What Specific Sounds Are More Difficult For 4-Year-Olds To Produce Free Book Summary – One Minute Millionaire – Written by Mark Victor Hansen and Robert Allen

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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 authors, 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 over 65 million copies. That’s really incredible. I read one of Robert Allen’s books in the late 90’s called Multiple Streams of Income. This was and is a great book and is 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 this, two people working is not enough because of the job situation and price pressures on living costs. Multiple Streams of Income shows you the power of having your money work harder than you in multiple areas. I will profile that book in a future recap.

Why is this important to me? Asking you to read a 400 page book is expensive and a request for your time. So I want to make sure it’s worth it for you to do that. In my humble opinion, this book is worth the time. It is set up for full mental containment. 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 stuff showing you in a heartfelt story, the principles at work. This makes it much more identifiable to the reader. These two authors have a personal mission to create 1,000,000 millionaires. This is a lofty vision that could be seen as a gimmick. It’s not a gimmick. You will find that the principles are solid and easy to follow. One thing that drives people is incentives. The stronger the pain, the more motivation there is to fix it. This is a key component to success and it is shown throughout the book.

3 This book is packed with great information as well as a great story to demonstrate the concepts. For a moment, I will talk about the Millionaire Formula, which consists of the following:

1. Dream – This is the motivational part of it. The authors have a vision to create 1,000,000 millionaires. This is imprinted and part of their DNA. It’s what I call their Compelling Why! Without this, your dreams are really more of a fantasy. There must be genuine motivation to complete the work. Imagine this, your husband dies, you are left with two children and no money and his parents take custody 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 the fictional story in this book.

2. Team – Every successful person talks about the power of teams. Teams allow you to leverage OPE, OPT, OPW – other peoples experience, time and work. When you look for teammates with the same Dream, then you build on a powerful strength and it makes the job much easier to achieve. That way you get the power of time leverage because in short, two heads are better than one.

3. Topic – Topic is the way you decide to set up your multiple streams of income. You can use business, licensing, real estate, investments and internet. I want to spend more time on a subject.

I want to relate each of these pillars based on some of the things I’ve done. I am a work in progress and have experienced both sides of the sword on each of these buckets. Based on my initial results in 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 take advantage of the good and get rid of the bad. Remember that to truly understand a subject, one must study both sides. Charlie Munger, Warren Buffett’s partner always says – Reverse, Reverse, Reverse.

1. Business – Business by far can generate wealth faster than any other bucket outlined. It is also the most difficult. One of the main components outlined, is the creation of the team. I can tell you that if you dig in with the wrong partners, you will lose money and get old fast. Please think about who you partner with. I’ve lost more money and taken more ass-hunting because of the wrong people that I’m begging you to give this some thought. A great place to start is to outline the exit. What happens if we both want to go out? How does that work? How do we rate each part? When you start with the end in mind, then you at least know how you can solve the problem. The real advantage of the business is the structure. You move from “Gain-Tax-Expense” to “Gain-Expense-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 the right resources to be successful. You earn your money on the purchase and the goal is to be a positive cash flow every month. If you are looking to flip, you need to make sure you use a 1031 exchange to avoid the taxes. As you all know, you can lose your tail in Real Estate if you don’t take care of the debt or fall in love with the deal. Get educated.

3. Licensing – I first read about this in Robert’s book, Multiple Streams of Income. Licensing is anything you can reproduce and get paid for. That way if you create software, music, books or content that other people want, then you can license it. We have done this in the software and it is powerful because the cost of your next unit is almost zero. The headache involved is that you have to invest a lot of time and money up front and your payoff might be three years in the future. This is why licensing is so strong. Today, if you’re sharp, you can create mobile apps and license them for Android and Apple. This is a way where you can make a 99 cent item and get a million downloads. There are 15 year old kids doing this as we speak.

4. Investing – Paper investing is probably the easiest to do and the one 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 small 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 are serious about creating wealth for you and your family. I thought it was a gimmick to try to take advantage of the One Minute Manager concept. It is not a gimmick and the principles are sound. Anytime you can leverage the knowledge of two people who have generated over billions of dollars in business, it’s worth the time to study them.

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 just 21 days. One thing you can take away from this book is DREAM. What is your compelling WHY? If you have the right motivations, then breaking up is easy. Spend some time over the next couple of 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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