The advice and concepts outlined in Automatic Wealth
are best suited for those in their 30s-50s who recognize that their current job will never afford them true financial independence. Rather than encourage readers to quit their day jobs today and launch into a new scheme tomorrow, Masterson shows how to turn your skills and experience into significantly more money within seven to fifteen years. For those just getting by, he details how to get the biggest pay raises now and how to move into more lucrative ventures in the near future. For those with some savings, he offers specific advice on building equity and increasing net worth significantly and quickly. Since Masterson made his millions starting and developing small businesses, he encourages people to become entrepreneurs themselves and discusses which kinds of ventures to invest in and which ones to avoid. He also stresses the importance of developing multiple income streams, offering chapters on real estate, stocks and bonds, consulting, direct mail, and other opportunities.
In addition to concrete steps, Masterson also writes about attitude and expectations. His first step, in fact, is to take an honest and realistic assessment of your current financial situation and prepare yourself to change habits. He stresses that you must make getting rich a priority and devote the necessary time to it--act immediately and don't wait until the perfect moment to change your situation (hint: the perfect moment rarely arrives.). Clearly written and filled with informative anecdotes and examples, Automatic Wealth will not make you a millionaire overnight. It could, however, make you one in a decade, and that's a timeline most people can deal with. --Shawn Carkonen
From the Inside Flap
If you're worried about getting burned by financial programs that promise you'll get rich quickthrough unlikely stock tips or high-risk trading strategiesand don't have the patience to invest in a savings plan that takes thirty or forty years to take advantage of the "miracle of compound interest," then you've picked up the right book.
In Automatic Wealth, self-made millionaire Michael Masterson draws upon his own experience and that of experts in the fields of retirement, investing, and real estate to offer you a complete program on achieving financial independence. Organized around six key principles, Automatic Wealth will show you how to develop your wealth- building skills and habits and turn yourself into an "automatic wealth-builder."
The proven program detailed throughout this bookone which incorporates nothing but strategies that have personally worked for Masterson as well as the people he's mentoredis broken down into six easy steps:
- Facing the FactsHere you'll discover what wealth means to you and come to a realistic conclusion about what you need to do to put yourself on a path that will allow you to live well and retire comfortably.
- Plan to Become WealthyOffers simple, straightforward advice that will prepare you for your journey.
- Develop Wealthy HabitsIllustrates how the right mind-set can translate into more money.
- Radically Increase Your IncomeProvides the framework for making the money you want through real estate, investing, and other proven financial vehicles.
- Get Richer While You SleepReveals the best ways to create a steady stream of income that will automatically flow into your pocket.
- Retire EarlyExplores proven approaches to wealth building that will allow you to retire sooner than you might have expected and still live comfortably throughout your retirement years.
Automatic Wealth follows a well-conceived plan that focuses on building income and equity simultaneously. Filled with in-depth insight and practical advice, this unique guide offers specific stepsincluding how to develop wealth-building habits now and how to develop a three- to fifteen-year plan to reach millionaire statusthat will help you live a more fulfilling financial life.