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Using Other People's Money to Get Rich: Secrets, Techniques, and Strategies Investors Use Every Day Using OPM to Make Millions Paperback – 2010
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If you are a true entrepreneur, just reading the title Using Other People s Money to Get Rich should get your juices flowing, your engine revving, and make your mouth water like there are steaks on the grill and cold beer in the fridge. I could go on all day about a title that good so good I wish I had written it myself. If you are new to the game of investing, let me break it down for you: Using other people s money is the only way to get rich the only right way, that is. Sure, you can bootstrap; you can roll pennies; you can save, scrimp, watch, go without, and suffer all the livelong day but that does not make it right or efficient. In business, there is nothing noble about suffering if you do not have enough money. I have counseled, worked with, and been a bootstrapping entrepreneur since I was 8 years old I learned at the foot of the master, my dad and I can tell you I was struggling to start a business, going without a salary, barely (or not) making ends meet, and wondering when something is going to break through the dark clouds, when someone finally pointed it out to me: You are doing it all wrong. I had reached a point in my business when I simply could not go it alone anymore. I could not expand without fresh, outside capital my cash flow would not be enough. I needed other people s money. First of all, my No. 1 mistake was that I did not take a salary for myself. Do not ever deny yourself a salary. You are not being noble or showing some good faith with this gesture unless you are already financially free, which is when your passive income beats your bills each month without needing to draw a salary from the new business. However, if the most you have ever made in your life is $120,000, and suddenly this job gives you a $300,000 salary, you will not make it past the first potential investor. But smart and ethical investors do not want to see you hurting for a living while you are turning their risk capital into more capital for them. They want you focused on the business at hand, and not focused on how to make rent or the car payment, whilst you burn through their cash for your business. My second mistake: I did not ask for enough money (initially) for working capital. I whittled down the projected expenses and cost of goods sold (COGS) to almost nothing, thinking that if we cut here and there and do not use a napkin for every lunch, we might make it work. I painted an unrealistic scenario in potential investors minds, namely that everything is going to go right, immediately. Thirdly, I showed cash flow too soon. While I knew we could be cash-flow positive in three months, my investment banker friend said, Make it six just in case. Again, thanks to his advice, I wrote the plan that got funded, not the plan of my best-case scenario in business. But my biggest mistake, one I made out of ignorance and vow never to make again, was that I did not start my business with other people s money. As good as the title of this book, it is the content inside the covers that sets it apart. Using Other People s Money to Get Rich: Secrets, Techniques, and Strategies Investors Use Every Day Using OPM to Make Millions is excellent from start to finish. I daresay it is the complete and only guide you will ever need at least until a new form of OPM is invented to get rich in business. I mean that literally. Every which way to get funded in business is in this book. I read it. I loved it. I wish I had it years ago. I will give you one piece of advice that is very hard for an entrepreneur to hear, let alone do: Whatever you read in this book, just do it. Just do it like she wrote it and you will get your money, and you will have your business, and you will be happy you did. And you can thank her (and me) later. --Anthony Migyanka
About the Author
Managing Partner of Mobile Money Minute, LLC
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Top customer reviews
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 America, many individuals have gone off to form their own businesses-some successfully and some not. What are some caveats that you need to learn to best launch your ship?
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 [...]
There is a lot of information in this little guide. There are resources on where to go for loans, researching your proposed business, how to create a business plan, how to approach investors for the loan, and even crafting an exit plan - something most people don't think about when they're just starting a business!
Smith-Daughety gives pros and cons throughout the book, as well as advice from people who have already walked that path and stresses protecting yourself with a contract, no matter where you get your money from. Bottom line? Dream big, plan carefully. The better prepared and educated you are in your chosen field, the better your odds are at being successful.
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.
Most recent customer reviews
"Using Other People's Money to Get Rich", I questioned if this
was really an ethical book.Read more