Wednesday, July 18, 2012
Go Broke, Die Rich Poetry for the Entrepreneur by William Manchee
I have to start this review out by sharing one of the best parts of this book!! It will help so much just with personal finances, and it is just common sense and some simple math, but yet so many don't get it.
Taken from Go broke, Die Rich:
"Let's say you're a middle class family with annual income of $40,000 a year. If you work 40 years, you will earn 1.6 million dollars. If you're a typical family, you'll buy a $150,000 home, a car every six or seven years and have a half a dozen credit cards maxed out very early in the game.
Now the enemy here is compound interest. It's common knowledge you will pay nearly triple the amount financed over 30 years. For instance, you'll pay $415,213 over 30 years for that $150,000 home at 8.5%. The cars will cost at least 25% more then their initial cost, and you'll be paying the minimums on your credit cards until you're dead and buried. Now if you subtract 25% of your income for taxes, that leaves you with $1,200,000. Subtract $415,000 for what you will actually pay for your home, including all of the interest, and now you only have $750,000. By the time you take away $200,000 for your automobiles you only have $585,000 left to live on for 40 years!
This is less than $15,000 a year for food, clothing, utilities, insurance, gasoline, home and auto maintenance, medical expenses, recreation, entertainment, education, vacations and retirement......"
WOW! When you put it that way, it is insane that this is what the majority of us are lining on!
William Manchee is an incredibly entertaining writer, and he will keep you interested, laughing, second guessing yourself, your ideas, your plans, and offers some of the best advice for anybody who has a business, or plans to start one.
My husband and I own our own tractor trailer, so we do say this is our business. We do our schedule C each year, get a 1099 from the company he is leased onto, and well, unfortunately, pay our own repairs, tolls, fuel, etc. Even if we have just 1 employee, (my husband), this book provided some very excellent advice and suggestions for our long term and short term goals! It also has a lot of important information for me and our small online business.
It doesn't much matter what business, how big or small, this is a guide that should be considered a required read for every entrepreneur.
It certainly isn't boring by any means, the author will keep you cracking up at parts, with his witty poetry, and you will be sure to relate to some of the poetry and some of the personal stories about the author, or his clients.
He starts out with a bit about his life, his education, mistakes, and his family, and goes into honest detail about what happened to his family, how they made choices, and so on.
He also touches on just about everything, in great detail about specific business failures, very common mistakes, and explains how to not make those mistakes yourself.
William Manchee has been advising small business entrepreneurs for over 30 years, so who better to offer tips and ideas on how to succeed in today's economy?
From problems with taxes, to lawsuits to employee theft, to legal issues, to starting over to bankruptcy, everything you need to know and understand is in this book. I guarantee you'll learn something from it, it doesn't matter how many years you have experience with your small business, and I am positive you will gain some very important knowledge that could possibly save your family and business.
I know the price for an attorney and adviser is pretty steep, but when you think about how much it would save you and your family in the long run, it is in your best interest to have one. That being said, I also believe that this book offers more then your money's worth, and you will almost feel guilty for only paying a little over $10 for such a valuable book!
I would of course, recommend this book to anybody who aspires to make it big, succeed, own a small to maybe not so small business, and anybody who already owns a small business. You'll find something in here that will be sure to help you, along with quite a few laughs.
Don't feel threatened by the author's experience and education, he has written this book in very easy to understand language, charming, and all very common and real problems and dilemmas that don't have to destroy everything you worked so hard for. It may even save your marriage or household finances!
Have you ever read this book? Did you learn anything from this?? I would love to read any comments from you!!
**I received a copy of this book in return for my honest review**