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Our last SB-REIA meeting produced a door prize and
winner. Alexandra Willams-Rouzer did get back to us with an update on
the door prize book she won.
Ric Edelman - Ordinary People, Extraordinary Wealth
www.RicEdelman.com
Dan Ringwald and Ric Edelman autographed tie
from the Convention of Champions LV NV
www.DanRingwald.com
Presenting the book to Alexandra Willams-Rouzer
I finished the book I won. Here is my review for posting.
Alexandra
Review of Ordinary People Extraordinary Wealth by Ric Edelman
In simple language, and with a sense of humor, Edelman lays out the
eight secrets (or common factors) that he believes led thousands of
ordinary investors to accumulate extraordinary wealth. He defines
ordinary people as those who started out with nothing or close to
nothing, and work(ed) regular day jobs from a cross-section of American
society. He defines extraordinary wealth in terms of home ownership,
savings, and annual income, although the amounts are somewhat outdated
from 2001, when the book was printed.
I won't give away all eight secrets, as that would spoil your fun for
reading it, but I can say that all eight involve common sense. Only one
of the factors specifically relates to real estate, but Edelman comes to
an interesting and intriguing conclusion about the value of carrying a
mortgage on your house, even if you're in a position to pay it off. He
discusses the emotions, history, beliefs and financial issues that
contribute to our behavior regarding home ownership. He follows this up
with computations that illustrate the advantages in carrying a mortgage.
I enjoyed the book, and recommend it for several reasons. One, it's very
easy to understand: you don't have to have a background in math or
investing to follow Edelman's points. Two, the things these "ordinary"
investors are doing are so close to what I'm doing that it's easy to
picture myself as being as successful as they are, knowing that my
habits just need a little tweaking, not a major overhaul. After
finishing the book, I felt better about that fact the we had recently
pulled a lot of equity out a house we own that was only a year or two
from being paid off. Now I can see the advantages I got from using that
equity a lot more clearly.
I was already a winner, including winning the book raffle at our most
recent SB-REIA meeting, but I felt even more so after reading how easy
it is to plan for the future.
Alexandra Williams
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