Seven Years to Seven Figures: The Fast Track Plan to Become a Millionaire – Book Review
In his latest book, “Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire,” Michael Masterson claims that it’s possible for just about anyone to achieve a seven-figure net worth in seven years (or less). Why seven years? Masterson looked at how long it took him to reach multi-million dollar fortunes in his many business ventures, and also studied many millionaires he knows personally, and found that in almost all cases, seven-figure net worth was achieved in seven years or more. . less.
You may be skeptical about the idea of achieving so much wealth in such a short time, but after reading the practical advice and eight case studies, you will see that it is indeed possible and achievable.
For people who feel like they’re “stuck” in a low-paying job, Masterson explores ways to increase your salary and your value to the people you work for. I can attest from personal experience that this is possible, having earned a six figure salary within a few years of college by providing value to the company I worked for and applying some of the same principles Masterson discusses in his book. He reveals that one of the best ways to optimize your income is by learning a financially valued skill; that is, a skill that allows you to basically write your own paycheck because of the financial return it can bring to a company. One example he gives is direct response copywriting.
Masterson also discusses ways to build wealth through real estate and entrepreneurship. He has built and helped many companies over the last twenty-five years and shares his experience with what works and what doesn’t. My only regret is that Masterson didn’t publish this book a year and a half earlier, before he launched me into entrepreneurship. If you’re thinking about starting your own business, you’ll want to pay special attention to the section on “chicken entrepreneurship.”
One of the most compelling features of the book is found in the eight case studies of real people. If you think you can’t possibly get rich because you filed for bankruptcy, have a low-paying job, or are in deep debt, think again! The people Masterson chooses for his case studies are people who struggle every day with the same money issues that many of us struggle with. Through persistence and focus, these individuals have achieved, or are on their way to achieving, financial independence long before reaching traditional retirement age.
And if you’re nearing retirement, Masterson includes a special section for baby boomers to help you achieve financial independence so you can really enjoy your golden years.
Although the advice Masterson offers in his book is very doable, you still need to set your mind and focus on achieving results. Without an “I can do it” mentality, he will not be able to focus adequately to do the things necessary to achieve his goals.
Along with this book, I also recommend that you read Masterson’s previous book titled “Automatic Wealth: The Six Steps to Financial Independence.”
Many clients I work with want to advance in their roles and earn more money, but they don’t do the things that really add value to the companies they work for. It’s not really his fault, as it’s something that isn’t taught in high school or college. Masterson discovers how you can bring more value and benefit to the people you work for, which not only helps the company you work for, but more importantly, helps you. If you really want to jumpstart your career and work towards building a seven figure net worth, I encourage you to read this book.
TITLE: “Seven Years to Seven Figures: The Fast Track Plan to Become a Millionaire”
AUTHOR: Michael Masterson
ISBN-10: 0471786756
ISBN-13: 978-0471786757
ANNOUNCEMENT DATE: October 6, 2006