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The Millionaire Maker:

Act, Think, and Make Money the Way the Wealthy Do

On the road to $1M rating:

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My first impression reading The Millionaire Maker is that all the key ingredients are in there: Loral Langemeier’s writing transmits energy and determination; the first chapters are motivating and encouraging; by the end of the third one I want to get up and take an active step to accelerate the process of building my wealth!

But when I do get up I cannot think of a single idea from the book I could apply straight away. I’m not able to translate the impressive-sounding concepts that surround me from page one -Lifestyle Cycle, Freedom Day, Wealth Cycle Process, Wealth Plan, Wealth Account, Wealth Team, Conditioning, Team-Made Millionaire- into concrete actions. Is it just me, or is there a problem with the book? In order to answer this question, let me go back to the beginning.

The premise in The Millionaire Maker is simple: the author introduces us to a series of fictional characters who have different financial backgrounds -too much debt, a job they’re about to lose, abundant but unproductive assets- but share one thing in common: they are not rich. Langemeier claims that she can transform all these people into millionaires. And, according to her, this is an easy task, as she and her colleagues have unveiled the secret to making wealth. The purpose of the book is, of course, to reveal this secret to us.

As I continue reading, I can’t help but notice that the wealth-building secret presents many troubling aspects. The profiled individuals are encouraged to take unrealistic steps. We come across middle-class families who are advised to set up a structure of S and C corporations; countless people with no previous experience in business quitting their full-time jobs to start one; couples encouraged to refinance their primary residence to invest the proceeds in rental properties. By chapter 6 I’m wondering what happened to all those who followed the author’s advise to invest in buy-to-let at the peak of the real-estate market after the 2008 collapse. Are they now part of the foreclosure epidemic?

Langemeier’s defense of her risky suggestions is that wannabe-rich people don’t invest in the meager opportunities available to you and me. Apparently, it’s usual for them to come across projects offering 50 percent yearly returns with “no money or credit down”. As for the risk involved, she goes as far as to claim that “risk can be measured, quantified, and often removed”. How curious that the promise of high profits with no risk was also used by Bernard Madoff to lure his clients.

And even if these investments existed, where does this selected group of people find them, anyway? The answer is that they have a team of professionals scouting the country for the best deals. The role of the team is emphasized over and over in the book. The key to wealth building appears to be to throw a team at it. This team must include mentors, professional advisers, bookkeepers, graphic designers, field partners, lawyers, accountants, business brokers, assistants, commercial and residential brokers, builders, contractors, and computer support personal, among others. Well, I bet you can make anybody rich with this type of support!

By the end of the book I’ve realized that this is not the place where I’m going to find resources to help me take my start-up business off the ground, or make decent returns on my investments. And I don’t think it will be the place for you either. Although if you’re into thinking big and decide to take the book’s advice, be warned: risk may be measured and even quantified, but it can never be removed while ensuring consistent profits. Whoever claims the opposite isn’t telling the truth.

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