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The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do Hardcover – Jan. 21 2006

3.9 out of 5 stars 54 ratings

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Product details

  • Hardcover : 288 pages
  • ISBN-10 : 0071466150
  • ISBN-13 : 978-0071466158
  • Product Dimensions : 14.99 x 2.54 x 24.13 cm
  • Publisher : McGraw-Hill Education (Jan. 21 2006)
  • Item Weight : 560 g
  • Language: : English
  • Customer Reviews:
    3.9 out of 5 stars 54 ratings

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.

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"

"Breaking into the bestseller club is especially hard in personal finance and investing because any author who wants to compete in the financial big leagues needs a great, fresh idea; a proven track record; and a big, charismatic personality..

. "Despite the tough requirements, the next few months promise not one, but two serious contenders for the title of Next Big Thing: Loral Langemeier and Phil Town. Both of them avoid the psych-heavy approach to personal finance..

. "'Most people talk about psychology, ' says Langemeier, 'and what's working/what's not working in their business. But [my team and I] really go tactical. We're truly planning through what we call a gap analysis: where people are, where do they need to go.'.

. "A go-getter from a young age, Langemeier started her first business while she was still in college. By 35, she was a multimillionaire. Her book, The Millionaire Maker (McGraw-Hill, Jan.), showcases the concepts she honed with her coaching-consulting company, Live Out Loud, which emphasizes aggressive, multilateral investing..

. "'What we noticed, ' she says, 'was that the millionaires who got created faster, it was how they sequenced. They got their assets invested; they learned to make more money; they were running their personal finances like a business-for profitability. They were incorporated; they had diverse assets. But they do it all pretty simultaneously. Whereas a lot of plans would say get out of debt then we'll work on it. We would never say that. It's too slow. It's not what millionaires do. Millionaires don't worry about a latte a day, you know.'.

. "So far [Langemeier and] Live Out Loud have made over 200 millionaires, and not one ofher 10,000 clients has filed for bankruptcy."--"Publishers Weekly,"