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Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire Paperback – Jun 16 2008
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From Publishers Weekly
This is not the book for people who merely want to enjoy a comfortable retirement, but for those whose goal is nothing less than becoming fabulously wealthy. Masterson (Automatic Wealth) derides what he calls the "pinch-save-and-wait" philosophy of contributing the maximum to one's 401(k) and depending on compound interest and time to work their magic. Such tactics, he says, can take decades to bear fruit, whereas most of his clients are baby boomers who hope to realize astonishing gains in a few short years. The first part of the book is about "super-sizing" one's income to six-figure levels in order to free up money for investing in one's own businesses, and soaking up knowledge from mentors and bosses. The rest contains numerous stories of self-made millionaires (almost all from sales and direct marketing) along with Masterson's advice: invest in businesses you understand and, more importantly, can actually control; be entrepreneurial and a risk taker; never stop networking and selling yourself; invest heavily in real estate. Masterson's aggressive, gratingly self-promotional message is oddly out of synch with Dietz's gentle, avuncular, let's-chat-on-the-porch narration. Dietz's wonderful storytelling voice is wasted on this get-rich-quick scheme.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to the Audio CD edition.
From the Inside Flap
"Most popular books on money stress frugality and long-term savings," observes Michael Masterson, bestselling author of Automatic Wealth and Power and Persuasion. "But most people don't like to scrimp. And almost nobody is willing to wait forty years for compound interest to work its wonders."
And that's exactly why Masterson created Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire. It's the perfect book on getting rich for baby boomers who can't wait long and younger people who just don't want to.
Why seven years? Admittedly, when Masterson began working on the concept of accelerated wealth, he thought it might be unrealistic. But when he looked at how long it actually took him to make each of the million-dollar fortunes he's earned, he realized that none of them took longer than seven years. And the same turned out to be true for many other millionaires he knew.
In Seven Years to Seven Figures, this self-made millionaire and renowned wealth coach reveals the steps everyone can take to accumulate seven-figure wealth within seven yearsor less. In it you'll find real-life stories of men and women who built (and even exceeded) a seven-figure net worth within this time frame. Masterson describes their paths to success and explains, step by step, how you can mirror their wealth-building techniques, including:
- How to cut your learning curve in half by finding a great mentor
- How to safely transition from your current job to a six-figure-plus career
- How to become invaluable to your company and turn your new role into equity
- How to find the superstars who will help maximize your business's profitability
- How to attract customers to your business . . . and keep them coming back for more
- How to create multiple streams of income to double, even triple your net worth
- How to drastically accelerate your returns by investing in real estate
- How to add at least twenty new powerplayer contacts to your Rolodex . . . this year
If you're willing to get up earlier, work harder, and start a business, Seven Years to Seven Figures will give you the tools to increase your income, get the highest possible returns, save wiselyand secure your financial future faster than you may have dreamed.
Remember, some of the people profiled in this book built up a seven-figure net worth after leaving low paying jobs, after struggling with credit card debt, even after filing for bankruptcy. If they can go from zero to millions in seven years or less, you can too.--This text refers to the Hardcover edition. See all Product Description
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Top Customer Reviews
One of the ideas Masterson talks about is that it is almost impossible to understand how a business really works from the outside. The important secrets -- about sales and marketing, especially -- have to be learned from the inside. This is a wonderful guide to help secure your financial freedom. I gave it a four, because this book will not appeal to everyone. But given the chance, you'll discover a tool of tremendous benefits -- And, Michael Masterson personal insights and suggestions will be helpful and inspiring.
Although the book was inspiring, I found it disorganized, with no clear instructions on how some one could reach seven figures. It is a nice book to read but it should not take priority on your reading list.
Most Helpful Customer Reviews on Amazon.com (beta)
Now, for specifics....there are few to none. It begins by a general "who is Masterson", talks about how great real estate is for the long term, why you need to make $150k per year or more, how much to save once you reach that level and then relates several stories of people who did just that in one form or another.
As other reviewers have already mentioned, the information on real estate is dated at best. Sure, they make mention of the fact that they don't promote buying right now but rather to take a long term approach and keep your eyes open for those great bargains [yeah-you and hundreds of millions more].
The other less than insightful points include making yourself an invaluable employee so that your boss will give you a raise and/or bonus etc to the six figure plus category. Build your own business is the next response...again, the numbers demonstrate the vast majority of wealth comes from real estate and owning your own business. It also demonstrates that owning your own business is a risky endeavor that often results in less total earnings than a full-time job. Of course, having a network of high profit friends in a niche industry can sure help but if you aren't one of those folks then don't expect it to be as easy as it sounds.
In fact, this is really more of a motivational 'rah rah' The majority of the book relates the stories of several people who "made it" in seven years. Big deal. For my money, I STRONGLY prefer the new $1,000,000 Blueprint magazine which features several interviews each month of people from all walks of life who created a thriving small business.
Having been a long time subscriber and general fan of both the Daily Reckoning and the Agora Publishing mini empire, this is one of the few times they have Failed to deliver anything of substance and very little of interest. The $15 price tag is probably still to high even with the crummy bonus offers [more rah-rah and fluff].
Give it a few weeks, this book will be on the discount bin and thousands of copies available starting for a penny!
Hey, if I'm correct then maybe Agora should consider hiring me...an obviously invaluable prospective employee who actually knows how to deliver!
There's nothing new here, no great insight. How to become wealthy? Make a plan, work hard, and follow through. How to become wealthy quickly? Either get a high income job or start your own business AND invest in real estate. THAT, is the gist of the book right there.
Another thing that bothered me about the book is the author's constant promotion of his company and related products. The whole book is one long sales letter advertising his e-zine company and info products & programs disguised as a book. The 8 success stories are akin to the "testimonials" you see online everyday touting info products, with one of the success stories actually going into detail about a copywriting program the author's company regularly promotes. (I know this because I am a subscriber to his free e-zine.)
I agree with a previous reviewer who said that the motivation for writing this book was undertaken purely to increase the author's wealth and popularity by putting the proceeds of sales in THEIR bank accounts. This book was definitely more fluff than substance. Save your money.
G. K. Chesterton said, "To be smart enough to get all that money you must be dull enough to want it." Dull is exactly what one would become, if they follow the advice of this (and other like-written books). The reality is that, more likely than not, in order to build immense wealth, one must spend a substantial amount of time away from family and friends - not just the standard 8 hrs + driving time, but 12-16 hrs each day. Even time spent at home would be consumed with looking for prospects and future clients, at the expense of your loved ones.
The other negative about this book involves a bit of bad timing - the real estate market, so touted in this book, has (at best) plateaued for the time being. Do not expect a rebound in real estate for a while - just long enough for all those short-term adjustable-rate mortgages and low-/no-interest loans to come due or have their terms shift dramatically. Really, the only future in real estate is in picking up the foreclosures of all those who speculated and lost their savings and credit ratings due to ill-advised ARMs.
If you want to see the future of this book's lessons, see the bond market books of the 1980s or the tech stock books of the late 1990s.
Too little real info and too late for the market. There's a reason the old maxim, "Slow and steady wins the race," is still quoted today - 99.98% of the time, it is true.
You want to save money on this book? I have two suggestions - buy my used one, or read the highlights in a bookstore. It won't take you very long to get message.
In case you don't want to follow either of those suggestions, here is a quick summary: to make 7 figures in 7 years, make a HUGE income, then invest it in real estate, the stock market, or start your own business. DUH! And if you are really lucky, you can succeed like one of the eight case studies in the book. There is nothing here to show you how to do it!