Fast Profits in Hard Times is about making money regardless of the current economy. With our economy rapidly spiraling into a recession, many people don’t think there is much opportunity to make a lot of money. Jordan E. Goodman, the author of Fast Profits in Hard Times, would disagree.
Jordan E. Goodman is a former Money Magazine journalist and has written several best-selling books. He also makes regular television and radio appearances with regard to financial and investment topics.
In this book, Fast Profits in Hard Times: 10 Secret Strategies to Make You Rich in an Up or Down Economy, Goodman discusses 10 different investment venues that have the potential to bring you good returns regardless of the overall economy.
In his discussion about these ten financial topics, Goodman explains how these strategies work, gives information on how much time and effort are involved, reasonable start-up costs, realistic earnings expectations, investment liquidity, and how to minimize risks.
So, without further ado, here are the 10 strategies:
- Investing in Tax Liens and Deeds
- Build Wealth Fast with Below-Market-Value Real Estate
- Income Trusts and Master Limited Partnerships
- High-Yield Equities
- DRIPs (Dividend Reinvestment Programs)
- Bonds and More Bonds
- Foreign Exchange
- Tapping Into Cash Flow
- Passive Income Strategies
What I liked: My favorite strategies in this book are the DRIPs (Dividend Reinvestment Programs) and Passive Income Strategies. Both of these topics involve having your money work for you instead of the other way around.
The other aspect of the book I enjoyed was the reading lists at the end of each section. This book is a high-level overview of these investment strategies, and not designed to be a stand alone investment guide. The listed resources offer more detailed information about the respective investment strategy.
My thoughts: This book is not for the beginning investor. Most of these topics are complex and risky. Yes, you can make a lot of money with them, but you can also lose a lot more – particularly if you don’t know what you are doing. I think Goodman does a good job of explaining the principles of each of the topics. But just because I understand the principles of flight doesn’t mean I should sit down behind the controls of a passenger plane.
Buy or Don’t Buy: This book is good for a high level understanding of different investment topics, how they work, what it takes to get into them, realistic earnings, etc. But it is by no means a detailed how-to investment book. If you are looking for a book that can give you investment ideas, this can be a good place to start. However, if you plan on investing in any of these areas, I would recommend learning more about them than this book offers. The additional reading lists at the end of each chapter would be a good place to start.