Book Review: Financial Freedom

Stories and adventures about my experience investing in mobile homes.

Book Review: Financial Freedom

(Note: Recently, I’ve had a lot of folks contact me asking what the difference between some of Lonnie’s as well as other mobile home investing materials out there and which one I’d recommend the most. So, I’ve decided to go ahead and start a new series of posts – book reviews.)

Since reading the book Rich Dad, Poor Dad got me into real estate investing in the first place (including teaching me the concept of financial freedom and passive income), I decided to check this book out. It has a few tidbits and updates to what I’ve already learned.

(Note: The forward in the book is written by the author of Your Money or Your Life, another good book to check out. Thanks for reading!)

Who This Book Is For

The author of the book is the creator of Millennial Money: a website dedicated to helping millennials understand personal finance. So it is really meant for those just starting out who are learning about personal finance and investing.

With that being said, even if you are not a millennial you may benefit from reading this book. Not everyone has learned these concepts at a young age. There are others who are older and who may also just be starting out.

Since I’ve read a lot of books on personal finance (as well as real estate investing), there were concepts I’ve already read about. Though, there were also a few ideas to me that are new which the author goes into detail.

Here’s what you’ll learn:

Video Link

What I Got Out of the Book

The book is designed to start making you think about the concept of financial freedom. It shows you different paths you can take to get there. Not just as an investor but also as an employee while you work to get to your goals.

(Note: There’s a section on salary negotiation which I found interesting.)

Also, there’s a chapter specifically on real estate investing. The author makes the case to invest in real estate. He also mentions the route of “house hacking”
(which I’ve never done) to help cover housing costs.

Through the years, I’ve met many real estate investors who have taken this path. I’ve considered it but personally did not think it could work for me. Depending on your situation, it may or may not be a route for you. It’s different for everyone!

Apart from the personal finance and investing side of things, the book gets you into the mode of thinking about financial freedom. It gives you many ideas including stories of how others got there.

There’s also a section on what you can do to increase your income outside of work. It really gets you motivated to do something and change your situation for the better.

Conclusion

If your goal is financial independence, you may benefit from reading this book. It’s a good starter book for those who have not read too much about personal finance and/or investing.

Even if you’ve read a lot of articles and listened to podcasts on the subject, nothing beats reading a book where the information lies in one place. From beginning to end.

For those who’ve read many books on investing and personal finance (like me!), you may want to check it out as a starting point for others you know who may not have the knowledge. Definitely worth checking out!

(Note: If you’ve read the book, let me know what you think. I’d love to hear your thoughts on it. Thanks for reading!)

Before I go, I’d like to share with you a funny Saturday Night Live skit I recently saw on the subject of money and the way different generations view it. Here’s the video:

Video Link

I hope you enjoyed watching the video and reading this book review. With the high amount of requests for my opinions on these, it’s something that I’ve decided to start doing from time to time.

Happy investing!

p.s. Before I go, I recently wrote an article here on the realities of real estate investing. Thanks for reading!

(Disclosure: Some posts may contain affiliate links.)

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