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Noel Whittakers New Book

Discussion in 'General Property Chat' started by Pursefattener, 26th Dec, 2015.

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  1. Pursefattener

    Pursefattener Well-Known Member

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    I was thinking of purchasing his new book , ' 25 years of Whitt and Wisdom '

    Just wondering if anyone has read it yet and what they thought ?
     
  2. Xenia

    Xenia Adelaide Property Manager Business Member

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    Who?
     
  3. Coota9

    Coota9 Well-Known Member Premium Member

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  4. CU@THETOP

    CU@THETOP Well-Known Member

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    I am conflicted on Noel. He authored the 1st financial book I read " Making Money Made Simple" but many of his ideas were both unsophisticated and seemingly an adjunct to his Financial Investing business. The recommendation will always be buy in a managed fund (so I get my commission) and reinvest dividends- effectively what my industry super does and we all see how that went in the GFC..

    I'm sure the latest book will be a rehash plus some wisdom in hindsight but not much real insight into wealth (and trailing commission) creation above the managed investment fund and super routine.

    I read his columns on occasion in the SMH which seem to be predominantly scare tactics to generate business from wealthy old folk.

    Would like to be proven wrong on all of the above though.
     
  5. Leo2413

    Leo2413 Well-Known Member Premium Member

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    If you want to increase your knowledge in a specific area and improve your chances to create wealth, IMO the book is a waste of time.
     
  6. Chilliblue

    Chilliblue Well-Known Member

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    Exactly what are you looking at learning about as the forum could provide you with recommendations.
     
  7. HUGH72

    HUGH72 Well-Known Member

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    A little harsh IMO.
    Making Money Made Simple was one of the first financial education books I read and I will be getting another copy for my oldest son before he gets much older.
    He became very well known at least in Qld in the 90s with some of his ideas like paying $12 per thousand per month off your home loan will pay it off in 10 years. Or the rule of 72 showing that expecting properties to endlessly double every 10 years is BS.

    His first book covers many of the basic concepts like CGT, depreciation, tax, estate planning and trusts at a concept level. No it won't advise you to leverage aggresively into property but his advice does include property as a wealth creation vehicle.
    Testimentory Trusts, the implications of receiving an inheritance, superannuation and shares are all covered.
    Yes he owns a large financial planning business, there is an emphasis on the sharemarket, managed funds and super but its still a decent starting point for most people.
    If someone is looking for multi unit development advice or how to grow a 30 property portfolio in 10 years then look elsewhere.
     
  8. Pursefattener

    Pursefattener Well-Known Member

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    Back in 1986 when that first book came out I was only 20 and read it several times . It was a huge seller In it's time and provided basic advise on money management in an easy reading style .

    A few of his later books I have picked up second hand over the years.

    You could do a lot worse !
     
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  9. adrian_christian

    adrian_christian Well-Known Member

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    Was the first finance book I read at 12. I loved the "letter to your parents" at the end where you get to "win" $500 from your parents... Those who have read the book will know what I mean.

    Learned the rule of 72 for the first time in this book, learned about what super could look like in 40-50 years time (wow that was a real eye opener).

    Looking back it doesn't have the specifics that forums like these have, but I remember most of its contents so it must have made its mark, and not just in property, across all asset classes.
     
  10. wylie

    wylie Moderator Staff Member

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    I was always annoyed that he didn't often seem to promote property when giving financial advice (no commission for him?) but have heard by those who knew him in the early days that property is how he made his first fortune.

    His house would be worth more than our total holdings.
     
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  11. moyjos

    moyjos Well-Known Member

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    His advice has just not been relevant to my situation over the last 25 yrs.

    I have never worked for a large company that paid super or have been able to salary sacrifice. His advice bears almost no relevance for those of us that are self employed sole traders.

    It seems to me that he writes for the sheeple that read the Sunday paper. ( and hey that paper is who pays his "marketing " for all those books)
     
  12. twistedstats

    twistedstats Well-Known Member

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    I do read his columns out of interest But the questions and advice seem to be directed more at those closer to retirement.

    To be fair, he also recommended some index ETF's for which he gets no commission.
     
  13. HomePage

    HomePage Well-Known Member

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    I read Noel Wittaker's first book in my early 20's. It gave me financial literacy and set me on a path to achieve financial independence way before my peers. You could do far worse than take the advice of this bloke.
     
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  14. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Financial planners do not get commissions these days, other than for insurance.

    I reckon his books are good and worth getting at least a couple.
     
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  15. wylie

    wylie Moderator Staff Member

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    I thought his books were good, but back when you just could not get financial advice that was paid by time (and not by commission) he never seemed to recommend getting into property, even though he made his fortune that way. And not just him... every financial planner we ever saw was the same. Property never got recommended. We ignored them all and stuck with property.
     
  16. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    No, your right. In the past there were huge commissions on managed funds etc and this surely influenced those selling, or providing so called advice.
     
  17. Pursefattener

    Pursefattener Well-Known Member

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    There is another of his books that I'm thinking of buying .

    Winning property tax strategies .

    Seems no one on here reads his books ? Evidently he has sold over two million titles so someone must ..
     
  18. S1mon

    S1mon Well-Known Member

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    his 'saving tax on investment property' (or something along those lines), that i read about 10 years ago, was a really good intro / basic and simple to read into to the tax side of it. i still have it and lend it to people at work when they buy their first IP.
     
  19. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Excellent book, the chapter on trusts and asset protection is not good, but the tax side of the book is great. Obviously written by Julia Hartman with Noel tagging him name along for the ride.
     
  20. Pursefattener

    Pursefattener Well-Known Member

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    Thanks , I have a heap of books on personal finance , business and general finance matters . I enjoy re reading some of Noel's books occasionally due to the relaxed and plain speak they contain .

    If a book has a heavy style I'm inclined to put it down .