The Quiet Millionaire
The Quiet Millionaire, by Brett Wilder, is one of the most complete guides on personal finance that Iâ€™ve ever read. With over 400 pages covering every possible facet of finance from saving, to stock options, to starting a business; this guide has it all.
While not as flashy, exciting, or profound as some; The Quiet Millionaire is packed with practical information. This book will definitely appeal to the left-brain segment of the Genius Types reader base.
Being a creative type, I typically prefer more right-brain books like Rich Dad, Poor Dad, which are heavy on concepts but light on details. On the other hand, the details in The Quiet Millionaire read more like a textbook to me; but I must admit that I learned a lot.
Brett Wilder is a Certified Financial Planner with over forty years of experience working for both others and himself. As a man whoâ€™s seen it all, itâ€™s hard to argue with with his wisdom.
His approach is very straight-forward: spend less than you make and manage the rest wisely. The book assumes you already have a sizable income stream and are looking for advice on how to manage it. Many of the examples assume you have an income of $200,000 or more.
He covers such a wide swath of personal finance, and breaks down each subject into such detail; Iâ€™ll definitely be keeping this book handy as my wealth increases and financial needs change.
Here are some of the topics he covers:
Financial Management Review
Wilder starts the book with an extremely detailed worksheet so that you can get an accurate picture of your financial position. After you do the work, youâ€™ll be light-years ahead of most in terms of knowing yourself financially.
An entire chapter is dedicated to ways to create positive cashflow. The concept sounds simple, but itâ€™s almost impossible to create wealth without it. I enjoyed this topic because it helps me to understand the mentality of the wealthy, which is a different mentality than I held before I became interested in personal finance.
Assets, Intelligent Borrowing, Taxes
â€¨The book goes into great detail about different types of assets, liabilities and taxes. These are the topics that we typically donâ€™t want to think about, but can cost or save us a ton of money.
One of my favorite sections was the chapter on investing because Wilder discusses how emotional control is paramount. Iâ€™ve found that the most sophisticated investment guides discuss the psychology of investing along with the nuts and bolts.
Another really great part about this chapter is the description of the â€œModern Portfolio Approachâ€ for which Economists Harry Marcowitz and William Sharp won the Nobel Prize in 1990. The plan is a level-headed, intelligent investing system to maximize your returns in the market.
Stock Options, Insurance, Health Care
Wilder breaks down every conceivable employer or private stock, insurance, and health care plan. Itâ€™s really nice & convenient to have all of this information in one place.
College, Retirement, Estate Wealth
The book offers some really great advice on how to create a strategy to maximize your college savings, retirement income, and minimize the taxes on your estate. According to some of his examples, proper estate planning can mean a difference of hundreds of thousands of dollars.
Owning A Business
My favorite chapter was the one about entrepreneurship. He breaks down what he calls â€œThe Four Transitional Stages of Business Success,â€ by describing the characteristics and warning of the pitfalls. Since half of all businesses die in the first year, itâ€™s important to know what youâ€™re getting yourself into.
If youâ€™re looking for a strong, detailed guide to your entire financial life, this bookâ€™s for you. If youâ€™re a creative type with the patience of a 2-year old, you probably need this book, but youâ€™re not going to like it. Iâ€™m glad I read it and Iâ€™ll be richer for doing so.