Posts tagged ‘Book Review’

Book Review: “So Sue Me!” by Arnold S. Goldstein, Ph.D

April 30th, 2009

We always look for ways to make money but, strangely, we ignore the equally-important part about keeping the money. Author Arnold S. Goldstein, Ph.D is perhaps America’s top asset protection attorney. You know, it’s crazy we don’t spend more time protecting what we earn, since we can potentially lose it faster and easier than we can earn it. In his best-selling book, So Sue Me! How to Protect Your Assets from the Lawsuit Explosion, Goldstein has some sobering statistics:  In America, “There’s a one in five chance that you will be sued next year. (One in three if you are a doctor or business owner.)” America has 90% of the world’s litigation. And keep this in mind: “You don’t have to do anything wrong to get sued and to lose.”  And you can lose everything, unless you protect yourself — and the time to set up asset protection is now and not when you get sued.

Goldstein’s book is a fast, easy, no B.S. read. This reviewer did it on a 3-hour plane trip. There are, essentially, three ways to protect your assets 1) Owning exempt assets; 2) Titling your assets in one or more protective entities/firewalls (LLCs, for example, instead of sole proprietorships); and 3) Encumber or equity-strip assets to make them less valuable to creditors. The author goes over each of these in good detail. And it’s not just for the rich. If your net worth is $25,000, you need to protect that $25,000.

Goldstein discusses offshore asset protection strategies as well. The thing to remember here is that the goal is NOT to avoid taxes. The goal is to use legal means to increase your protection.

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How to Blog Like Hugh Hefner, Or Build an Internet Business Like That

April 11th, 2009

One of us just finished the biography of Hugh Hefner, Mr Playboy: Hugh Hefner and the American Dream. The key take-way — that kept coming back again and again — is that, Hefner was not only the Editor and Publisher — he was also the demographic. In other words, he was putting together a magazine that HE would want to read. In MORE other words, he built a business that he was passionate about. And THAT is the key to success. Look at McDonald’s: Ray Kroc was not passionate about hamburgers; he was passionate about franchising, and one of his executives was passionate about real estate — the result: a $40 billion business.

What we’re saying is, you need to build a business around something you are passionate about. “Naked girls, sounds good!” Yes, grasshoppers, but look at the situation, Hefner saw the opportunity in 1953 — in a world of Esquire-type mags — for nudity, in a cool, sophisticated way. He wrote a whole Playboy philosophy about it. So what are you passionate about? Yes, it can be sexual, but what opportunity can you find today, in 2009? If you blog about your passion — or if you build an e-retail site about your passion — you are automatically WAY AHEAD of your competition, if they are just thinking of it as a way to make bucks. You will eventually make more bucks because you will attract those who have the same passion as you. You will have no problem blogging about your topic late at night, after work (or adding another product to your online store) because you like — love — doing it, just like your readers/customers love it.

Expertise — and eventual success — is simply, ultimately, the result of passion.

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Book Review: “The E-Myth Revisted”… And Why Most Internet Businesses Will Fail

April 8th, 2009

“The E-Myth” books by Michael E. Gerber are not generally internet-biz oriented but the series has been among the best-selling business books in years. Do you know what the “E-Myth” is? Basically, it’s the fatal assumption that many, if not most, entrepreneurs have, in starting up and running their business. The assumption is that: knowing the job equals knowing the business. In other words, consider a character that Gerber introduces to us, in “E-Myth Revisited”: Sarah, who is an expert at baking pies. She assumes that, because she knows the techincal side of the business — baking pies — she knows the most important part of the pie business. But she doesn’t, not even close. Just because you know how to set up a website, or you are pretty good with Adwords, doesn’t mean you know how to run an internet business. Another point Gerber says: “If your business depends on you, you don’t own a business, you have a job.” This is also what Tim Ferris was saying in his great book, reviewed here, about the importance of automation.

The way Gerber explains automation is through the model of franchising. Eighty-percent of all new businesses fail within the first five years, 75% of all business-formatted franchises SUCCEED. Franchises concentrate on building a business SYSTEM that can operate automatically — and autonomously — without you having to be there, and it can be expanded — and duplicated — which is what empires are made of. Consider Sarah’s pies — and consider the McDonald’s Big Mac. Is McDonald’s Big Mac the best, tastiest hamburger ever? Most would say no — but McDonald’s is a $40 billion a year business, with nearly 30,000 restaurants in 120 countries.

So look at it this way, whether you are a blogger or internet retailer or any other internet entrepreneur: If you want to grow and build a successful business, what can you learn from McDonald’s and others? Nobody else is talking about this today in “cyber world.” For these reasons, we recommend: The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It


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Book Review: “The Huffington Post Complete Guide to Blogging”

March 15th, 2009

The Huffington Post  has shot to the top of charts of blogging since launching in 2005. Now they have a reporter assigned to the White House Press Corps. We have read many books on blogging, considering that Rich Dog Millionaire is a blog. We are always trying to improve things. Many of the books we’ve read, strangely — or maybe not so — have been written by techno-geeks. These geeks started up a blog five or more years ago, have achieved a certain amount of success, and now they have written books, even if they aren’t writers, even if they can’t really write a book. There is one book — we will not mention it — in which the guy literally lists pages — and pages — of HTML language that, I guess, we are suppose to somehow copy from his printed book and paste into our blogs, for one reason or another.

This Huffington Post book is different, and as a result, is refreshing. Several critics have complained that the book is light on detailed information, with wide blank borders and a lot of sidetracks and self-promotion about the Post. Yes, but it is a fun and enjoyable read, without any crazy HTML code. And BTW, they do things that well-researched books should do, like define blogs and give us the history of blogs. Don’t look for money-making blog ideas in this book. Rather, sit back and enjoy a nice read about blogging — and the community of blogging. A lot of existing books about blogging seem isolated in their perspective. This is the first book we have read that discusses blogging in social, community terms. And this might give you one of the edges you need to succeed: The Huffington Post Complete Guide to Blogging

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Book Review: “The 4-Hour Work Week” by Timothy Ferris

March 7th, 2009

If you have not read this book yet, we HIGHLY recommend it. We picked it up at an airport, not expecting much, considering the crazy headline — how the hell can anybody get through life working just four hours a week! Well, turns out it’s not that crazy. In fact, everbody else might be crazy. “4-Hour” author Timothy Ferris says “How is it possible that all the people in the world need exactly eight hours to accomplish their work. It isn’t. Nine to five is arbitrary.” In 2001, Ferris started a dietary supplement company. In 2002-2003, he was making $40,000 a month. He is a master of automation and outsourcing. Ferris aims to spend one month overseas for every two months of work projects. Here’s a quote that stuck hard: “Most people aren’t lucky enough to get fired and die a slow spiritual death over 30-40 years of tolerating the mediocre.” There’s a LOT in this book: how to eliminate a lot of unproductive and painful crap in your life; how to “liberate” your life and create “mini-retirements.” But the section on “Automation” is an ABSOLUTE MUST-READ — worth the price of the book times a thousand: after reading the three chapters on “Income Autopilot,” your brain will be reset after a lifetime of assumptions about how we supposedly have to work and live. You will never see things quite the same way again. Plus he gives you valuable, specific how-to information. You will indeed see the power of the internet and how it’s not your grandfather’s world anymore. Get it here at Amazon: The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich

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