My Buy Essay

Posts Tagged ‘personal finance’

THE BARON SON: VADE MECUM 7

By Vicky Therese Davis, William R. Patterson, D. Marques Patton

Long & Silverman Publishing, Inc.

ISBN – 159575375

Today it seems nearly impossible to open a newspaper without finding a story of corruption, cover-ups, or ethical lapses in judgment from prominent figures in positions of authority. With corporate and political scandal rampant and executives headed to jail in record numbers, the unbridled pursuit of wealth and abusive use of power are no longer options. Now, as an instrument of change, Bestselling Co-authors Vicky Therese Davis, William R. Patterson, and D. Marques Patton step forward to present their new book, The Baron Son, as a revolutionary road map to ethically guide leaders and remake America’s organizations.

After completing The Baron Son, I found it to be as promised, a challenging and insightful work with a life-changing power. For those with no interest in the subject of leadership, not to worry, the teachings of The Baron Son reach far beyond the genre, adeptly covering such areas as building wealth, entrepreneurship, marketing and salesmanship to name a few.

The Baron Son is an instructional tale that reveals the wealth-building secrets of an oil merchant who through a string of successes and failures becomes the richest man the world has ever known. Having started from nothing, this wealthy Baron uses his life as the blueprint for the ethical attainment of riches both in material and non-material form. With many unexpected twists and turns, the story alone makes for a fascinating read, but the valuable leadership, financial, and business lessons formed into 11 “Supreme Principles” propel the book into an entirely different realm. Its archaic style is reminiscent of such classic works as The Richest Man in Babylon by George Clayson or The Greatest Salesman in the World by Og Mandino. In my opinion however, the story and depth of content in The Baron Son easily surpass both earlier books.

The authors do an excellent job of weaving their insights on a number of pertinent and diverse topics into a colorful and inspiring story. There are countless ideas that entrepreneurs will benefit from whether they are starting a new business or growing an existing enterprise. Investors will also notice subtle points that can help them improve their returns and avoid bad investments. Lastly, and perhaps most importantly, there is a clear road map for ethical leaders to help them direct their actions with vision, integrity, and passion to create the greatest value for all those they serve. Recent history has proven this to be a lost ideal.

As with all things, there will be some people who will not appreciate the book or realize that they are the ones that need it most, but for those individuals with creative vision, there will be no limit to what he or she can achieve through its teachings. It is one of those few unique works that will reveal a new understanding each time it is opened. A book of wisdom for all seasons of life, The Baron Son truly is, as the authors would say, one of the “Seedlings of Empires.”

Rating: 5 Stars

A lot of people have read Robert Kiyosaki’s books (and he has a lot of them), but this is the one that started them all.

I think what endears people to Rich Dad Poor Dad is the story. It seems to me that whenever a non-fiction book teaches with stories, it does very well. So, if you’re going to write a non-fiction book, weave your info into a story.

Rich Dad Poor Dad is the story of Robert learning the habits of the rich from his best friend’s dad. Robert’s own dad was a highly paid, highly educated government official, but who ended up poor (this is his “poor dad”). His best friend’s dad was not highly educated, but he started lots of businesses, bought lots of real estate, and invested in stocks. He is “rich dad”.

Some lessons or themes that keep coming up:

*School prepares you for a job while financial education prepares you for better financial habits that lead to a more prosperous life

*The rich invest in ways that the poor and middle class do not

*The rich invest in assets that produce class flow, and then reinvest that cash flow into other assets

*The poor invest in liabilities, or things that take money out of their pockets

*The middle class tend to go to school, get a job, buy everything on credit, get raises, then buy bigger houses and nicer cars, under-save and under-invest, and then retire on less than what they should have.

*There are 3 kinds of income:

-Earned income (what you make when you’re there)

-Passive income (money that comes to you when you’re not there…that can come through businesses, real estate income, intellectual property, etc)

-Portfolio income (money that also comes when you’re not there…but specifically from stocks, mutual funds, and other such paper investments)

As it turns out, Robert didn’t go on to become a rich guy too soon into his adult years, like his best buddy did. Robert went into the Navy to learn how to sail ships, then to the Marines to fly helicopters in the Vietnam war. I might have the timeline wrong, but he he was a top-selling Xerox sales rep for several years. And then he went on to start a successful business importing/selling those Velcro nylon surfer wallets from the eighties. Remember those? After a few years, that business went bust.

Eventually he made the jump into buying assets…income producing real estate…and within 8 to 10 years, he and is wife retired. Then six months later he came out of retirement to start his financial education business…which includes his books, board games, tapes, seminars, etc. In reality, it sounds like he’s started a whole ton of other businesses too, but that’s what I’ve pieced together from other books of his that I’ve read. Notice that most of his activities center around passive income?

It’s a great and easy read and should shock you out of your usual way of looking at money. Another one of his books that I like a lot is one he didn’t even write by himself…aptly named “Success Stories”. It’s a collection stories by many of Robert’s students that have taken his advice and who started businesses or are collecting assets that produce cash flow.

There’s so much more that can be said, but it’s time for you to start the adventure of reading a new book. Try to think of “Rich Dad Poor Dad” as financial education; it will make the purchase that much easier to justify.