4 out of 4 stars
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The Employee Millionaire gives practical tips for personal finance and investing in real estate. As the subheading states, it’s about “how to use your day job to become a millionaire with rental properties.“ I have read books promoting leaving your employment to focus on entrepreneurship. This book bears a unique perspective. It suggests that if you like your job, you don’t have to quit. You can grow into a millionaire by using your position as an employee.
Each chapter ends with action steps that the investor needs to take. The book has four parts based on the following questions. “Where am I now?” “Why am I there?” “Where do I want to be?” “How do I get there?”
What are your sources of income? How can you measure your spending against your total income? Part 1 guides the reader on how to make a personal financial analysis before investing. According to H.J. Chammas it’s necessary to determine and analyze your economic situation before choosing your area of investment.
Part 2 was my favorite because it encourages the reader to gain more knowledge and have a positive attitude toward the business. Without a mindset of success, you can’t succeed. Therefore, it is crucial that investors work on their own individual selves. “The way you handle fear determines the results you have in life. If you are equipped with knowledge, you can overcome fear” (page 97). Thus, deal with fear and other personal limiting beliefs that can hinder your ability to make wise investment decisions.
Part 3 is about setting your primary financial objectives, creating your plan within timelines, and delaying instant gratification to reach your goals. Part 4 focuses on the process of “getting there.” It contains tips on how to execute your plan. This part teaches how to close deals, deal with tenants, and monitor your finances. Other important aspects involved in plan execution include building a team, choosing whether to work solo or in a partnership, legal issues and getting “good debt.” The book emphasizes that you can use your situation as an employee to secure loans for real estate investments. “It takes money to make money, but who said it has to be your money?” (page 89).
The book has some life advice too, so you don’t forget that you are human. For example, “I came to realize the what matters the most is how we live and love during our years on earth. It matters not how much wealth we accumulate for the sake of wealth, but we can think of wealth as an enabler to spend quality time with our beloved ones” (page 428).
I give The Employee Millionaire a rating of 4 out of 4 stars. The book is organized systematically and is easy to follow. The tips given apply universally. The author, H.J. Chammas, gives his own experience in rental property investments. Furthermore, the author breaks the monotony of reading through storytelling, illustrations, tables, figures and templates.
The Employee Millionaire is a great reference book for people who want to speed up their returns on real estate investment. This book will challenge you to go beyond your comfort zones and inspire you to leverage your regular pay to achieve financial freedom.
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The Employee Millionaire
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