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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 bestseller and I can see why. If you don’t know the perpetrators, they’re hitters. Mark Victor Hansen is the co-author of Chicken Soup for the Soul with Jack Canfield. This book and series have sold over 65 million copies. It’s really unbelievable. I read one of Robert Allen’s books in the late 90s called Multiple Streams of Income. It was and is an excellent book and it is more relevant today than before. Think about it. Years ago, one person could work and support the family, and then both spouses had to work to support the family. At times like this, two people working is not enough due to the employment situation and pricing pressures on living expenses. Multiple Streams of Income shows you the power to make your money work harder than you do in multiple areas. I will feature this book in a future summary.
Why is this important to me? Asking you to read a 400-page book is a tall order and a demand for time. So, I want to make sure it’s worth it for you. In my humble opinion, this book is worth a read. It is arranged for total retention of the spirit. This means that it is two books in one. The left side of the book is the nuts and bolts and left-brain stuff that shows you how. The right side of the book is the right brain that shows you, in a heartfelt story, the principles at work. This makes it much more identifiable to the reader. These two authors are on a personal mission to create 1,000,000 millionaires. It’s a grand vision that could be considered a gimmick. It’s not a gimmick. You will find that the principles are solid and easy to follow. One thing that motivates people is incentives. The stronger the pain, the greater the incentive to fix it. This is a key element of success and it shows throughout the book.
3 This book is packed with great information as well as a great story to illustrate the concepts. To save time, I will talk about the millionaire formula which consists of the following elements:
1. Dream – This is the incentive part of it. The authors have a vision to create 1,000,000 millionaires. This is imprinted and part of their DNA. This is what I call their irresistible Why! Without it, your dreams are really more of a fantasy. There must be a real incentive to do the work. Imagine this, your husband dies, you end up with two children and no money and his parents take custody of YOUR children. They have a lot of money and you’re broke. What do you do? After sucking your thumb, you find a way to fix 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 leverage OPE, OPT, OPW – other people’s expertise, time and labor. When you are looking for teammates with the same dream, you are leaning on a powerful force and it makes the job much easier to get done. Thus, you benefit from the power of time leverage because, in a nutshell, two heads are better than one.
3. Theme – Theme is how you decide to set up your multiple streams of income. You can use a business, licenses, real estate, investments and the Internet. I want to spend more time on the theme.
I want to connect each of these pillars based on some of the things I’ve done. I’m a work in progress and have experienced both sides of the sword on each of these buckets. Based on my initial score in each one, I should be around the corner with a sign that reads, “Please help me – I need a 12 step program to quit to lose money”. I hope you can take advantage of the good and eliminate the bad. Remember that to truly understand a subject, you need to study both sides. Charlie Munger, Warren Buffett’s partner always says – Reverse, Reverse, Reverse.
1. Business – A business can generate wealth by far faster than any other bucket described. It is also the most difficult. One of the key elements described is the creation of the team. I can tell you that if you dig with the wrong partners, you will lose money and age quickly. Please think about who you associate with. I’ve lost more money and gotten into more trouble because of the wrong people, which I implore you to think about. A good place to start is to describe the output. What if we both want to go out? How it works? How do we value each part? When you start with the end in mind, you at least know how you can solve the problem. The real advantage of the company is the structure. You switch from “Earn-Tax-Spend” to “Earn-Spend-Tax”, which is a huge advantage over time.
2. Real Estate – More fortunes have been made with real estate. There are several types and you need to be educated and tap into the right resources to be successful. You earn money on the purchase and the goal is to have positive cash flow each month. If you are looking to return, you should make sure to use 1031 exchanges to avoid taxes. As you all know, you can lose your tail in real estate if you don’t pay attention to debt or fall in love with the deal. Educate yourself.
3. Licensing – I first read about this in Robert’s book, Multiple Streams of Income. The license is all you can replicate and get paid. So if you create software, music, books, or content that other people want, 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 conundrum involved is that you have to invest a ton of time and money upfront and your payoff can be three years into the future. This is why the license is so strong. Today, if you’re sharp, you can build mobile apps and license them for Android and Apple. It’s a way to create a 99 cent article and get a million downloads. There are 15-year-olds doing this right now.
4. Investing – Paper investing is probably the easiest to do and where most people lose money. If 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 stock may be “cheaper” than a $5 stock in terms of price and value.
The One Minute Millionaire is a good book that you should read if you really want to build wealth for yourself and your family. I thought it was a gimmick trying to take advantage of the One Minute Manager concept. It’s no gimmick and the principles are sound. Anytime you can leverage the knowledge of two people who have generated over $1 billion in business, it’s worth investigating.
I hope you have found this short summary useful. The key to any new idea is to incorporate it into your daily routine until it becomes a habit. Habits are formed in as little as 21 days. One thing you can take away from this book is DREAM. What is your compelling WHY? If you have the right incentives, the way out is easy. Spend some time over the next two weeks and really decide what you want and GET STARTED. Taking action will put you in front of 90% of people.
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