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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 don’t know writers, they are hitters. Mark Victor Hansen is the co-author of Chicken Soup for the Soul with Jack Canfield. This book and series have sold more than 65 million copies. That is really unbelievable. I read a book by Robert Allen back in the 90’s called Multiple Income. This is and is a great book and more relevant today 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 workers are not enough because of the nature of the job and the price is affected by the living expenses. More Income shows you the power of your money to work harder than you in different areas. I will profile that book in future articles.
Why is this important to me? Asking you to read 400 pages is a decision and please take your time. So I want to make sure that it is worth it for you to do so. In my humble opinion, this book is worth the time. It is laid out for all hearts. This means that it is two books in one. The left side of the book is the nuts and bolts and the left brained stuff that tells you how to do it. The right side of the book is the right side of the brain that teaches you in the story of the heart, the principles of work. This makes it more familiar to the readers. Both of these writers are personally responsible for creating 1,000,000 millionaires. This is a lofty vision that can be seen as a gimmick. It’s not a gimmick. You will find that the principles are sound and easy to follow. One thing that drives people is motivation. The worse the pain, the more motivation is to treat it. This is an important part of success and it is taught throughout the book.
3 This book has great information and a great story to illustrate the points. For the time being, I will discuss the Millionaire Formula which consists of the following:
1. Dream – This is the motivation of it. The authors have a vision to create 1,000,000 millionaires. This is incorporated into the prints and part of their DNA. It’s what I call their Compelling Reason! Without this, your dream is more of a dream. There must be real motivation to get the job done. Imagine this, your husband died, you have 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 fix the problem. This is a fictional story in this book.
2. Teams – Every successful person speaks to the power of the team. Groups allow you to use OPE, OPT, OPW – other people, time and work. When you find friends with the same Dream then you create a strong energy and it makes the work easier to achieve. So you get the power of time leverage because in a nutshell, two heads are better than one.
3. Content – Content is the way you decide to structure your income. You can use business, licensing, real estate, investment and internet. I want to spend more time on the topic.
I want to address each of these posts as something I have done. I am a career in education and have experienced both sides of the sword of each barrel. As my first experience in everything, I had to be on the street corner with a sign that said, “Help – need a 12 step program on how to stop losing money. ” Hopefully, you can leverage the good and eliminate the bad. Remember that to truly understand a subject, you must study both sides. Charlie Munger, Warren Buffett’s partner always says – Invert, Invert, invert.
1. Marketing – Remote marketing can build wealth faster than any other bucket listed. It is also the most difficult. One of the main points mentioned, is team building. I can tell you that if you dig with the wrong partners, you will lose money and grow fast. Please share some thoughts about who your partner is with. I have lost more money and eaten more ass because of the wrong people, that I ask you to give some thought to this. A good place to start is to outline the exit. What if we both want to leave? How does that work? How do we do it all? When you start with the end in mind then you at least know how you can solve the problem. The real benefit of the business is the standards. You move from “Earn-Tax-Spend” to “Earn-Spend-Tax” which is a good time.
2. Real estate – Good luck with real estate. There are many types and you need to learn and tap into the necessary resources to succeed. You make your money by buying things and the goal is to have good cash flow every month. If you are looking to flip then you need to make sure you use a 1031 exchange to avoid paying taxes. As you all know, you can lose your tail in the Land if you are not careful with the debt or fall in love with the deal. Get an education.
3. Licensing – I first read about this in Robert’s book, Multiple Income. A license is anything you can renew and get paid for. So if you create software, music, books or content that other people want, then you can license it. We have done this in the world of software and it is very powerful because the cost of your next apartment is almost zero. The headache is that you have to invest a lot of time and money up front and your payment will be three years in the future. This is why the license is so powerful. Today, if you are smart, you can create mobile apps and license them for Android and Apple. Here’s how you can make a 99 cents product and get a million downloads. There are 15 years of children doing this as we say.
4. Investing – Paper trading is the easiest thing to do and where most people lose money. If you look at investing in the stock market, it’s very difficult to beat the S&P 500 over time. Everyone knows you buy low and sell high but there is a small force called EMOTION and 90% of people buy high and sell low. Again, this needs to be studied. You need to understand the difference between price and value. A $50 stock will be “lower” than a $5 stock in terms of price and value.
The One Minute Millionaire is a great book that you should read if you are serious about creating wealth for you and your family. I think it’s a gimmick trying to use the One Minute Manager idea. It’s not a gimmick and the principles are sound. Any time you can use the knowledge of two people who have made more than a million dollars in business, it is worth taking the time to learn them.
I hope you have found this brief summary useful. The key to any new idea is to work it into your routine until it becomes a habit. Habits formed in as little as 21 days. One thing you can take away from this book is DREAM. What is your error reason? If you have the right motivation then what to do is easy. Take some time over the next few weeks and really decide what you want and get started. Action will put you ahead of 90% of the people out there.
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