Monday, October 15, 2007

"Seven Years to Seven Figures" book review

Okay, day 2 of posting daily!

I started a book last night. Not sure how I feel about it, because the idea is so different from Dave Ramsey in many ways, who makes sense to me and I like his program. Now, there was a REALLY good sentence... BUT - in other ways, it's very similar.

Anyway - it's called "Seven Years to Seven Figures: The Fast Track Plan to Becoming a Millionaire" by Michael Masterson. I have read up through about half of the first chapter.

He claims that he was doubtful that becoming a millionaire could be done in such a short time, but then he analyzed some info and found that most self-made millionaires have done it within about 3 years from the time they decided to do it.

He points out that debt must be gone (duh) and you must increase your income and find higher yield investments such as stocks and real estate, in order to increase your net worth.

And, he points out focus. That it must be your #1 goal.

So here's my way of looking at it, at the moment (I don't know if I'll read the whole book, depends on how juicy it gets in the next 50 pages or so...) -- it's actually a LOT like Dave Ramsey. Here's some commonalities:

(1) Get rid of debt. Although Masterson assumes you don't have any (ha!) and don't need to do that step (there is really no mention of debt reduction in there), the main idea is that you have extra money to use for this.

(2) Live below your means. The book says that even when you start making money, act like it's not there and put it into investments, thus making your net worth grow that much faster.

(3) Increase income. Dave will say to a caller that it's not a debt problem, but an income problem (at times). Masterson says that you wont' get anywhere on the salary you have, and you need to increase your income by starting a business or rising as quickly as you can at the job you have.

(4) Gazelle Intensity. Masterson points out focus as the #1 thing to help increase your income and become a millionaire within 7 years. Sounds like being Gazelle to me!

Interesting how things apply to Dave Ramsey so much....more later -

1 comment:

Lisa said...

Hi Kris,
Thanks for stopping by my blog! Your blog looks very interesting, I will be checking in often!