Money: Know More, Make More, Give More is written by Rob Moore who became a multi-millionaire by setting up his own company in the property sector. Money is an inspiring book, sharing with you simple ideas for managing your money better and how to create a plan to build wealth and become financially independent. As someone who endeavours to become financially independent through self-employment, I found this to be a truly fascinating read, it really opened my eyes to what is achievable and I am all the more motivated after reading this book.
Money is split into sections, beginning with Rob Moore’s own experiences with money. He has experienced both debt and wealth, his is honest in his views of how he judged the rich prior to becoming wealthy himself. This makes him relatable and the ideas in the book genuine. The book emphasises the opportunity we have living in the first world, even the those considered first world poor can create their own wealth, we should consider ourselves lucky when things are put into perspective and appreciate what we do have. I like that Rob Moore challenges a socialists view and shows that anyone has the opportunity to become financially independent, you just need to take the opportunity that a capitalist society offers. It discusses the benefits of a free market, anyone has the opportunity to create and innovate, to start their own business in order take their own earnings into their own hands, whilst still providing value to others. Even if you have socialist views and stick with your views after reading this book, I feel it is important to at least entertain the other side of the argument. In Money, it is recognised that capitalism is not perfect, although it is very efficient and effective, some wealth distribution is required and encourages you to seek a balanced view. I disagree with every one having an equal opportunity to become wealthy, but I truly believe everyone in the first world has an opportunity to become wealthy.
The ‘Disruptive Entrepreneur’
The improvement in technology is accelerating and in turn people are creating wealth at a faster rate. Large corporations are being disrupted with innovative ideas such as peer to peer lending, these types of innovations are growing and we are likely to see more and more over the coming years. The ‘Disruptive Entrepreneur’ is an exciting chapter, it shows how immense the opportunities available to us are as technology becomes more accessible. Crypto-currencies, subcutaneous chip and artificial intelligence leads us to an unknown future, those that can change and adapt the quickest will be most successful. This is what Rob Moore calls the disruptive entrepreneur and teaches you how you can take advantage of these opportunities whilst adding value to others.
Major Money Myths
Rob Moore dispels common money myths that I hear everyday, whether this is among family, friends or colleagues. Money myths such as money does not make you happy or the rich getting richer disadvantages the poor are challenged, compelling arguments are put forward to dispel these beliefs. I think most people would benefit from this chapter, quite often people’s own thoughts and preconceived notions hold them back from being minute successful. The first step to making the most of opportunities that a capitalist society offers is to understand how money and the system works.
What is Money?
This section is all about the value of money, how money moves from those that value it the least (the poor), to those that value it the most (the rich). This makes sense in theory, but this concept is repeated over and over again in Money, the idea that all poor people do not value money. This is a generalisation, I don’t think it’s down to the poor simply not valuing money highly enough, but rather the lack of knowledge on personal finance and how money can work for you. Understanding the value of money is important to pricing your product/service and time fairly, you need to take into consideration that it has taken you numerous years to develop your skill.
Money, Values, Beliefs and Emotions
I think this is a really important section of Money, how your upbringing and family have influenced your money mindset. My spending and savings habits have definitely been influenced by my own parents, reading books and online resources helps branch out and understand different viewpoints. Rob Moore discusses the difference between money beliefs of the wealthy and the poor, dispelling beliefs such as money being the root of all evil, actually humanity is the root of all evil. Money can be used to do good, as many philanthropists do. This is a great chapter that can make you re-consider your beliefs.
How to build scalable and sustainable wealth is explained, it includes a formula for wealth and explains how wealth is created by value, fair exchange and leverage. Any part of a business an be outsourced and leveraged, the trick is knowing when a task is worth your time. The time-money relationship is discussed in detail, how to value your time and decide which tasks should be outsourced to make best use of your time.
Strategies and Systems
Rob Moore goes on to discuss leverage further and how you can use it to scale your wealth in more detail. One of the best suggestions is to find a way to monetise a passion, you’re more likely to be successful if you enjoy spending time building your business. Some of the concepts in previous chapters are repeated but Rob Moore insists this is necessary to truly understand them. There are different ways of earning money such as being an entrepreneur, employee or intrepeneur, the positives and negatives of each are explored in Money so that you can consider which option suits you best and dedicate most of your resources to it. This chapter also includes a five step money management system, this is a viable long term plan that you can implement yourself. It begins with the basics of managing your money such as reducing debt and ends with the ultimate goal owning assets that will produce passive streams of income.