The Millionaire Maker: A review

Last updated on: May 1, 2006 at 5:51 pm by Desh Kapoor

The Millionaire Maker: A review 2006-05-01T17:51:00-05:00 Desh Kapoor

LOGO Patheos Explore the world's faith through different perspectives on religion and spirituality! Patheos has the views of the prevalent religions and spiritualities of the world.

Got my hands on yet another finance planning book written by Loral Langemeier. The premise and the niche that the book identified for itself is that while rest of the authors surmise on how the Millionaires are created, Loral actually has taken up challenges to attempt to create Millionaires out of absolutely normal people – a la Robert Allen. She starts off with the Building Blocks of “Wealth Cycle” which are:

1. Gap Analysis: basically the difference between Current State and Future Desired State.
2. Financial Baseline: This is the Current State position – taking a stock of where you are currently!
3. Freedom Day: The objective or the Future Desired State – where you want to be say, 120 days from now.
4. Debt Management: She has a Five Step Debt Elimination Plan about which you should read in the book itself.
5. Entities: This is one of those things that most of the “Get Rich” brigade trots – i.e.; create a complex maze of LLCs, trusts and S-Corps etc.
6. Cash Machine: Find a way to earn from your existing skills. This is something that required a lot of concentration – because in my view this is the crux of the transition from debt ridden life to becoming a millionaire.
7. Wealth Account: This is base of the “pay-yourself” principle.
8. Forecasting: You need to create a “map” in order to follow it. This is essentially the “budget” which she calls with a different name.
9. Assets: Asset Allocation is the basis of wealth creation. This is very similar to the “Cash Quadrant” of Kiyosaki in “Rich dad Poor Dad”
10. Leadership: If you need to chart a new way for yourself – you need to take lead on it. This is a principle more to get one take charge of his or her’s state.
11. Teamwork: Even though one needs to lead – you cannot achieve anything if you do not have others with whom you can join hands and create synergies. So she – again like Robert Allen and Kiyosaki – calls for creating a team of professionals!
12. Conditioning: You need to create a mind that can create money at any stage.

The author goes through case studies of her erstwhile clients with whom she has worked – all of them representing different “configuration” of life situations. She asks each one the 8 questions:

What is your Monthly Income
What are your Monthly Expenditures
What Assets do you have?
What are your Liabilities?
What Else? (any other info)
What do you want?
What skills do you use to make money?
Are you willing to Create and Execute the Wealth Creation Cycle?

Through the different case studies – I found that the tactical components of the “makeover” were very similar – and everyone involved two major things for additional income – Real Estates (mostly income producing) and converting your skills into some money making business/vocation.

While the latter piece is still a worthwhile endeavor, I am not such a great fan of the former. First, its very difficult to find a good income producing properties and second, given the bubble in the real estate market – this may not be the number one investment solution. Not every one is an expert in this area! I have invested in a rental property and I can easily tell you that its a pain.. in fact a BIG PAIN! Making money aint easy.

So, in my view, this book was a rehash of Allen and Kiyosaki preachings in a new bottle. However, it does have some very useful nuggets – specially on how to follow a discipline.. as well as how to scout for the right business/vocation venture based on your skills. Given below is a glimpse. In any case, I would say that the book is worth at least one serious read!

==========

Your first business should have the following features:

1. Should have low barrier to entry. That is, you should be able to have it up and running and possibly generating real money within 24 hours.
2. Shouldn’t take more than you can allot, though perhaps you can get up an hour earlier eevry day.
3. Shouldn’t take more of your capacity than you can allot, though it will be a stretch.
4. Should diversify your income
5. Should give you a nice return on your investment.

It is important to focus your business and this quote from the book said it well!

“…targets a group, such as the AARP and its database of clients, rather than every person over 55, is going to be more profitable and efficient venture.”

The Business DIrective should include:

Your vision for this business
The Business strategies and tactics employed
A revenue model
Revenue projections
Marketing Plan
Sales Strategies
Your Leadership Approach.

Business

Previous Post

May 1, 2006

Five Month old YouTube is a Hit!

Next Post

May 2, 2006 A Hard Working Iranian and Anti-Illegal Immigration Boycotts.

Browse Our Archives

Select a Category Aarti Achievement and Leadership AfPak Africa Annual and Year-end Asia Audio Australia Behavioural Sciences Bhagwad Gita Bhagwad Gita Blogging Blogs Business Business Intelligence Business Strategy Cannes Careers Chanakya China Conservation Corruption Creative Daily Links Desh Poems Development & Welfare Devotional Audio Devotional Songs Drama Earth Economics Education Entertainment Environment Europe Everyday Quotes Featured Articles Featured Songs Finance Flickr Pictures Food Geo-Political Global Warming Globalization Health & Medicine Hinduism Historic History Humour India Indian Culture Indian music Indian Weddings Israel Issues Legal Link Love Minorities Misc Motivation and Personal Development Movie Lists Movie Reviews Movies Mumbai terror attacks Natural Disasters Nature News Outsourcing Pakistan Parenting Personal Philosophy Poetry Politics Poverty Quotes Recipe Regular Blog Post Relationships Religion Religious/Spiritual Audio Sciences Showcase Slideshow South Asia Special Stories Spiritual Quotes Spirituality Sports Stories Strategy Technology Technology Terrorism Travel Uncategorized US Video Women Women_s Rights Worship Yoga

Select a Month December 2015 November 2015 October 2015 September 2015 August 2015 June 2015 April 2015 March 2015 February 2015 September 2014 August 2014 January 2014 November 2013 October 2013 September 2013 August 2013 July 2013 June 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006 August 2006 July 2006 June 2006 May 2006 April 2006 March 2006 February 2006 January 2006 December 2005 November 2005 October 2005 September 2005 August 2005

TAKE THE

Religious Wisdom Quiz

How many years did Solomon reign?

Select your answer to see how you score.

35 years 50 years 40 years 30 years