I read this book a few months ago when it was released. In fact I bought a pre-release copy. I found it very fascinating. It made the issue of wealth creation something anyone one can do.
The International finance coach Ann Wilson is known as the Wealth Chef because of her ability to help people cook up monetary success. In this book, Ann has laid out a step-by-step guide to creating financial freedom. In its pages, readers will find five recipes for wealth that helped Ann go from having nothing to becoming a multimillionaire. These recipes reveal the secrets to:
Becoming debt-free while simultaneously generating wealth
Getting your ‘wealth accelerators’ working
Increasing your quality of life while reducing your expenses
Focusing on personal goals and tracking successes for rapid results.
Ann takes what she’s learned from her own life and from teaching around the world – from Africa, to Asia, to Australia, to America, to Europe – and gives readers an in-depth yet manageable plan and tested principles to improve their relationship with money.
Reading this book will help you to realize that you can create financial freedom and live the life of your dream. This book will also empower you to throw away the old recipe for success which is: mix together one secure job with a lifelong portion of hard work and sacrifice to hopefully live the dream life after retirement. Instead, Ann in this book will empower you with new 5 receipes for success.
I am also including some of the best amazon reviews to this article to help you make the decision either to buy this book or not.
Amazon Review By Nicholas on 1st Mar 2015
Financial literacy is hugely important in the modern world, but unless you grew up in a family that talked about money, it can feel overwhelming. The Wealth Chef is a great introduction, putting the ideas in a clear terms and using an extended analogy with cooking to explain it.The sooner you start getting your 10,000 hours of investor experience, she points out, the sooner you’ll have this investing business figured out.
Wealth as cooking: there are four wealth flavours (assets, liabilities, income, expenditures) which you need to develop your palate to distinguish, two spices (time and interest rates), and a number of useful kitchen implements (your motivation as a a wealth obsession magnet, income statement as scales). Yeast, of course, is compound interest. The goal is to be a Wealth Chef, not just a cook!
Some first steps: use your last 3 months of bank statements to estimate your expenses, then write up a balance sheet listing all your income generating assets (sadly, your home would not count, and if you’re hoping to retire your job might not either). You are financially free when your generated income is enough to cover all your expenses.
I have a few minor complaints: Wealth Chef uses 8-10% as a conservative interest rate on savings, for example, which is reflective of the historical return on the stock market but not of most people’s portfolios, which are a balance between equity and bonds.
Overall, though, definitely recommended if you’re intimidated by money and like cooking. If you’re an investment banker, possibly not: consider reading guides on how baking cupcakes is like investing instead.
Disclosure: I read it as an advance reader copy.
Amazon Review By Sarah Rehmatullah on 25 Jan, 2015
After years of putting off reviewing my finances, I discovered a website that assisted me to do such. However, as Wilson shares in The Wealth Chef, there is more to wealth than simply saving money. I knew there must be more to wealth, and set about trying to find out more. I began reading the financial pages, thus learning more, yet I was still looking for the keys. I wanted a rapid education on finances and found this in The Wealth Chef. Fortunately, Wilson shares her knowledge in easily understandable steps, complete with diagrams for those requiring visuals. Learn about compound interest, about choosing freedom and rich life experiences now, tips and more…
Due to Wilson’s comparisons to cooking and her numerous analogies, you will find wealth discussed in a refreshing manner that you can enjoy. Downloads of spreadsheets are available through links.
Wilson clearly defines what an asset is, and that which is not (house, car, furniture, clothes, music system, TV etc.) With her encouragement, one feels the enjoyment of taking charge of personal finances. As the author talks about the importance of goals, she mentions that writing your goals down triggers RAS, a network of nerves in the brain that control awareness and attention, either accepting or rejecting stimuli. This then filters reality according to what is most important to you. According to Ebbinghaus, you will also need to regularly review your goals, in order to remember them, and thus manifest the desired reality.
I recall a private session in 2007 that I paid over £75 for, that introduced me to visualising my dreams in order to realise them as reality. I missed how good that session felt, and how it spurred me on in my life, no matter what. Imagine my joy to find such process in more depth in The Wealth Chef. Wilson guides you through every details, until your mind is saturated with positivity and believes the possibility of the new pathway.
Also covered are insurances, which are worthwhile and which to avoid, along with advice on bundling your insurance packages to save money (as the insurance company will often offer discounts).
A point that I was always aware of, but not so much in a grounded sense, is clutter clearing. Wilson states that a vacuum is created, thus more space for flow of energy in your life, and thus more of what you want, more of your dreams! I feel far more determined than ever to shred old paperwork, anything that is absolutely not current, and thus create the space that she describes. I am sure it will make a difference, and I can’t wait to see and feel the flow, and watch subsequent manifestations. I’m sure I will also feel mentally clearer not having to go through so many papers to find what I am looking for. I have already been clearing out other items in my home, but this is a good push in the right direction and stop procrastinating. As all of the other advice is so sound, I feel that Wilson is a person to sit up and take notice of. It worked for her own life, as she is a multimillionaire.
The only time my eyes glazed over was whilst reading about stocks, shares and tracking. I have always found that a good teacher will assist you to expand, usually offering information that you can immediately apply and benefit from, but also information to grow into, so-to-speak, and I feel that this is the case with this section of the book. It is there for when I am ready, but I know about it, and am aware of it. Knowledge is power.
Rita O Effeyota