Today’s weather: Sunny with a chance of a million dollars.
Today our lessons on making money come from the book The One Minute Millionaire by Mark Victor Hansen and Robert Allen
This book is structured in an unusual and interesting way: the right side is the non-fiction ‘The One Minute Millionaire’ while the right side is a novel. The story follows Michelle, a recently widowed mother of two, who after losing custody of her children to her in-laws, has 90 days to come up with a million dollars in order to get them back.
Here’s a summary of some of the things you’ll learn from this book.
Two Ways to Millionize Your Life:
Find investments that yield at least 10% annually after taxes.
Keep up the process, year in and year out.
4 Steps to Your First Million:
Decide that it’s okay to be a millionaire.
Practice imagining yourself enjoying an abundant lifestyle.
Spend less than you earn.
Invest the difference.
Choose Your Millionaire Mountain:
Investments: Shares, bonds, etc.
Every successful person has a mentor.
Mentoring is a powerful form of leverage.
Mentors are everywhere.
Mentors don’t need to be people.
Constantly seek out mentoring relationships.
Assemble a Dream Team of your favourite heroes and sheroes.
Set a goal to search for at least one millionaire a month.
The best kind of mentor is a transformational one.
Money Skills of Extremely Prosperous People
Remember the importance of networking and how it increases your leverage.
Identify the kind of worker you are: ideas generator, the planner, the problem identifier, or the methodical and logical one. You need to have at least one of each type of worker on your team.
The book will show you how anyone can become a millionaire, regardless of where you are. It simplifies the processes and is simple to follow.
Taken from: One Minute Millionaire, Mark Victor Hansen, Robert Allen.
Where to buy it:
I got my copy from Text Book Centre for Ksh850. You can also find it at Prestige.
If you’re no stranger to books on wealth creation then this book could serve as reminder notes of what you’ve already read. This is not by any means in a tedious manner, but rather to review and update you on what you previously learned. If it’s your first wealth-focused book then all the better for you because it’s very simple and straightforward to read.
presents a hundred rules of wealth and each chapter is written in a lucid and
digestible style. It first analyses the mindset and behaviours of the wealthy. He
shares some of the things that these people do to make money and how they
continue to hang onto it. It simplifies the ways to make money and what it
depends on but without making it come off as a get-rich-quick guide.
The Rules of Wealth is divided into main sections; thoughts of wealth, becoming wealthy, becoming wealthier, staying wealthy and sharing your wealth. Templar briefly explores our money beliefs and their sources, our concept of money and what role those factors play in creating wealth.
He points out that defining your wealth helps to give you a destination, something to work toward. Throughout the book we learn how sometimes it’s not an inability to become wealthy but rather laziness. He shares an illuminating lesson on the relationship between money and happiness, which I thought was necessary to include because many of us are constantly getting lost between the two.
I fully agree with a point he also makes, which we also don’t consider much, about how it is harder to manage yourself than it is to manage money. A brutal truth that may sound so obvious but to be honest, how many of us are getting it right?
The last part of the book focuses on creating more money and sharing it. There is an encouragement he offers along the way by reminding us that it’s never too late to start getting wealthy. This is necessary to highlight because of the pressures that we’re surrounded by through statistics and stories of twenty-whatever-year-olds becoming self-made millionaires and all.
It’s a good investment for the shelf. The guidelines and principles are easy to understand and execute. It may sound like a hundred is a lot but they’re short and easy to consume. There is no confusing jargon of the financial world so it’s not intimidating.
“Where the determination is, the way can be found.”
― George S. Clason, The Richest Man in Babylon
Title: The Richest Man in Babylon
Author: George S. Clason
The Richest Man in Babylon is a famous classic that gives exemplary financial advice. It uses parables that one can easily adopt and apply. In the book, Arkad is the richest man in Babylon who shares his journey to wealth.
He shares ‘the seven cures for a lean purse’, which are:
‘Start thy purse to fattening.’ This reminds us how there are many trades with which
we can use to earn money and how to use that source of wealth that one already
has. From what you earn you can start fattening your purse by saving one-tenth
of your earnings.
‘Control thy expenditures.’ Budgeting for the necessary expenses will help to put
away one-tenth of the money you make.
‘Make thy gold multiply.’ Making money work for you means that a stream of
wealth will continue to flow into your purse.
‘Guard thy treasures from loss.’ It’s wise to consult with people who have the knowledge
to help with protection from unsafe investments.
‘Make of thy dwelling a profitable investment.’ It highlights the important distinction between
renting and buying, and also how you can use your property to establish a business.
‘Insure a future income.’ It’s prudent to provide in advance for your needs as
you grow older and for the wellbeing of your family.
‘Increase the ability to earn.’ It is smart to develop your skills and sharpen your
investment knowledge to increase your earnings power.
Amongst other parables, the book also shares five laws of gold which Arkad
considers to be greater than the gold itself. These detail how gold works, whom
it favours and whom it slips away from.
This book is a wise investment when making your way toward building your
wealth or increasing it. After reading books like Rich Dad Poor Dad by Robert Kiyosaki and Tony
Robbins’s Money Master the Game: 7 Simple
Steps to Financial Freedom, I could already understand where most of their
advice comes from and how many wealthy people practise the same financial
habits that are in Clason’s book.
It will teach you a lot about how a great desire for wealth can be a good place to start, even when you don’t have much else to begin with. It will also emphasize why you should take advantage of opportunities available to everyone. You will learn how luck favours those who act and those who grab opportunities.
Richest Man in Babylon is short and featherweight
and despite some of its language being rather archaic, it’s still heavily loaded
with beneficial advice. Its size and ease also help when you want to go back to
its pages for a reminder, to find something that you previously missed or
simply to clarify something along your journey to wealth.