According to Milan Somborac, most folks would do better financially learning to invest and manage money themselves, rather than turning to officially sanctioned advice of financial experts. In the comprehensively researched opinion of this author, over time it has been proven that people can do no better than purchasing and choosing to hold long-term market-index exchange traded funds (ETF), and that most would also be ahead of the game if they obtained things like decreasing term life insurance rather than permanent (and then effectively invested the savings in cost). These and other perhaps somewhat controversial strategies are outlined in Somborac’s MONDAY MORNING MILLIONAIRE: How to Beat Wall Street at its Own Game, which details lessons this prior dentist learned about investing throughout a lifetime progressing towards the goal of retiring well-off.
According to Somborac, valuable investments are not advertised, they must be ferreted out. Studies quoted indicate investors utilizing professional advisers characteristically see 2.9% annual earnings over time, while DIY investors figuring out what to invest in and how to handle the growth of their own monetary resources earn 6.6%; i.e. over 50% extra. Somborac outlines how those who would like to take control over growing their finances via the stock market can make and even surpass the amount of income typically earned weekly. This is an enticing premise sure to appeal to many in the wake of ever more evident economic industry crashes, corruption, and scandals. Eschewing newfangled get-rich-quick schemes such as day-trading, penny stocks, derivatives, foreign currency exchange trading, etc.–ideas which tend to make money for those who dreamt them up, not necessarily for investors choosing to participate in them–the author instead aims to teach readers how to acquire reliable passive investment income.
How did Somborac learn to invest wisely without the aid of professionals? Through the school of hard knocks as he fell for a range of scams–from phony oil discovery to being bullied into making bad buys and equally bad sells which only benefit brokers working on commission. Aimed for beginners as well as those familiar with the topic, this book provides clear, direct pointers along with further resources for those ready to dive deeper. Some may still find the concepts complex, but then again, as an experiment, the author once had his two-year-old randomly point to stocks in a business publication, and over time those managed to outperform the portfolio created by very knowledgeable colleagues, so no one interested in learning to wisely manage their own money should be too intimidated to pick up this instructive book, see what can be gleaned from it, and begin taking control of their financial lives.
Milan Somborac learned many painful lessons at the hands of those wanting to relieve him of his money rather than help him grow it, but all valuable education comes at a cost, and with the author’s succinct financial primer MONDAY MORNING MILLIONAIRE, readers get access to a wealth of pecuniary wisdom for the price of a book.
~ C.S. Holmes for IndieReader