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 are not familiar with 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. That is really unbelievable. 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 before. Think about it. Years ago, one person could work and support the family and then both spouses needed to work to support the family. At times like this, two people working is 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 in multiple areas. I will profile that book in a future summary.

Why is this important to me? Asking you to read a 400-page book is a difficult task and a request for your time. So I want to make sure it’s worth doing. In my humble opinion, this book is worth it. It is designed for the total retention of the mind. What this means is that they are two books in one. The left side of the book is the nuts and bolts and left brain things that show you how to do it. The right side of the book is the right brain material that shows you in a heartfelt story, the principles in action. 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 tall view that could be seen as a trick. It is not a trick. You will see that the principles are solid and easy to follow. One thing that drives people is incentives. The stronger the pain, the more incentive there is to fix it. This is a key component to success and is shown throughout the book.

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

1. Sleep: this is the incentive part. The authors have a vision of creating 1,000,000 millionaires. This is imprinted and is part of your DNA. It’s what I call your compelling why! Without this, your dreams are more of a fantasy. There has to be a real incentive to get the job done. Imagine this, your husband dies, you are left with two children and no money, and your parents take custody of YOUR children. They have a lot of money and you are broke. What do you do for a living? After thumb sucking, 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 experience, time and work. When you look for teammates with the same Dream, you build a powerful force and make the job that much easier to accomplish. So you get the power of time leverage because, simply put, two faces 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 subject.

I want to relate each of these pillars based on some of the things that I have done. I am a work in progress and have experienced both sides of the sword in each of these cubes. Based on my initial result on each one, I should be on the street corner with a sign saying, “Please help me. I need a 12-step program on how to stop losing money.” Hopefully, you can take advantage of the good and eliminate the bad. Remember that to truly understand a topic, you must study both sides. Charlie Munger, Warren Buffett’s partner always says: Invest, Invest, Invest.

1. Business: A business can generate wealth with much faster than any other segment described. It is also the most difficult. One of the key components outlined is team building. I can tell you that if you search for the wrong partners, you will lose money and grow old quickly. Please think about who you partner with. I have lost more money and received more teasing from the wrong people, which I implore you to give some thought to. A good place to start is outlining the exit. What if we both want to date? How does it work? How do we rate each part? When you start with the end in mind, at least you know how you can solve the problem. The real benefit of the business is the structure. You go 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 take advantage of the right resources to be successful. You earn money from the purchase and the goal is to have positive cash flow every month. If you are looking to invest, you should make sure to use 1031 exchanges to avoid taxes. As everyone knows, you can lose your tail in real estate if you are not careful about debt or fall in love with the deal. Inform yourself.

3. Licensing – I first read about this in Robert’s book, Multiple Streams of Income. The license is anything you can replicate and get paid for. So if you create software, music, books, or content that other people want, you can get a license. We’ve done this in the software world and it’s powerful because the cost of your next unit is close to zero. The headache involved is that you need to invest a ton of time and money up front and your payoff may be three years into the future. This is why the licenses are so strong. Nowadays, if you are smart, you can create mobile applications and license them for Android and Apple. This is one way you can make a 99 cent article and get a million downloads. There are 15-year-olds doing this as we speak.

4. Investing: Investing in paper is probably the easiest to do and the one where most people lose money. If you look at investing in the stock market, it’s really hard to outperform the S&P 500 over time. Everyone knows that they 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 must understand the difference between price and value. A $ 50 share may be “cheaper” than a $ 5 share in terms of price and value.

The Millionaire in a Minute 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 trick trying to take advantage of the One Minute Manager concept. It is not a gimmick and the principles are sound. As long as you can tap into the knowledge of two people who have generated more than a billion dollars in business, they are worth studying.

I hope this short summary has been helpful to you. The key to any new idea is to incorporate it into your daily routine until it becomes a habit. Habits are formed in just 21 days. One thing you can take out of this book is SLEEP. What is your compelling WHY? If you have the right incentives, then the way to part ways is easy. Spend some time over the next few weeks and really decide what you want and GET STARTED. Taking action will put you in front of 90% of the people.

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