Thursday, 1 May 2014
Growing Your Tree of Prosperity (Christopher Ng)
This book is about principles of building wealth as told from the author's, Christopher Ng, point of view. The book covers advice regarding changing one's mindset (in the backdrop of Singapore 2005), creating the $100,000 challenge, and how to continue onwards from that amount of assets.
The book is written like an essay. The sections on the background of the book and changing one's mindset are good snapshots of how some people could have perceived the econimic situation in Singapore, 2005, to be like; the book was published in that period. Interesting to note that some concerns the author had still seem to be around...The author seems to have a very cynical and pessimistic outlook which is strongly captured in his writing. This also explains his challenge to readers of setting the goal of $100,000 which he feels is a more achievable target. His suggested strategy is much more conservative than other books recommend and he advises taking on more risk after $100,000 has been achieved, after other financial obligations have been cleared, so as to have a solid financial safety net. In the later sections, Ng also discusses some strategies to grow one's "prosperity tree".
What I find particularly useful in Ng's book is the section on changing one's mindset, which dissects how we should view money and purchases and also how marketing works to make consumers part with cash. If this section had been expanded, it would have been a very good section.
I found his anecdotes interesting at first, as they served to prove the author's points, but later in the book they seemed included for the sake of it. Overall, Ng's explanations were clear and logical. In my opinion, this book is suitable for ultra-conservative people who are afraid of investments. It would help them to get started as they should resonate with the ideas in the book. Most people should pick up this book for the section on marketing. However, the rest can be skimmed over if you have some knowledge of investing.
Found in NLB: Yes