I start the blog and my first real post with a book review. Last week I read The Way to My First Million by Tobias Schildfat. The book was interesting and easy to read so I read it in three evenings! Have summarized my thoughts below. Feel free to comment on what you think if you have already read it or if you will read it!
The book “The road to your first million” was first published in 2010, but was published as an updated edition in 2015.
At the beginning of the book
Tobias goes through thoughts on taking control of his own finances and the basics of building his own money machine. He says, for example. that no special talent is required, be extremely smart, or be talented to succeed in building a money machine. It is something that everyone can do, only you have the will and the endurance.
The book addresses some of people’s attitude to money and a fun element is when Tobias talks about the series “Save and waste”. It was in the newspaper Lyckoslanten that many middle school students read in 4th-6th grade. He believes that there is no sister who would be hot investing and explains that we never get the chance to learn how to invest money during our school hours, which I totally agree with! Even if you study economics in high school, you do not learn the subject of MONEY and investments, which is an interesting reflection.
The middle part of the book is largely taken up by the chapter “Build your own money machine”. The book addresses various investment opportunities. If so, start your own business or invest in real estate. But the book also goes a little deeper into equity investments and what options Tobias sees best for you as a reader.
In the last chapters Tobias discusses the possibility of lending his portfolio, guidelines for analyzing limited companies and how it feels to be financially independent.
I think the book is a very personal
Educational and comprehensive when it comes to building a money machine with the purpose of putting the money into work. For the beginner, this is a complete book with very good concrete information and tips.
I personally appreciated the beginning and end of the book most and found that the middle section on the construction of the money machine was good but not as good as the rest.
Especially good, I thought the chapter on mortgaging was when I was wondering if it was something for me. Tobias goes through personal examples of how he did with the loan portfolio and how it helped him to build his money machine faster. The loan will be like a “turbo” but there are some risks with a loan that he also goes through.
The section on investment companies in the chapter
“Build your own money machine” was very interesting and the book shows with the help of graphs and figures that the large Swedish investment companies have outperformed the index significantly during the period 2005-2014. It is obvious that Tobias is very fond of investment companies and that he sees many benefits with them.
To be a book of 180 pages with very good content, the book is extremely affordable as it costs under USD 50. It can be purchased at Bokus for example:
For me it will definitely be a book to put in the bookshelf among my financial books and I will gladly read it again on occasion!