Guest Author - Rhonda Cliett

Loral Langemeier is well known in the field of financial education. She started her life with no money and eventually created a system that allowed her to be a team-made millionaire by the age of 34. She has now dedicated her life and career to sharing this information with others. The Millionaire Maker maps out the goals you should seek in order to “Act, Think, and Make Money the Way the Wealthy Do.”

This book is not for someone who is looking for a get rich quick scheme that requires no work. Instead, this book provides the blueprint that you should follow in order to become financially successful.

Admittedly, it took about 40 pages to persuade me that this book had merit. I am not easily convinced so as I was reading the first few pages I was thinking to myself that I probably would not be making it to the end of the book. I felt that the statements made by the author were grandiose and the promises were empty. For example, on page two Loral states: “I know I can take anyone, anywhere, and make him or her wealthy.” Instantly after reading this statement my doubts surfaced. Empty promises do not make a person wealthy. However, I don’t know if it was my commitment to read the book or the fact that I was reading it on an airplane and it was the only book I had brought to read, but I continued reading. It took quite a few pages to lessen my doubt but by page 40 I was pulling out my highlighter and pencil so that I could mark the important parts and write notes in the margins.

Loral wants to change the readers mindset and traditional beliefs about money. One common goal of many people is to “save enough money to retire.” However, retirement, as typically defined by the American public, is not a worthy goal. Instead, Loral believes that the goal should be “financial freedom” at any age. To achieve this goal, Loral offers what she has labled “The Wealth Cycle.” There are twelve building blocks in The Wealth Cycle ranging from Debt Management to utilizing entities.

Much of what Loral writes about is also taught in college business classes. So how could this information apply to your personal life? It is actually quite simple. Loral believes that you should set up your life much the same as you would set up a business. She states that you will become profitable and productive just like a business once you have set up your life like a business. This is what sets this book apart from other books.

Creating and growing a successful business is not easy, just ask any business owner. It takes a sincere commitment, many late hours, and countless sacrifices. Loral’s advice is often times a bit aggressive and she will challenge your commitment to financial success. In one of her examples, she advised a client to quit her current job in order to cash in on her 401(k). She does not provide details on how to make the transition from employee to being self-employed. However, what she does provide is the blueprint and it is up to you to apply this plan to your individual circumstances.

Loral offers sound advice regarding the best ways to structure a business in order to maximize the value of your dollar. She considers liability protection as well as the resulting tax affects. Her writing style is clear and simple. She managed to explain a 1031 like-kind exchange in one paragraph, unlike my college professor who filled several class periods on the subject and still left one wondering what the heck he was talking about.

Plain and simple, I am impressed with Loral’s insight and suggestions. That being said, this book is not for everyone. Some people will benefit more than others but everyone will find something useful. If you prefer an aggresive approach to wealth building, then apply the system in it's entirety. If you prefer a less riskier approach, then find a way to implement the system in a manner that allows you to work towards your financial goals while remaining relatively within your comfort zone. No matter your risk level, the first step towards reaching your financial goals is to challenge your traditional beliefs about how to increase your wealth. This book is a great first step and a definite "must" in your financial library.