Automatic Wealth for Grads... And Anyone Else Just Starting Out

Automatic Wealth for Grads... And Anyone Else Just Starting Out

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Product Details

ISBN-13: 9780471786764
Publisher: Wiley
Publication date: 03/31/2006
Series: Agora Series , #54
Pages: 256
Product dimensions: 5.67(w) x 8.72(h) x 0.94(d)

About the Author

MICHAEL MASTERSON has been making money for himself andothers for almost four decades. At one time or another, he's ownedand run companies that were public/private,onshore/overseas,local/international, service-/product-oriented,retail/wholesale/direct mail, and even profit/not-for-profit.Masterson is the author of the Wall Street Journal bestsellerAutomatic Wealth: The Six Steps to Financial Independence; Powerand Persuasion: How to Command Success in Business and YourPersonal Life; and Confessions of a Self-Made Millionaire.

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Table of Contents

Acknowledgments iv

Foreword by Mark Skousen v

CHAPTER 1: Wealth Matters: You Decide How Much 1

CHAPTER 2: Starting Young: How to Take Advantage of the“Miracle” of Compound Interest 19

CHAPTER 3: Choosing a Rewarding Career: Making the BestDecisions Easily 49

CHAPTER 4: Your Next and Best-Ever Job 69

CHAPTER 5: How Easy It Can Be to Earn a Very High Income 91

CHAPTER 6: Starting Your Own Multimillion-Dollar Business125

CHAPTER 7: Why Real Estate Is Right for You Even Now 145

CHAPTER 8: Investing in the Stock Market— The Smart Way177

CHAPTER 9: Living Rich Starting Tomorrow 203

Index 239

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Automatic Wealth for Grads: And Anyone Else Just Starting Out 4.5 out of 5 based on 0 ratings. 16 reviews.
Guest More than 1 year ago
I've been in the working world for a while now, so buying this book for myself never crossed my mind. But after purchasing it as a gift for a family member, I was so impressed with what I read (I skimmed through the chapters to see what it was all about) that I bought a copy for myself! This book is filled with tons of great information and real-life examples from the author's past experiences. I highly recommend this book to people not only just starting out, but anyone looking to improve their financial future.
Guest More than 1 year ago
Thankfully I started learning from Michael Masterson a few years ago through AWAI and Early to Rise, so I'm now well on my way. I just wish I had this book when I was getting out of college. Even though I'm only in my late twenties now, I'd be so much further ahead! I personally burned through this book last weekend and today just finished revising my professional and financial goals for the next few years. Along with buying copies for my two college roommates who still have not 'figured it out,' I bought copies for my younger cousins who will be graduating in the next few years. (Now it's up to them!)
Guest More than 1 year ago
The GOOD part of the book is that the foreward and the first couple of chapters give a good overview of concepts like 'don't spend everything you make', compounding interest, and inflation. If someone has never had ANY work experience whatsoever, he tells you basics like 'write a thank you note' and 'the interview is about how you can help the employer -not- it's all about you time'. Of course, all of this is free information that you can get from anywhere... Now for the BAD stuff: The 'wealth' that he talks about (ie why you would buy the book) is all garbage. Every bit of it is vague 'work hard and work smart.' Anyone who is ambitious already would do all the things that he says on their own anyway. For instance, in the 'how to get high income within a couple years' chapter, he actually lists things like 1. Get to work early 2. Stand out from the crowd. 3. Get your boss's attention. To me, that's something that's pretty obvious. Listing basics itself is ok to get all the readers on the same page except for the fact that....there's nothing else... He puts in a lot of anecdotes about kids who made it rich by inventing something and creating a business. However, he never says HOW they did it. Lots of kids invent things everyday. However, very few have the money/connections to be able to patent them much less get the funding for factories, distributors, etc. His stories about how he got rich are also useless for anyone else besides him. While he talks about working hard and working smart, it's easy to see that he had a LOT of luck. The way he got rich is by having great bosses that were willing to give him a ridiculously HUGE bonus (he admits himself that most bosses are not willing to be so generous) for finding cost cutting strategies at the shop. Basically, in order to use his method, you have to find a small business that's growing despite it's being very obviously inefficient and very generous bosses...which of course is why he says you have to have a good boss and you should try to find a small growing business to work for...good luck to the general public doing that. I call that 'needle in the haystack' lucky. Meanwhile, as I mentioned before, he 'analyzes' the four types of professions and insults everything besides 1. inventing something 2. sales/marketing 3. CEO/CFO top execs. Keeping in mind that his starting wage was $14,000 (granted in the 80s, but still), I think it's interesting that he recommends people to NOT go for a professional position like being a doctor or a lawyer which have six figure starting salaries. Rather, they should be one of the three aforementioned instead. Bottom line: Being a very ambitious recent college graduate, I was VERY interested in reading this. I first got word of it from the recommendations in his newsletter. However, now that I have, I'm very upset that my hard earned money was wasted. It should be called something closer to 'Automatic Waste of Money for Grads.'
DanielClausen on LibraryThing 29 days ago
I have to admit, even though my passions reside with the literary deep down part of my soul must be Machiavelli(or perhaps even Gordon Gecko). Essentially, the same elements that drew me into Rich Dad, Poor Dad drew me into this book. The genre is well tested at this point--a catchy title (that demonstrates the power of well-thought out marketing), a catchy story, more than a bit of guru-language to stir the emotions, and a lot of great business wisdom that borders on common sense. I think for those actually looking to draw something out of the book, it's the common sense that you will most like. When it comes to issues of money, common sense and prudence are usually too things that are in short supply. This book (like Rich Dad, Poor Dad) acknowledges the mysticism involved in issues of money. Matheson breaks down that mysticism by emphasizing the tried and true principles of industry and thrift. For me, it's the guru-ism that I have trouble stomaching. I generally like the way the book is organized, and it tells a good story, but in the end, my passions reside with too many other things for me to want to go full out implementing the recommendations. One of the criticisms of this genre is that people feel empowered after reading the book, and then realize that the "automatic" aspect has been overplayed. The logic is easy enough, but building good habits in everyday life requires discipline. I have yet to meet a book yet that can easily create a disciplined person.
Anonymous More than 1 year ago
Guest More than 1 year ago
Automatic Wealth for Grads is an EXCELLENT book! It was both inspirational and motivating. When you read it, it gives you that ¿get up and get wealthy today¿ type of feeling. Automatic Wealth for Grads is an excellent resource to student, educators and parents. It is a bible for graduates, and shows you how to accomplish your personal goals. Michael Masterson challenges your thinking and gives you life lessons that every graduate must have in order to be successful. I feel that Michael Masterson has changed my thinking pattern, and that has helped me with making better decisions about my personal finances, career choices and investing. It has truly changed my life! It is basically a step by step ¿How to Achieve Financial Independence¿ manual. This book is a must have!!!
Guest More than 1 year ago
I have been a fan of Michael Masterson's Early To Rise daily e-newsletter for the past 2 years. So when he wrote this book I was one of the first people to go out and get it. I am only about half way through the book but I am so amazed at his openness about his own finances and his eagerness to show anyone who will listen how to make millions no matter what their financial status.
Guest More than 1 year ago
This book has taught me to so much. If you are worried about social security running out, get this book. It will give you so much confidence with your future. There is great info on stocks, and real estate, two things I knew very little about before I read this book. I am so glad I read this book while just starting college. Truly everyone can benefit from this book, not just grads. Oh and this book is easy to read too, I got the book on a tuesday and finished it by thursday.
Guest More than 1 year ago
I have a few new grads this year, and I was at a loss of what to give them as gifts. I wanted to give something which they would enjoy, utilize and cherish. I found that gift with this book. I wish my parents had this book available to give to me upon my graduation. Even though it has been a few years since I graduated, Michael Masterson gives direction and pointers even I can use to build my own wealth and be where I want to be in just a few years. And I know it will give the direction, information, the beginning steps to the new grads I know to get started properly. This is a must read.
Guest More than 1 year ago
The two words you don't want your child or loved ones to ever speak: 'If only.' Get them this book, and you'll never have to worry about that. Too bad I didn't have it 20 years ago! This book gives anyone who reads it all the tools and knowledge they need to become financial independent - and enjoy the freedom and choices that come with that. What better gift could someone possibly receive?
Guest More than 1 year ago
I recently read this book after a friend recommended it. I wish someone would have gotten this for me a few years ago when I graduated! I did find that the majority of the content was still applicable to me, a 2003 grad. I recommend this to recent grads or anyone who needs a jumpstart to their career.
Guest More than 1 year ago
Automatic Wealth for Graduates is the first book that I've ever read written specifically for graduates about how the real world works... when it comes to getting the job you want... when it comes to getting the salary you want... and when it comes to figuring out how to retire when you want (or before). When I think about all the junk I learned in college, I can't believe what a waste of time so much of it was/is. Especially when I think about the classes that I took to graduate - granted I rec'd a BA in comparative literature - but how much of that readies a young person for the real world? None of it, unless you want to go into teach what you've learned. If universities were really intended to produce functional adults in the real world, I think their cirriculums would probably look a lot like the TOC from Automatic Wealth - it reads like a syllabus for life. Getting ahead in business, getting the job you want, getting the salary you want, making yourself more useful in the workplace, generating a 2nd or 3rd revenue and so much more. Sounds exactly like the course-load that I'll want my children to take when they reach that time in their life. And it certainly sounds like the courses I should have taken, some 18 years ago. Thank you Michael Masterson for creating a book that I can give to my children, so they can excel in the course of being sucessful.
Guest More than 1 year ago
Michael Masterson's wealth-building advice has changed my life. In just six years, I went from being a $40K-per-year employee with a negative net worth to being the owner of a thriving business and having a personal net worth of over $1 million. I say this not to brag, but to show that Michael Masterson's advice works ... no matter what your age. (I'm in my 40s.) And, he couldn't have made it easier to follow his proven advice than he did in Automatic Wealth for Grads. I'm thrilled the kids I care about will have the chance to get started on their journey to financial independence much sooner than I did thanks to having this book to guide them.
Guest More than 1 year ago
I have 2 young boys, and I am trying to give them the type of financial headstart and education that I never had. I've read a lot of books over the last couple of years, and I have to say that AutoWealth for Graduates may be the best one yet in terms of helping them get ahead in real-life once college is over. I'm going to make sure that my sons don't fall into the trap of thinking that the diplomas they receive are guarantees of a bright and financially fat future. Diplomas are nothing more than a ticket into the real world... a world that Masterson obviously knows how to manage. The lessons he lays out are all things that I ran up against. But through his experience, Masterson's able to illustrate how best to navigate real-life's many obstacles, to attain wealth and to develop great wealth-building habits. And he does it in a way that I never could. So I will have him to thank as I begin to teach my boys about making the right decisions and adopting the right habits to become wealthy early on. Probably the most important point I'll take from this book, and one that I'll make sure my sons understand, is the importance of acquiring a marketable skill to make themselves more valuable in whatever they do. Even if my sons go on to become DRs or Scientists they'll sure make themselves even more vital to their chosen fields by developing one the skills that Masterson suggests. I'm not saying that this book is the end-all, be-all of educating children into making their own lasting wealth in life, but it is a great place to start.
Guest More than 1 year ago
This book - to me - is like everyman`s business bible, revealing - in no uncertain terms - the foundation of true wealth and financial prosperity in this rat-race commercial world of ours. I`ll read it again and again and each time, I shall always find something new that really clicks! Thanks Micheal!! Because of you, I am confident that my billionaire status is simply now inevitable!:)
Guest More than 1 year ago
As a college student at a private institution who will have six figures in student loans when I graduate in 2 years, I have taken it upon myself to educate myself with every financial book I can get my hands on, from personal finance basics to hardcore wealth building. The Automatic Wealth series (the original and this one) are possibly the best two books I've read on how to become financially free. I personally recommend both, as well as joining the free 'Early To Rise' e-zine (please Google it I can't put a URL in this review). Unlike many financial books, Masterson's titles: -Are based on his personal experience. He was broke. He got rich. He now helps others get rich for a living. (You'd be surprised how often this is not true of finance authors.) -Suggest a 7-15 year time frame, approximately. This is a reasonable amount of time, even for adults in their 30s-50s. Anything under 2-3 years is ridiculous (unless Masterson is your personal mentor), and building compound interest for 40 years of living cheaply (a la 'Millionaire Next Door') is unnecessary. -Stick to what he knows. Masterson is not a huge stock market proponent (he says it's important, but shouldn't be the main wealth-building vehicle). This is not popular advice, yet he admits he doesn't know stocks as well as other vehicles and gives conservative advice instead of trying to fudge expertise that's not there, and I really respect that. Also, he makes clear that there are many ways to get rich (including becoming a successful athlete, rock star, etc.). But this way worked for him and can work for anybody else. The book covers: -Compound interest, starting young (in everything, not just making money). The main difference between the original Automatic Wealth and the one For Grads is the amount of time the intended audience has. -Choosing a rewarding career. -Job-hunting as a Direct Marketing challenge. -Earning a High Income --Become an 'extraordinary,' then 'invaluable employee.' --Master one or more 'financially valued skills' and apply it to your job. -Starting Your Own Business (30-50% ROI). -Investing in Real Estate, even at this age (25% ROI). -Intelligent (Conservative) Stock Investing (10-13% ROI). -Living well and NOT depriving yourself while building wealth. Great book, and many thanks to MM! I plan on repeatedly reading and referring to it as I pursue financial freedom.