The Millionaire Maker: Act, Think & Make Money Like the Wealthy - Business Success & Financial Freedom Guide for Entrepreneurs & Investors
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The Millionaire Maker: Act, Think & Make Money Like the Wealthy - Business Success & Financial Freedom Guide for Entrepreneurs & Investors
The Millionaire Maker: Act, Think & Make Money Like the Wealthy - Business Success & Financial Freedom Guide for Entrepreneurs & Investors
The Millionaire Maker: Act, Think & Make Money Like the Wealthy - Business Success & Financial Freedom Guide for Entrepreneurs & Investors
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First of all, you should read this book very carefully and probably twice. The examples given arefictional to help teach principles. In theory they will work.The book was written in 2004-05 and if you had followed her blindly and removed all the equity in yourhome to go and buy multiple rental properties...well you know the end of that story.Next, in example one the family has nearly $300,000 of equity sitting in the house waiting to be mobilizedfor the "Wealth Cycle Investing" strategies. That may have been true in 2005 when prices were going up by the weekbut again with hindsight on our side they would now be bankrupt, in foreclosure or worse.I don't think she spends enough time or thought considering or guiding the folks who are not loaded withexcess home equity and tens of thousands of dollars in 401k money left behind from previous jobs. I knowmany, many people who don't have access to "lazy assets" which can be immediately employed to generate apassive income of 2000-3000 dollars a month. People who are struggling mightily and who are ignorant or unawareof how bad of shape they are in are unlikely to even stumble on this kind of book. So it is only marginallyhelpful .Another issue I have is the "team" of experts who give tax, legal and investment advice. They all need to get paid too.The example of the guy with no assets and tons of debt starts a tutoring business utilizing his fellow teachersand creates his Cash Machine just didn't quite resonate for me. I think the theoretical models work fine but thereal world logistics are much harder. To buy ten rental properties with $60,000.00, $6000.00 down on each with animmediate $200.00 positive cash flow per property or $2000.00 per month? Really? Where?A few hard to imagine scenarios had me wondering how possible it really is to follow her strategies. I suppose that is what her network of experts is for. But my question again...how can you pay all these people when you don't have any money? She skipped that part. I think we can all do more and have more but the very broad strokes left me scratching my head.The basic tenet of building assets to build still more assets is true and the foundation for wealth, but theway she advises in her book should be treated with extreme caution and only used as guidelines. Adapt toyour own situation and make good sound decisions and probably go much slower than she recommends. Seek outas many resources and contacts as you can to self-educate and learn to ask good questions.Overall some good ideas if now dated and in need of serious rethinking.

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