Book Review: Getting Rich your Own Way by Brian Tracy

‘Getting Rich Your Own Way’: Achieve all your financial goals faster than you ever thought possible

By: Brian Tracy

John Wiley & Sons, Inc.

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A lot of books have been written on the topic of financial wisdom. Most of these authors are self-made millionaires (some are even billionaires) and that gives the required confidence to both the authors and readers. Brian Tracy is one coming from such a background (I read that he started working as a laborer and when he became unemployed, he went into sales and the rest as they say is history). 

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This book tells us the ways in which we can work towards our financial goals so as to get them faster. He starts with the psychology of success, and some usual stuff like miracles of compound interests. Then he says “change your thinking, change your life”, telling us ways to become what he calls “money magnet”. At places his methods are conservative, like he puts too much emphasis on saving (different from investing). But then he goes on to investing also and covers it pretty exhaustively. To give an idea, he goes to the extent of suggesting a way to make money like this: buy a house which is in bad shape at cheap price, repair and refurbish it with your own hands, learning carpentry in the weekends and practicing in the evenings, and then sell the house at higher price. The idea is amazing, though the methodology may not be acceptable to all. He also asks us to learn from the best and emulate them.

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I found this book different and unique in the sense that though in the book on financial wisdom, Brian Tracy has actually tried to write a self-help book covering all dimensions of success. After all, if one becomes rich without inculcating the discipline to sustain it, there is no point in achieving it in the first place. I highly recommend this book to all.

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- Rahul 

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P.S.Some Links of interest:

Brian Tracy’s website: http://www.briantracy.com/

Brian Tracy’s blog: http://www.briantracy.com/blog/ 

Book Review: George Soros on Globalization

‘George Soros on Globalization’

By George Soros

Publisher: PublicAffairs New York

George Soros is an American financier, businessman and notable philanthropist focused on supporting liberal ideals. He also appears in Forbes Billionaires at #46 (#18 in United States). His profile at the Forbes website mentions, "He has given away more than $8 billion since 1979 to human rights, public health and education groups. Last year he pledged $100 million to Human Rights Watch, in part to counteract America's loss of the "moral high ground." He's also given away $150 million to Roma Rights. His philanthropic organization, called the Open Society Foundations, supports democracy and human rights in over 70 countries. (Soros is also famous as a strong critic of George W. Bush)

George Soros has written twin-books on his views on Globalization. One is this ‘On Globalization’ and the other is ‘The Bubble of American Supremacy’. In this exhaustive book titled ‘On Globalization’, he expresses his views on topics like international trade, international aid, structural reforms and financial stability. He presents a strong case for Global Open Society and also explains his SDR proposal. He stars with explaining Globalization and its impact, with giving a proper background. He explains how private enterprise is better at wealth creation than the state. But he also presents the negative sides of globalization, especially for the less-developed countries. He says, “Market fundamentalists recognize the benefits of global financial markets but ignore their shortcomings.” He says that economic analyses of the impact of globalization yield mixed results. Yes, in spite of its shortcomings, he says he is a strong supporter of globalization. He says it is mainly because of the ‘freedom’ it offers. He thinks globalization is not a zero-sum game.

In the pages of this book, he analyzes the roles of international institutions like WTP, ILO, IMF, WB, and on agreements like NAFTA, TRIMS, etc. These sections are very exhaustively covered. He asserts his proposal on SDRs (Special Drawing Rights), which is a unit of account for holding countries. At the end of the book he presents a strong case for Global Open Society.

This is a very good book recommended for those interested in international economics and global politics. The book is highly analytical and research based and readability is good.

- Rahul

Book Review: Designing & Managing the Supply Chain

‘Designing & Managing the Supply Chain: Concepts, Strategies and Case Studies’

Second Edition

By David Simchi-Levi, Philip Kaminsky and Edith Simchi-Levi

Tata McGraw Hill

Devid Simchi-Levi is a professor of engineering systems at Massachusetts Institute of Technology (MIT). Phil Kaminsky is Asst. Professor at University of California, and Edith Mimchi-Levi is co-founder and VP of LogicTools Inc, a supply chain planning Software Company. (LogicTools was acquired by ILOG, which was acquired by IBM ultimately.)

This is a very comprehensive book from the authors. In fact I have myself worked on some strategic tools from the pack and could relate with the theory or logic part of the same, as described in the pages of this book. The topics covered in this book are as follows:

Introduction to SCM, logistics network configuration, inventory management and risk pooling, value of information, supply chain integration, strategic alliances, procurement and outsourcing strategies, international issues on SCM, coordinated product and supply chain design, customer value and SCM, information technology for SCM, decision support systems for SCM.

All chapters start with case studies, and the book even have many computerized games, like a beer game, a risk pool game, and an inventory spreadsheet.

A very good book which I wish I had laid my hands on during my MBA. Recommended for all supply chain practitioners, managers and students of this stream.

- Rahul