Review of the book Secrets of Self-Made Millionaire by Adam Khoo

This is the first Adam Khoo book I ever bought and it really caught my eye. I’ve heard of Adam Khoo numerous times and wonder what it’s like to run some successful businesses that make him a self-made millionaire.

Adam didn’t immediately dive in to explain the methods he used to achieve great wealth. Instead, he explained how self-made millionaires think, allowing them to see opportunities where others see problems. Once you adopt the habits of a millionaire, a whole new world will begin to open up for you and is critical to wealth creation.

The next critical thing I learned from Adam about building wealth is setting very clear financial goals. All the millionaires, billionaires in the world have decided at some point in their life that they wanted to be rich. From there, the wealthy will create high-level financial goals for them to reach within a certain period of time, and often a specific full figure is used as their goal. Suppose you want to increase your monthly income to a higher figure, you need to change your strategy.

With goals and objectives in place, create a plan and execute it accordingly. If your goal is to achieve a specific portfolio, your plan will provide how much you need to save and invest each month along with the rate of return to reach your goal in the allotted time period. If your goal is to increase your monthly income, your plan will provide the methods for increasing your primary source of income along with any other sources of income you need to start over.

With the financial plan in place, you will find it will be a steep and uphill task to achieve the goals set out in your plan. Many people give up without achieving their dreams. How do you increase your income at a rate that allows you to achieve your goals? That’s where Adam teaches us how to massively increase our income in any career along with creating a home based internet business.

Increasing your income on one side of the coin. The other side of the coin is reducing expenses. Many people go into serious debt no matter how much income they made because they couldn’t manage their expenses, spending more than they earn. It’s even easier to get into debt when bank clerks constantly pressure you to sign up for their credit cards. Adam illustrates essential financial skills to have and how to cut expenses without lowering your current standard of living.

When you increase your income and reduce your expenses, you will have surplus funds. We have to put these surplus funds to work for us instead of just working hard and saving alone, which will not make us rich. Using compounding theory, you can turn small amounts of money into large amounts over time with discipline. All wealthy people use investment vehicles to help them build their wealth, and the stock market is one of those vehicles. They understand both the risk and returns of the stock market, allowing them to achieve returns in the range of 15% to 25%.

Last but not least, we must know how to protect our wealth after spending so much time and effort building it. Unforeseen circumstances can happen and wipe out our wealth if we are not prepared for it. The rich always hire experts to help protect their wealth from unscrupulous people.

I highly recommend Adam Khoo’s Secrets of Self-Made Millionaires if you want to learn how to build extraordinary wealth using multiple sources of income. Many areas in his book have exercises for you to practice what he has taught to accelerate wealth creation. Get your book now!