Seven Years to Seven Figures
More Green Stuff e-Letter: Issue # 2
November 24, 2006
Seven Years to Seven Figures: A Short-Cut To Financial Independence Is Here
by Alexander Green
Oxford Club Investment Director
Recently I spent the weekend at the Ritz Carlton at Key Biscayne, the southernmost barrier island in the United States, only a few minutes from downtown Miami. I love staying at the Ritz. Yes, it’s pricey, but it’s worth it. The service, in particular, is without parallel. Every employee seems genuinely pleased to meet you. The valet, the concierge, and your waiter greet you by name.
Every hotel strives to give great service, of course. But the Ritz delivers it, consistently. When my wife Karen asked an employee in the hallway how to get to the gift shop, he didn’t tell her, he escorted her there. I finally asked a manager how they found such great employees, many of whom are performing housekeeping chores and other menial tasks, who are unfailingly pleasant and helpful.
However, there was one service even the Ritz couldn’t provide. Namely, they couldn’t get the sun to come out. I didn’t see it for ten minutes all weekend. But that gave me plenty of time to catch up on some reading, including two new books: ‘Why We Want You to Be Rich’ by Donald Trump and Robert Kiyosaki and Seven Years to Seven Figures by Michael Masterson.
One of these books is excellent. The other makes a fine door stop.
Why 7 Years To 7 Figures Trumps “The Donald”
I won’t keep you in suspense. I’m not a big fan of “The Donald.” It’s not that I don’t respect the trophy properties he’s built or the wealth he’s created. It’s just that – as far as I can tell – his money personifies him.
Take away his personal fortune and all the trappings of success and what kind of man is he? Does he have a sense of humor? I’ve never seen it. A keen intellect? Can’t tell. An interest in the world beyond money making? Who knows.
In any event, much of the advice in his new book is not just bad, it’s kooky. In the introduction, for instance, Trump says saving money is “obsolete and bad financial advice” and “the 401(k) savings plan will not be adequate for approximately 80% of all workers.”
So what are you supposed to do to get rich? Start a business, of course. That’s fine for people who are bright enough, creative enough, disciplined enough and well-capitalized. But it’s a well-known fact that 90% of start-up businesses fail within the first five years. That’s a daunting statistic for readers who have just been told to forget saving or investing in a 401(k).
Along the way, you’re offered inspirational advice like “think bigger!” And, of course, you’re treated to Trump’s ruminations about his favorite subject: himself. “I’m still evolving,” he says, “so I’m pleased to be considered operatic, although sitting through an opera is something I just can’t do.”
I felt the same way about his TV show.
In short, Trump’s new book makes a better paper weight than financial guide. But, if you’re looking for a short-cut to financial independence, help is out there. I do recommend you take the time to read – and introduce your kids to – Michael Masterson’s new book “Seven Years to Seven Figures.”
Real-Life Wealth-Building Secrets from Someone Who’s Done It
I’ve known Michael Masterson for almost twenty years. He wasn’t born with a silver spoon, like Mr. Trump. He is the son of a college professor.
And he has not only achieved a level of financial success most people can only dream about, he’s helped hundreds of friends and co-workers achieve financial independence, as well.
I’ve read all of his books, but this one is his best, in my view. He begins by detailing what he calls “The Four Levels of Wealth” and helps you decide which level you should realistically shoot for. He also shows you how to make yourself indispensable to your employer, how to create a million dollar Rolodex, and points out eight specific ways to create a second stream of income (while maintaining your current job).
He talks about the advantages and pitfalls of real estate, stocks, bonds and, yes, starting your own business. But the plan is realistic. (Remember Leonardo da Vinci’s warning that “he who would be rich in a day will be hanged in a year.”) Seven Years to Seven Figures is not only possible but highly achievable, if you stick to his battle-tested advice.
At investment conferences and seminars each year, attendees often come up to me and say “I only wish I had more to invest in Oxford Club recommendations.” And, it’s true, of course. You have to make it before you can invest it. Masterson does just that. He shows you how to make it. For anyone trying to build or protect a fortune, his latest book is essential reading.
Best Regards,
Alexander Green
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More on Seven Years to Seven Figures:
- Donald Trump ranks 94th on Forbes magazine’s list of the 40 richest Americans, with a net worth of $2.9 billion.
- Robert Kiyosaki is the author of “Rich Dad, Poor Dad.” In his new book with Mr. Trump, he claims that a “mutual fund company receives 80% of the returns” that investors earn. This sounds outlandish. And it is. It is also untrue.
- Kiyosaki’s own business expertise began in 1977, when a company he owned marketed the first nylon and velcro “surfer” wallets.
- Michael Masterson is an entrepreneur, investor, philanthropist, and author of several books, including the bestseller “Automatic Wealth: The Six Steps to Financial Independence.”
- Masterson on choosing a business partner: “Don’t underestimate the importance of this decision, it’s probably as critical as choosing the right spouse.”
Wit’s End
“The three ages of man: youth, middle age and “You’re looking wonderful!”
~ Dore Schary
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