The Millionaire Maker's Guide to Creating a Cash Machine for Life | 
|  | | | Title: | The Millionaire Maker's Guide to Creating a Cash Machine for Life | | Author: | Loral Langemeier | | Publisher: | McGraw-Hill | | Type: | Book / Hardcover | | Publication Date: | 24 April, 2007 | | ISBN / ISBN-13: | 0071484736 / 9780071484732 | | List Price: | $24.95 | | You Save: | $8.48 | | Amazon Price: | $16.47 | |
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Product Description
Loral Langemeier first introduced her exclusive Wealth Cycle system in the national bestseller The Millionaire Maker. Now, in The Millionaire Maker's Guide to Creating a Cash Machine for Life, she reveals how you can learn to earn more money by building a viable business. The Cash Machine is simple to start and sustain. You'll use skills you already possess and build a reliable team to help. Whether you want to partner with others or create your own team to start, fix, or buy a business, Langemeier shows you how to turn it into a Cash Machine that makes money from Day One. This book delivers a step-by-step action plan for starting up your Cash Machine, helping you to - Identify your personal skill set
- Brainstorm a business idea and model it after a similar venture
- Test the sales potential
- Create a Cash Machine Plan
- Build and manage your team
- Develop short- and long-term marketing strategies
- Grow your business-and make more money!
Langemeier gets you up to speed on marketing, sales, operations, finance, and management to keep your business operating effectively. She also shares instructive and inspiring real-life examples of successful Cash Machines and explains how to use profits to fuel the Wealth Cycle. In order to be truly wealthy, you need more than a 9-to-5 salary and investments: you need a Cash Machine. The Millionaire Maker's Guide to Creating a Cash Machine for Life gives you the necessary tools to begin your journey to a lifetime of financial happiness-today!
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Customer Reviews:
• Mostly Motivational 23 September, 2007
I never heard of Langemeier until a few weeks ago when my wife saw her on a panel of mostly investment people on CNBC. The other 4 panelists focused on living below your means (being frugal) and then being able to save and invest in stocks, stock mutual funds, or real estate. Langemeier answered an audience question and basically said, "forget about the negative aspects of being frugal and not spending money, instead start your own business and make enough money so that you can spend money".
Out of curiosity, I picked up her book. I plan on starting my own business when I retire from my first job in a few years, so reading a book about starting businesses would not be a total waste.
Langemeier's approach seems to be to recommend that people start up a business very quickly in an area they know something about.......to get their feet wet.....and then learn more about running the business as it matures.
I can't really quarrel with her recommendations. She does discuss an issue I was already aware of.....do you want a business in which you must work at every day.......or do you want a business that does not require your 24x7 attention.....meaning you can expand the business easily.
My only observation is that Langemeier focuses on sales dollars......with very little focus on profitability. We all know the saying that nothing happens until the cash register rings....but why pick a business with low profitability versus higher profitability potential? Maybe her approach is designed to motivate you to get into a business first...and as long as you don't lose money......you will quickly learn about the profitability measurement......so your next businesses have more profit potential.
There is nothing new about her approaches. The principal value of her book would be to help motivate people to start their own businesses.
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- Reviewed by customer ID: AV2AGR9FSHF5N
• A Must-read For Every Entrepreneur 22 August, 2008
The only criticism I could have for this book is that Loral way oversimplifies - but I know that she is smart and does it on purpose! Her aim is to get you STARTED, not getting bogged down by planning every detail.
Loral's #1 impact on me has been to do the math. It sounds so obvious, but I did not always have it clearly laid out in my business. If you want to make this much a year here's how much you need per month, per day, per project. DUH! There is no rocket science in here, just a clear plan that encourages you to get going with your business.
I also love that Loral encourages everyone to aim high. She says your starting goal should be 100k a year. There is no downside to thinking big so why not? You are going to go for and get more money if you're aim for 100k a year instead of just 1k a month the way many businesses start.
- Reviewed by customer ID: A1EUJA5YNKUWAJ
• Building Your Own Cash Generator 05 August, 2007
Author Loral Langemeier is a woman who makes her living talking about building wealth through independent enterprise and she has an entire series of books dedicated to the "Cash Machine" concept. What Langemeier is referring to when she talks about cash machines is a business concept that involves complete and total involvement in an enterprise with lofty goals to grow and expand in a very short period of time. Langemeier stresses that a business can grow very quickly and she rejects the notion that a small business will always be small. She feels that business owners underestimate their abilities. They should set their goals very high and overachieve in sales and profits.
I have read many books like this and one thing that is a certain turn- off is a book that promises large sums of money very quickly and with very little work. These "get rich quick" types of books are common and they all make lofty promises and "guarantees" of great, limitless wealth. This book does talk about getting wealthy, but it is far more realistic in its approach. Langemeier doesn't guarantee great riches and she doesn't lead the reader to believe success will take place overnight. On the contrary, she talks about the demands of owning a small business; the commitment; the necessity of an exit strategy; and the gradual build- up to success. This is one of the many positive aspects of this book. It shows how financial independence can be reached, but it never claims the road to success will be smooth and completely free from bumps, roadblocks, and detours.
I like the multi- step approach of this book and the fact that it covers so many different parts of the process. The first few chapters talk about the start- up period and they cover everything from the decision to start clean vs. the decision to buy an existing company to the initial phase of brainstorming for ideas and identifying existing skills. Like Langemeier correctly points out, everyone has some specific skill set that can be converted into a full- fledged cash machine. For some, the skill might be something physical, like landscaping. For others, it might be something that requires more thinking, like private consulting. Whatever the skill, most everyone has several of them and it is only a matter of deciding on which skill(s) are best to use when building a cash machine.
Overall, The Millionaire's Guide to Creating a Cash Machine for Life is a very good book about starting a new business and developing it to its fullest. It isn't an exceptionally long book, so don't buy it with the expectation that you will find everything you need to know and an answer to every question as it relates to a small business. This isn't an exhaustive book and it only covers the most essential steps to build a business. But what it does cover, it covers quite well and it doesn't give the budding entrepreneur a false sense of hope. It's a very good book and one I recommend to anyone who is serious about starting and growing a business of their own.
- Reviewed by customer ID: A3JPFWKS83R49V
• Preys On The Corporate Type 25 January, 2008
Loral Langemeier has some good ideas. Start a business that can make you money now, today! Most people want to start a business and they make it too complicated for significance. She wants you to start a business that can make money ASAP so it will work. She says if you know how to sew then start taking orders taking for sewing. Don't start a new business that you are not familiar with. This is not the sexy but it comes from her farming background.
This is the foundation of her book and the $2,000 seminar I went to that went along with it. She says it herself that her books are brochures. There is really no other major substance here. The books misleads you to think this is something " new and different", that she will take you by the hand and make you rich.
If you want to save two hours reading, $20 for the book, $2,000 for the seminar ( which offers the same info, start what you know, now), $1200 for the hotels, $300 for airfare, $200 for misc expenses and $300 for the rental car just then start your idea now.
When you go to the seminar she wants you to sign up for her " Big Table ". This is where you do deals with like minded people for somewhere in the nature of $12k to join. Or they urge to sign up for coaching for $7k or so lasting 10-12 phone calls. Some deals have gone really sour from this. Everything is about relationships. Spend $1k and start a first class local group of like minded people instead. This way you can build trust and have a local knowledge of your investments.
To sum it up in another way they are a business. She is very smart. I say it's better to find a way to replicate her model more ethically for billions not millions.
- Reviewed by customer ID: A3U6Y5OZC93J66
• A Good Basic Plan For Using A Proven Profitable Model To Add Income 16 February, 2008
You have probably heard Loral Langemeier's ads on the radio, I know that I have started noticing them after having read this book. Her big concept is the Wealth Cycle and this book deals with creating a part of it. A Cash Machine is a PROFITABLE business you can set up easily, quickly, and uses expertise you already have. She emphasizes that a Cash Machine is probably not going to be your dream job and should never be a project.
I really enjoy the way she helps you identify your skills, the people and skill sets you should team up with, and how you can evaluate the "right" Cash Machine for you and your circumstances. The foundation of the whole idea is that your Cash Machine should not consume your life, but contribute to the quantity of your cash flow.
Langemeier is also great in helping you think through the questions you must answer before you take the plunge and what to think about after you are in the pool. What she is not very forthcoming about is what you should do when things don't go as planned. Maybe she just thinks you will be smart enough to get yourself out of it quickly. However, too many new business owners are awfully optimistic in their assumptions, in the contracts and leases the sign, and how far their available cash can really take them. Sure, she is wise in the advice she gives you in the up front planning, but from my view of things she is a bit light on how to open the canopy and pull the ripcord.
Maybe one reason she doesn't emphasize that is that one of the core ideas of the Cash Machine is that you are not trying to be a pioneer. You are going to use, copy, buy, or rent an existing successful business model for your Cash Machine. And that makes real sense. However, even some of the best ideas have wrinkles that sometimes trip up the owner new to the world of running a business.
Still, I like her ideas very much and think it a useful guide for those that want to add some income streams to their Wealth Cycle. Just be sure you have enough time in your day to provide the attention every business, especially new businesses need to become successful. If you don't know the basics of running a business you will need to get that, but you can take a couple of courses at your local community college quite inexpensively and get what you need to know.
Useful book for the right people. However, I suspect that this book is really more of a come on for her seminars and such. But if you are going to buy a car wash or a franchise of some type, this book will help you think through the right things as you look at the opportunities you are considering. I can't imagine what her costly seminars would really add, but I am sure she can fill in the interested.
Reviewed by Craig Matteson, Ann Arbor, MI
- Reviewed by customer ID: AUHG8KSHI529U
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