Summary Of The Millionaire Factory By Andrii Sedniev

    The Millionaire Factory by Andrii Sedniev's tagline is that it is a complete system for becoming insanely rich. The first section is a wealth formula: Income  - Expenses (Cost of Living)  = Money to Invest. Invested Money x Rate of Interest earned = Growing Wealth.  This is a solid wealth formula that those who have grown rich have known for centuries. Benjamin Franklin talks about it in his autobiography.  Thus, to grow wealthy you must maximize your income, decrease your expenses (ideally to less than twenty-five percent to what you earn), and then you must invest what you have saved into an investment that grows at a high rate of interest but that has a low chance of risk (loss). 

     The second formula offered is a Millionaire Triangle. This three-part formula is (1) to provide value to people,  (2) to do something you are passionate about or can become passionate about, and (3) to use your natural talents.  I think life is more enjoyable if you can find a way to earn money doing what you are passionate about but my passions are reading books and going to the beach. I haven't uncovered a way to get people to pay me for these activities yet, but I am forever hopeful. Also, many people believe their art provides value, they are passionate about art, and many people are incredibly talented in that area, but few artists make a large amount of money. The same can be said for singers and actors. 

    For investments, the author suggests (1) entrepreneurship, (2) an S and P 500 index fund in the stock market, and (3) a credit card that will return at least 2 percent of what is spent so long as the balance is paid monthly.  The author does not suggest real estate as viable as an investment.  But real estate is the area where many people have earned their fortunes.  In fact, surveys have shown that most people who do not retire owning a home, they retire in relative poverty.  

   Overall, this book is good. It offers a very clear wealth-building formula that is clearly stated in the first section of the book. Although I disagree with the author about real estate not being a good investment vehicle, this book can help people on their path to earning wealth and is worth the purchase price.  

  

Summary of Measure What Matters By John Doerr

It's a new year and most of us are thinking about making and achieving some goals for 2022.  I usually write these in the back of my personal planner.  Last year I am embarrassed to report that I achieved none of the goals I set out to achieve. Thus, I hoped that by reading Measure What Matters I might gain some tips on how to set better goals and that is exactly what happened.  

In Measure What Matters, John Doerr explains how and why some of the leading tech companies set objectives with key results that are analyzed and measured every quarter, as well as how doing so improves productivity and can change a company's culture. An objective is "what" you seek to achieve.  Key results are the "how" used to achieve the objective.  They are incremental steps that will reach the objective. When all the key results are complete, the objective should be met. 

Generally, only a handful - about three to five objectives should be set each quarter.  These should all be broken down into key results that will lead to meeting the objective.  Thus, with each objective, a person or an entire company can see how close or how far away they are from reaching an objective at any point in the quarter as they measure what has been accomplished to achieve the objective. 

For example, if one of my objectives for the first quarter of 2022 was to pay my credit card balance in full during 2022 and keep it paid off, and my current balance was $1,000 and the deadline was to have it fully paid by April 1, I could list, "Pay Off Credit Card" as the first objective. Then I would need to list the steps or the strategy I will use to achieve this objective. I might decide that I need to pay $350.00 for January and February and then the remaining balance for March. I would also need to list how I would generate that money every month. Would I sell stuff that was not being used to generate cash?  Would I pick up a part-time job? Would I get a side gig?  Whatever strategy I  decided to use would also be listed. Then each week/month I would measure the amount that was actually earned and the amount I paid toward the card and compare that to the amount I planned to pay.   

Objectives and Key results can also be used with more aspirational and stretch goals. When the companies set out to achieve these types of goals, they allow more flexibility into the grading so that  70 percent is considered a good result. 

I don't have a tech company - I have only myself to lead, but I can easily see how this would be useful in getting people to work together and to see what others are working on that will lead to a company's goal being achieved.  I will be using objectives and key results this year to achieve a few goals.  I am optimistic that by constantly measuring whether my activities are getting me closer or further away from goals every week, I will stay on track and achieve them.  

If you have a small company, this book could be priceless. But if you have only yourself to lead, the first few chapters are more than adequate to get the idea of how to use objectives and key results.  

This book was purchased, not a gift.   

Thank you for reading this review. Comments are welcome.  We have not received anything from the author or publisher in exchange for this review.
Copyright @2022 Christine Esser

Summary of The 5 Lessons A Millionaire Taught Me by Richard Paul Evans

 The 5 Lessons A Millionaire Taught Me by Richard Paul Evans can be used by anyone to build wealth or at least to avoid debt.   The first lesson is the most important lesson. That lesson is to decide to build wealth. This decision means that you will learn the rules to building wealth and follow them.

      The second lesson is to be responsible with your money.  You are responsible when you: (1) track how much money you earn, (2)  know the source of the income, (3) track where you are spending the money, know what your money is doing (e.g., is it earning a fair rate?)  You spend a lifetime earning money, you and your family deserve to know if it is being used well.

     The third lesson is to save a portion of all you earn. It is suggested to save and invest at least ten percent in assets.  Some people have debt and for those who do, it is suggested they use 10 percent of income to repay debt and ten percent to save and invest.

       The fourth lesson is to win in the margins.  Work a day job to cover all expenses and have medical insurance but also work a side job and invest all the money earned from the side job. Another way to win in the margins is to save money by getting the best price on large purchases. One way to do this is to ask, “Is this the best you can do?”  Also, ask yourself if each expenditure is necessary. Scale back spending. Find ways to enjoy life without spending money.  For each expenditure, ask if the expense is adding to your wealth or taking away from it.        

      Another mindset of millionaires is that freedom and power are better than momentary pleasure. Thus, think long-term.  Cars depreciate in value fast.  Thus,  for most people, it does not make financial sense to pay a lot for vehicles.

       Most successful people who have earned wealth know that spending does not equate to happiness.  Being grateful for what you have helps to prevent consuming as a strategy for seeking enjoyment.

       The millionaire mentality protects the nest egg. Once the nest egg starts to grow it will be tempting to spend it on something you could not afford before you saved the money. Millionaires resist this urge and let their money continue to grow.

    The fifth lesson is to give back.  No one leaves this earth with their money. We leave the wealth behind when we die. Thus, smart people give while they are still alive to enjoy seeing how their money works to help others.

   This is a practical book everyone can use to improve their financial life. It is highly recommended. 

 This book was purchased, not a gift.   

Thank you for reading this review. Comments are welcome.  We have not received anything from the author or publisher in exchange for this review.

Copyright @2022 by Christine Esser

 

Summary of "When" By Daniel H. Pink

 As children, we learn to time our requests to our parents. Thus, it makes sense that once we are grown, timing will continue to make a difference in the results we obtain. In this book, Daniel Pink takes a scientific approach to explain why timing matters throughout our lives.

Part I

The first section of the book focuses on the daily cycle. Generally speaking,  most people function better and make better decisions in the morning when they are fresh. By afternoon most people are experiencing a daily lag period. Afternoons are the worst time to schedule surgery at many hospitals for this very reason. A short siesta of between 10 and 20 minutes can counter an afternoon slump and help a person become more alert.

The exception to this, however, is if you are a night owl. Night owls function better in the evening,  

Part II

The second part of the book explores beginnings,  middles, and endings. A fascinating discovery in this section of the book is that, in general, those who graduate from college and enter the workforce during a strong economy fare better throughout their entire career and earn more than those people who join the workforce during a recession. Thus, it's important to try to give yourself the best and strongest beginning possible.

During a midpoint, people either slump or jump to the next level. Research also indicates that people are also more likely to cut corners in the middle.

Just like in novels, we want to have a strong and upbeat ending.  Most people remember the ending far more vibrantly than they recall all that precedes it. Additionally, people near the end of life,  prune their contacts and focus only on their inner circle.

Part III

Working in groups makes us feel good. Group activities like running together, singing in a choir, even doing yoga together have a positive impact on the body.  

One way for bosses to make a good impression on those who work for them is to respond quickly to email requests.

Thinking about the past and considering the future can have a positive impact on us. Integrating our lives into a coherent whole can help us to “comprehend who we are and why we're here.”

Overall, this is an interesting book, and I recommend reading it. 

How do I effectively respond to criticism at work?

Will you become a badass at making money after reading Jen Sincero's book?

If you aren’t making the kind of money you want to make and are new to the self-help genre, Jen Sincero’s You Are a Badass at Making Money: Master the Mindset of Wealth might give you the motivation you need to move your life forward.  In this book, Jen Sincero tells her story of how she went from financial struggle to financial prosperity within a relatively short time.

When Jen Sincero initially considered getting rich, she had some hang-ups about money and wealthy people. Her beliefs interfered with her ability to generate more money.  Thus, she decided to challenge these false beliefs. Sincero believes that others may need to challenge their false beliefs, too, before they will give themselves permission to take the actions necessary to get rich.

Pay attention to your thoughts and the language you use about money. Don’t make statements that limit your ability to earn more, like “I’ll never be rich” or similar types of statements.   Instead, use your language to build yourself up and look out for opportunities that will help you earn more money.
Money is both energy and a unit of exchange.  We receive money for the value we provide to others.  Because what we focus on increases, focus on financial abundance to increase your financial flow.  Focus on your appreciation of money, your plan to get rich, and give as much as you can to prime the pump to be able to receive.

Use affirmations and visualization to create the feeling of abundance even if you are currently experiencing a lack. On a similar note, spruce up your environment to feel better about yourself. This could mean upgrading your wardrobe, cleaning up the clutter in your space, or even moving to a spot near the beach like Sincero did. This move helped to spark her creativity to create more wealth.

Both gratitude and faith are important to cultivate on the journey to becoming wealthy.

These are the action steps to follow to grow your wealth, according to Jen Sincero:

(1) Decide how much money you will make, what you will use the money for, and think about how wonderful you will feel when you get it.

(2) Make a commitment to get the money.

(3) Make a plan on how you will get the money and break that plan down into smaller activities.

(4) Meditate on the life you will create with the money you make and feel deep gratitude and faith that it is on its way.

(5) Whatever you do to earn money, be your best. Give it your best effort.

(6) When the universe offers a solution to your goal of making more money, grab on and take it.

When Jen Sincero became serious about getting wealthy, she created a website,
writeyourdamnbook.com, to help authors write book proposals to become published authors. Jen Sincero already had two published books at that time and she was a successful writer.

In order to do this, Sincero used a coach. The first coach charged her $7.000 but that coach helped her to build her website and so she was able to pay off her credit card bills soon afterward. But even with the website, Sincero was still not earning enough money to make her feel wealthy.

The second coach Jen Sincero used charged her $85,000 for personal coaching. Jen Sincero was able to become a nationally known name after following the advice of her second coach. Sincero obtained the money by borrowing it from a wealthy woman. Sincero recognizes that everyone will not have a wealthy person to tap for money to borrow to receive expensive personal coaching but coaches helped her in creating a better life for herself so she shares what worked for her in her book.

Keep going until you become wealthy.

If you have been reading self-help books for awhile, you are already familiar with most of this since it has been covered in Napoleon Hill’s Think and Grow Rich, T Harv Eckert’s Secrets of the Millionaire Mind, and Wallace Wattles, The Science of Getting Rich.

But if you are new to this genre, Jen Sincero’s book might give you the motivation you need to get started on your journey to creating wealth. Also, she delivers her story with plenty of amusing anecdotes and some cuss words to keep you entertained along the way.

Rating. $$$$ out of 5  This was a fun read, and it is motivational but other than Sincero's personal journey, there is nothing new here. There are no great new insights on how to become wealthy unless you can afford an expensive coach. But I suggest you always try out the less expensive options like joining a mastermind group or finding a mentor at SCORE first before investing in expensive coaching.

Best wishes.

Copyright 2017, Christine Esser

This book was purchased, not a gift.   

This book can be purchased on Amazon by clicking the first link below. Disclosure: We may receive a small commission from your purchase, but this will not raise the amount you pay. Thank you for reading this review. Comments are welcome.  We have not received anything from the author or publisher in exchange for this review. Money Book Millionaire's summary

Can You Use These 10 Tips from “Work Less, Make More,” by Jennifer White?

Work Less, Make More by Jennifer White is mostly for people who can exercise some control over their own schedule. Thus, if you own your business and have complete control over your own schedule, you will likely find some tips here that you can use to earn more money and work fewer hours.

Work Less, Make More, published by JohnWiley & Sons, is based on White’s 10-step program. White was the founder of a coaching firm, JWC Group, and she created this 10-step program to help her clients redesign their lives to live a more fulfilling life.

The first lesson, if you are currently stressed out, is to determine what is stopping you from living the life you want. After all, you are the person responsible for your life. What is causing you to either work too many hours or not earn enough money during the hours you work? And if you are stressed out right now, begin by taking better care of yourself so that you do not show up appearing stressed out when you interact with your customers or clients.

Create a vision of the life you want to live. Be specific in the number of hours you want to work and the amount of money you want to make. Get a journal and begin using it to monitor your progress in creating a vision for your life.

Second, focus on only doing the things you do best. By focusing on what you already do best, you have a better chance of being paid more and reaching the income target in your vision statement. Become a master at what you do best and you can earn even more.

Third, focus on doing less but doing what really matters to get paid. Follow the 80/20 Rule and focus your attention on the twenty percent that pays you the most. When serving a customer, focus on the top three things that matter the most to that customer.

Remember to eliminate, delegate and automate in those areas where this can be done. Negotiate to have someone else do tasks that are not a priority for you.

Fourth, time is your most important asset so spend some time thinking about how you are using your time. Some people are able to get more done when they reorganize their workweek to achieve more results. White suggests that you rearrange your schedule so that you have laser days (start with at least two) where you focus on the top three activities you do. Also, schedule some support days where you schedule administrative tasks like customer service, creating proposals, paying bills, etc. Third, schedule at least one free day where you do no work at all but instead do what you enjoy, such as hobbies, sports, shopping, beach days, etc.

White suggests that you focus an entire day on each activity. Do not combine laser activities with support day activities because it takes additional time to refocus when we switch activities.  Be certain to schedule all the stuff on your “to do” list into discrete time slots on your calendar

Fifth, say “yes” to yourself and “no” to other people’s requests on your time.

Sixth, find a way to use leverage by duplicating yourself. Duplicating is not delegating administrative tasks, it is finding someone who is just as good as you to get the work done.
An alternative to getting another person to do the work is to use technology and automate the work where possible.

Seventh, add value where you can so that you become the most valuable person to someone else’s success. What you deliver should be more valuable than anyone else’s product or service in the marketplace.  You can do this by focusing on them, not yourself. Also, solve their problems, be a resource for others, and make your work memorable.  Spend more time with your most important customers.

Eighth, your creativity will determine your ultimate success. If you continue to do the same things, you will get the same results. Thus, you need to use your creativity to think of new solutions to earn more. Develop new ways of doing things. Create ideas to fill a need. Create an inspiring environment that is comfortable and pleasant to work in.

Ninth, focus on generating more income. If you create the highest value, you can ask for the highest price. Money grows by time and rate of earnings; thus, you must save some of the money you earn if you want compound interest to work for you. You can create more income in many ways. Some of the ways people earn more money are by creating products to earn royalties, buying properties to have rental income, creating and selling consumable products, and by selling a business that they grew into a profitable enterprise.

Tenth, take the time to develop relationships with everyone that you come into contact with. These people could include customers, clients, neighbors, business associates, accountants, lawyers, employees, friends, children, spouses, and everyone.  Money exchanges hands through people.

Overall, if you own or manage a business and have control over your schedule, these ten tips can help a person earn more money. But most people don’t have full control over their schedules so they will need to pick and choose which of these tips they can implement.

Rating: $$$$ out of five.

Copyright @ 2017 Christine Esser

This book was purchased, not a gift.   

This book can be purchased on Amazon by clicking the first link below. Disclosure: We may receive a small commission from your purchase, but this will not raise the amount you pay. Thank you for reading this review. Comments are welcome.  We have not received anything from the author or publisher in exchange for this review.