Book: The 4 Minute Millionaire
Author: Niklas Goke
Review by: Jim Reed, president of YKK Corp. of America
Do not let the title fool you; this book is NOT a get-rich-quick scheme. “The 4 Minute Millionaire” is an incredible resource everyone should read — at least everyone who needs or wants money.
The author, Niklas Goke, is a treasure. Look him up at nik.art and you will understand what I am talking about. This young man from Munich displays a voracious curiosity about many different topics, and he shares what he learns with such love and clarity that even old Gen X’ers like me can understand. I have to credit my wife, Sheri, with finding him for our family. She’s right in thinking he is brilliant. I read this book on her recommendation, and we gave a copy to each of our teenage children for Christmas. It’s one of the best gifts we could give them.
The book summarizes the best thinking from the best thinkers on money and wealth, breaking them down into 44 four-minute lessons. In it, Nik sets the stage early by quoting entrepreneur Naval Ravikant: “Money won’t solve all your problems, but it will solve your money problems.”
Then, for the next 44 chapters, Nik goes on to provide the most salient nuggets from the likes of Buffett, Lynch (Magellan Fund), Kiyosaki (Rich Dad, Poor Dad), Stanley (The Millionaire Next Door), Ramsey (Financial Peace University), and other key leaders of the FIRE (Financial Independence, Retire Early) and crypto communities. On top of that, he provides extensive footnotes to allow for much deeper study on each topic.
The book breaks the chapters into sections, starting with how to establish the right mindset about money, then moving into principles of retirement, budgeting and saving, and finishing with a review of proven investment strategies. Even experienced and disciplined stewards of their money will find many useful chapters in this short work. I found the chapters on crypto and alternative investments especially enlightening and am going through the footnoted sources to bolster my understanding of these new areas of investing.
I did not grow up with a healthy understanding of money or wealth. In addition to my wife, I credit Stanley’s The Millionaire Next Door and Kiyosaki’s Rich Dad, Poor Dad, with helping me learn to better employ the assets at my disposal. I am still learning. I am grateful to have The 4 Minute Millionaire to help me further down the path, especially when it comes to deconstructing outdated ideas of “retirement” (whatever that means), and figuring out how to solve the “money problem” so I can focus on more important and rewarding aspects of life.
See Mr. Reed’s previous reviews here:
Books 2020: The Deeper, More Riveting Story of Paul Revere’s Ride and the American Revolution
Books 2019: A Reminder From Moscow on Appreciating Life’s Bounty
Books 2018: Why We’re Wrong About How Bad Off the World Is
—
Editor’s notes: Global Atlanta will receive a 10 percent commission on any purchase of this book through the links on this page. Bookshop.org also contributes 10 percent of the purchase price of each book to independent booksellers around the United States.
Each year, Global Atlanta asks influential readers and community leaders to review the most impactful book they read during the course of the year. This endeavor has continued annually since 2010.
See last year’s full list of books on BookShop here, and all 2020 reader picks here.
All books were chosen and reviews written independently, with only mild editing from our staff.