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Title: Creating Wealth : Retire in Ten Years Using Allen's Seven Principles of Wealth! by Robert G. Allen ISBN: 0-671-62100-9 Publisher: Fireside Pub. Date: 22 April, 1986 Format: Paperback Volumes: 1 List Price(USD): $14.00 |
Average Customer Rating: 3.79 (29 reviews)
Rating: 5
Summary: Perhaps Allens best Real Estate Book.
Comment: I used the technique in "Creating Wealth" coupled with "Nothing Down" to buy my first home with NOTHING DOWN.
Further, my investing in real estate properties, I was able to earn enough money to pay off my home in under 5 years and replace my salary from my job of 20 years.
Some of the information in "Creating Wealth" is duplicated from "Nothing Down" but there is also much newer information as well.
For example, Allen shows you the traps to avoid in buying properties with Nothing Down that most other authors ignore. HE ALSO offers scripts to use when calling home owners.
While I don't expect to become a millionaire (wasn't my goals anyway) I have achieved financial independence in that I am debt free and live very well on the income generated from Mr. Allen's strategies.
I also recommend "Multiple Streams of Income" and "Multiple Streams of Internet Income."
Rating: 5
Summary: Creating Wealth is still a winner.
Comment: I just picked up a copy of Creating Wealth earlier today after having bought other books by the author like Multiple Streams of Income and The 1-Minute Millionaire.
In chapter 1 "We were programmed to fail from the moment we were born" Allen discusses 9 major misconceptions about money and why it prevents us from becoming successful. Interesting is that number 1 misconception is "Having a job is good and leads ultimately to wealth." That was originally written back in the 80's and certaintly no one will argue that having a job will lead to wealth is an incredible misconeception.
Another misconception that Allen covers is "Saving your money is a good investment." Is there anyone who really thinks that a savings account is an investment? Only those who are broke.
In chapter 2 Allen shows us "How to develop a wealthy mindset." This chapter includes Allens 5 steps some are familiar like affirmations, goal setting and a 30-second commercial (from Dr. Schwartz's book)
Chapter 3 "A fool and his money are soon parted." Allen offers his 7 wealth principles and where to put your money.
In chapter 4 "Launching yourself into financial self reliance", ALLEN outlines the three stages to wealth building;
1) The Pre-launch Stage
2) The liftoff or struggling stage
3) The Powerful pre orbit stage
In this section Allen discusses what to do if the economy goes bad. Where to put your money and what to do with your real estate holdings.
In chapter 5, Allen introduces the fourth stage to wealth--"the Automatic Pilot Principle." Allen then covers strategies for this fourth stage of wealth.
The next 6 chapters deal specifically with real estate (no surprise here), how to buy it, finding the bet deals, even making the deals come to you, scripts to call ads from the newspaper, real estate contracts, a property grid to help you select the best property and a property analysis form. I found this section more complete than Allen's earlier book "Nothing Down." One similiarity were the "Nothing Down" techniques which were in "Nothing Down" but were presented in a a different way here.
In section 4, chapter 12 Allen discusses Discounted Mortgages and the enormous profits from investing in that segment of real estate. He again offers scripts to use to call on mortgage holders and how to determine the yield and potential profits.
In chapter 13, Allen discusses investing in precious metals. Chapter 14 "Liquid Money and Where to Pour it" and Chapter 15 "Why the rich pay little or nothing in taxes" round out the Creating Wealth program.
Reading the book in 2003 is interesting as Allen refers to prices based on 1980's real estate. So readers will have to check local prices and not go by the prices Allen mentions. That is not a reason to knock the book.
Likewise the tax information is 1980's based but the principles haven't changed. Just get a new tax guide. Tax rules are changing constantly.
Finally Allen discusses how to avoid lawsuits, but better, newer information is in "Multiple Streams of Income."
Overall, Creating Wealth is a excellent book and a great supplement to "Nothing Down" and "Multiple Streams of Income."
I also recommend "The 1-Minute Millionaire" which is inspirational and motivational.
Disregard the negative reviewers who seem to be more concerned with nit picking on minor points, what Dr. Schwartz would call "Detailitis", stepping over dollars trying to save pennies.
Creating Wealth is a good book and a must read for anyone aspiring to create and keep wealth.
Rating: 4
Summary: A Thoughtful Book
Comment: Creating Wealth is a thoughtful book. It presents a lot of "How-to" techniques that teaches you how to create wealth in real estate, collectible coins, all the way to using corporations to your advantage. The Real Estate section is particular well done and i really like the charts and diagrams he used to demonstrate what to look for, how to look for it, what to buy, what not to buy. The author also provides a series of negotiation scripts to demonstrate how the whole process works. Compare with some of Robert Allen's later books, i think this one is more complete, more thought out and less on self bravados. I would suggest that you should read/study this book with an open mind and a critical eye. This book is about establishing a different thinking process, but you'll still need to have the technical know-hows to fully protect yourself from any Real Estate Pitfalls.
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Title: Nothing Down for the 90s by Robert G. Allen ISBN: 0671725580 Publisher: Simon & Schuster Pub. Date: 15 November, 1990 List Price(USD): $23.50 |
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Title: Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth, Second Edition by Robert G. Allen ISBN: 0471655783 Publisher: Wiley Pub. Date: 19 March, 2004 List Price(USD): $24.95 |
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Title: Beating the Street by Peter Lynch ISBN: 0671891634 Publisher: Simon & Schuster Pub. Date: 25 May, 1994 List Price(USD): $15.00 |
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Title: The Warren Buffett Way, : Investment Strategies of the World's Greatest Investor by Robert G. Hagstrom ISBN: 0471177504 Publisher: Wiley Pub. Date: March, 1997 List Price(USD): $9.99 |
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Title: Inc. & Grow Rich! by C. W. Allen, Cheri S. Hill, Diane Kennedy, Garett Sutton, Allen. C.W., Diane Kennedy CPA, Garett Sutton Esq. ISBN: 0967187109 Publisher: Sage International Pub. Date: 30 September, 1999 List Price(USD): $29.95 |
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