$1m for life

"1 million for life - how to make it, manage it, maximise it"

by Ashley Ormond

409 pages

Published by Wrightbooks (an imprint of John Wiley & Sons) - Brisbane, Australia

ISBN 9780731407002

Published August 2007

1. Quick summary:

Want to build wealth that will last you a lifetime?

Then $1Million For Life is the book for you! In this step-by-step guide to financial freedom, investor and best-selling author Ashley Ormond outlines dozens of practical ways to increase your wealth by tens of thousands, or even hundreds of thousands of dollars. It doesn’t matter how much you earn – it’s what you do with the money you have that makes the difference.

Inside you’ll learn how to:

save money and pay off debts quickly
use low-cost, tax-effective ways to invest in shares and beat the fund managers
invest in residential and commercial property – what to look for, what to avoid, how to select the best locations and properties
maximize the performance of your superannuation - how to boost returns and minimize fees & taxes, how to choose super funds, and set up your own self-managed fund
protect your investment plans and your lifestyle

o find good people to help you on your investment journey – accountants, financial planners, mortgage brokers, solicitors, etc

Use this book to change your life – start building enough wealth so you can start doing what you really want to do for the rest of your life. It is packed with real examples and case studies and from the author’s own experience as a successful investor. Each section has an Action Plan with simple steps you can do straight away to get started.

There are no get-rich-quick schemes, trading systems, magic tricks or potions - just common sense practical steps virtually anybody can take, even if starting out small. If you already have some investments, this book will help turbo-charge your efforts, so you can get to your goal sooner.

2. Audio files:

You can listen to the author talk about the plan by clicking on the 4 audio files below:

$1m for life 1 of 4 (4:23 minutes)
$1m for life 2 of 4 (5:28 minutes)
$1m for life 3 of 4 (3:43 minutes)
$1m for life 4 of 4 (1:32 minutes)

Left click the files to play (will start playing on Windows Media Player, RealPlayer, Quicktime or iTunes, depending on how you have set up your computer)

Or you can Right click the files to Save to your computer, then you can play later or transfer to your iPod, etc.

Don't forget to turn up the volume on your speakers...

3. Book Table of Contents:

Preface page x

Chapter 1: The problem 1

1.1 Life’s Great!

1.2 So what’s the problem?

1.3 Factors affecting your future finances

1.4 The alternatives

1.5 The plan

Chapter 2: Step 1 — Money sense 26

2.1 The foundation

2.2 Spend less than you earn

2.3 Eliminate personal debt

2.4 Deal with money in the right order

2.5 Small amounts add up to a fortune over time

2.6 Types of tax

2.7 What to avoid

2.8 A new way to look at spending

2.9 Investment principles

2.10 Key points

Chapter 3: Step 2 — Own your house, outright 72

3.1 Owning versus renting

3.2 Own a house, not a unit of flat

3.3 Buying your first house

3.4 Own your house outright – pay off the mortgage

3.5 Your house as part of your wealth plan

3.6 Key points

Chapter 4: Step 3 — Superannuation (part 1): how to use super 115

4.1 What is superannuation?

4.2 Putting money into super

4.3 Getting money out of super

4.4 Key points

Chapter 5: Superannuation (part 2): Maximising super performance 138

5.1 Maximising performance

5.2 Tax advantages of super

5.3 Self managed super funds

5.4 Lost super

5.5 Disadvantages of super

5.6 Super as part of your wealth plan

5.7 Key points

Chapter 6: Step 4 — invest outside super (part 1): shares 171

6.1 Share basics

6.2 Different ways to invest in shares

6.3 Direct shares

6.4 International shares

6.5 Summary of share strategies

6.6 Borrowing to invest

6.7 Further reading

6.8 Key points

Chapter 7: Invest outside super (part 2): property 239

7.1 Residential property

7.2 Non-residential property

7.3 Further reading

7.4 Key points

Chapter 8: Invest outside super (part 3): other asset classes 288

8.1 Income products

8.2 Cash accounts and online brokers for your investments

8.3 Other investments

8.4 Derivatives and trading

8.5 Further reading

8.6 Key points

Chapter 9: Step 5 — Protection in case things go wrong 317

9.1 Don’t rely on luck

9.2 Emergency cash fund

9.3 Insurances

9.4 Wills

9.5 Entities

9.6 Powers of Attorney

9.7 Key points

Chapter 10: Step 6 — Do what you love doing 338

10.1 $1 million or life!

10.2 Do you really love your job?

10.3 Have a plan for the rest of your life

10.4 Focus on your passions, not the money

10.5 Case studies

10.6 What is your passion?

10.7 Making the transition

10.8 Key points

Chapter 11: Putting it all together 359

11.1 It’s your choice

11.2 Seven levels of financial freedom

11.3 Set and forget

11.4 Who to turn to for guidance

11.5 Stay positive and take action

11.6

References 392

Index 394

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