{"id":554,"date":"2006-10-11T05:00:46","date_gmt":"2006-10-11T12:00:46","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/2006\/10\/11\/book-review-the-millionaire-maker\/"},"modified":"2023-09-23T16:18:31","modified_gmt":"2023-09-23T22:18:31","slug":"book-review-the-millionaire-maker","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/book-review-the-millionaire-maker\/","title":{"rendered":"Book review: The Millionaire Maker"},"content":{"rendered":"

Loral Langemeier claims that she can turn anyone into a millionaire.<\/b> In her recent book The Millionaire Maker<\/i><\/a>, she writes:<\/p>\n

You can give me someone who’s severely in debt, you can give me a single mom on a low income, you can even give me a guy who’s living a big lifestyle on fumes. I can take all of them and make them millionaires.<\/p><\/blockquote>\n

\"\"<\/a>The Millionaire Maker<\/i><\/a> attempts to codify Langemeier’s “proprietary Wealth Cycle Process”. (That’s how she writes it \u2014 with capital letters. Langemeier is big on capitalized jargon, tossing around terms like Financial Baseline, Gap Analysis, Freedom Day, Cash Machine, Wealth Accounts, Forecasting, Wealth Account Priority Payment.)<\/p>\n

Langemeier believes there are better places to put your money than in mutual funds.<\/b> (She calls the buy-and-hold<\/a> method “park and pray”.) She advocates an active role in accumulating wealth<\/a>, particularly through entrepreneurship and real estate.<\/p>\n

Langemeier’s advice is reminiscent of Robert Kiyosaki’s Rich Dad, Poor Dad<\/i><\/a>, but with more examples. Where Kiyosaki is vague, Langemeier offers seven case studies. Each chapter emphasizes a different aspect of her method, focusing on a family who wants to achieve a financial goal. Some of the families have millions of dollars in assets. Some have almost nothing.<\/p>\n

With the correct approach, Langemeier says, anyone can achieve her dreams. She emphasizes a One-Year Freedom Day, a day on which you will have escaped your current financial situation. This means different things for different people. To discover what it means for you<\/i>, you need to ask yourself some questions: What is your current financial situation? What do you want? What skills do you have? How can these skills help you get what you want?<\/p>\n

It’s all very inspirational. But still \u2014 sometimes she sounds like she’s pitching a get-rich-quick scheme<\/b>.<\/p>\n

Once you set the Wealth Cycle Process in motion, you can be on your way to having everything you ever wanted much faster than you ever thought possible.<\/p><\/blockquote>\n

Langemeier is adamant that her system is not<\/i> a get-rich-quick scheme. She notes that her method requires hard work and sacrifice. She espouses many tried-and-true personal finance concepts:<\/p>\n