Jobs A 15 Year Old Can Get In New York 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 the authors, they are striking. Mark Victor Hansen co-authored Chicken Soup for the Soul with Jack Canfield. This book and series have sold over 65 million copies. This is 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 these, two working people are not enough because of the job situation and price pressures on living expenses. Multiple streams of income show you the power of your money working harder than you do in multiple areas. I will profile that book in a future review.

Why is this important to me? Asking you to read a 400 page book is a tall order and request on your time. So I want to make sure it’s worth doing. In my humble opinion, this book is worth the time. It is designed for complete sanity retention. What this means is that it is two books in one. The left side of the book is the nuts and bolts and the left brain stuff that tells you how to do it. The right side of the book is the right brain thing that shows 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 long vision that can be seen as a fraud. It’s not a scam. You will find that the principles are sound 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 of 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. Dream – This is the driving part of it. 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 it, your dreams are really more of a fantasy. There must be a genuine incentive to complete the work. Imagine this, your husband dies, you are left with two children and no money, and his parents get custody of your children. They have a lot of money and you are broke. What are you doing? After sucking your thumb, 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 use OPE, OPT, OPW – other people’s expertise, time and work. When you look for teammates with the same dream, then you build a powerful force and it makes the job much easier to achieve. This is how you get the power of time leverage, because in short, two heads are better than one.

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

I want to show each of these pillars based on some of the things I have done. I am a work in progress and have experienced both sides of the sword in each of these buckets. Based on my initial score on 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 use the good and eliminate the bad. Remember that to truly understand a subject, you must study both sides. Charlie Munger, Warren Buffett’s partner always says – Invert, Invert, Invert.

1. Business – A business can generate wealth faster than any other bucket described. It is also the most difficult. One of the main components described is team building. I can tell you that if you dig 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 gotten more asses because of the wrong people, so please think about it. A great place to start is to describe the output. What if we both want to go out? How does this work? How do we rate each part? When you start with the end in mind, then at least you know how to solve the problem. The real business benefit is structure. You go from Profit-Tax-Spend to Profit-Spend-Tax which is a huge advantage over time.

2. Real Estate – Most fortunes are made with Real Estate. There are several types and you need to educate yourself and use the right resources to be successful. You make your money on purchases and the goal is to be positive every month. If you are looking to roll, then you should make sure you use 1031 exchanges to avoid taxes. As you all know, you can lose your tail in Real Estate if you are not careful with the debt or fall in love with the deal. Educate yourself.

3. Licensing – I first read about this in Robert’s book, Multiple Streams of Income. Licensing is anything you can replicate and get paid for. So if you create software, music, books or content that others want, then you can license it. We’ve done this in the software world and it’s powerful because your next unit cost is almost zero. The headache is that you have to invest a ton of time and money and your payoff may be three years in the future. This is why licensing is so strong. Today, if you’re smart, you can create mobile apps and license them for Android and Apple. This is one way where you can make a 99 cent article 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 buy low and sell high, but there is a little 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 share may be “cheaper” than a $5 share in terms of price and value.

One Minute Millionaire is a good book to read if you are serious about creating wealth for you and your family. I thought it was a scam trying to exploit the One Minute Manager concept. It is not a scam and the principles are sound. Anytime you can tap into the insights of two people who have generated over a billion dollars in business, it’s worth the time to study them.

I hope you found this brief overview 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 incentives, then breaking up is easy. Spend some time over the next couple of weeks and really decide what you want and START. Taking action will put you in front of 90% of the people out there.

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