Ten years ago, in 2006, Peter Roper and Andy Lopata published the first edition of ‘…and Death Came Third! The Definitive Guide to Networking and Speaking in Public’ on Bookshaker. The book was a big success with over 2,000 copies sold in the first 48 hours alone. Panoma Press published the second edition in 2011 and negotiated a separate edition published in Malaysia and Singapore.
We have consistently been amazed by the affection held for ‘…and Death Came Third!’ by many readers, reflected by the emails and comments we have received from people from a range of backgrounds. The book focuses on the basics of networking and presentation skills, giving readers simple approaches to working the room at networking events or giving their first talk.
To celebrate this, we have got together with our network to provide a series of short ‘Basics’ blogs. Over the month of September Andy, Peter and Panoma Press owner Mindy Gibbins-Klein will share a guest blog every day exploring the basics of business, from the basics of confidence and attitude to negotiation and strategy. We have also made the Kindle edition of this excellent book just £1.99 or $2.99 throughout September, so if you haven’t read it yet, get your copy now!
Today property investment expert Simon Zutshi shares The Basics of Wealth Building
There are three basic steps to wealth building. These are:
1) Learn how to make money
2) Learn how to keep your money
3) Learn how to grow your money
Most people believe that all you need to do, to become wealthy, is learn how to make money. However, there are many people who know how to make plenty of money but they don’t become wealthy because they spend all the money they make.
Step number 2, learning how to keep your money, is critical in building your wealth. This involves learning how to legally minimise the tax you pay on the money you make, and also introducing good habits of saving some of your income by spending less than you earn.
Once you have surplus cash, Step 3 is learning how to grow your pot of money by investing it. The 3 main assets to invest in are Property, Business and the Stock Market. I have personally invested in all three of these assets and have made money from all of them and also lost money in all of them. However, my favourite asset is property because you can achieve all three steps in one go. As long as you know what you are doing, and always do your research, you can invest in property which will make you money, there are some excellent tax benefits and your asset will also grow in value in the long term. I love property because you can work once and get paid forever in that you make money every month from your property for as long as you hold it.
Whilst you can make great money from property, it is possible to lose money if you don’t know what you are doing. In my book Property Magic, I explain how to minimise the risk of investing and maximise your return by using the 5 Golden Rules. These are:
1) Always buy from motivated sellers: This is someone who needs to sell and so will be flexible on price and or the terms of the sale
2) Buy in an area with strong rental demand: You need to make sure you easily rent the property out
3) Always buy for Cash flow: Your property must make profit every month after covering all the costs
4) Buy for the long term: The real value is in long term buy and hold due to the capital growth over time
5) Have a cash buffer: have some money set aside to cover unexpected expenses to make sure you can.
Good luck on your wealth building journey. Invest with knowledge, Invest with skill.
Simon Zutshi, who is widely recognised as one of the top wealth creation speakers in the uk, is the author of the amazon No 1 best seller, Property, founder of the property investors network (www.pinMeeting.co.uk), and founder of Crowdproperty.com.