CPCM book - Certified Professional Contracts Manager (CPCM) 2023 Updated: 2024

• Business Insider rounded up book recommendations from successful investors and entrepreneurs.
• One top pick is 'Richer, Wiser, Happier,' in which the author did hours of interviews with 'super-investors.'
• A timeless classic recommended by multiple investors is 'Rich Dad Poor Dad.' 

If you set some 2024 business or financial goals and need a dose of inspiration to achieve them, the right book could do the trick.

To help narrow your search process, Business Insider rounded up book recommendations from financially independent investors, business owners, and entrepreneurs.

Here are five of their favorites.

Erik Smolinski has been practicing about finance since high school when one of his teachers recommended he look into investing, and he never stopped self-educating. His practicing habit helped him get to where he is today: At 32, he has a seven-figure investment account balance and has a majority stake in several commercial real estate properties.

"Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life" by William Green

One of his favorite investing books is "Richer, Wiser, Happier," written by the financial journalist William Green, who did hundreds of hours of interviews with "super-investors," from Charlie Munger to Jack Bogle. They let Green in on how to build wealth, how they think, and why they win.

"This is probably one of the better books people could read about general mindset," said Smolinski, who says he finished Green's book in less than 24 hours.

"The E-Myth" by Michael E. Gerber

If starting or growing a business is one of your 2024 objectives, consider picking up a copy of "The E-Myth."

This recommendation comes from bookstore owner Adah Fitzgerald, who receives 2,000 to 3,000 books weekly to place on the shelves of Main Street Books in Davidson, North Carolina. She is quite literally surrounded by books — and reads about one a week.

When asked about her top choice in the business book category, she cited one from small-business consultant Michael E. Gerber.

"There are a million business books, and 'The E-Myth' is brilliantly simple," said Fitzgerald. "It's not rocket science: There's a specific set of things that have to get done in order to run your business."

"How I Turned $1,000 into Three Million in Real Estate in My Spare Time" by William Nickerson

Financially independent real-estate investor James Berkley estimates that he's read over 30 real-estate books.

His favorite is one by William Nickerson, who started buying real estate in 1936 and ultimately made millions of dollars from his investments.

Nickerson wrote a handful of real-estate books, the first of which came out in 1959.

Berkley read a later edition of Nickerson's book early in his real-estate investing journey, which started as a side project while working full-time on Wall Street in the 2010s. It validated his belief that real estate could be a path to wealth.

"Sell It Like Serhant" by Ryan Serhant

Volnay Capital founder Ricky Beliveau didn't consider real estate a viable career path until he took a real-estate finance class as a senior at Northeastern University. He has his college professor to thank for launching his successful career in development — and he has continued to self-educate since graduating.

One of Beliveau's top picks is "Sell It Like Serhant," by Ryan Serhant, a real-estate broker, investor, and the star of "Million Dollar Listing."

While Serhant has built his career around real estate, his book is for any professional looking to get ahead. The success principle that most resonated with Beliveau while practicing Serhant's book doesn't necessarily have anything to do with real estate: It's what the author calls a "balls up" mindset."

He talks about having 'balls in the air,'" said Beliveau, and those balls represent different business or income-generating opportunities. "Picture juggling 100 different balls. Some of those balls need a lot more care because those are the most important leads or the most important things you're working on, but if you're just juggling one big ball and it falls or goes away, you've got nothing else to do."

​​When you have "more balls up," as Serhant puts it, "you're surrounded by opportunity and you're taking advantage of those opportunities at the same time — you're making new contacts, gaining great referrals, and maximizing the hours you're awake."

Serhant believes it's possible to juggle multiple deals or opportunities simultaneously. "So, why grab just one ball when you can handle five or more?" he writes. "Go big."

"Rich Dad Poor Dad" by Robert Kiyosaki

This timeless classic by Robert Kiyosaki is a favorite among real-estate investors and early retirees, including Mike Zuber. He quit his day job in his 40s thanks to his lucrative real-estate portfolio.

After losing nearly his entire nest egg to day-trading stocks, Zuber wanted to explore alternative ways to invest his money, so he went to a bookstore to look for investment books. He was drawn to "the only purple one on the shelf," he said, which was "Rich Dad Poor Dad."

"I grabbed it and ended up practicing it over and over, 10 to 15 times, just because it was so different from anything I'd ever read before," he said.

One of Kiyosaki's main points is that the wealthiest people focus on building assets, which changed how Zuber thinks about money: "I'd never really had a conversation about how money works and how the rich get richer by owning assets."

Opinions expressed by Entrepreneur contributors are their own.

Saint Johns, United States - December 22, 2023 —

CQ Consulting Services, under the leadership of founder and CEO Chris Quintana, has announced the introduction of cutting edge strategies aimed at revolutionizing the way individuals manage and grow their wealth. This innovative approach is designed to empower clients to achieve financial freedom and security through smarter, faster, and safer financial practices.

Chris Quintana, a seasoned expert in personal finance, has been at the forefront of advocating for financial literacy and independence. Her journey, fueled by personal experiences in navigating the complexities of money management, has led her to develop a unique methodology that challenges traditional financial paradigms. “It’s about flipping the script,” Quintana asserts. “We’re here to expose the secrets that banks and traditional financial institutions prefer to keep hidden, and equip our clients with the tools they need to thrive financially.”

At the core of CQ Consulting’s strategy is the proprietary Financial Freedom Formula, a system meticulously crafted by Quintana. This formula is not just a theoretical concept but a practical, actionable plan that promises to guide clients towards financial freedom within a span of three to seven years. The approach is highly personalized, taking into account the individual needs and goals of each client, ensuring that the advice and strategies provided are as unique as the clients themselves.

The services offered by CQ Consulting are comprehensive, covering a wide range of financial aspects including estate planning, tax strategies, retirement planning, and investment consulting. Quintana’s team, boasting over 300 years of combined experience, works collaboratively to provide holistic solutions for their clients. “Our strength lies in our collective expertise,” Quintana explains. “We bring together the best minds in each aspect of personal finance to offer a service that’s unparalleled in the industry.” 

Quintana and her team use innovative strategies to help clients maximize existing resources and generate more cash flow. One of their signature offerings is the Financial Freedom Formula, a proprietary system that Quintana claims can lead to financial independence within three to seven years.

But CQ Consulting doesn’t just offer generalized advice – the team customizes solutions based on each client’s unique needs and goals. From estate planning to tax strategies, Quintana assembles specialized teams to cover all bases. “Our team approach allows you to benefit from over 300 years of combined experience in serving people just like you,” Quintana said.

And Quintana’s professional partnerships have expanded CQ Consulting’s capabilities even further; they all share Quintana’s passion for empowering clients and offer services like estate planning, retirement planning, investment management, tax planning and much more.

Quintana also spreads her message through speaking engagements and her international bestselling book “The Less You Know the More They Make- You Can Flip That Script.” She hopes the book will open readers’ eyes to the tactics banks and government use to profit off lack of financial literacy. Quintana packs the book with insider secrets about money management that mainstream institutions don’t readily share.

When she isn’t working directly with clients, Quintana is giving back through humanitarian work and volunteering in several third world countries. She has also traveled to Indonesia and spent time with endangered wildlife in their natural habitats. These experiences drive Quintana’s philanthropic efforts and motivate her service.

Quintana’s career in finance started back in 2009 when she founded her first company, Q&M Properties LLC. She went on to launch the Financially Sassy Women’s Club and Financially Sassy Coaching before ultimately founding CQ Consulting Services in 2020.

Throughout her career, Quintana has lived by principles of integrity, excellence, and empowerment. She is driven by loyalty to her clients and passion for her mission of financial freedom. Quintana has helped countless individuals and families optimize their finances, build wealth, and gain peace of mind.

“You deserve to work with a financial professional who will not only address your specific money needs but will also educate, empower, and inspire you,” Quintana said. Her innovative programs like the Financial Freedom Formula combined with her commitment to personalized service give clients a roadmap to financial success.

With her unique approach and commitment to empowerment, Chris Quintana and her team at CQ Consulting are charting a new course for financial success. Quintana is flipping the script on traditional finance, arming her clients with insider knowledge and customized strategies. Instead of struggling in the dark, Quintana’s clients can take control of their money confidently.

If you’re looking to optimize your finances and design a personalized short path to financial freedom, Chris Quintana and CQ Consulting offer the education, guidance, and support needed to gain financial freedom once and for all. Quintana’s innovative programs deliver results by maximizing existing resources instead of requiring unrealistic budgets.

Don’t wait any longer – take control of your financial future. Chris Quintana has the strategies and knowledge to help you keep more, make more, and live more starting today.

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Organization: CQ Consulting Services
Website: https://cqconsultingservices.com

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Capital One Financial (NYSE:COF) now has a valuation that exceeds the valuation from before the financial crisis in the first quarter, which means shares have fully revalued. After the collapse of Silicon Valley Bank in Q1'23, regional banks sold off heavily, resulting in exceptionally attractive buying opportunities back then. Capital One Financial is now trading much closer to book value, despite the bank likely seeing considerable net interest margin headwinds in FY 2024 after the Fed said that it would end its tightening policy. I have sold out of all of my bank holdings and continue to see growing risks for Capital One Financial!

Previous rating

I recommended Capital One Financial at the onset of the financial crisis in the first quarter and lowered my rating to sell in July due to my concerns relating to rising credit losses in the bank's core business, credit cards. Capital One Financial is a very consumer-oriented bank with considerable exposure to credit cards and, therefore, is vulnerable to a rise in loan defaults. Since Capital One Financial’s shares have since revalued to the upside again and now trade very close to book value, I believe the risk profile has further deteriorated.

Challenges to net interest margins

Capital One Financial reported $7.4B in net interest income in the third-quarter, showing 4% quarter-over-quarter growth due to growth in its credit card portfolio and higher yields. However, the bank’s net interest margin declined 0.11 percentage points on a year-over-year basis to 6.69%. Going forward, given the Fed’s announcement that it would pivot in terms of interest rates in 2024, Capital One Financial’s net interest margin is set to come under further pressure, despite its comparatively high yields achieved from its credit card portfolio. As a result, I expect a changing interest rate landscape to result in lower bank profitability and capital returns for shareholders.

Focus on credit losses

In my July work, I mentioned that the lender had a high level of credit provisions which posed a challenge for the bank’s profitability, especially if the U.S. economy headed for a down-turn.

In the third quarter, Capital One Financial’s credit provision situation did not deteriorate, but it also didn’t get much better. The bank reported credit provisions in the amount of $2.3B, compared to $2.5B in the second quarter. The majority of credit provisions, again, occurred in the credit card business, which represented $1.95B or 84% of total provision expenses in Q3'23. In the second quarter, Capital One Financial's credit card business required $2.1B in provisions (83% of the total). In other words, the credit card provision trend did not deteriorate most recently, but the situation could get a whole lot worse for Capital One Financial if the U.S. economy tanks in 2024 and loan defaults rise.

Capital One Financial is now trading near its long-term P/B ratio

Capital One Financial is a sell for me chiefly because of a strong revaluation of the bank's shares to the upside which happened in the context of the Fed pivot. Capital One Financial’s shares have historically sold at a discount to book value which is due, in my opinion, to the lender focusing chiefly on its credit card operations which are cyclical in nature and tend to generate rising loan defaults in a down-economy.

Currently, shares of Capital One Financial are trading at a price-to-book ratio of 0.92X, which is slightly above the bank's three-year average P/B ratio of 0.87X. Since a full revaluation has taken place in the last two months, I believe that, given the Fed pivot context, Capital One Financial has an unattractive risk profile. Other mid-sized lenders like PNC Financial (PNC) and U.S. Bancorp (USB) have also seen strong re-ratings, indicating that investors are now overly exuberant following the Fed decision from earlier this month. Since U.S. Bancorp and PNC Financial are more diversified than Capital One Financial (non-core credit card focus), these rival banks are selling at much higher price-to-book ratios as well.

Risks with Capital One Financial

The risks here chiefly pertain to continual upside potential for banks even if the Federal Reserve lowers interest rates. This could be the case if the U.S. economy retains its good constitution and Capital One Financial, which is oriented towards consumers through its vast credit card operations, avoids a rise in loan defaults. However, even in this scenario, I would not recommend shares of Capital One Financial due to valuation considerations and the general cyclical nature of the credit card business.

Final thoughts

Capital One Financial, after such a strong increase in pricing, especially in the last two months, remains a sell, in my opinion. The credit card-focused lender is set to see a changing interest rate landscape in FY 2024 which should further erode its net interest margin outlook. Also, shares of Capital One Financial now trade above their 3-year average price-to-book ratio, a fact that in my opinion is related to investor exuberance following the Federal Reserve’s announcement that it would start to cut interest rates soon. With shares now trading close to book value, I believe the risk profile is not attractive at all and my rating on the credit card lender remains a sell!

TFS Financial Corporation (NASDAQ:TFSL) is a retail bank that collects deposits and issues loans to individuals such as mortgages. The bank has been around since 1938 and it's still run by the Stefanski family which founded it.

The bank's stock has a unique structure. It has two ownership groups. First is the Third Federal MHC and the second is Minority Shareholders which would be people like you and me who buy the stock in the market. Back in 2007, the stock ownership structure was two-thirds for MHC and one-third for minority or retail investors. By 2023, MHC's ownership rose to 81% and minority ownership dropped to 19% through share repurchases. Why is this information important? Because due to the company's unique structure, it pays dividends to only minority investors.

This creates a unique situation for the investors of the company. If less than 20% of shares are eligible for dividends, that means there are more dividends to go around for each share. The company can basically pay 4x the dividend per share that it normally could if it paid dividends for all shares. This is why the company can support a dividend yield of 8% comfortably when most of its peers can only support a fraction of this yield.

The bad news is that the company hasn't hiked its dividends for a while so this may be more suitable for high-yield income investors than dividend growth investors. After raising its dividends for several years in a row, the company set its annual dividends at $1.13 and it's been there for a few years now.

When you look at the company's dividend safety numbers, you might see some scary numbers but again it's explained by the same reason. It appears that the company's dividend payout ratio is as high as 418.5% which means the company is distributing more than 4x times the amount of money it's making but keep in mind that the company pays dividends on only 18% of its shares so the real payout ratio is much lower. In fact, the company's dividend payout ratio is closer to 75% when you account for this unique dividend practice. It could even get lower in the future if the company continues on with its practice of buying back minority shares and reducing their overall percentage as it's been doing since 2007.

Because of its unique share structure, when the bank reports earnings, it reports earnings and book value in two ways. For example, as of the company's last report, it reported GAAP earnings of 27 cents per share as well as $1.41 per minority share in the last 12 months. When you keep in mind that the company was paying $1.13 per share in dividends, the first number makes it seem like the dividend is far from sustainable whereas the second number actually shows that the dividend is easily sustainable. The same is also true for the company's book value. Its book value is either $6.87 per share or $36.20 per share depending on whether you are looking at all shares or minority shares only. According to the first metric, the company is trading at more than 2x its book value whereas according to the second metric it's trading at slightly more than one-third of its book value.

If we look at the company's metrics by minority share, they have been more or less stable over the years. After earning $1.62 in 2018 the company earned $1.53 in 2019 and $1.59 in the next year. 2022 was the company's worst year in recent history but it still managed to earn $1.36 and 2023 seems to be on the way to recovery to $1.41. Unfortunately, we are not seeing much growth in this metric which also explains why dividend growth has been absent in recent years even with all those share repurchases reducing the number of available minority shares. If you account for the fact that the company's minority shares have been declining, you can also notice that its EPS has been on a slight decline as well. While this doesn't mean that the current dividend is not sustainable for the time being, it could mean that its dividend might not get a hike anytime soon until its earnings start growing.

You'd think that the company would make far more money in the last 2 years since rates for loans and mortgages have been rising but the company's mortgage originations have been actually down significantly. In the fiscal year 2023, the company posted $1.86 billion in loan originations and purchases, down almost half from last year's $3.6 billion. This kind of makes sense considering that demand for mortgages dropped significantly as mortgage rates rose from 3% to almost 8% in as little as a year while home prices didn't drop by much, making homes significantly less affordable for most people. Still, 50% is a pretty drastic drop and investors will have to keep an eye on this number moving forward.

Since last year, the company's deposits grew from $8.9 billion to $9.4 billion while its net loans grew at the same rate indicating a loans to deposits ratio of 160% or a leverage ratio of 60%. The company's total return on assets and return on equity dropped slightly but its net interest income rose slightly to make up for this. The good news is that the quality of the bank's loans continues to hold up with a total percentage of non-performing loans dropping from 0.23% to 0.20%, indicating that it's able to collect payments from 99.8% of the loans it holds. This is especially important because interest rates have been rising significantly and more than one-third of the company's loans are at a floating rate which means they would be affected by rate increases significantly. One would think that when interest rates to higher, the percentage of non-performing loans will increase because more people will have trouble with servicing their loans but it hasn't happened yet at this bank as of last quarter.

When calculated by minority ownership shares, the stock trades at a P/E of 10 which is slightly higher than most regional banks. Typically regional banks trade at a P/E range of 6-10 and this bank falls into higher end of that range but this is mostly because of the rally we've seen recently in this stock's price. I wouldn't call this bank expensive but it is closer to the higher end of the normal range for sure.

With its unique structure of dual ownership and only paying dividends to minority owners, the stock presents an interesting opportunity for income investors who appreciate high yields but keep in mind that this might not come with much dividend growth. Also, if the company were to change its ownership structure or decided to start paying dividends to all owners, the current yield would drop significantly and you might be looking at a dividend cut of as much as 80%. As of right now, the risk of this happening is very small and the company is committed to paying dividends to only minority holders but this is not guaranteed forever. It actually gets voted and majority holders are actually asked to waive their dividends which they have done so far and are likely to continue doing so.

Also, since this is a regional bank, the risk of it getting affected in the future by a slowing economy or a recession is much higher than bigger banks with much bigger resources. Last year we already saw several regional banks fail but again those banks were making leveraged bets on bonds which this bank doesn't really do. This bank is more interested in the retail side of things where it collects deposits and issues loans and its leverage ratio is quite manageable for now.

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