The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do [Hardcover]

Loral Langemeier (Author)

Book Description

Publication Date: December 31, 2005

Take the mystery out of wealth building with a 12-step approach that can be used by anyone to turn the money they have into the wealth they want. Known as the Millionaire Maker, Loral Langemeier brings financial independence to thousands of her loyal followers. She reaches these people through her seminars, radio interviews, and speaking engagements.

--This text refers to the Audio CD edition.

Editorial Reviews

From Publishers Weekly

Millionaires don't get there by working hard for others and saving pennies, insists this high-wire personal finance self-helper. Instead, "master coach" Langemeier urges the nonwealthy to quit their jobs, start businesses, plow money into real estate and other "aggressive, unconventional" investments, construct a maze of tax-minimizing business "Entities" and amass "assets that create more assets." The result is dramatic makeovers of people like Mike and Mary, a mechanic and laid-off administrative assistant with two kids; Langemeier quickly convinces them to start a dune-buggy company, buy 12 rental properties and a promissory note and turn their family into a financial empire consisting of two limited liability companies, an "S corporation" and "a trust to serve as an umbrella for all of their companies and holdings." The author calls this taking personal control of one's finances, but doing so, she emphasizes, requires a vast support staff of lawyers, accountants, realtors, business brokers, "sector analysts" and miscellaneous "field partners." She provides many case studies of skyrocketing wealth, but never seriously addresses the risks her daredevil financial strategies pose, and relegates the critical details to unexplained balance-sheet entries. Complete with motivational hectoring and an offer of a free phone consultation, Langemeier's primer feels like an infomercial. (Jan.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review

"Breaking into the bestseller club is especially hard in personal finance and investing … because any author who wants to compete in the financial big leagues needs a great, fresh idea; a proven track record; and a big, charismatic personality.

"Despite the tough requirements, the next few months promise not one, but two serious contenders for the title of Next Big Thing: Loral Langemeier and Phil Town. Both of them avoid the psych-heavy approach to personal finance.

"'Most people talk about psychology,' says Langemeier, 'and what's working/what's not working in their business. But [my team and I] really go tactical. We're truly planning through what we call a gap analysis: where people are, where do they need to go.'

"A go-getter from a young age, Langemeier started her first business while she was still in college. By 35, she was a multimillionaire. Her book, The Millionaire Maker (McGraw-Hill, Jan.), showcases the concepts she honed with her coaching-consulting company, Live Out Loud, which emphasizes aggressive, multilateral investing.

"'What we noticed,' she says, 'was that the millionaires who got created faster, it was how they sequenced. They got their assets invested; they learned to make more money; they were running their personal finances like a business-for profitability. They were incorporated; they had diverse assets. But they do it all pretty simultaneously. Whereas a lot of plans would say get out of debt then we'll work on it. We would never say that. It's too slow. It's not what millionaires do. Millionaires don't worry about a latte a day, you know.'

"So far [Langemeier and] Live Out Loud have made over 200 millionaires, and not one of her 10,000 clients has filed for bankruptcy."--Publishers Weekly (Publisher's Weekly )

See all Editorial Reviews

Product Details

• Hardcover: 240 pages
• Publisher: McGraw-Hill; 1 edition (December 31, 2005)
• Language: English
• ISBN-10: 0071466150
• ISBN-13: 978-0071466158
• Product Dimensions: 9.3 x 6.5 x 1 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 3.5 out of 5 stars  See all reviews (105 customer reviews)
• Amazon Best Sellers Rank: #60,440 in Books (See Top 100 in Books)

More About the Author

Loral Langemeier is one of todays most visible and innovative money experts. She continues to expand her horizons, even through the challenging obstacles of today's economy. Because of her tenacity and absolute confidence in what she teaches, Loral is one of only a handful of women in the world today who can claim the title of "expert" when it comes to financial matters and the making of millionaires. She accelerates the conversation about money, sharing how to not just survive this tough economic climate, but how to succeed and thrive.

In February 2012, Loral will release "Yes! Energy: The Equation to Do Less, Make More." Leading up through the release of the book, Loral has brought together thought leaders and experts from around the world to share messages about how they've built and maintained their energy through successes and challenge. To discover more about this innovative movement, visit http://yesenergysummit.com!

As a previous New York Times, USA Today and Amazon bestselling author and a leading entrepreneurial speaker, Loral has coached thousands of success stories around the world by giving them the simple tools to generate cash. As a single working mother, dynamic speaker/motivator and owner of a business (Live Out Loud, LLC); Loral lights up the room and impels you to change for the better.

Langemeier started her first business at 17, and by age 34, had established a multi-million-dollar portfolio. As one of the most notable women national and international experts, Loral has built a number of businesses in a variety of industries, including projects in real estate, green recycled glass, and online marketing firms - several of which have grossed millions.

Loral has the determination to thrive, even in the midst of telemarketing nightmares. That she has done this, even while battling a full throttle and runaway internet and the bruising of her powerful brand by people whose real goal is to sell their own products, is testament to her focus on prosperity, rather than scarcity.

As Founder and CEO of Live Out Loud, Loral has shared her high value strategies at seminars all over the world, teaching people her simple recipe for capitalizing on their skills and talents to make new money. She is author of 4 national best-selling books; The Millionaire Maker, The Millionaire Maker's Guide to Wealth Cycle Investing and The Millionaire Maker's Guide to Creating a Cash Machine for Life and her just-released book Put More Cash In Your Pocket. In addition she has appeared frequently on CNN, CNBC, The Street TV, Fox News Channel, Fox Business Channel-America's Nightly Scoreboard, The Dr. Phil Show and The View. Loral has been featured in articles and appeared in USA Today, The Wall Street Journal and The New York Times, and on the web at ABCNews.com, Forbes.com and as a regular online contributor with the Huffington Post, The Bottom Line, Yahoo7Finance, and BusinessWeek.com.

In 2010, Live Out Loud will celebrate its 10 Year Anniversary, with a variety of events, webinars and promotions to recognize the many achievements of the company, program graduates and current clients.

Loral Langemeier is one of todays most visible and innovative money experts. She continues to expand her horizons, even through the challenging obstacles of today's economy. Because of her tenacity and absolute confidence in what she teaches, Loral is one of only a handful of women in the world today who can claim the title of "expert" when it comes to financial matters and the making of millionaires. She accelerates the conversation about money, sharing how to not just survive this tough economic climate, but how to succeed and thrive.

A New York Times, USA Today and Amazon bestselling author and a leading entrepreneurial speaker, Loral has coached thousands of success stories around the world by giving them the simple tools to generate cash and build wealth. As a single working mother, dynamic speaker/motivator and owner of a business (Live Out Loud, LLC); Loral lights up the room and impels you to change for the better.

Langemeier started her first business at 17, and by age 34, had established a multi-million-dollar portfolio. As one of the most notable women national and international experts, Loral has built a number of businesses in a variety of industries, including projects in real estate, green recycled glass, and online marketing firms - several of which have grossed millions.

Loral has the determination to thrive, even in the midst of telemarketing nightmares. That she has done this, even while battling a full throttle and runaway internet and the bruising of her powerful brand by people whose real goal is to sell their own products, is testament to her focus on prosperity, rather than scarcity.

As Founder and CEO of Live Out Loud, Loral has shared her high value strategies at seminars all over the world, teaching people her simple recipe for capitalizing on their skills and talents to make new money. She is author of 4 national best-selling books; The Millionaire Maker, The Millionaire Maker's Guide to Wealth Cycle Investing and The Millionaire Maker's Guide to Creating a Cash Machine for Life and her just-released book Put More Cash In Your Pocket. In addition she has appeared frequently on CNN, CNBC, The Street TV, Fox News Channel, Fox Business Channel-America's Nightly Scoreboard, The Dr. Phil Show and The View. Loral has been featured in articles and appeared in USA Today, The Wall Street Journal and The New York Times, and on the web at ABCNews.com, Forbes.com and as a regular online contributor with the Huffington Post, The Bottom Line, Yahoo7Finance, and BusinessWeek.com.

In 2010, Live Out Loud will celebrate its 10 Year Anniversary, with a variety of events, webinars and promotions to recognize the many achievements of the company, program graduates and current clients.

Loral Langemeier is one of todays most visible and innovative money experts. She continues to expand her horizons, even through the challenging obstacles of today's economy. Because of her tenacity and absolute confidence in what she teaches, Loral is one of only a handful of women in the world today who can claim the title of "expert" when it comes to financial matters and the making of millionaires. She accelerates the conversation about money, sharing how to not just survive this tough economic climate, but how to succeed and thrive.

A New York Times, USA Today and Amazon bestselling author and a leading entrepreneurial speaker, Loral has coached thousands of success stories around the world by giving them the simple tools to generate cash and build wealth. As a single working mother, dynamic speaker/motivator and owner of a business (Live Out Loud, LLC); Loral lights up the room and impels you to change for the better.

Langemeier started her first business at 17, and by age 34, had established a multi-million-dollar portfolio. As one of the most notable women national and international experts, Loral has built a number of businesses in a variety of industries, including projects in real estate, green recycled glass, and online marketing firms - several of which have grossed millions.

Loral has the determination to thrive, even in the midst of telemarketing nightmares. That she has done this, even while battling a full throttle and runaway internet and the bruising of her powerful brand by people whose real goal is to sell their own products, is testament to her focus on prosperity, rather than scarcity.

As Founder and CEO of Live Out Loud, Loral has shared her high value strategies at seminars all over the world, teaching people her simple recipe for capitalizing on their skills and talents to make new money. She is author of 4 national best-selling books; The Millionaire Maker, The Millionaire Maker's Guide to Wealth Cycle Investing and The Millionaire Maker's Guide to Creating a Cash Machine for Life and her just-released book Put More Cash In Your Pocket. In addition she has appeared frequently on CNN, CNBC, The Street TV, Fox News Channel, Fox Business Channel-America's Nightly Scoreboard, The Dr. Phil Show and The View. Loral has been featured in articles and appeared in USA Today, The Wall Street Journal and The New York Times, and on the web at ABCNews.com, Forbes.com and as a regular online contributor with the Huffington Post, The Bottom Line, Yahoo7Finance, and BusinessWeek.com.

In 2010, Live Out Loud will celebrate its 10 Year Anniversary, with a variety of events, webinars and promotions to recognize the many achievements of the company, program graduates and current clients.

Customer Reviews

Most Helpful Customer Reviews

173 of 176 people found the following review helpful:

1.0 out of 5 stars Stay Away!, January 25, 2008

By 

Jonathan Renner - See all my reviews
(REAL NAME)   

This review is from: The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do (Hardcover)

Book had some good points, but all it really does is make you very discontent with what you have to make you want more. Then she sucks you into her coaching program which and thats where she makes her real money!

Don't waste your time or money folks. They will try everything they can to get you in! We lost $3000, but almost lost $10,000 and they wanted us to put it all on a credit card! Unfortunately we did.

The coaching was a horrible program. Like I said we first were lured into spending $10,000! We didn't go for it and only did the $6000 version. Very unhappy we were refunded $3000, but we are still out $3000. We didn't have the money, so the coach pressed us very hard to put it all on a credit card. Can't believe we did.

We were passed off to 3 different coaches. One said he would personally coach us. Then after 2 more phone calls, he passed us off to another coach

We had that coach for 2 weeks, then showed up for the next class no coach showed up at all, so we left scratching our heads. The next week we had a different coach with no explanation of what happened to the previous one.

On top of that, all the coaches did was show powerpoints of the material already explained in the book and talk about it. The whole program was simply an overview of the same material in the book we received, nothing more. Nothing different!

We kept waiting for more, then all of a sudden we were at the last session, and then it was over. Totally surprised I asked the coach, "thats it?" She agreed.

Basically we paid over $3000 to hear someone tell us what we could have read ourselves.

We spoke with our sign up coach about all of the problems we had, and he assured us they would make these wrongs right.

One thing he promised was that we could retake to course for no additional fee the next summer. Then I asked if we still were not satisfied after that, and he eluded to a full refund.

Well we had several issues that summer, pregnancy, lost job, car accident, we could not retake the course.

So I called back to ask for the full refund. I found out our sign up coach no longer works there and talked with someone there and she assured we would NOT get any more refunds.

Thanks Loral for first making me feel discontent with what I have, then taking my money when I tried to do better! Glad I could make you a little more richer at my families expense.

52 of 54 people found the following review helpful:

3.0 out of 5 stars Do not try this at home, professional driver on closed course, January 28, 2006

By 

Baby Boomer (WV, USA) - See all my reviews

This review is from: The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do (Hardcover)

This was a much more exciting book to me before I read it. Unfortunately, the author sets up each example and then flees to the next without following each story to its end or showing what to do when there are personality or market obstacles to success. We never find out how the dune buggy family fared running a business together, for instance. Why? Because it's a composite rather than a real example of a success story.

As for all these wonderful real estate buys that are the basis of the new cash flow, the author is talking about atypical, special investment deals that aren't available to rank beginners. You can't get the deals without the experts. You can't get the experts without the money to pay them. You don't even know where to get the money until you find the experts. Most people reading this book won't be able to overcome these contradictions. I would have welcomed a simple pitch for new clients, an honest "Pay my team $50,000 and I will make you $500,000 in one year" to the "You all can do this" speech. We all can't do this.

I do applaud the author's desire to get people to see beyond drudgery as employees to the possibilities of leveraging their assets to create wealth. And to learn to use the tax code to shelter income. There are nuggets of interesting ideas here. But this book is not a substitute for the author's boardroom of experts.

177 of 201 people found the following review helpful:

5.0 out of 5 stars An Eye-Opener, A Starting Point, And A Strategy, February 2, 2006

By 

Randy Gilbert "Best Seller Mentor" (founder of 'BestSellerMentoring.com') - See all my reviews
(REAL NAME)   

This review is from: The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do (Hardcover)

Loral Langemeier has, to put it one way, a straightforward writing style. She's not especially interested in going through every reason and detail for everything she teaches, but rather seeks to get straight to the point "this is what you need to do." In so doing, she keeps her book from weighing less than a gallon of milk, makes it readable for just about everyone, includes enough information to get started, and apparently opens herself up to criticism from readers who don't understand her.

I was really surprised by some of the reviews I read here on Amazon, so I decided to write my own in order to answer some of the difficulties I saw people bringing up.

First, a little about me. I've actually moved beyond the employee mentality that she talks about already, and am doing fairly well for myself. I have my own businesses, and though not a millionaire yet, I think I'm on my way. But I still like to read the various wealth-building books out there, especially now that I am "playing the game" as Langemeier calls it. The rigors of entity-structuring, bookkeeping, and asset allocation are all too important not to at least have some understanding of them. I served in the Coast Guard for 22 years before starting my own business, and these things just weren't included in any of my training. What I personally got most out of the book was Loral's team-building approach. Basically, she explains that in order to become wealthy, you've got to have a group of people supporting you. This theme is the clearest example of where Loral Langemeier provides truly "new" information that I hadn't seen before.

I'll elaborate. I have yet to meet a millionaire who does their own taxes. I have yet to meet a millionaire who doesn't hire an assistant. And I've met quite a few millionaires. I knew this before reading the book of course, and I've even assembled portions of my legal and secretarial "team," but a team made millionaire is much more than that according to Loral. She explains the importance of finding a mentor, of working with people who can teach you to be wealthy because they already are. It's no secret that her own program is one of the more reputable at doing this, but her reasoning is extremely compelling, and she explains ways of finding these people on your own. And I was impressed that she mentioned her own program only as an example, rather than a sales pitch, which I don't think I could have really faulted her for if she had.

As to one reviewer's charge that she's putting people into huge debt rather than helping them get out, I understand the concern, but I prefer to think of it as a matter of perspective. Two negative reviews mentioned the Rick Noonan vignette from the chapter on Direct Asset Allocation, so I'll go ahead and use that example as well. In that story, Mr. Noonan managed to reallocate his assets and buy 15 rental properties. This wasn't so unreasonable as it would seem to some. First it isn't unheard of to find properties at that price (although I admit it's a very happy day when you do and they happen to be in a decent neighborhood to boot). We're probably not talking about houses, but more likely townhouse units, which are much cheaper. And mortgage debt isn't such a terrible thing to have. I've still got a mortgage on my own home, and I've had the ability to pay it off all at once for almost two years now. But if I had, I would have lost the opportunity to keep that money invested and create new wealth opportunities for myself. So back to the Noonan example, with a fixed low-interest secured debt, and a rental income per property that's $200 higher than the combined monthly mortgage, management dues, and property tax payment for each of the 15 units, Mr. Noonan was making $36,000 per year off of a $90,000 investment! He can then either apply that money to other investments or spend it on himself. And if one of the properties should ever foreclose for some reason, the worst that happens is the bank takes that property - but he only ever invested $6000 into each one to begin with. Where's the problem here?

One of the premises of Langemeier's book, which I sort of thought was self-evident even before I read it from her, is that secured, low-interest debt used to get into good deal opportunities as they arise is not bad. Provided the cashflow value of the assets purchased with the line of credit is greater than the payment on the liability incurred by the loan, one can afford to go deeply into that sort of debt. And, in a sad tribute to our times, it's less risky than trusting to the solvency of many corporate pension plans.

There are other good wealth-building books out there of course, and lots of writers who know how to take someone and make them wealthy over 35 years' time. Loral Langemeier is unique in that her aggressive advice may be too much to swallow whole for many people (even several of her own vignette characters decided to keep their jobs rather than quit them to get penalty-free access to their IRA and 401(k) accounts). Yet if she were followed diligently and wisely, I can accept that a person could go from debt to millionaire in only 3 - 5 years as she claims. The numbers make sense to me, at least.

If you get this book, and you really are too intimidated to go full-throttle with Loral's advice, consider some of the other, slower-paced wealth-building experts like David Bach (Finish Rich series), Stephanie Frank (Accidental Millionaire), or Thomas Stanley (Millionaire Next Door). A hybrid approach might be more your style, or maybe this book just isn't for you. Although, if you're serious about becoming wealthy, however you go about getting there, you should probably pull out the 4th, 6th, 7th, and 12th chapters once you've got your assets straight. And actually, anyone carrying too much consumer debt could probably benefit from chapter 9. It looked like pretty solid advice.

Becoming rich armed with nothing more than Langemeier's book probably isn't likely. Anyone who does become rich after following her advice is going to need to do a whole lot more research than just what's in The Millionaire Maker. But for someone who is serious about becoming wealthy, and wants to do it quickly, you could do worse than starting here.