OPM: Other People’s Money
Sarah Bosch turned in another great short review this week. This time it’s of Michael Lechter’s OPM: Other People’s Money, part of the Rich Dad series.
We all know that cash flow is the basis of every successful business but most people do not have enough start up funds to forge their personal goals. OPM: How to Attract Other People’s Money for Your Investments — The Ultimate Leverage sets out to explain how to make it work. If the thought of being able to build a fortune using other people’s money seems like a dream come true then this book is for you. You’ll create strategies for using other people’s money to leverage your way to financial freedom.
In Michael Lechter’s book, you learn effective strategies for using other people’s money to climb the ladder of financial success. According to Lechter, money is made by acquiring an asset, turning an idea into a fortune, or building a business using other people’s money (OPM). If you have a solid footing on your idea or business goals, OPM is almost always available and this book is geared towards helping us find them, understanding the consequences, as well as realizing the downfall of OPM.
The book also offers in depth descriptions of each type of OPM including where to look for it, motivation for others to invest in your idea, how to avoid pitfalls and different preparation techniques through solid examples.
Although I found this book to be repetitive at times, I finished with a very clear understanding of OPM and answered all the questions I had, before I even had them! It’s a simple concept – find a deal that makes sense and people will want to help you – and the book really drove it home.
This book is a must read for anyone contemplating a new business and is an excellent starting point for the beginning entrepreneur.
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