3 out of 4 stars
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The Employee Millionaire Personal Workbook.
The Employee Millionaire Personal Workbook: How to Use Your Day Job to Become a Millionaire with Rental Properties (Abridged Version) by H.J. Chammas.
The Employee Millionaire Personal Workbook traces the life journey of the author as he throws off the classical thinking around personal financial management and makes a life changing decision to invest in property. Many authors push their own agenda and approach as the only way to invest because for them it was successful. In this book I like that the author presents a balanced and non-judgemental approach to the topic while also discussing the pros and cons of his own approach. His entrepreneurial viewpoint is enlightening in a number of ways but especially when considering the value and role of a mentor as a factor in success. Papa Joe, the author’s mentor, enabled him with practical well-founded advice, unpaid internships, an interested listener, and encouragement to learn from his mistakes.
The author states that “limiting beliefs contrasted with personal truths lead to empowering beliefs” lead many readers to refuse to take that vital step of putting knowledge into reality. With the help of his mentor and a positive viewpoint he discovered the value of being put on the spot and having to do what was necessary to succeed in the tasks set for him; he was forced to evolve and grow in experience indeed he was forced ‘put up or shut up’.
There is a wealth of transferable knowledge in this book; much of which is applicable to any small business operation, and not just to a real estate investing. In this book the author uses a number of widely accepted techniques and methods to engender buy in with readers so it is difficult to decide on only one to elaborate on here. However by using a decision-making tree approach is a great method of stepping through complex decision-making. In this case with a ‘guide-on-the side’ the author becomes your ‘mentor’.
Access to easy to use templates, key financial analysis techniques and formulas, information on legal issues and the real estate markets foibles, strategic approaches to improving financial position, formulas that determine key financial ratios and percentages that relate to successful investment all provide essential guidance to new investors and shine a light on areas other writers of this genre often avoid. In identifying what factors are important and discussing both pros and cons, for investors making critical purchase decisions, I will definitely be keeping this book close to hand.
Crammed with well-explained techniques the reader feels coached through their own decision making process and encouraged to action. I rate this book as 3 out of 4 stars. Had the presentation of the book been more open and less dated in appearance it would have been an easy 4. As he states in the chapter on negotiating with buyers all personal interactions should result in a ‘win-win’ outcome; making the decision to buy this book is one.
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The Employee Millionaire - Personal Workbook
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