4 out of 4 stars
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The Employee Millionaire: How to Use Your Day Job to Become a Millionaire with Rental Properties.
The author, H. J. Chammas seeks to encourage gainfully employed individuals to make the most of their youthful productive years by saving and investing in real estate. He shares his personal experience (successes and failures), from lack of basic financial knowledge to making informed investment decision through storytelling which resonates with a lot of people.
Employees generally slave away for money to make ends meet for their immediate needs, thereby neglecting to provide for the future when they might be unable to work. He seeks to dispel long-held beliefs on money, job security, debts, savings, investment, e.t.c. which hold people captive and prevent them from achieving financial freedom. He is particularly passionate about those in the regular corporate world living from one paycheck to another, who are presumably comfortable but in reality are broke at the end of the month. A pay rise which translates to more income has little or no effect as more expenses are undertaken because of the change in lifestyle. He urges them to critically assess their reason for working compared to their ambition in life.
Chammas divided the book into four parts by asking pertinent questions such as: where am I now?, why am I here?, where do I want to be?, how do I get there?. Answering these questions truthfully and honestly will help an individual to assess himself and seek help where necessary, if he desires financial freedom and stability. Bearing in mind other avenues through which one could still invest and make money, the author did a good job of comparing these to real estate detailing probable cost and revenue, leaving one to make the choice. He also provides resources such as formulas, samples of documents, financial tables which are simple enough for easy understanding and downloadable from the website to help the readers in making these investment decisions.
I especially like the fact that Chammas is very helpful in not only advising on choosing investment in rental properties, but also putting up practical processes that could be followed to determine the viability of a property, financing it either with cash or loans (with the pros and cons), paperworks involved in sales and rent/lease, property management, eviction process e.t.c. All these show that the author is very thorough and mindful of his readers, especially those who intend to go into real estate. He not only details his success as a real estate investor, but also his failures whilst learning.
I really enjoyed reading the book and would definitely recommend it to anyone who is trying to figure out what investment to make in order to have a secured financial stability for the future. I also think those already in real estate can learn a thing or two which they might not have known before. I will rate the book 4 out of 4, although there are typographical errors in the book which I think are negligible.
The Employee Millionaire
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