*taken from conspiracyoftherich.com
From my past experiences reading this author's work, I feel that one should not believe/practice every single thing that he says. These are 2 reasons (in my opinion)
1. Lots of examples and scenarios are for the US. So it might not apply in Singapore due to difference in laws, especially tax laws.
2. Some of his examples will only work in the bull market.
For example, borrowing money to fiance a house that you cannot afford. He assumes that the rental income is sufficient to cover the bank loan. However in the event that the economy goes bad (like now), where are you going to get the money to pay off the loan? In the end, you might even lose all the repayment that you have already done.
However here are some good stuff that you can pick up.
1. Plan your finances!
2.Understand the tax laws in the country! It will help you save! Especially if you are a small business owner.
3.Have an open mind to look out for investment opportunities. ( This has to be practiced)
1 comment:
Sounds like a great book to read. I will have to check it out. I was listening to a video on you tube last night sounds like tha same thing.
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