Millionaire Maker – Book Review
The Millionaire Maker by Loral Langemeyer is a book that gives people encouragement and instructions on how to learn how to handle their money and grow their money to get out of debt, gain financial freedom, and even learn something about themselves in the process.
Langemeyer talks about her principles of wealth building, known as the 12 Building Blocks of the Wealth Cycle. She gives a brief explanation of each of these individually, then goes deeper into the concepts and how they work with each other. They are:
- Gap Analysis
- Debt Management
- Wealth Accounts
- Financial Baseline
- Freedom Day
- Cash Machine
She then talks about what she calls the Eight Questions in Eight Minutes Equals a Lifelong Wealth Plan. These are the financial questions each of us should answer as it regards how we want to live financially throughout our lives and how we monitor those things, such as how much money we want to make, what are our assets, how can we make money, etc.
That last one is the most important one as far as I’m concerned when it comes to those of us who might not be living financially well. The question of job and career skills comes in handy because she talks about finding ways to increase income as opposed to always talking about saving on expenses, and that’s refreshing. She believes, as I do, that everyone has a marketable skill that could earn them some extra money, whether it’s a hobby or something they’ve learned at work or in school. In the book she shares stories of people she’s worked with and how she’s helped them overcome their problems in this way, to the extent that some people found new careers doing work that they loved that paid them more than their original jobs.
If there’s a minor complaint about the book, it’s that most of the examples in the book are people that many people wouldn’t be able to relate to. These are people who make a significant amount of money but have handled their money badly. There was one couple of very modest means whom she highlights and helps, and in this fashion it’s almost reminiscent of what was talked about in a previous book review here, the Smart Consumer’s Guide to Money Coaching.
Still, this is a good book for anyone looking for ways to figure out how to get out of debt to read. It was a long time best seller, and she was featured on Oprah as well. There’s a lot in this book, and if you like it she has other books and tips that you can find to help you out. Just click on the book above if you’re interested in purchasing it from Barnes & Noble.