Wednesday, November 15, 2006

Mini-Review Of Michael Masterson's "Seven Years To Seven Figures"

Most books that outline plans for financial independence almost always rely on extreme saving and “penny-pinching”.

You can get rich this way but most people just don’t have the discipline to do it because it will take 30–40 years to reach the goal.

In a nutshell Masterson’s approach is:

#1
The key to massively increasing your wealth is to dramatically increase your income. 

Masterson says there are 3 ways to do this.

  • Do what you currently do but do it better.
  • Develop a financially valuable skill, one that contributes directly to the bottom line of your own company or the company you work for.  This is usually in the sales or marketing areas.
  • Create multiple streams of income

#2
Investing passively (without working at it) will not generate significant enough gains to achieve the goal of 7 figures in 7 years. 

You can make good money in investments but to make great money you MUST work at it.

You must get better than average returns in the investments you make with your increased income.  He suggests investing in your existing company for profit sharing, starting your own business on the side of the one you currently work at and investing in real estate

This is a very simplified, overview of what Masterson covers in his book.  The best part of the book, in my opinion, is Part II.

It includes eight case studies of people who have achieved “7 Figures In 7 Years”.  

The case studies look at Big Ticket Businesses in Consulting, Retail, Real Estate and Information Marketing.

And… it covers exactly what they did to do it.

I really enjoyed this book because of its completely different approach.

You can find the book on amazon.com or bn.com

-Chuck

3 Comments:

Blogger Manoj said...

So true..Thank you chuck

6:01 PM  
Blogger Hugh said...

Hi, Chuck! I think that you might like to take a look at one of the most unique books on finances for 2006 - Paradigm by Robert Taylor, Nobel Prize nominee. Business Week said that it is "The DaVinci Code for the Wall Street Set." Check out http://www.paradigmbook.com.

Hugh

7:13 PM  
Blogger Chuck Daniel said...

Manoj and Hugh, Thanks for your comments.

Hugh, I haven't read Robert Taylor's book so I can't say anything about it other than it sounds like a good read!

-Chuck

9:48 PM  

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