Boom! adopts the high-energy style of the author, Emma Wimhurst. It presents solid advice to business owners in a lively way but may leave them breathless.
Emma Wimhurst has created, run and sold her own businesses. She now works as a business mentor and has the lively and energetic delivery of the motivational speaker. This comes through in Boom! – the title rather gives away the style of the book. The writing style especially in the opening section is rapid-fire and non-stop which many will find inspiring. However, some would-be readers may find it irritating and the rather rah-rah style of the opening chapters may put them off. Browsing the introduction should not discourage the reader as Boom! Settles down when it gets in to the real content.
The Boom! Mindset
Felix Dennis made himself seriously rich and he shares his thoughts on wealth and making money. It is more about the philosophy and attitude to making money rather than the detail.
In his best seller How to Get Rich Felix Dennis was discouraging to all but the most committed from trying to get seriously rich. His view was, and still is, that making money requires an almost pathological need to get rich rather than a wish or a vague desire to be wealthy. He suggests that few people really have that drive and others for a variety of reasons should pursue other directions in life.
Provides Guidance and Direction on Wealth Creation
In his new book 88 The Narrow Road Dennis is more supportive of those seeking wealth. However the points about the need for drive, energy and health from How to Get Rich are reiterated. He also repeats his assertion that making money is about effective execution rather than a “big idea”.
Understand Why Cost of Borrowing is Higher than Returns for Savers
It is often asked why interest rates are always higher for borrowers than for savers. This article explains some of the factors used to set interest rates.
In simplistic terms a deposit taking and lending body such as a bank, building society or savings and loan company takes in money from savers and pays them interest for the use of that money. The bank then lends that money to a borrower and charges them interest on the loan. The lending company also needs money to administer the deposits and the loan. They also need to make a profit.
So the profit and administration costs come out of the gap between the interest charged to borrowers and that paid out to savers.
It is generally advised that everyone should invest, especially for retirement, but debts should be cleared first as this will be more profitable.
Whilst investing for retirement or other purposes is usually advised there are times when it is not appropriate. As Why Interest Rate is Lower on Savings than Loans explains, debts are more expensive than the returns available on savings and most sensible investments. So clearing debt should be the first investment.
Cost of Debt is Greater than Savings and Investment Returns
Get Rich by Compounding High Interest Savings from Childhood
It is never too early to start investing for the future. With compound interest starting saving a few years earlier will give high yield on savings or pensions.
If parents or grandparents were to create a high yield savings account and invest £1,000 (or Dollars or Euros) when a child is born it could easily become £5,500 by the time the child was eighteen years old. At retirement, at say sixty, that would have become over £300,000. Waiting just five years and retiring at sixty-five would increase the sum to almost £500,000.
Start investing early and regularly and compounded gains will provide financial security. Most people can achieve high wealth and retire as millionaires.
It is never too early to start investing for the future. With long retirements ordinary people need to retire as millionaires to maintain their lifestyle. By starting retirement investing early it is possible to build a million pound fund with surprisingly small regular savings and without using high-yield investments which are likely to be higher risk. The later one starts the harder it is but it is always worthwhile – it is never too late.
The investor needs to understand how a small difference in interest rate on long term savings makes a big difference to investment fund final performance.
Savers should closely monitor the performance of their savings as a small change in interest rate or investment return can have a major effect over the long term. So for pension investment the smart investor will seek to maximise interest rate as long as she can do so without incurring excessive penalties to switch between savings accounts or funds.
Compound interest may help savers, and lenders, but it is the enemy of those in debt. This article shows why high interest rates often make borrowings unmanageable.
High Interest Rates and Low Repayments Make Clearing Debt Difficult
As has been shown elsewhere compound interest works for lenders in the same way but at a cost borne by borrowers.
To be a professional writer means being paid for one's work. To make a worthwhile income from writing requires the writer to find paying markets before starting work.
Making Money From Writing Needs a Professional Businesslike Approach
Above all else freelance writing is a business. If a would-be writer wants to make money they have to produce what the market will pay for; not simply write what takes their fancy.
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