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Book Summary: Safe Money Millionaire - Written by Brett Kitchen and Ethan Kap

February 05, 2012 | Comments: 0 | Views: 179

Guaranteed retirement income is the name of the game. I think the financial industry has done their best to destroy trillions of dollars of wealth for a commission. I am fine with people getting paid for rendered services but there should be no fees in a loss market situation. We need to be thinking about preserving our capital as well as building it and NOT gambling our future away.

Why is this important to me?

I always want to ask this question as if I am sitting in your shoes. I don't want to waste your time. How are you doing in your retirement? Have you made money in the last three years or are you still in a rebound from the 40% haircut that Wall Street provided in typical 401K plans?

The great housing burst was partially created by derivatives. Perhaps 100 people actually understand these instruments. Our economy was on the verge of collapse because traders needed to get their year end bonus. Selling financial instruments that can take down a banking institution with a simple 3% price movement is not the smartest way to go. Lehman Brothers, Bear Stearns and Merrill Lynch all proved this in 2008. Traders leveraged billions of dollars for millions in commission. I guess you need to go to Harvard or MIT to understand these trades but the math does not look to smart even to a 3rd grader.

Safe Money Millionaire is a good book that you need to read if you are interested in having a retirement. Rule #1 simply states don't lose money and Rule #2 states - don't forget Rule # 1. This book adheres to these rules.

Safe Money Millionaire is a quick read that covers several topics. For the sake of time, I will cover three key takeaways. The end goal is financial freedom and independence.

1. Breakup with Wall Street - If you invest strictly for Rates of Return then you are doomed. This is a one dimensional approach that does not work for the masses. Wall Street pitches investment advice 24x7. This is designed to attract sheep. Cramer from Mad Money recommended viewers purchase CIT Group because it was primed for an uptick. Four weeks later CIT filed for bankruptcy. This type of advice is seen all over the place. You are encouraged to buy Mutual Funds that have a high past performance. If you really think about this you are being encouraged to buy at a high price. To make money you need to buy low and sell high. Gambling is a sure way to financial ruin. You need to take your financial education into your own hands. You need to guarantee your principle and your rate of return. The key word here is guaranteed.

2. Pay Taxes on the Seed or the Crop - Farmers are allowed to either pay taxes on the seed or the crop. Which would you rather do? If you said pay on the seed then you are correct but this also blows your 401K logic out of the water. When you pay seed or basically invest in after tax dollars, you are locking in your future because you know exactly how much money you will receive back. If you decide to pay on the crop then it is not guaranteed how much you will pay because most likely the tax rate will be higher. To be a Safe Money Millionaire, you need to pay on the seed not the crop.

3. Financing Yourself to Wealth - This does not mean leverage yourself to the hilt with bank debt. Financing yourself to wealth means creating your own bank and then using your money efficiently to become wealthy. Why did Willie Sutton rob banks? Because that is where the money is. This strategy is one of the strongest I have seen and using the Infinite Banking Concept with a long term approach will absolutely secure your future.

Safe Money Millionaire is another book that highlights the Infinite Banking Concept and debunks traditional investment advice. In the book the authors quote Suze Orman. When asked what she invests in, she says: "I save it and build it in municipal bonds. I buy zero-coupon bonds and all the bonds I buy are triple-A-rated, and insured so even in the city goes under, I get my money." When asked about playing the market, she says, "I have a million in the stock market, because if I lose it, I personally don't care." These statements are powerful because she invests in guarantee returns. The bond market is NOT the stock market.

I hope you have found this short summary useful. The key to any new idea is to work it into your daily routine until it becomes habit. Habits form in as little as 21 days. One thing you can take away from this book is Rule #1- Don't Lose Money. Schedule 15 minutes each day to get educated on guaranteed investments like permanent life insurance, insured bonds and annuities to jump start your way to financial freedom. These require education on your part. When you do that and couple it with the Infinite Banking concept then not only will you be financial independent, you will become wealthy.

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