This book is a New York Times best seller and I can see why. If you don't know the perpetrators, 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. It’s really amazing. I read one of Robert Allen's books in the late 90's titled Multiple Streams of Income. It was and it is a great book that is more relevant today than it was 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. In times like this, two working people are not enough due to the job situation and price pressures on living expenses. Multiple Streams of Income shows you the power to make your money work harder than you do in many areas. I will present this book in a future summary.
Why is it important to me? Asking you to read a 400-page book is a daunting task and time-consuming. So I want to make sure it is worth it for you. In my humble opinion, this book is worth it. It is designed for full retention of the mind. That means they are 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 good brain stuff showing you in a heartfelt story, the principles at work. This makes it much more identifiable for the reader. These two authors have a personal mission to create 1,000,000 millionaires. It is a high vision that could be considered a gimmick. It is not a gadget. You will see that the principles are solid and easy to follow. One thing that motivates people is incentives. The stronger the pain, the more incentive there is to repair it. This is a key element of success and this is illustrated throughout the book.
3 This book contains a lot of information as well as an excellent story to demonstrate the concepts. To save time, I will discuss the Millionaire formula which consists of the following:
1. Dream – This is the incentive part of it. The authors have a vision to create 1,000,000 millionaires. This is printed and is part of their DNA. This is what I call their why convincing! Without it, your dreams are really more of a fantasy. There has to 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 care of YOUR children. They have a lot of money and you are broke. What to do? After sucking your thumb, you find a way to fix the problem. This is the fictional story of this book.
2. Team – Each successful person talks about the power of teams. Teams allow you to leverage OPE, OPT, OPW – other people expertise, time and work. When you are looking for teammates with the same dream, you rely on a powerful force and that makes the job much easier to do. So you benefit from the power of time, because in summary, two heads are better than one.
3. Theme – The theme is how you decide to configure your multiple income streams. You can use a business, licenses, real estate, investments and the Internet. I want to spend more time on the theme.
I want to link 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 on each of these buckets. Based on my initial result in each, I should be around the corner with a sign that says "Please help me – need a 12 step program to stop lose money. Hope you can take advantage of the good and eliminate the bad. Remember that to really understand a subject, you have 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 of the other compartments 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 the person you are associating with. I lost more money and got more ass rubbing because of the wrong people, which I implore you to think about. A good starting point is to define the output. What if we both want to go out? How it works? How do we value each piece? When you start with the end in mind, you at least know how to fix it. The real advantage of the company is the structure. You go from “Earn-Tax-Spend” to “Earn-Spend-Tax”, which is a huge benefit over time.
2. Real Estate – More fortunes have been made with real estate. There are many types and you need to be educated and access the right resources to be successful. You make your money on the purchase and the goal is to be in positive cash flow every month. If you are looking to return, you should make sure that you are using 1031 exchanges to avoid taxes. As you all know, you can lose your tail in real estate if you are not careful about the debt or if you fall in love with the deal. Educate yourself.
3. License – I first read about it in Robert's book, Multiple Streams of Income. The license is all you can reproduce 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 it in the software world and it is powerful because the cost of your next unit is almost zero. The puzzle involved is that you have to invest a ton of time and money up front and that your gain could be three years in the future. This is why the licenses are so strong. Today, if you're sharp, you can create and authorize mobile apps for Android and Apple. It’s a way to create a 99-cent item and get a million downloads. There are 15 year olds doing this while we are talking.
4. Invest – Investing in paper is probably the easiest and one where most people lose money. If you look at stock market investment, it's really hard to beat the S&P 500 over time. Everyone knows that you buy low and sell high, but there is a small force called EMOTION and 90% of people end up buying high and selling low. Again, this requires education. You have to understand the difference between price and value. A $ 50 stock can be "cheaper" than a $ 5 stock in terms of price and value.
The One Minute Millionaire is a good book you should read if you really want to build wealth for yourself and your family. I thought it was a gadget trying to take advantage of the One Minute Manager concept. It is not a gadget and the principles are solid. Whenever you can leverage the knowledge of two people who have generated more than a billion dollars in business, it's worth studying them.
I hope this brief summary has been helpful to you. The key to any new idea is to make it part of your daily routine until it becomes a habit. Habits are formed in just 21 days. One thing you can get out of this book is DREAM. What is your compelling reason? If you have the right incentives, the way to separate is easy. Spend time in the next two weeks and really decide what you want and START. Taking action will put you in front of 90% of people.