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Fast Profits in Hard Times – Book Review

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fast-profits-in-hard-times.jpgFast 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:

  1. Investing in Tax Liens and Deeds
  2. Build Wealth Fast with Below-Market-Value Real Estate
  3. Income Trusts and Master Limited Partnerships
  4. High-Yield Equities
  5. DRIPs (Dividend Reinvestment Programs)
  6. Bonds and More Bonds
  7. Options
  8. Foreign Exchange
  9. Tapping Into Cash Flow
  10. 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.


Published or updated February 7, 2008.
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{ 8 comments… read them below or add one }

1 Ron@TheWisdomJournal

Hey, this sounds VERY interesting to me. I think I’ll add this one to the wish list.

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2 Ryan

Ron, I usually give away all my books in contests. Next month will be my blog’s one year anniversary, so I am holding off on giving this book away until then. Be sure to check back! :)

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3 Kirk

As I look at the chapter list, the word diversification comes to mind. While I don’t agree with some of his ideas, particularly options, but owning several different asset classes helps pull you through all investing environments.

I will have to check out the book next time I am browsing at Barnes & Noble.

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4 Ryan

Well, Kirk, I will be giving this book away next month, so hold off a little while before buying it. You may just have a shot at winning it! :)

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5 tracy ho

Glad to know that,

Good Luck ,

tracy ho
wisdomgettingloaded

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6 Minimum Wage

This might just be the most useless book – it’s certainly on the short list – I have ever seen discussed on PF blogs.

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7 Adfecto

Good information but obviously just the tip of the iceberg. I think I’d enjoy the book, but none of those strategies will ever be a part of my core investing. Index funds for the long term. All. The. Way.

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8 Ryan

Adfecto, I agree. This book was very good in high level information, and a great resource for finding more information, but it is definitely not a detailed “how-to” book. It was an interesting read, but these investment strategies won’t be a part of my core investing either. I’m also a big advocate of index funds. Thanks for the comment. :)

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