James Burns is the author of The 3 Secret Pillars Of We
alth: How To Crack Your Wealth Code Using The Tools Of Self Made Billionaires.
He brings over 17 years of financial, real estate and legal experience to his model of financial security. Burns believes in long term planning based on using three financial pillars. As he says, "Hope is not an investment strategy."
Pillar 1 - Leverage
Use your existing assets to take you to the next level e.g. borrowing, refinancing or investment.
Pillar 2 - Arbitrage
Leverage your funds to find real estate or stock investments which give a higher return than the rate at which you borrowed the money.
Pillar 3 - Cash Flow
This is the flow of steady money from investments. This may include rent from property you own.
Planning For The Future
It's all too easy to think the future will take care of itself, or to underestimate how much we will need many years down the track. Burns provides some sobering statistics.
He says if you are 35 years old now and earning $60 000 per year, then to maintain the same lifestyle in retirement, you will need a $3 million nest egg.
Overview
Then he goes on to the "how". There are chapters on each of the 3 wealth pillars. These threads are woven throughout the other chapters covering areas such as -
- Mindset
- Asset allocation
- Real Estate
- Life Insurance
- Retirement Planning
- Pension Plans
- Mortgage Management
- Financial Blueprint
One thing which I found useful was a summary of key learning points at the end of each chapter. This provides a useful at a glance reference point or reviewing tool.
The book is written in a conversational style with an effective use of sub headings and referencing of information sources.
The book finishes with the Burns Financial Planning Quadrant. The author says,
I came up with (this) to make sure that all your assets are acknowleged, and that nothing is left on the table when examining your wealth potential.
I would have liked to have seen a glossary of financial terms and an index for added ease of understanding and reference for the non financially inclined. Burns provides a suggested reading and resource list.
James Burns has written a comprehensive book. It is packed solid with well structured information on planning your financial future. While retirement may seem an abstract goal, The 3 Secret Pillars Of Wealth provides a practical roadmap towards that goal.
For more information, visit James Burns at his 3 Pillars Of Wealth website.
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