Using Other People's Money to Get Rich: Secrets, Techniques, and Strategies Investors Use Every Day Using OPM to Make Millions
Author
Desiree Smith-Daughtery
Publisher
Atlantic Publishing Group Inc.
3 Review Copies Left
Using other people s money is becoming an increasingly common practice. In fact, you have probably used other people s money at some point without even realizing it. Even Donald Trump used other people s money to finance his investments. Now, with this book, you too can knowingly use other people s money to increase your wealth. Using other people s money, or OPM, can be a risky strategy, but Using Other s People Money to Get Rich will show you how to downplay the risks, avoid the common pitfalls, and minimize your costs. You will learn about various sources of OPM, including lending institutions, venture capitalists, angel investors, the federal government, investment banks, savings and loan associations, insurance companies, and credit unions. You will also learn how to meet the source s investment criteria, which will help ensure that you acquire OPM for your needs. In addition, you will become knowledgeable about the benefits of using OPM, debt and equity transactions, performing due diligence and research, the short- and long-term costs, and securities laws. You will also learn how to use OPM to pay off debts and invest in paper assets, the stock market, rental properties, and part-time, home-based, or Web-based businesses. We spent hours interviewing investors to learn how they used OPM to make money, and here, we provide you with all the secrets, techniques, and strategies you need to know in order to make millions.
Reviews
Maximize your financial potential using other people’s money.
The true success of any entrepreneur is how effectively they use other people's money to best leverage their strategy. It is often considered the way to wealth, and many entrepreneurs use it effectively to propel their wealth. The author talks about the mistakes she made in her own business. Number one was not taking a salary for herself in her business; secondly, she was unrealistic about asking for enough additional working capital for projects. Minimizing doesn’t get you to your goals! But she loudly and clearly identifies her biggest mistake as not starting her own business with other people's money.
This book will help you focus your opportunities. It will help you take advantage of your options that will build immediate wealth. With the downsizing in corporate
The chapters give you insight into moguls that have successfully used OPM like Warren Buffett, Donald Trump, and Bill Gates. She provides interesting case studies from a broad spectrum of service and industrial businesses that were started using OPM. These case studies are insightful and motivating. It's not only important to have an idea, but to know how to get that vision into reality.
She discusses other sources of OPM other than lending institutions or venture capitalists. She gives you plenty of options.
Desiree Smith-Daughety discusses the benefits as well as pitfalls of using OPM, and how to plan and prepare for the “Shark Tank”-those that fund you.
Of critical importance and interest in this resource is in securing the OPM. What is the interview process like, how can you best negotiate your deal? These chapters are well done, informative and very beneficial to the new entrepreneur.
I particularly liked her discussion on contract considerations and how she familiarizes the novice with the questions that need to be considered. She gives several points on how to manage your OPM in terms of marketing, financial projections, and how to structure your debt.
This is a good resource from a financial aspect as well as a marketing tool and in it she outlines the importance of branding. A whole chapter is devoted to real estate investment.
She also discusses various paper assets such as bonds, stocks, hedge funds, and index funds to familiarize you with these options as part of your OPM management.
This is a good resource and you will take away new ideas for action and execution.
I received a complimentary copy as part of the www.ReviewtheBookTeam.
Reviewed on 04/13/2011 by ReviewTheBook.com Member Kathleen Albertson
Ideally, OPM (Other People's Money)will enable you to gain financial security through investments but it also involves huge risks; one being high interest rates. "The greater they [investor] deem the risk to be, the more interest you will be paying." However, the benefits often outweigh the risks; having access to funding allows you to snatch business opportunities.
This book covers the basics. It not only covers the benefits and risks but it also covers important information such as: understanding investor needs and what they look for; creating a business plan; financing options; negotiating deals; managing OPM; and, real estate investing.
Investing with OPM is a huge responsibility and requires more than just reading this book. "Using Other People's Money to Get Rich" is written in easy and understandable language. For me, the book was too basic but that only means that I've experienced using OPM and already was familiar with the strategies. I was expecting more and didn't get it. However, that said I do believe this book would be a good start for people wanting to know more about using OPM without getting into overwhelm but encourage further research and reading other books if the interest is there.
Reviewed on 04/02/2011 by ReviewTheBook.com Member Irene Watson
