Picked up Safe Strategies for Financial Freedom over the weekend. Really good book. I wish I had read it a few years ago. Its been on my book list for ages but I never got around to buying it.
One of the things I believe might happen is the devaluation of the dollar. This book has also voiced similar concerns[even though it was written in 2003] and it has some strategies to hedge against this. One is to buy gold. Another is to invest in foriegn currencies. And unlike other books which leave you hanging, you tells you how to invest in foreign currencies. It recommends looking in to EverBank for this purpose. This company allows you to buy CDs in different currencies. The 3 month Australian CD offers over 4%, the 3 month New Zealand CD offers 6% and the Icelandic CD offers a whopping 8%.
Another thing the book mentions is that Australia is a gold producing country and we can expect its currency to strengthen against the dollar because of this. It mentions why the dollar is likely to devalue and its pretty interesting. If you invest in the Australian CD through everbank and it strengthen’s against the dollar, not only do you get a 4% return, you also get some capital appreciation.
Also has some good debt reduction tips and offers encouragement to the readers to gain financial freedom.
The authors suggest that you always want to invest in the stock market when interest rates are dropping and get out or short the market while interest rates are climbing. Ok, its slightly more complex than that, but thats the gist. In inflationary times they recommend investing in real estate, gold and collectibles[like rare coins and stamps]. Since I don’t currently invest much in the stock market I skimmed through the section on stock investing. Sounds pretty basic, and they wants you to sign up for some advanced training offered through their websites:www.investmentu.com and www.iitm.com.
On the whole I thoght it was a very good book on general strategies and when to implement them. But don’t be taken in by the simplicity of the strategies. If it was that easy, everyone would be rich!