Automatic Wealth

Submitted by Book Library on 1 April, 2010 - 19:44

"I have known Michael for over twenty years. He has one of the smartest business minds I know. When he gives me advice, I pay attention, and you should, too. Automatic Wealth is full of wisdom and insight filtered by a master and brought to you in a well-written and delightful style." -John Mauldin, Editor of the bestselling book, Just One Thing: Twelve of the World's Best Investors Reveal the One Strategy You Can't Overlook

"I am not usually a fan of this kind of book. One entitled Automatic Wealth: The Six Steps to Financial Independence made me suspicious. But I am a fan of Michael Masterson, and when I read the book, I was impressed. Masterson manages to go beyond the theory to tell you exactly how real people make real money in the real world. That, I think, is his genius. He's able to open his own eyes and see for himself what actually works. The result is original, clever, and very helpful to anyone who is serious about building wealth." -Bill Bonner, coauthor of Empire of Debt: The Rise of an Epic Financial Crisis

"Michael Masterson has been a great friend of mine for over twenty years. I know for a fact that the strategy he teaches is the exact same strategy he has personally used to amass extraordinary wealth and prosperity for himself. He's reduced a normally daunting process down to six simple and unfailing steps YOU can absolutely use to vastly and rapidly increase your financial situation, often times doubling and redoubling your wealth every few years. This book will become your financial bible." -Jay Abraham, author of Getting Everything You Can Out of All You've Got: 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition

"Michael Masterson's book is brilliant and concise, packed with breakthrough insights and unique wealth-building tips. Best of all, it's practical because it combines proven investment and financial planning advice with street-smart business and real estate secrets." -Robert Ringer, author of Action!, Looking Out for #1, and To Be or Not to Be Intimidated?

Positive Review of Book

There are two types of get rich books: those written by professional speakers who make a living telling others how to be successful, but whose only achievements are writing books and giving talks on how to get rich; and those written by people who actually ARE rich and have become self-made multi-millionaires in REAL businesses, not speaking and writing books. Masterson is firmly in the second category. I have been fortunate enough to be involved with him in several of his businesses, and he has a pure Midas touch for making successful businesses, which is teachable and transferable and which you will learn by reading his book. You will never read a more important wealth building book in your entire life.

Negative Review of Book

Author clearly has a strong understanding about how to build wealth long-term through focused habits and methodology of thinking, but stay away from his "stock investment" advice and his retirement withdrawal strategies - they're very misinformed. Clearly the author has never heard of Modern Portfolio Theory nor does he make any consideration to market volatility, inflation, and it's affects on withdrawal. If one thinks they can withdrawal more than 4% of their initial portfolio adjusted for inflation for the rest of their life, they'll be in a very bad situation 20+ years into retirement. The author misses the boat here big-time - dangerously so.

Advice: Buy the Book for its foundational principles of wealth building and his excellent assessment of real estate investing, but completely ignore Chapter 5's discussion on stock picking and double the amount you will need for retirement. All his advice will be flushed down the toilet if you follow those parts of the book. Instead, substitute those sections with the book, "The Four Pillars of Investing" by William Bernstein. The combination of the two books would certainly lead most logical consumers to significant wealth accumulation.

Author Biography

MICHAEL MASTERSON has developed a loyal following through his writings in Early to Rise (ww.earlytorise.com), an e-newsletter published by Agora, Inc. that mentors hundreds of thousands of success-oriented individuals to help them achieve their financial goals.

Masterson has been making money for himself and others for almost four decades. At one time or another, he's owned and run multi-million dollar companies that were public/private, onshore/overseas, local/international, service-/product-oriented, retail/wholesale/direct mail, and even profit/not-for-profit.

Masterson is the author of the Wall Street Journal bestsellers Automatic Wealth: The Six Steps to Financial Independence; Automatic Wealth for Grads... and Anyone Else Just Starting Out; Power and Persuasion: How to Command Success in Business and Your Personal Life (all published by John Wiley & Sons); and Confessions of a Self-Made Millionaire. His next book, Seven Years to Seven Figures: The Fast Track Plan to Becoming a Millionaire (John Wiley & Sons) will hit bookshelves in October of 2006.

Table of Contents

  1. STEP 1: RECOGNIZING REALITY.
  2. STEP 2: PLAN TO BECOME WEALTHY.
  3. STEP 3: DEVELOP WEALTHY HABITS.
  4. STEP 4: RADICALLY INCREASE YOUR PERSONAL INCOME.
  5. STEP 5: GET RICHER WHILE YOU SLEEP.
  6. STEP 6: RETIRE EARLY.

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