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Product Description
From Publishers Weekly
Millionaires don't get there by working hard for others and saving pennies, insists this high-wire personal finance self-helper. Instead, "master coach" Langemeier urges the nonwealthy to quit their jobs, start businesses, plow money into real estate and other "aggressive, unconventional" investments, construct a maze of tax-minimizing business "Entities" and amass "assets that create more assets." The result is dramatic makeovers of people like Mike and Mary, a mechanic and laid-off administrative assistant with two kids; Langemeier quickly convinces them to start a dune-buggy company, buy 12 rental properties and a promissory note and turn their family into a financial empire consisting of two limited liability companies, an "S corporation" and "a trust to serve as an umbrella for all of their companies and holdings." The author calls this taking personal control of one's finances, but doing so, she emphasizes, requires a vast support staff of lawyers, accountants, realtors, business brokers, "sector analysts" and miscellaneous "field partners." She provides many case studies of skyrocketing wealth, but never seriously addresses the risks her daredevil financial strategies pose, and relegates the critical details to unexplained balance-sheet entries. Complete with motivational hectoring and an offer of a free phone consultation, Langemeier's primer feels like an infomercial. (Jan.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
"This book is not for the financially faint of heart. The intended audience of potential speculators must be willing to leverage 401Ks and home equity to engage in direct investment opportunities such as small business ventures.
"Langemeier, a financial coach and strategist, not to mention a multimillionaire, outlines her trademarked step-by-step "Wealth Cycle" process for generating and sustaining wealth in a clear and easy-to-follow format. Income and lazy assets can be turned into assets that produce passive income and sustainable wealth via rental properties, for example; adequate use of graphs and charts explain the theoretical framework behind the author's approach as well as her "Gap Analysis" model that helps investors chart their own program.
"A nice cross section of case studies is used to explore a variety of implementations. Readers will grasp basic principles of such matters as entity structuring, depreciation, and direct investing, but the information is very much at the cursory level, with little discussion devoted to risk. Still, this title does provide an alternative view to David Bach's enormously popular The Automatic Millionaire: A Powerful One-Step Plan To Live and Finish Rich".--Library Journal (Library Journal )
Inside This Book
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First Sentence
Even without winning the lottery, your chances of becoming a millionaire are a lot better than you think. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index
Even without winning the lottery, your chances of becoming a millionaire are a lot better than you think. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
3.5 out of 5 stars (108 customer reviews)
188 of 192 people found the following review helpful
1.0 out of 5 stars
Stay Away!, Jan 25 2008
By Jonathan Renner - Published on Amazon.com
This review is from: The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do (Hardcover)
Book had some good points, but all it really does is make you very discontent with what you have to make you want more. Then she sucks you into her coaching program which and thats where she makes her real money!Don't waste your time or money folks. They will try everything they can to get you in! We lost $3000, but almost lost $10,000 and they wanted us to put it all on a credit card! Unfortunately we did.
The coaching was a horrible program. Like I said we first were lured into spending $10,000! We didn't go for it and only did the $6000 version. Very unhappy we were refunded $3000, but we are still out $3000. We didn't have the money, so the coach pressed us very hard to put it all on a credit card. Can't believe we did.
We were passed off to 3 different coaches. One said he would personally coach us. Then after 2 more phone calls, he passed us off to another coach
We had that coach for 2 weeks, then showed up for the next class no coach showed up at all, so we left scratching our heads. The next week we had a different coach with no explanation of what happened to the previous one.
On top of that, all the coaches did was show powerpoints of the material already explained in the book and talk about it. The whole program was simply an overview of the same material in the book we received, nothing more. Nothing different!
We kept waiting for more, then all of a sudden we were at the last session, and then it was over. Totally surprised I asked the coach, "thats it?" She agreed.
Basically we paid over $3000 to hear someone tell us what we could have read ourselves.
We spoke with our sign up coach about all of the problems we had, and he assured us they would make these wrongs right.
One thing he promised was that we could retake to course for no additional fee the next summer. Then I asked if we still were not satisfied after that, and he eluded to a full refund.
Well we had several issues that summer, pregnancy, lost job, car accident, we could not retake the course.
So I called back to ask for the full refund. I found out our sign up coach no longer works there and talked with someone there and she assured we would NOT get any more refunds.
Thanks Loral for first making me feel discontent with what I have, then taking my money when I tried to do better! Glad I could make you a little more richer at my families expense.
54 of 56 people found the following review helpful
3.0 out of 5 stars
Do not try this at home, professional driver on closed course, Jan 28 2006
By Baby Boomer - Published on Amazon.com
This review is from: The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do (Hardcover)
This was a much more exciting book to me before I read it. Unfortunately, the author sets up each example and then flees to the next without following each story to its end or showing what to do when there are personality or market obstacles to success. We never find out how the dune buggy family fared running a business together, for instance. Why? Because it's a composite rather than a real example of a success story.As for all these wonderful real estate buys that are the basis of the new cash flow, the author is talking about atypical, special investment deals that aren't available to rank beginners. You can't get the deals without the experts. You can't get the experts without the money to pay them. You don't even know where to get the money until you find the experts. Most people reading this book won't be able to overcome these contradictions. I would have welcomed a simple pitch for new clients, an honest "Pay my team $50,000 and I will make you $500,000 in one year" to the "You all can do this" speech. We all can't do this.
I do applaud the author's desire to get people to see beyond drudgery as employees to the possibilities of leveraging their assets to create wealth. And to learn to use the tax code to shelter income. There are nuggets of interesting ideas here. But this book is not a substitute for the author's boardroom of experts.
34 of 34 people found the following review helpful
1.0 out of 5 stars
useless without her online product, Feb 18 2010
By S. Koop - Published on Amazon.com
This review is from: The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do (Hardcover)
I received this book "free" with a 30 day free trial to Lorals online web-course. I called to cancel the online web-course to avoid the $69.00 a month fee. I told her rep that I hadn't finished the book yet and wanted to cancel my subscription until I read the book. I was told "you do know the book is just an autobiography, and you won't learn anything from it". I was told that the "meat" of the program was the online advisors... Well, there ya go, from her own representative, the book is worthless and useless. If someone gives me a worthless book, I have no interest in anything else they have to sell me. Im glad I didn't actually pay for this book.
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