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Book- The Money Code: Become a Millionaire with the Ancient Jewish Code

Discussion in 'Education, Learning, Books' started by treinjapan, Dec 4, 2012.

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  1. treinjapan
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    treinjapan Contributor

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    Hello fellow fastlaners! :cool:

    Ran across a book the other day on Amazon and decided to pick it up just to see what it had to say regarding Jews being so influential and wealthy throughout history.

    The Money Code: Become a Millionaire With the Ancient Jewish Code: H. W. Charles: Amazon.com: Kindle Store

    Turned out to be a pretty quick and interesting read. One thing of particular interest to me (and us on here) is that he basically says straight up the "Fastlane Strategy" in one paragraph in the middle of the book. "The basic plan is to work really hard for 1-5 years, amass great wealth, and then live off the income from investing that chunk of money for the rest of your days".

    I don't have the text with me at the moment, but using various Biblical texts and Rabbinic commentaries, he explains why and how following those rules/laws/standards leads to wealth. I've been reading the Bible for years, and I can't say I learned a lot of new stuff from the book, but the way he supplements those ancient teachings with actual modern examples is very interesting!

    I recommend it!:banana:
     
  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I approve of this message. (And I'm not Jewish.)
     
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  3. The-J
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    The-J Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    That's an interesting concept. It also produces Slowlane millionaires that retire very early without (1) getting very high paying jobs and (2) without starting a Fastlane business.

    Usually they retire before they become millionaires, though.

    Essentially: go to school, get a job that pays you a nice amount of money, live far below your means, save your money, invest it in actively cashflowing assets, and leave your job once you can live off of AND continue building on your assets.

    This produces people who retire at 35 and become millionaires by 45. Not Fastlane but uses Fastlane principles. I'd say it's smart for about 90% of the population. Many immigrants use this method and it's one of the reasons why immigrant families become so rich. They work hard, save hard, invest hard, and teach their kids to do the same.
     
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  4. OzGrinder
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    OzGrinder Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Mmmmm.. It's hard.

    Let's assume an average 6% pa return on investment, first deduct tax, so to simplify lets just say that leaves us with about 4% ROI. Then factor in inflation (if your living off investment returns then you need to still build your capital to cater for inflation long term by reinvesting some of it) so that's 3% long term average. That leaves you with 1%pa ROI.

    So after tax how much do you need to live on? Let's say 30k minumum in todays $ (doable assuming you already have a house with no mortgage). You're gonna need 3mil.

    So you've got to either increase your investment returns or decrease your tax liability (which you can do by investing wisely, but at some point you're going to need cash flow, which means tax has to be paid). It's doable, but it's very tight, and you have to be willing to live a very modest lifestyle for the rest of your life, and have the discipline not to start living off savings, only the returns (minus tax, minus inflation).
     
  5. The-J
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    The-J Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Never said it was easy. In fact, it's really, really hard. Takes a lot of mental fortitude and education to pull it off. You really have to know your stuff and you really have to have the discipline to stay within your budget as well as stick to your plan.
     
  6. treinjapan
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    treinjapan Contributor

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    Yeah, here's another thing he mentions in the book: one of the reasons many Jews are so wealthy is that they have always put a strong emphasis on education and high-income careers, like doctors, lawyers, etc. Another reason is that many have been business-owners, which is a powerful way to be in control of your own money. Using that launchpad, work hard, make millions, then live off the investment returns.
     
  7. CommonCents
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    CommonCents Silver Contributor Speedway Pass

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    People with both skills of successful entrepreneurs and successful investors are very rare. Most are better off continuing to do what they are good at. Investing is a whole 'nother realm. I've seen many successful business people lose a ton of money investing because they weren't prepared. Many cavalierly write as if investing once you made it, is easy and autopilot.
     
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  8. Rickson9
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    Rickson9 Gold Contributor Speedway Pass

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    As a person who has done both, I agree. Extremely rare to find somebody good at both. But they're out there. I know of a couple. I'm better at investing.
     
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  9. The-J
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    The-J Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Lots of entrepreneurs assume that since they got their business to make a lot of money, they're smart and obviously could make money investing since it's easier, right?

    Not quite. \\\

    It's the same in Chinese culture. Studying and being educated is a must and has been for many centuries.

    I think there was a thread on this. MJ asked why Asian parents always chose a kid's career path for them instead of letting them be happy.

    It's actually got little to do with the kid's happiness or even the parent's happiness but instead has to do with the kid's chance of succeeding. A child has a better chance of succeeding in a profession that is always demanded, like doctors, lawyers and engineers. A parent doesn't really care that much if the kids become rich beyond their wildest dreams but instead would just like to see them in a successful profession.

    I was raised this way but I'm glad my parents were supportive of my decision not to go into engineering (I hear it too much from my dad that I had the brain for engineering lol)
     
  10. theDarkness
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    theDarkness Bronze Contributor Speedway Pass

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    There's a blog called "early retirement extreme" that advocates something like this. The numbers mean that you always have to be making your own soap and eating from your garden and stuff. Not really my cup of tea, but it is an interesting exercise in financial restraint.
     
  11. The-J
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    The-J Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I don't think that's true but the concept is interesting. Mind to link to the blog?

    EDIT: found it. http://earlyretirementextreme.com/ According to this, you can retire in five years by living off of $7,000 a year. That's (kind of) impossible in Toronto as it is in most major cities. You could do it in most places in the US though. This blog is insane!

    You will want to be living for free in your own space to make this work the best, though. Easiest way to do this is to rent with the right to sublet. You won't need to be mindlessly frugal but having a car any better than a 1995 Toyota Corolla (a wonderful car, by the way) is not an option. You will need to be increasing your assets multiple times per year, eventually getting to the point where you are buying many assets per month.

    Mind you, it's almost impossible to do this with a family (it CAN be done, which is pretty much a given for, well anything). A bachelor can retire at 35. The higher your earned income, the easier this becomes, so using this method, someone making low sixes can retire in seven years and be a millionaire in ten.

    If there are any college students or recent grads on your way to making six figures, don't count on this method unless you have the rock-hard discipline and the financial savvy, both are learned. Personally, I'm not counting on this method (I'm not that disciplined!) but will be using some tactics from it in the very near future. I'm aiming to live rent-free by the beginning of 2014 and I'm not buying a car until it becomes an absolute necessity.
     
  12. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    c94edec12e12dae9be2e99ef7d7001dd.jpg
     
  13. The-J
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    The-J Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    tumblr_m4bxpxlZwa1qakgigo1_400.jpg

    Anyway... :groove:
     
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  14. Graham Chong
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    Graham Chong Contributor Read Millionaire Fastlane

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    I would love to read the thread because I can really resonate with that statement.

    I am a Chinese Malaysian. My parents didn't force but encouraged me to choose medicine, so here I am, currently a final year medical student.

    I'm glad my vast range of interests outside medicine led me here.

    P/S: If you hate conventional education especially examination, blame the Chinese - we invented written examination more than 2000 years ago :p
     
  15. Graham Chong
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  16. Lights
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    what is consider "nice amount of money"?
     
  17. The-J
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    The-J Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Depends solely on where you live. "Nice" in Manhattan is different than "nice" in east Texas.
     
  18. 100k
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    100k Silver Contributor Read Millionaire Fastlane Speedway Pass

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    As MJ said... be a lender! :)

    Amass 10mil.... lend it out for 5% - 10%... and you would be getting $500k - 1mil a year. That should be enough income to live well and still be able to put some of that income aside (for a little higher risk investments).
     
  19. Toao
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    Toao Contributor Read Millionaire Fastlane

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    Totally with you. For those who doubt if they have the will to life on 30K passive income, just double that income until you feel you're willing to be able to live on it :)
     
  20. NNR
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    NNR New Contributor Read Millionaire Fastlane

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    Asians are rarely rich though

    I think it's probably because of the communist nature of china and neighboring countries. Those places don't have much of an emphasis or veneration for industry and business. It's more education based seeing as that's the measure of hierarchical success, not necessarily money since the government handles most of the infrastructure and that tradition was just passed on.
     
    Last edited: Jan 10, 2014