The Automatic Millionaire

What did you conclude?

You have had time to finish the books. Give us a report.

Start late . . . how late? Amateur person who started playing the market couple of years ago would have probably lost 20% by now. Quickest way to get rich these days might be to become a slumlord - if you could stand dealing with slum tenants.

 

Especially since the IRS changed the rules about selling your residence. A person who has the skills could make make good money buying a trashed house, working on it (theoretically living in it for 3 out of 5 years) and selling it.


The guy who wrote "Rich Dad, Poor Dad," says about the same thing. You want to generate untaxed assets.

 

From experience flipping, it's great. 9 out of 10 millionaires own real estate for a reason.

 

My ax with these books, besides that they're all very similar, is that the people who write them make lots of money because....... people buy their books about how to make lots of money.

I've read about 6 or 7 of these books, and many of the problems they propose can be overcome with decent sense, and confidence in yourself.
Some of them go so far as to claim that taking the stairs two at a time will help you get into the money-making habit.

Though I can guarantee I make much less money than the majority of posters here, I live happily enough, with no real plans in life other than to live and let live.
But then, of course, I don't have a family that is depending on me for support.
So things are different.
Yeah.

 

You do have to wonder whether these authors are making money doing it or selling it. If they make a hundred or two off everyone who signs up for their system, then THEY have figured out how to get rich quick.

Going back to the original post, there probably isn't much more tried and true than putting your savings on autopilot. Give back to the Lord, pay yourself, and then you have left what you have left to spend.

 

Both. My first flip, I earned around 6k. Now, if I write a book on my first flip (mainly the mistakes to avoid ) I betcha I make a lot more than 6k.

 

Great point!

Let me know when you're ready to sell your secrets! :thumbs:

 

Kinda like Ron Blue writing books about "Mastering Your Money." He was born wealthy as I understand it. So how would he know about it? That's one of my few great points about Dave Ramsey. He had it, lost it, and got it back. So he knows how to get out of a hole.

"Spend less than what you earn, save some of what you earn, and invest some of what you save" is the general theme to most financial self-help books. Most all of them expand on how to do this. Beyond that, there is little new under the sun.

 

For me it is the exact opposite. Ramsey didn't make it back by years of hard work following his own advice. He reinvented himself after going broke, and made himself rich by selling books, seminars and becoming a radio personality. Not that there is anything wrong with that, but it always bugs me that the impression that is given is that he worked for years and years following this advice and that is how he made it back. Also, I am not saying all his advise is wrong, much of it is sound, but I have often heard him give some horrible advice to people that called in to his show.

 

Oh, he gives some of the worst advice out there. And there are some other major problems I have with him and his organization.

But you're saying he didn't work his way back? I'd like to see proof of this. My understanding is just the opposite. He started the book/radio thing after he climbed out of the hole.

 

One book I would recommend, and that many of you might really enjoy is "The Millionaire Next Door". Unlike the self help style books with regurgitated advise, this was a book based on actual study and research of millionaires. Very informative book. My copy is from the first printing in 1996 so it might now be a little dated, but I imaging that they have either updated the book or revised it somehow. Anyhow it is an interesting book for those interested.

 

He filed bankruptcy when he was thirty. Two years later he already had his first book published and was on the air. (How long does it take to write a book anyway). There is no way he worked at a job, followed the advise that he now gives and worked his way back to real success. No, his success came from selling books, seminars and becoming a radio personality. Again not that there is anything wrong with doing so, I just don't like the spin which makes it sound as if he "worked" his way back with his new found wisdom. The guy reinvented himself from a wheeler and dealer, that totally over extended himself by millions before his loans were called, to what we then heard on the radio. He really never was like any of his typical callers, neither before nor after.

 

For realistic info, read Michelle Malkin's column or get on her Washington Post list.