Bullet Point Book Summaries: 2013

Sunday, August 25, 2013

Cultivating Unshakable Character By Jim Rohn

Cultivating Unshakable Character

By Jim Rohn

Character Vs Charisma

Ex. Jesus Vs Alexander the Great

12 Qualities that are the pillars of character

Integrity

Honesty

Perseverance

Wisdom

Personal Responsibility

Humor

Flexibility

Patience

Confidence

Good Health

Achievement

Courage

How to Become Financially Independent by Jim Rohn

How to Become Financially Independent

Presented by Jim Rohn

Mr. Shoate (Rohn’s mentor) told him when he was 25, “Mr. Rohn in my own opinion financial independence is a worthy goal.”

The reason he said this is because some people have an internal moral struggle with making a lot of money.

Once you get money out of the way, you can’t believe the other dimensions of your life you can work on.

If you could do better, should you? Some use the moral question as an excuse.

Challenge yourself to see what you can become. It’s not the amount that counts….its the extent of the reach that counts. You should employ the full extent of your reach. If you make $50,000 per year and you are capable of $500,000; you are a loser. You must extend your mental personal capacity to its limit.

Mr. Shoate had a simple philosophy on this.

How far should you go? As far as you can.

How much should you learn? As much as you can.

How many books should you read? As many as you can.

How much should you earn? As much as you can.

How much should you share? As much as you can.

What should you accomplish? As much as you can.

What could I do in comparison to what I am doing?

What could I do to extend my reach?

Am I fully employed?

The only way you can get money out of the way is to have plenty.

The time you’ve already set aside for labor is enough time to become wealthy. If you are working 8 or 10 hours a day that’s about it, you can’t put in more. But, if you better utilize that 8 or 10 and double or triple your income that would be o.k.

Working more and putting aside health, family, friends is short changing your self.

Financial independence is dependent upon the plan you have.

KEY: It’s so much as what you earn, it’s what you do with what you earn.

The average person in the United States in their lifetime makes a half million dollars. The question after that lifetime is where is it? Some keep it, others don’t.

A good book to start with on financial independence is George Clason’s The Richest Man in Babylon.

The them of The Richest Man in Babylon is “learn to live on 70% of your net income (after-tax income)”.

The Richest Man in Babylon suggests the following for the other 30% of your net income.

Next the book suggests that you learn to be enterprising. Profits are better than wages. Be a capitalist. Turn your income into capital. Teach your kids how to have two bicycles. One to ride and one to rent. Teach your kids how to sell. Once they make the sale, teach them how to set aside money for capital and money for

10% should go to charity or tithing.

10% should go to the increase of capital.

10% for paying off your debts, then once they are paid, use it for investing.

A few more tips on financial independence.

Put together a financial statement. Assets – Liabilities = Net Worth

i. To get to where you want to go, you have to know where you are.

ii. You don’t need to share this with anyone, it is for you. Your first one may not be pretty.

iii. Use it like a game. Get excited about reducing your liabilities and increasing your assets.

iv. It’s not the amount that counts but the attitude and the plan.

Keep strict accounts.

i. You’ve got to know where it all goes. The Rockefeller’s grandfather made them keep track of every penny they got and where it went.

ii. If your outgo exceeds your income your upkeep becomes your downfall.

Participate in capitalism. Buy and sell something and invest the profits.

Get your family involved and excited about your plan.

Happiness is not contained in what you get but in what you become.

Make financial independence a game.

Tuesday, February 19, 2013

You Can Be A Stock Market Genius By Joel Greenblatt

Chapter 1

1. After purchasing six to eight stocks in different industries, the benefit of adding even more stocks to your portfolio in an effort to decrease risk is small.

2. Overall market risk will not be eliminated merely by adding more stocks to your portfolio.

Chapter 2

Do your own work.

Don’t trust anyone over thirty.

Don’t trust anyone thirty or under.

Pick your spots.

Don’t buy more stocks; put money in the bank.

Look down, not up.

There’s more than one road to investment heaven.

Chapter 3

Spin-offs, in general, beat the market.

Picking your spots, within the spin-off universe, can result in even better results than the average spin-off.

Certain characteristics point to an exceptional spin-off opportunity:

i. Institutions don’t want the spin-off (and not because of the investment merits).

ii. Insiders want the spin-off.

iii. A previously hidden investment opportunity is uncovered by the spin-off transaction (e.g., a cheap stock, a great business, a leveraged risk/reward situation).

You can locate and analyze new spin-off prospects by reading the business press and following up with SEC filings.

Paying attention to “parents” can pay off handsomely.

Partial spin-offs and rights offerings create unique investment opportunities.

Oh, yes. Keep an eye on the insiders.

Chapter 4

Risk arbitrage – NO!

Merger securities – YES!

Chapter 5

Bankruptcy – some points to remember

i. Bankruptcies can create unique investment opportunities – but be choosy.

ii. As a general rule, don’t buy the common stock of a bankrupt company.

iii. The bonds, bank debt, and trade claims of bankrupt companies can make attractive investments – but first – quit your day job.

iv. Searching among newly issued stocks of companies emerging from bankruptcy can be worthwhile; just like spin-offs and merger securities; bargains are often created by anxious sellers who never wanted the stuff in the first place.

v. Unless the price is irresistible, invest in companies with attractive businesses – or as Damon Runyon put it, “It may be that the race is not always to the swift nor the battle to the strong – but that is the way to bet.”

Selling Tips

i. Trade the bad ones; invest in the good ones.

Restructuring

i. Tremendous values can be uncovered through corporate restructurings.

ii. Look for situations that have limited downside, an attractive business to restructure around, and a well-incentivized management team.

iii. In potential restructuring situations, also look for a catalyst to set things in motion.

iv. Make sure the magnitude of the restructuring is significant relative to the size of the total company.

v. Listen to your spouse. (Following this advice won’t guarantee capital gains, but the dividends are a sure thing.)

Chapter 6

1. Stub Stocks. There is almost no other area of the stock market where research and careful analysis can be rewarded as quickly and as generously.

2. LEAPS. There is almost no other area of the stock market (with the possible exception of stub stocks) where research and careful analysis can be rewarded as quickly and as generously.

3. Warrants and Special Situation Option Investing. There is almost no other area of the stock market (with the possible exception of stub stocks and LEAPS) where research and careful analysis can be rewarded as quickly and as generously.

Wednesday, January 2, 2013

SEVEN FUNDAMENTALS FOR WEALTH AND HAPPINESS BY JIM ROHN

1) GOALS

A CONSTENT PLAN FOR SETTING, REARRANGING, EVALUATING, AND STRENGTHENING THE PURPOSE OF YOUR GOALS.

YOU DON'T WIND UP IN GOOD PLACES BY ACCIDENT.

THERE ARE TWO TO FACE THE FUTURE. WITH APPREHENSION OR WITH ANTICIPATION.

DESIGNING PURPOSE IS JUST AS IMPORTANT AS DESIGNING OBJECT.

PURPOSE IS MORE IMPORTANT THAN OBJECT.

DID YOU ACHIEVE THE GOALS OF YOUR LAST FIVE YEARS?

NOW IS THE TIME TO FIX THE NEXT FIVE YEARS. THE FIVE YEARS WILL SURELY PASS WHERE WILL YOU BE.

2) A DETAILED MANAGEMENT PLAN FOR YOUR PRESENT RESOURCES.

THE KEY TO WEALTH IS NOT WHAT YOU EARN BUT WHAT YOU DO WITH WHAT YOU EARN.

WHAT TO DO WITH WHAT YOU'VE GOT.

HOW TO BECOME FINANCIALLY INDEPENDENT FROM THE RICHEST MAN IN BABYLON.

LEARN TO LIVE ON 70% OF YOUR NET INCOME AFTER TAXES.

WHAT DO YOU DO WITH THE REMAINING 30%?

TITHE 10%

PAY LAST 20% TO RETIRE DEBT.

ONCE DEBTS ARE PAID, INVEST 10%.

USE 10% AS CAPITAL YOU MANAGE YOURSELF (START A SIDE BUSINESS - DO A LITTLE BUYING AND SELLING).

3) HAVE A DETAILED PLAN FOR THE USE OF YOUR TIME.

A GAME PLAN.

MAKE SURE IT’S WRITTEN.

A 90 DAY WRITTEN PLAN.

OPERATE FROM DOCUMENTS NOT FROM THOUGHT.

THE DEATH OF A SALESPERSON IS TO WAKE UP IN THE MORNING AND SAY WHAT AM I GOING TO DO TODAY?

HAVE AN ACTION PLAN. GET GOING PLAN.

KNOWLEDGE IS NOT THE WAY TO BE SUCCESSFUL. KNOWLEDGE APPLIED IS THE WAY TO BE SUCCESSFUL. DON'T BE AN ACCUMULATOR.

WEALTH = 20% SKILL + 80% STRATEGY

YOU'VE GOT TO PLOT AND SCHEME TO GET THE MOST OUT OF LIFE.

A DETAILED PLAN BRINGS ABOUT DISCIPLINE.

4) A CONSISTANT PLAN FOR THE GATHERING OF KNOWLEDGE.

YOU MUST DELIBERATELY SEARCH FOR IDEAS THAT WILL CHANGE YOUR LIFE.

YOUR WRITTEN PLAN MUST CONTAIN A CONSISTANT SEARCH FOR KNOWLEDGE.

GO TO THE BOOKSTORE. GO TO THE LIBRARY (THE SEATS ARE FREE.)

SUCCESS AND FAILURE IS CONSISTANTLY DEBATING. "WILL HE GO INTO THE LIBRARY?"

FAILURE "NO, HE'LL DRIVE ON BY." SUCCESS "YES, HE WILL GO IN."

YOU MUST SEARCH AND LOOK FOR IDEAS. RARELY DOES A GOOD IDEA INTERRUPT YOU.

YOU HAVE TO GO TO CHURCH, CLASSES, BOOKS, SEMINARS AND LECTURES.

YOU MUST LEARN FROM YOUR OWN EXPERIENCE. LEARN FROM THE DAY. BE LIKE A SPONGE.

REFLECT ON IT, WHEN THE DAY IS OVER.

EXPERIENCE IS COMMODOTY, VALUE, AND CURRENCY.

"BOTH SUCCESS AND FAILURE COMES FROM SMALL LIFE EXPERIENCES. IT DEPENDS ON WHAT YOU LEARNED FROM IT AND WHAT YOU DID ABOUT IT." THINK AND GROW RICH.

DON'T HAVE CASUAL CONVERSATIONS. DON'T BE CASUAL ABOUT THE DAY.

CASUALNESS BRINGS CASUALTIES.

ECONOMICALLY, SOCIALLY AND PERSONALLY. YOU MUST BE INTENSE ABOUT THE DAY. ABOUT BOTH THE POSITIVES AND NEGATIVES.

KEEP A JOURNAL. ESTABLISH A LIBRARY.

5) A CONSTANT ASSOCIATION WITH PEOPLE WHO HAVE A COMMON INTEREST IN PROGRESS SUCCESS, IDEAS AND PHILOSOPHY.

KEY PHRASE FOR THE DAY: NEVER MISTAKE THE POWER OF INFLUENCE.

IF YOU WANT TO BE SUCCESSFUL, YOU'VE GOT TO GET AROUND THE RIGHT PEOPLE.

WHERE DO YOU GO WEEKLY FOR YOUR INTELLECTUAL FEAST?

WHERE YOU LIVE AND WHO YOU'RE AROUND DOES MATTER.

MAKE SURE YOU HAVE A PLAN FOR ASSOCIATION OF PEOPLE WHO BELIEVE IN IDEAS AND PROGRESS AND PHILOSOPHY AND SELF-DEVELOPMENT AND POSITIVE THINKING AND ALL OF THE SPIRITUAL APPLICATIONS OF OUR LIFE.

MAKE SURE YOU HAVE THAT TYPE OF INFLUENCE. BECAUSE IF YOU DON'T YOU WILL WIND UP WHERE YOU DON'T WANT TO BE,

WEARING WHAT DON'T WANT TO WEAR, DRIVING WHAT YOU DON'T WANT TO DRIVE AND MAYBE DOING WHAT YOU DON'T WANT TO DO.

6) A CONSISTANT PLAN FOR DEVELOPING ALL YOUR SKILLS.

NEVER CEASE DEVELOPING SKILLS - NO MATTER WHAT AGE.

THE KEY TO THE GOOD LIFE IS PERSONAL DEVELOPMENT.

WHAT YOU BECOME IS MORE IMPORTANT THAN WHAT YOU GET.

THE MAJOR QUESTION IN LIFE IS NOT WHAT ARE YOU GETTING BUT WHAT ARE YOU BECOMING.

WHEN TAKING A JOB DON'T ASK WHAT YOU WILL GET BUT WHAT WILL YOU BECOME.

THE KEY TO THE GOOD LIFE IS PERSONAL DEVELOPMENT.

DEVELOP ALL OF YOUR SKILLS. (LEADERSHIP, LANGUAGE, COURTEOUSY, DIPLOMACY)

7) A CONSISTANT PLAN FOR FIGURING WAYS TO LIVE UNIQUELY. LIFESTYLE

CHALLENGE: HOW TO HAPPY WITH WHAT YOU'VE GOT WHILE YOU PURSUE WHAT YOU WANT.

FIGURE WAYS TO LIVE UNIQUELY WITH WHAT YOU ALREADY HAVE.

TIP = TO INSURE PROMPTNESS, GIVE IT UP FRONT. DON'T TAKE A CHANCE ON POOR SERVICE.

Running the Race – Dr. John C. Maxwell

1 Corinthians 9:24 - 27

24 Know ye not that they which run in a race run all, but one receiveth the prize? So run, that ye may obtain.

25 And every man that striveth for the mastery is temperate in all things. Now they do it to obtain a corruptible crown; but we an incorruptible.

26 I therefore so run, not as uncertainly; so fight I, not as one that beateth the air:

27 But I keep under my body, and bring it into subjection: lest that by any means, when I have preached to others, I myself should be a castaway.

Principle 1 – Start running

Procrastination stems from these four areas.

1. Fear of Failure

2. Fear of Success

3. Difficulty of the Task

4. Monotony or Boredom of the task

Nine techniques to conquer procrastination.

1. Break large tasks down into smaller ones.

2. Set deadlines and stick to them.

3. Share your goals with a friend.

4. Reward yourself for completing the task.

5. Use character scheduling (for unpleasant tasks.

6. Make a game of the task.

7. Focus on the benefits of completing the task.

8. Pick a simple task to begin.

9. Just do it! (don’t wait for motivation)

Principle 2 - Desire Excellence

Four attitudes in people that desire excellence.

1. Attention to detail.

2. Continual improvement.

3. Self discipline

4. Personal High Standards

Principle 3 - Get the tools that you need

How do you TRAIN? Five things that explain how.

T = trainer, you need a mentor, someone who knows more than yourself.

R = resources, you need resources to help you along your way.

A = application, you need to apply the resources you have.

I = inspiration, you need inspiration to help drive you.

N = nourishment, for the energy you need to run the race.

Principle 4 - Maintain an eternal perspective

Four things to help you maintain your eternal perspective.

1. Get serious about the race that you run.

2. Get rid of excess baggage.

3. Let Jesus be your model.

4. Study the secret of Jesus’ perseverance.

A survey of 50 people over the age of 95 asked, “If you could live your life over again, what would you do differently?” The top three answers were:

1. Reflect more.

2. Risk more.

3. Do more things that would live on after I’m dead.

Principle 5 - Plan your race by setting goals

Three mistakes John Maxwell made in setting goals.

1. He set his goals based on his environment. What he knew. They should have been higher.

2. He did not publicly declare his goals.

3. He did not set personal growth goals. He set organizational growth goals instead.

Three way test for successful goals.

1. Are they specific?

2. Are they measurable?

3. Are the life enhancing? To yourself and others.

Principle 6 - Measure your effectiveness

Principle 7 - Persevere

Perseverance is characterized by three things.

1. Resilience (ability to bounce back)

2. Learned optimism (having an eye for what is going right)

3. Opportunism

Bullet Point Book Summaries

Friday, December 20, 2013

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