The Best Kept Secret of America
Type: Business
Author:William A. Stanmeyer, J.D.
My rating: 4
Book introduction:
This book talks about how and why pension system was created in the 1960s. How the aging population is dragging the social security system down. How the technology revolution and process automation have helped to permanently eliminate many many jobs. e.g. since the ATM machine was invented, half the bank tellers are gone. How Toyota by automating it's production line using advance technology can use a smaller space, shorter time and fewer people to make a car than General Motor. This has forced General Motor to do the same thus further cutting available jobs. Since the 1980s, corporations have been downsizing. We can no longer rely on the job security that was enjoyed by our parents' generation and the generations before them.
The book predicts unless radical measure is taken, the social security system will collapse and whatever measure is taken, the losers are always the current tax payers. It also predicts the trend of running home-based business will continue to raise, because people are sick and tired of the high cost of living in mega city or the lengthy time to commute. Owning your business, the author reckons will be the new revolution that will save our own financial future. We must rely on ourselves.
My review:
The figures and predictions presented in the book arevery compelling, even shocking if you have not done the maths yourself. This serves as a "wake-up" call to many. Have you ever wonder how much you need to save for retirement? Does the future look bright for you? I recommend anyone who cares about his/her future finance and the family finance should read this book and get into action.
Say it with charts
Say It With Charts: The Executive's Guide to Visual Communication (buy from Amazon) by Gene Zelazny
Type: Business
Author:Gene Zelazny
My rating: 3
Book introduction:
This is a tool book on how to use charts to spell out your message. A picture can take a thousand words. Pictures that make your presentation come to live.
My review:
This is one of the first set of books that I received at McKinsey & Co. Very handy.
Valuation: Measuring and Managing the Value of Companies
Valuation: Measuring and Managing the Value of Companies, Fourth Edition (buy from Amazon) by David Wessels
Type: Business
Author:McKinsey & Company Inc., Tom Copeland, Tim Koller, Jack Murrin
My rating: 5
Book introduction:
This is the tool book for doing all sorts of valuation on companies, ROIC, EBITA, EBIT. You name it, it has all of them.
My review:
This is again one of the first set of business tool book that I was given during my time at McKinsey. Excellent book! Here is where I learned the ROIC tree if you know what I am talking about :-)
The Business School for People Who Like Helping People
The Business School for People Who Like Helping People (buy from Amazon) by Robert T. Kiyosaki
Type: Business
Author:Robert T. Kiyosaki
My rating: 4
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Type(s): Business
Book introduction:
This book talks about the 4 different types of income source:
Temporary income
E = Employee, you are essentially trading your time for money and you try to improve your hourly rate.
S = Self-employeed, you are your own boss and you determine your own hourly rate. But if you stop working, your income stops also.
Residual income
B = Business owner, you have your own business and many people work for you.
I = Investor, you invest money into business and generate a return from that, even you are not actively working
What's the major difference in temporary income (E&S) and residual income (B&I)? It's leverage, E&S are only utilising their own 24 hours each day. B&I are leveraging other people's time. 95% of people are in E and S quadrants because we have been trained and prepared to be in E and S! This book talks about how to make the transformation from E&S to B&I. What we need to learn and more importantly what we need to "unlearn".
It also talks about how we might be able to start some "B" business.
Quote: Most people look for a job, smart people build network.
My review:
It has changed my thinking. We are all getting tired of just "employee's type of temporary income". As we know retirement is getting more and more expensive, the population is aging. If you have ever tried to work out the amount of money needed for retirement, it can be very disheartening and sometimes you wonder whether you will be able to 1) save enough money and 2) REALLY maintain your lifestyle. We don't want to end up working like a dog just to have enough saving for retirement, we want to maintain our lifestyle now and continously. This book gives some insight on how we could grow our income source and gain our time and financial freedom.
I would rather have 1% of time of 100 people than 100% of my own.
Grand Canyon, USA, N America, Sept 2002
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World Heritage(Sept 2002) We flew from Las Vegas on a 6-seater plane to Grand Canyon. On our way to the Grand Canyon, we saw the enromous Hoover Dam. It took approximately one and a half hour to reach Grand Canyon national park. It is truely magnificent, we wish we could spend more time there to appreciate its natural beauty.
There are plenty of choices for tours from Las Vegas to Grand Canyon, they range from Air-tour only to different combinations of air/river/ground tours. You can find the details of operators and tours that they offer in most local magazines. The cost varies from ~US$100-400 per person (Sept 2002).
Day 1: Salt Lake City
Day 2: Arches
Day 3: Canyonland
Day 4: Capitol Reef
Day 5: Highway 12 (including Dixie Forest), Bryce
Day 6: Zion
Day 7: Salt Lake City
This is a 1300 miles drive. You may choose to go to Las Vegas from Zion, instead of going back to Salt Lake City.
Day 8: Salt Lake City
Day 9: Las Vegas
Day 10: Grand Canyon
Day 11: Las Vegas
Las Vegas, USA, N America, Sept 2002
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(Sept 2002) Well, as most people say, Las Vegas is unreal. Formally a desert and became a place with the highest concentration of all sorts of shows and entertainment on earth. We stayed at Mandalay Bay and enjoyed Hotel-hopping to see what they have to offer, each with their own characters and various shows and displays even on the outside of the building. We found many interesting restaurants and watched a few shows including the White Tiger show, actually, I wasn't the impressed. Heard the 'O' show is the best, but we couldn't get the tickets...Ah, yes, forgot to mention gambling, this is of course a highlight of Las Vegas, but neither Irene nor I are gamblers, so we didn't even allow the "one-arm bandit" to rob us.
Arches, USA, N America, Sept 2002
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(Sept 2002) It costs US$10 per private car to visit the park, the ticket is good for 7 days. Arches National Park as the name suggests, has many arche shape formations. Perhaps the best one is the Delicate Arch, takes about an hour hiking time to reach from the nearest car park, many people go there to view the sunset as the sun goes down and you can view it through the arch. Remember to bring a torch! We also live the "Windows" - North Window and South Window, these are huge arches where you can walk through them. Arches National Park is probably the driest park in the Utah area.
Bryce, USA, N America, Sept 2002
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(Sept 2002) It costs US$20 per private car to visit the park, the pass is good for 7 days. Bryce Canyon is most famous for it's pillar shape rock formation, it's like a forest of these pillars, it's really fascinating. There is a lodge inside the park, but you need to book well in advance.
Canyonland, USA, N America, Sept 2002
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(Sept 2002) It costs US$10 per private car to visit the park, the ticket is good for 7 days. Canyonland is very close to the Arches, but the rock formation is already very different. From the Grand View Point, you get a clear view of the Canyon. We think it looks like a huge foot print of a dinosur.
Dixie Forest, USA, N America, Sept 2002
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(Sept 2002) On our way from Capitol Reef to Bryce, you will drive pass Dixie Forest, a beautiful forest and in particular, we like the lake called Posey Lake. Very quiet and we were all by ourselves.