Wondering what is The Money Machine? Want to know if it’s a good investment on your part? Or is it another scam to add to the list?
These questions, and more, will be answered in this detailed review of The Money Machine.
The Money Machine is a book by Philip Coggan sold on Amazon and a few other online marketplaces.
I’ll admit, the book is interesting but it focuses more on financial journalism than actual steps to make money.
Before we dive into what is the Money Machine, let’s look at the creator.
Who is Philip Coggan?
Philip Coggan is a columnist and a capital market editor, based in London, United Kingdom.
- Paper Promises:
- The Money Machine:
- The Last Vote:
- Guide to Hedge Funds
Philip Coggan is a real person with real-life experience, specializing in financial journalism.
In 2009 he was voted Senior Financial Journalist of the Year, in the Wincott awards.
But how can this benefit you? Do his books teach you how to earn money online?
Interested in Creating a Real Money Machine Online:
What is The Money Machine?
The Money Machine can be bought in either paperback or digital format.
Essentially, it’s a guide to the financial sector or London, but the same rules can apply to any economy.
There are multiple versions of this book, the latest one, on Amazon, is the seventh edition.
Interestingly, the first edition was released in 1986!
In this book you’ll find a lot of interesting information about the financial sector.
I did notice there are a lot of complicated terms in the book, so it might not be best for the casual reader.
The purpose of the book is to shed light on how UK financial system works, and how to make it work in your favor.
From a personal finance perspective, there is a lot of good advice in this book.
For example you’ll learn about the four categories of financial assets: loans, bonds, equities, and derivatives.
What We Liked:
I like how the book breaks down complicated financial terms into simple descriptions anyone can understand.
You can find chapters on pretty much any topic in the financial sector, such as:
- Interest Rates
- Foreign Exchange
- United Trust Prices
At over 226 pages, there’s definitely a lot packed into this book.
Personally, I like this history chapters of the book, where you can learn about the earliest banks and how they operated.
It’s quite interesting to see how far we have come since then!
Who The Money Machine is For:
You might be wondering if this book is right for you.
Truthfully, if you’re looking for some quick cash or a way to make some money online, the Money Machine is probably not the right fit for you.
The reason for this is because the book focuses more on offline investment options; shares, stocks, banking and the like.
And it’s more for the individual who wants to build a solid foundation of knowledge in the financial sector.
For example, entrepreneurs or young professionals looking to build a business and list it on the stock exchange.
For financial experts, there probably isn’t anything new in this book.
But for beginners, it’s a really nice guide and introduction to the industry.
Nevertheless, if you plan to buy a house or make an equally large purchase, it’s always best to understand how the banking system works.
For instance, one thing to remember is banks often slap a higher interest rate on people they deem non-credit worthy!
To clarify, if you’re looking for some fast cash, this book is not the right place to start.
Actionable Steps to Make Money:
The Money Machine basically breaks down complicated terms in the financial industry but it doesn’t provide you with an actionable plan.
In my opinion, the best way to secure your financial situation is not by saving every penny and investing in the stock market.
Sure those methods can work in the long run, and saving is always a good idea.
But I think the best way to get out of debt is to figure out how to make more money right now.
Speaking of debt, previously we wrote an article about a student who managed to pay off all his student loans in record time by working online.
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Conclusion on The Money Machine:
So this is my answer to the question “What is The Money Machine?”:
The Money Machine is a guide to financial industry, like a textbook and it has a lot of useful information.
Complicated terms and concepts are simplified so anyone can understand them.
On the other hand, it doesn’t contain actionable steps you can take to fix your financial situation.
I felt it’s more like a textbook that teaches you a lot but doesn’t really tell you how to apply what you learn.
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Thanks for taking the time to read this review! Leave a comment if you have any questions!