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Free Book Summary – One Minute Millionaire – Written by Mark Victor Hansen and Robert Allen
This book is a New York Times Best Seller and I can see why. If you are not familiar with the authors, they are hitters. Mark Victor Hansen is the co-author of Chicken Soup for the Soul with Jack Canfield. This book and series has sold over 65 million copies. That is absolutely unbelievable. I read one of Robert Allen’s books in the late 90’s called Multiple Streams of Income. It was then and it is a great book and more relevant now than ever. Think about it. Years ago, one person could work and support the family and then both spouses had to work to support the family. In times like these, two working people are not enough because of the working conditions and the price pressure of living costs. Multiple Streams of Income shows you the power to make your money work harder than you do in multiple areas. I will profile the book in an upcoming summary.
Why is this important to me? Asking you to read a 400 page book is a tall order and a request for your time. So I want to make sure it’s worth it for you to do so. In my humble opinion, this book is worth the time. It is set up for complete mind retention. What this means is that it is two books in one. The left side of the book is the nuts and bolts and the left brain stuff that shows you how. The Right side of the book is the right brain stuff that shows you a heartfelt story, the principles at work. This makes it more recognizable to the reader. These two authors have a personal mission to create 1,000,000 millionaires. It is a long vision that appears to be a gimmick. This is not a gimmick. You will find that the principles are good and easy to follow. One thing that motivates people is incentives. The stronger the pain, the greater the incentive to heal it. This is a key part of success and it is reflected throughout the book.
3 This book is full of information as well as an excellent story to illustrate the concepts. For the time being, I will chat about the Millionaire Formula which consists of the following:
1. Dream – This is the incentive part of it. The authors have a vision to make 1,000,000 millionaires. It is imprinted and part of their DNA. This is what I call their Compelling Why! Without it, your dreams are little more than a fantasy. There must be a real incentive to get the job done. Think about it, your husband dies, you are left with two children and no money and his parents take care of your children. They have a lot of money and you are broke. What are you doing? After you suck your thumb, you find a way to solve the problem. This is the fictional story of this book.
2. Team – Every successful person talks about the power of teams. Teams allow you to use OPE, OPT, OPW – other people’s expertise, time and work. If you find teammates with the same Dream then you build a strong force and it makes the work easier to achieve. Thus you get the power of time leverage because in short, two heads are better than one.
3. Theme – The theme is how you decide to setup your multiple streams of income. You can use business, licensing, real estate, investment and internet. I want to spend more time on the theme.
I would like to explain each of these pillars based on some of the things I have done. I am a work in progress and have experienced both sides of the sword in each of these buckets. Based on my initial results for each, I should be on the street corner with a sign that says, “Please help – need a 12 step program on how to stop losing money.” Hopefully, you can use the good and get rid of the bad. Remember that to truly understand a subject, you must study both sides. Charlie Munger, Warren Buffett’s partner always says – Reverse, Reverse, Reverse.
1. Business – A remote business can generate wealth faster than any bucket laid out. It is also the most difficult. One of the key components outlined, is team building. I can tell you that if you rob the wrong partners, you will lose money and get old fast. Please consider who you are with. I have lost more money and taken more chaffings in the ass because of the wrong people, which I beg you to consider. A good place to start is to outline the exit. What happens if we both want it? How does that work? How do we value each part? If you start with the end in mind then you know how to solve the problem. The real benefit of business is structure. You will move from “Earn-Tax-Spend” to “Earn-Spend-Tax” which is a huge advantage over time.
2. Real Estate – More wealth is made in Real Estate. There are several classes and you need to be educated and tap into the right resources to be successful. You make your money on purchases and the goal is to be cash flow positive every month. If you are looking to flip then you need to make sure you use a 1031 exchange to avoid taxes. As you all know, you can lose your tail in Real Estate if you are not careful with the loan or love the deal. Educate.
3. Licensing – I first read about this in Robert’s book, Multiple Streams of Income. Licensing is anything you can copy and get paid for. So if you create software, music, books or content that other people like, then you can license it. We’ve done it in the software world and it’s powerful because the cost of your next unit is almost zero. The headache involved is that you have to invest a ton of time and money up front and your payoff will be three years in the future. This is why licensing is so powerful. Now, if you are sharp, you can create mobile apps and license them for Android and Apple. This is a way where you can make a 99 cents item and get a million downloads. There are 15 year olds doing this as we speak.
4. Investing – Investing in paper is probably the easiest to do and the one where most people lose money. When you look at stock market investing, it’s really hard to beat the S&P 500 over time. Everyone knows you buy low and sell high but there is a little force called EMOTION and 90% of people end up buying high and selling low. Again, this requires education. You need to understand the difference between price and value. A $50 dollar stock may be “cheaper” than a $5 stock in terms of price and value.
One Minute Millionaire is a great book that you should read if you are serious about creating wealth for you and your family. I thought it was a gimmick trying to use the One Minute Manager concept. It’s not a gimmick and the principles are sound. Anytime you can apply the knowledge of two people who have created over a billion dollar business, it’s worth the time to study it.
I hope you found this brief summary useful. The key to any new idea is to work it into your daily routine until it becomes a habit. Habits are formed in as little as 21 days. One thing you will get from this book is to DREAM. What is your compelling WHY? If you have the right incentives how to break up is easy. Take some time in the next two weeks and really decide what you want and GET STARTED. Taking Action will put you in front of 90% of the people out there.
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