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Review:
Who's Afraid To Be A Millionaire?
Are
you afraid to be a millionaire? Maybe you are and you don't
even know it. At least that's what Kelvin Boston, host of the
PBS show Moneywise, is saying in his new book titled--wait for
it--Who's Afraid To Be A Millionaire?
You
may not be afraid of having money, of course. But you may be
afraid of doing what it takes to be a millionaire, even though
the potential is there for just about all of us, regardless
of our salaries. The world is a financial game, and if you're
not playing, you're losing. More than anything, Boston's goal
with this book is to get the average person to at least consider
playing, by taking the steps necessary to put a plan in place
and follow it.
To
that end, Boston spends the first quarter of the book talking
less about getting money and more about the psychology that
holds people back from financial success (or any other kind
of success). Fear of making decisions, fear of taking responsibility,
fear of leaving your comfort zone, fear of losing money, fear
of old age and death--all these fears and more come into play,
stopping many people before they even start.
Once
Boston feels he's got you on board, he goes through the essential
building blocks of financial success, including creating a financial
plan, managing credit, buying a home, investing/retirement planning,
and insurance.
I
found it interesting that Boston also includes a chapter on
starting a business. Not because it's a bad idea--it's certainly
not--but because even though Boston is targeting the average
person with modest means, encouraging readers to start a business
shows that he also means, well, business. Yes, he wants you
to find financial success regardless of your income, but he
also wants you to stretch yourself to increase your income,
and owning a business may be the most difficult yet rewarding
option of all. To take this step means overcoming perhaps the
biggest fear anyone faces in attempting to become a millionaire--fear
of failure.
While Boston offers various levels of detail on each of the
financial building blocks, it's mostly at a beginner level.
If you're fairly confident on financial matters, you probably
won't find much new here. On the other hand, if you're a newbie,
Boston does a good job of getting you pumped up to do something
about your financial future, then sets you on the path without
overwheming you in detail. Who's Afraid To Be A Millionaire?
isn't about drawing up every play, it's about getting you off
the sidelines and into the game.
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