October 2012
Beginner
192 pages
4h 1m
English
Introduction
I have been researching and writing about personal financial issues for more than a decade now and have taught my theories to thousands of CAs over the last few years.
I have had lots of feedback and it has now become crystal clear to me:
Our quest to build wealth and secure a comfortable retirement often ends up making us poor and others rich.
Simply put, the accepted method of building wealth doesn't work anymore.
Think about it for a moment.
We are persuaded that the way to get wealthy is to build our assets and net worth, since that is the “true” measure of wealth. It's the measure of the value of what we own less the amounts that we owe. So we end up trying to build our assets—we load up on real estate, for instance, buying big houses and rental properties. Or we put money into the stock market, many of us using expensive mutual funds to do so.
And many of us use debt to do the building.
But you know what? The strategy is wrong. It's faulty logic that is sending many Canadians, and people around the world, on a journey to the poorhouse.
Why?
Because it ignores the one thing that overrides any strategy designed to build wealth.
It ignores the basic principle that has always existed.
It ignores the base logic that anyone who is truly rich knows.
It is this:
What we should really be focused on is not getting rich but plain old cash flow.
Simple, isn't it? Yes, it is. It always has been and it always will be.
If you want to secure your financial future, forget ...
