Non-fiction/ Financial/ Investing
The Millionaire Maker’s Guide to Wealth Cycle Investing
Loral Langemeier
2007
McGraw-Hill
ISBN-13: 978-0-07-147812-4
Pages 225
http://www.liveoutloud.com/index.php
In her latest work, The Millionaire Maker’s Guide to Wealth Cycle Investing, financial strategist and coach Loral Langemeier (The Millionaire Maker, 2005), offers a step-by-step method of attaining wealth that can be applied by people of varying financial status. For many, this book will be an introduction to direct asset allocation, essentially, investing directly in a product or service as opposed to representative stocks and bonds. The author provides instructions on increasing cash flow, finding initial investment opportunities, building a knowledgeable support team, and securing millionaire status through investment techniques used by the established wealthy.
Langermeier identifies four types of investors (whom she claims, through the Wealth Cycle process, can become millionaires within three to five years) who lie somewhere along the spectrum of “having nothing” (no property ownership, debt, and little savings) to the millionaire on paper who lives hand to mouth. The author provides scenarios of clients she helped progress through the Wealth Cycle who represent each investor type. The format, which begins by highlighting the “has nothing” investor type first, shows inclusion, thus taking away the assumption that only the rich can be assisted with wealth building, a stigma that is often associated with books of this nature. The message in this book is to gain wealth by following the example of the wealthy: flipping the proceeds from one investment into another. Langermeier shows the reader how to do this in nine steps that are fleshed out through detail and example.
This book challenges traditional ideas about gaining wealth. The Wealth Cycle requires investors to take assessment of their current financial picture and set a financial goal the author calls “Freedom Day”. In instances where the potential investor is just getting by with his or her current salary, The Wealth Cycle encourages the starting of a small business (“Cash Machine”) to generate income that will be saved for the purpose of beginning the investment process. The acquiring of assets such as real estate is suggested as a starting point at all investment levels. What makes the Wealth Cycle process stand out is the direction to create a team consisting of knowledgeable people in the type of industry a person wants to invest in and the process of due diligence, which involves research and study of all aspects of an investment deal prior to putting down any money. As the investor gains profits, additional investment routes are to be considered such as promissory notes, private equity ventures, and, once reaching millionaire asset status, buying into oil and gas investments.
Langermeier makes easily welcomed suggestions, such as finding ways to increase income for wealth building while simultaneously working towards decreasing debt. She also encourages the use of home equity as investment income which may not be as easy to swallow depending on an individual’s personal philosophy on money and risk. What is wonderful about this book is the way the author introduces and demystifies alternative methods of investing that the average person may not have knowledge of. Additionally, the idea of networking to gain information about potential investment opportunities and the insistence that investors actively participate through research and on-going contact with the people managing the tangible products and services they have put their money into is valuable advice.
The Millionaire Maker’s Guide to Wealth Cycle Investing takes the idea of the average person becoming a millionaire beyond a dream to possibility by providing tools and information that can then be transformed into ownership of profit generating assets.
M. B. Levine
for Gather.com
Reviewer for IP Book Reviewers www.bookreviewers.org
Blog: Woman Free, A Novel http://womanfreeanovel.blogspot.com
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