaires, they don’t act like millionaires – they don’t even have millionaire names. Where are the millionaires who look like millionaires?”
Many of the “next door” millionaires are first-generation. They did not inherit their riches, they built them. Few of them do not spend more than $100 for a watch. Others don’t even wear a suit to work! They engage in types of businesses which could be classified as dull-normal. Some are welding contractors. Some are rice farmers. Some are pest controllers. Others are coin and stamp dealers.
What separates the “next door” millionaires from the rest is their money habits. They are frugal in nature. They value money. They invest at least 20% of their income. They even have a “go-to-hell fund” which can provide for their expenses for at least 10 years without working at all.
I think the most important lesson from the book is not that we know who the actual millionaires are, but the realization that it could be YOU! If they can do it, so can you! It’s time to build your own rich money habit and be the “millionaire next door”!
#3. Your Money or Your Life by Vicki Robin and Joe Dominguez
I bought this book out on a whim. I was actually looking for the book “Outliers” by Malcom Gladwell when I saw this book at 20% off.
The book tells about managing not only your money but looking at it in totally different way. Your money is only part and parcel of what your life is. There is also time. There is also your dream! What do you enjoy most? How do you spend your money? What do you do with your time? Would you still do what you do even if you have all the money in the world?
The book emphasizes managing the resources that you have like money and time. It offers very specific tips like monitoring your spending and whether each of those is contributing to your goals or not. It also has some ideas on how to identify exactly what you like to do and manage both your money and time so you can do more of what you love to do and less of what you don’t like to do. It even has some charts to help you picture out and plot where you are and when your freedom day will be.
I think the main message of the book is not to choose money over your life or the other way around – it is to have BOTH.
#2. Rich Dad, Poor Dad by Robert T. Kiyosaki
As mentioned in my personal finance story, this is one of the books that made me realize I really need to develop rich money habits to achieve financial freedom. The book is a story of growing up learning about money from two different dads: one is rich and the other one is poor. The story unfolds to describe the different money habits of the rich dad and the poor dad, each one producing a different financial result.
The book makes the very complex world of money and business seemingly simple. It is so simple that the ideas can be explained to a child using only sketchy drawings. The drawings illustrate how cash flows from your pocket to the bank when you pay your bills, and how it flows from your company to you when you get your paycheck.
What you do with the money after your receive it determines whether you become rich or poor. Do you use the money to buy assets like real estate investments or setup businesses? Or do you use it to buy liabilities like a brand new LCD TV in 12-easy-monthly-payments-with-zero-interest!
The reason I liked the book is because it inspired me to become better and to view business and money in a totally different way. It expanded my understanding of how money really works! Most of all, it gave me the confidence to dream again!
#1. Think and Grow Rich by Napoleon Hill
Think and Grow Rich is one of the first books I’ve read about money. The main message of the book is that you have to “think” about money first before it becomes real. It is a direct translation to the phrase “what your mind can conceive, your body can achieve”. When you really think about money and you have this “burning desire” to make it real, all the universe conspires to build the means to bring it to you.
Money is, first and foremost, only an idea. It is not real. The money you hold when you buy a bag of grocery is only as real as the “mutual” agreement you have with other people that the paper you’re holding is worth something of value equal to that you’re buying.
The book doesn’t say “Work Hard and Grow Rich”. Working hard means different things to different people. For an employee who doesn’t like what he’s doing and only get paid very little, everything is “hard work”. For someone who love what he does, “working hard” is not in his vocabulary.
As Henry Ford said,
“Thinking is the hardest work there is, which is probably the reason why so few engage in it.”
There you have it! Rich Money Habits’ top 10 best personal finance books of all time!
P.S. How about you? What are the best personal finance books you’ve read?
