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Thursday, August 10, 2006

Get Rich, Make A Million, Is It Possible...

“Get rich or die trying” and “who wants to be a miilionaire” are opposite ends of the spectrum when it comes to peoples attitude to money.

Luckily according to Loral Langemeier there is another way.

Loral has written The Millionaire Maker which she says is intended to help you “Act, think and make money the way the wealthy do”.

If you’ve read Robert T. Kiyosaki’s book "Rich Dad, Poor Dad" you’ll definitely enjoy and appreciate The Millionaire Maker.

In fact Loral’s book is easier to understand that Robert’s book. It’s written in two parts. The first part explains Loral’s methods and introduces the 12 building blocks of the Wealth cycle and the 8 questions that lead to life long wealth.

The 12 building blocks in The Millionaire Maker include the intriguing “Cash Machine”. The building blocks are as follows:

  • Gap Analysis

  • Financial Baseline

  • Freedom Day

  • Debt Management

  • Entities

  • Cash Machine

  • Wealth Accounts

  • Forecasting

  • Assets

  • Leadership

  • Teamwork

  • Conditioning

Rest assured that Lorel explains each building block in detail and shows how it applies too. I particularly liked the cocept of “Freedom Day”. That one building block is something that anyone who aspires to get out of debt or to start making passive income needs to know about!

As part of the process of defining an individual’s wealth plan The Millionaire Maker provides 8 questions. They start with “what is your monthly income”, “what is your monthly expenditure”, what assets do you have” throught to the killer question: “Are you willing to create and execute the wealth cycle process”. Because without the willingness to take action on the plan nothing changes.

In the second part of The Millionaire Maker Loral explains her process through case studies with people like Mike and Mary Leonard where Mary has lost her job and the family desperately need money. Or Rick and his wife who have plenty of assets for the good life but feel that with a 2 hour commute each way no quality of life.

She also shows one case where the person doesn’t actually achieve anything that’s planned. Finally Loral realises that this person is really proving her wrong by saying that she can’t do it because Loral’s not doing enough for her. So Loral tells her directly that she needs to commit to the wealth plan and tells her, “Don’t get stuck; get it done” and of course she does.

These cases studies are where Loral’s methods really show anyone how they can restructure themselves to make money.

For non-USA readers Loral does talk about how to structure companies for most efficient tax in the USA. However, this same approach should still apply to the different tax structures in any other country.

Reading this book was an eye-opener for me as I’ve read Robert T. Kiyosaki’s book and even then hadn’t realised the different ways of making money there could be.

In fact after reading this book I can see that anyone can become a millionaire. What it takes is a proper plan, a desire to succeed and commitment to follow the plan despite sometimes being uncomfortable with changes. And The Millionaire Maker is there to help, motivate and excite you to take those planned steps - good luck.

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