Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire

by Michael Masterson

Book Overview

In Seven Years to Seven Figures, self-made millionaire and renowned wealth coach Michael Masterson reveals the steps you can take to accumulate seven-figure wealth within seven years--or less. Seven... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0471786756
• ISBN13: 9780471786757
• Release Date: October 2006
• Publisher: John Wiley & Sons
• Length: 247 Pages
• Weight: 1.00 lbs.
• Dimensions: 1.0" x 6.3" x 9.3"

Customer Reviews

Pure Gold

This book is pure gold. If you follow everything Michael says in this book and implement it you'll reach a Millon in 7 years. I personally know people who have applied most of the principles in this book in real life and they are millionaires. Get a copy and take each thing in the book and apply it to your life you'll be suprised with the results. If you believe this stuff works and take the necessary steps to getting the money, with an expectation of success, you'll get the million. I've started and the results are already showing up in small and unexpected ways.

Another Masterful Job

Excellent book on the whole even though the personal stories were a little boring. Having said that, the "Afterword" alone was worth the price of the book. Masterson is the Master at presentation, transitions, and bulletizing his review(s); the great learning keys to transferring knowledge and skills. As a follow up to Automatic Wealth (which was a rich pearl) he drives home the point that you have to have a hard work ethic if you really want to succeed at wealth. And if you're willing to work hard enough, you can do it easily in 7 years. "The best way to guarantee that you will accomplish something is to make it your number one priority." I know that it is very easy to accomplish this in seven years. My personal experience (from hard work) reveals that you really can do this in about 4.5 years. Of course everything depends on how you manage and apply the three components he explains in the book: "Getting wealthy involves three components: -how LONG you invest, -how MUCH you invest, and -what RATE OF RETURN you achieve." The summary point is that you can get wealthy by increasing any ONE of these three components. And just about anyone can understand that. All that's left is finding a plan, based on your own income (from your job and/or investments), to increase one or more of those components. Masterson also notes that even though you can get wealthy fast, passive investing doesn't work, you can't get wealthy quickly unless you can afford to invest a lot of money, and to invest a lot of money, you need to make a lot of money (from your job or other investing). And I think that creates many a disgruntled reader looking for a quick way to get rich. By following your net worth, you will see how you can make enough money to put away between $20,000 and $200,000 every year just by managing one or two endeavors that fit your profile, pocketbook, and perspective. The author recommends that you can: -invest directly in brand-new businesses (tough), and/or -invest directly into real estate (easy). I, of course, have chosen the easy way - real estate. I appreciate reading this book and like many other great books, it not only illuminates my outlook at wealth-building and wealth-perpetuation, but more importantly, it also validates some of the practices that we (my wife and I) use ourselves already - and fosters a fond spirit of achievement knowing that our actions are in line with those who have had great success themselves.

something to copy from your life

masterson's book is more on ideology than practicality. but that shouldn't discourage you from buying this book, in fact many of what he says is true, our life is our choice. i bought this book and also Investing Without Losing (ISBN 0978834607 NOT on amazn, other stores), one for motivation and the latter for practical application

Big Promise but Masterson Delivers

I don't like titles like Seven Years to Seven Figures. They make me skeptical. And when I started reading the book, I had a skeptical frame of mind. I was disarmed though, when I ran acroos Steve Sjuggerude's Foreward. Suggerdude is a writer I have the upmost respect for. He disclosed that Masterson was instrumental in his own success. That got me to the Introduction. And there I discovered that Michael Masterson himself was reluctant to use the title because he was afraid he couldn't deliver a program that could honestly deliver a seven-figure net worth in seven years or less. But then, he said, he tought about how long it took him to "make each of the million-dollar fortunes" he earned and he "realized that none took longer than seven years." That got me into the book. The first part explains, very convincingly, that it's just about impossible to get rich in seven years by investing in stocks or saving pennies -- which are the two most popular methods that you'll see in most books about wealth. He says that the only way you can get the 25% to 100% returns you'd need to develop wealth so quickly is by investing in real estate and small businesses. It makes sense. The stock market traditionally delivers about 10% on a long-term basis. Even if you doubled that rate by investing really well, 20% returns wouldn't be enough to turn $10,000, say, into a million in seven years. Saving your way to wealth? As Masterson explains, this works great for younger people (this was the method he recommended in his last book, Automatic Wealth for Graduates) but for middle-aged and older people that don't have 30 or 40 years to wait, this method doesn't cut it. Real estate, as Masterson documents, appreciates an average of 4% to 6% a year but because it can be safely leveraged with 80% mortgages, it can easily deliver 25% to 50% on a seven-year basis, so long as you locate undervalued properties and stick with real estate markets that aren't overvalued. But to get the really big returns -- the 100% returns that can turn $10,000 into a million in seven years -- there is only one way to invest: small businesses in rapidly growing industries. I'm skeptical of authors that recommend real estate and "business opportunities" but Michaelson makes a very convincing case that only these two forms of investors can provide a million-dollar's worth of wealth to the average guy that doesn't have a ton of money to start with. The book is well worth the price just to hear this argument, but the real payoff is part two where he provides seven or eight profiles of people he either knew or worked with (he's not too clear about that) that did become wealthy in three years, four years, five years and six years. I found that part very motivating. I don't understand those two flaky reviews that said there was "nothing new" in this book. There were plenty of specific useful bits of advice at the end of each one of these profiles. Some of the specific business advice blew m

Seven Years to Seven Figures: Get Started Now!

It's a bold claim... to make someone a millionaire in seven years or less... but Masterson shows you exactly how to do it. In the interest of full disclosure Michael Masterson has been a mentor to me over the last three years... During that time I've seen first-hand how he has transformed the financial lives of numerous people, myself included. Seven Years To Seven Figures is partly a diary of these real-life transformations. Those who followed Michael's plan were able to reach a significant level of financial independence in seven years or less. The book offers detailed case studies of how these ordinary people where able to make such incredible leaps in their financial life and how you can acheive similar results by following his plan. I'd highly recommend this book to anyone who doesn't want to wait a lifetime to get wealthy.