The book is simple and quick read; mindset changer for those who want to do more, be more, and achieve more in how they pursue wealth and providing value for others. This is a good book to put into practice.
As the writer says, the Millionaire Booklet was created for you to keep close to you until you become a millionaire.
A quick Summary
The book presents eight strategies to be a super-rich.
- Step 1: Make the Millionaire Decision
- Step 2: Millionaire Math
- Step 3: Increase Income
- Step 4: Who’s Got my Money?
- Step 5: Stay Broke
- Step 6: Save to Invest, Don’t Save to Save
- Step 7: Multiple Flows of Income
- Step 8: Repeat, Reinforce, Hyper-focus
Where to Get Advice
Be very selective of where you get your financial advice and never get advice from a quitter or a pretender (p.11)
Happiness in Life
“If you’re going to be unhappy, be as rich as possible”(p.14)
In 2015, 500,000 households in America became millionaires (p.15)
Getting rich is mostly a game of offense, not defense (p.16)
Step 1: Make the Millionaire Decision
Nowadays, more than 80% of all millionaires are self-made. The middle class is for those who settle for just enough rather than striving for prosperity. The middle class is a compromise, and it is selfish. When you compromise your finances, you become unable to help others because you are struggling to simply take care of yourself. (p.18)
“I believe millionaire is today’s new middle class.”
Step 2: Millionaire Math
Do the math to create possibility, then create strategy.
Step 3: Increase Income
The author says, increase your income first. After that, the game of wealth creation begins. It’s about increased your income flows. Most of the times millionaires work for someone else.
Step 4: Who’s Got my Money?
Think about people who have money, and how you can provide product or service to them to get money out of their pocket.
The question you should ask is who has got my money?
Try to help the people as the saying goes, the more people you help, the more money you will have.
“The most important thing you must learn about any business is sales”- Mark Cuban
Make yourself known to the people who have your money.
Step 5: Stay Broke
Future investments are key to grow rich.
Stay broke, not poor.
“Pay the price today so you can pay any price tomorrow”
Step 6: Save to Invest, Don’t Save to Save
Investing money is a great way to get yourself rich. Because the money in your pocket will not double. Mostly, the people do not create wealth because they never invest enough stock market to get a big payoff. Significant wealth creators like Warren Buffett make big plays, not little ones. To accomplish this, you must have some amount of cash and confidence.
Step 7: Multiple Flows of Income
Try to make multiple ways to create income. Therefore, you do not have to worry about in case one of them become halt. Firstly, increase your income. Secondly, add to your income by starting a second symbiotic flow. Thirdly, expanding the on the thing you are already doing. Save the rest of money in bank for investments.
Step 8: Repeat, Reinforce, Hyper-focus
When people ask you, why you are working so hard. It is a sign that you are on your track.
Try to invest in yourself. Do not spend time and money on things for instance toys, or holidays. Invest in the surest investment of your life.
It is a great book to study, if you are serious about getting rich.
Website: Grant Cardone
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