Man, they're in a hurry
Written: May 03 '03 (Updated Jun 17 '03)
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Product Rating:
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Pros: Interesting premise
Cons: Not everyone wants to use every single one of their ideas
The Bottom Line: Not everyone will need or want all the income producers that Allen and Hansen recommend. Skip this book.
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| Kidnykid's Full Review: Mark Victor Hansen et al - The One Minute Milliona... |
The premise behind ONE MINUTE MILLIONAIRE is that you can take the first step to becoming a millionaire simply by deciding to, and taking one minute to do that. Then, the hard work comes - how to develop multiple streams of income to get there.
It's divided into two sections. The left-hand pages give a reader an idea of which streams of income will work best to get you the multiple streams of income. The right-hand pages tell the fictional story of Michelle, a widow whose children are taken away from her by her in-laws (who never really liked her anyway, believing she was out to corrupt their son, one of the first settlers in the Americas). After struggling on her own for a while, she finds a mentor, Samantha Munroe. Then, she signs a contract with her late husband's father (the man who, with his wife, stole her children right out from under her nose by deceit and subterfuge), giving her the right to get her children back - if she can but earn (as opposed to inherit or get granted to her) a million dollars within a ninety-day period.
There are two serious problems with ONE-MINUTE MILLIONAIRE. The first is that I feel that Robert Allen in particular is overly fond of real estate. He sees it as an essential part of a balanced portfolio, while I disagree with him strongly. If you hold onto real estate for the long term, that's one thing; however, if you "flip" properties without thinking carefully of what you're buying, you could end up being a loser, big time. Sure, it's helpful to have a mentor on deck to make sure everything's on the up-and-up. And that mentor will also help you avoid mistakes - IF you choose the mentor carefully. But if you choose a mentor unwisely, and you have the misfortune to select properties randomly without taking care to see to it that you do your buyers right, you can really fall flat on your face. Besides, not everyone is interested in developing this stream of income - I'm certainly not, and I really resent someone telling me that I don't have the right to choose which streams of income I can select for myself.
Secondly, you can get much of this advice more easily somewhere else. If you're really that interested in improving your financial status, then for crying out loud, spend some time researching what you're interested in, and also doing some market research. It's all well and good to really be on fire with enthusiasm for something, but if nobody else is interested (even in a niche market), then don't even bother going into that field; you won't make any money, and if that's your goal, this is an important consideration. You can do the suggested research on your own or with the help of trusted advisers; you don't need either Mark Victor Hansen or Robert G. Allen telling you what to do. Apparently, I have more faith in your ability to dig out the information than these guys do, and this is allegedly co-written by a strong believer in high self-esteem.
It would simply be much easier to skip this book entirely and do the needed work on your own. See what interests you. Do some informal market research on your own to see whether there's a market for your interest. Even niche markets can provide you with a comfortable income. Just don't go the "positive thinking" route, and learn to accept some hard truths along the way (including the hard truth that even niche markets will not provide the opportunity for some to become wealthy).
Recommended:
No
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Kidnykid
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Member: Robin Peters
Location: Hodgkins IL
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