173 of 177 people found the following review helpful:
5.0 out of 5 stars
Creating Wealth is still a winner., October 19, 2003
By A Customer
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.
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323 of 338 people found the following review helpful:
2.0 out of 5 stars
outdated and questionable information, September 3, 2000
A read of Allen's book is interesting because it presents a different viewpoint on real estate. Being a novice in real estate, it provided me with information on many aggressive strategies. However, also being a CPA, I believe that they are excessively risky and are not necessarily financially sound.
Many techniques that are mentioned such as targeting assumable mortgages are out of date and useless. And many of the deals he covers as examples seem like a fast way to build up debt and incur monthly negative cash flow losses.
A google search on Robert G. Allen reveals that he is no longer pushing real estate but a vitamin multilevel marketing company. Also, a look at John T Reed's website reveals that Allen has filed for bankruptcy in the time period between when this book was written and today...1996, I believe.
There are probably better and more relevant real estate books out there. Since I'm still searching for my personal real estate methodology, I can't recommend anything now, but I would not recommend this book to others -- especially beginners.
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125 of 129 people found the following review helpful:
5.0 out of 5 stars
You can't beat the classics!, June 9, 2003
By A Customer
The excellent book by Robert G. Allen was originally released back in 1986, but the advice is timeless.
Although many have attempted to copy Mr. Allen, most are mere imitations. His material remains fresh, strategies are workable and his writing style is entertaining and informative.
This book had been revised and updated. I also recommend Multiple Streams of Income, Nothing Down for the 90's (still works in the new millenium) and The One Minute Millionaire.
Creating Wealth is a classic and a must read for anyone who wants to create real wealth.
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