How Much Formula Does A 12 Month Old Need 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 are not familiar with writers, they are writers. Mark Victor Hansen is the co-author of Chicken Soup for the Soul with Jack Canfield. The book and series have sold more than 65 million copies. That’s really unbelievable. I read one of Robert Allen’s books back in the 90’s called Multiple Streams of Income. This was a great book and is more important today than ever. Think about it. Years ago, one person would work and support the family and then both partners would work to support the family. In times like this, two working people are not enough because of the work environment and price pressure on the cost of living. Multiple Earnings shows the potential for your money to work harder than you in many 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 tall order and it is asking for your time. Thus I want to make sure that it is worth it for you to do so. In my humble opinion, this book is worth the time. It is intended to maintain a complete mind. This means they are two books in one. The left side of the book is the nuts and bolts and things left in the mind that show you how to do it. The right side of the book is brain-friendly stuff that shows you in a heartfelt story, practical principles. This makes it more visible to the reader. These two authors have a personal career of creating 1,000,000 million. This is a long shot that can be seen as a gimmick. It is not a myth. You will see that the rules are good and easy to follow. Another thing that drives people is motivation. The stronger the pain, the more motivation there is to fix it. This is a key component to success and is featured throughout the book.

3 This book is full of great information and an excellent story to illustrate the concepts. To save you time, I will talk about the Millionaire Formula which consists of the following:

1. Dream – This is part of its motivation. The authors have an idea to create 1,000,000 million. This is imprinted with part of their DNA. That’s what I call the Compelling Why! Besides, your dreams are really just imagination. There must be real motivation to get the job done. Imagine, your husband dies, you are left with two children with no money and your parents take YOUR children. They have a lot of money and you are spoiled. What are they doing? After you suck your thumb, you find a way to fix the problem. This is a fictional story in this book.

2. Team – Every successful person talks about the power of teams. Teams allow you to use OPE, OPT, OPW – other people’s skills, time and work. When you need teammates with the same Dream then you build on a strong army and it makes the job easier to accomplish. That way you get the power to increase time because in short, two heads are better than one.

3. Content – Content is how you decide to set up your multiple income streams. You can use it in business, licensing, real estate, investing and the internet. I want to spend more time on content.

I want to link one of these columns based on some of the things I’ve done. I am a work in progress and have experienced both sides of the sword in each of these buckets. Based on my first result of each item, I should be on the street corner with a sign that says, “Please help – you need a 12 program to stop losing money.” Hopefully, you can use the good and eliminate the bad. Remember that to truly understand a subject, you must read both sides. Charlie Munger, Warren Buffett’s partner always says – Change, Change, Change.

1. Business – Business can generate wealth faster than any other bucket listed. It is also the most difficult. One of the main components that were mentioned, was the team composition. I can tell you that if you dig with the wrong partners, you will lose money and grow faster. Please think about who you are working with. I lost more money and took more asses because of the wrong people, if I beg you to think about it. A good place to start is to explain the way out. What if we both want to go out? How does that work? How do we value each member? When you start with the end in mind then at least you know how to solve the problem. The real benefit of the business is structure. You go from “Earn-Tax-Spend” to “Earn-Spend-Tax” which is a huge benefit in the long run.

2. Real Estate – Many fortunes have been made through Real Estate. There are many types and you need to be educated and click on the right tools to succeed. You make your money on purchases and the goal is to have a monthly cash flow. If you are looking to convert then you need to make sure you use a 1031 exchange to avoid taxes. As you all know, you can lose your tail in Real Estate if you are not careful with the loan or fall in love with the deal. Learn.

3. Licensing – I first read about this in Robert’s book, Multiple Streams of Income. A license is anything you can reproduce and get paid for. So, if you make software, music, books or content that other people want, you can license it. We have done this in the software world and it is powerful because the cost of your next unit is almost zero. The downside is that you have to invest a ton of time and money upfront and your payback could be three years in the future. That’s why licensing is so powerful. Today, if you are serious, you can create mobile apps and have a license for Android and Apple. This is how you can do something for 99 cents and get a million downloads. There are 15 year olds doing this as we speak.

4. Investing – Paper investing is the easiest thing 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 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 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.

One Minute Millionaire is a good book to read if you are serious about making a fortune for yourself and your family. I thought it was a gimmick trying to use the One Minute Manager idea. It’s not fiction and the rules are good. Anytime you can grow the knowledge of two people who have made over a billion dollars in business, it’s worth taking the time to read.

I hope you found this brief summary helpful. The key to any new idea is to work it into your daily routine until it becomes a habit. Habits occur for 21 days. One thing you can take away from this book is DREAM. What has to do with WHY? If you have the right incentives then the way to break up is easy. Spend some time in 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 out there.

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