The Millionaire Maker
The Millionaire Maker by Loral Langemeier wasn't what I was expecting when I bought it. I thought it was going to be another motivational book that was going to boost me on my way to ultimate success. Instead, it's a book that gives people directions for how to learn about their assets and liabilities, find ways to restructure both, then find ways to earn more money by maximizing present skills into new businesses.
She starts out by talking about her principles of wealth building, known as the 12 Building blocks of the Wealth Cycle. She gives a brief
explanation of each of these individually, then goes deeper into the concepts and how they work with each other.
Later on, she goes into what she calls Eight Questions in Eight Minutes Equals a Lifelong Wealth Plan. Throughout the book, she has
singles or couples who are in different stages of financial states answer each of these questions, always in eight minutes, and at the end she's
ready to discuss ways each of these folks can get out of debt, increase their cash flow, and be on the road towards becoming millionaires.
It sounds good up front, but I had some issues with the book. My first issue is that every group of people except one are somewhat above normal; not
many of us could relate to them. For instance, the first couple may only make $75,000 a year, but they have an expensive house with $350,000 of
equity in it and almost $50,000 in the bank; man, wouldn't that be nice? Sure, the wife was losing her job, which was about to take $25,000 a year out
of their normal income, but they easily had a lot to work with. It was impressive how Ms. Langemeier was able to turn them totally around and make
them millionaires, but I don't know that most people could relate to them still.
As a matter of fact, there was only one couple in the book who most people could relate to, where the husband made $30,000 a year, but his wife had
just given birth, and they were spending more than he was making, and they had big debt. Still, as I read their story, my mind was telling me that
most people who might be reading the book might have difficulties working the system on their own, and having someone like Ms. Langemeier might
be a necessity. It certainly will take more than one reading to figure out the entire plan.
And maybe that's why I have difficulty with this book. It was probably in the wrong section of the bookstore, because instead of a motivational book,
it's more of a financial worksheet that's going to take a lot of work; nothing wrong with work, in my opinion, but most people will struggle, and
ultimately fail. Each of these couples got the recommendation that they start their own business; only one of the participants had difficulty doing
that. Each person is told they have to market their businesses; this is much harder to learn and do than the book makes it seem. Sure, the reality
is that few people will become millionaires working for someone else, but everyone isn't cut out to work for themselves either. I will say that if most
of us had business marketing coaches to work with that we'd have a better chance at success than we would if it was something we weren't used
to doing.
So, I need to give this book two different reviews. If you're looking for a nice read, this book isn't for you. If you're looking for a plan to change your
entire life and monetary standing, and are ready for some real serious work, and have the time to put into the initial parts of the book, then The
Millionaire Maker might be a way for some people to go.
