Customer Reviews

Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth!

5 star:		(100)
4 star:		(25)
3 star:		(17)
2 star:		(12)
1 star:		(42)

 

 

In this book, Mr. Allen gives you an overview of the key principles behind creating more sources of income. He claims to focus on opportunities on a "part-time basis," from "your own home," "using little or none of your own money," "with few or no employees," "using simple, proven systems that really work." In many cases, he describes the success that the most successful one percent will enjoy as though that is what you should expect. In other cases, he encourages you to pursue paths that could cause you to lose lots of money. Be careful!

The section on the benefits of regular investing and compound interest is one of the very best I have seen. It shows how as little as a dollar a day invested can be turned into a million dollars over a lifetime. That is followed by 50 ways to save $50 a month so you'll be able to make these investments.

He then has a good section on the money skills you need: "value" money; "control" money; "save" money; "invest" money; "make" money; "shield" money; and "share" money for worthwhile purposes (your legacy). I agree that each of these areas needs work. I do think that the "control" and "shield" sections are overdone for the average person. They are more an indication of personality that is compulsive than of necessary steps. I have known hundreds of people who have achieved financial security through their own efforts, and none of them to my knowledge employed more than a small amount of what is described in those two sections.

I also liked his "moneytree" concept for what kind of a stream of income you should try to build. I do think he makes it sound much easier than it is. I have personal experience with most of these areas, and I thought that they each took a lot of work, strain, and sweat. I also had to put significant financial resources into them before I was done.

The stock investment section is pretty good until he starts talking about buying calls. Don't do it. His advice on buying indexed, no-load mutual funds is good, but he veers off into encouraging sector funds. Don't do it unless you are very knowledgeable.

I thought the real estate section was good, but he makes it sound easier than it is to handle the human interactions necessary to get the real estate with no money down and to do the renting and fix up. Many people would find it excrutiating to do those things. Someone with a lot of emotional intelligence would find it fun. Don't forget that needed repairs can put quite a dent in your wallet, as can having deadbeat tenants (or no tenants).

The tax lien section is pretty good, and more people should look into that.

I thought the network marketing section was woeful. Yes, celebrities have an easy time with network marketing. Are you a celebrity?

I think that licensing will be too tough for most people, although it was a good idea to have it here. This is more appealing for people who are lawyers.

I wish it were as easy to make money from writing a book as he suggests.

The tax material was decent, if a little light.

Overall, Mr. Allen seems to have a need to show off. He likes to tell about his personal successes. I agree that he is a talented man. And I agree that I am not as talented as he is in these areas. So why should I try to follow his advice? Most things require skill or knowledge to do well. If he looked for things that 90 percent of the people succeed in earning a good income from with limited risk, this would have been a great book. But he keeps wanting to pull rabbits out of a hat, by describing places where a few will make a killing while most will get killed. A good example is the section on building an Internet business.

I do recommend that you read the book. But check out the ideas for their difficulty to implement, and their risk, before choosing ones to do. Generally, simpler, safer, and easier are better. If you did everything he suggests, you would have a very complicated life just taking care of your finances.

Before reading this or any other investment book, I suggest that you think through how your would like to spend your time on achieving and retaining financial security. Then, as you read this and other books, check out the ideas to see how well they coincide with your idea of what you like to do. Reject those that push you in directions that are uncomfortable for you. You probably won't follow through, or will do it badly, or will feel lousy all the time. Money just isn't worth making yourself unhappy for.

Keep money in perspective in terms of your goals for a wonderful life!

Robert Allen has wrtten a excellent book on creating diverse streams of income. From basic network marketing to tax liens, discounted mortgages amd franchising.If you are interested in diversifying your income or a career change, this book could be your ticket.I also suggest Cashing in on Cash Flow by Laurence Pino for even more cash flow strategies.

The book is just a gloss-over summary of ways to make money through various sources. Nothing original. Some ideas are worth pursuing, others I wouldn't touch. You're better off getting books that are in-depth.

What is disturbing is that the book contained a flyer promoting Allen's Protege' Training. His Rep said to first get a credit card that would be used to capitalise my business I would start under their tutelage. She seemed disappointed I could only get $4,000 credit limit, but hyped up an interview with their 'Executive Director' who would decide whether or not I'd be accepted into their protege club. After a basic interview, their Executive Director stated I should charge the $3,995 tuition to my credit card. I confronted him about the Rep's statement that the credit card was specifically to be used to finance the start-up of my business. He said the Rep was wrong and that I needed to seek capital partners to finance my business. Since the Rep had been working for Allen for two years and the Executive Director for four years, one of them wasn't being truthful. It was a classic bait & switch to get my money.

I had two friends go through the same interview. One claimed to have a credit limit of $4,500 and one a limit of $5,000. The friend with the limit of $4,500 was quoted a tuition of $4,495 and the friend with the credit limit of $5,000 was quoted a tuition of $4,995.

Also, I asked the director why I needed the protege' course if the book was so wonderfully instructional. He said the book is not really a step-by-step 'How-To' (despite its deceptive sub-title) and that, just as I couldn't learn brain surgery by reading a manual, I couldn't really be generating money by Allen's book without his protege' program.

I say: BUYER BEWARE!

J. Paul Getty said it many years ago; "I would rather earn 1% off the efforts of 100 people than 100% off the efforts of myself."Michael Gerber says pretty much the same thing in his excellent book "The E-Myth"Network marketing as espoused in Multiple Streams of Income by Robert G. Allen offers you the opportunity to not only earn off the efforts of man other people, but create an income stream that will last your life and your heirs as well.Tax leins are another powerful strategy recommended by Bob Allen, only because they work. No tax leins may not be available in your state. But so what? You can buy tax liens through the mail or travel to other states. The up to 50% yields make tax liens worth your time to invest in.My only two gripes with Bob Allen are the reommendations for universal life policies and options trading. There are better tax deffered plans than a universal life policy and options are tricky.I believe that for the aerage person, network marketing, mutual funds, tax leins, discounted mortgages and real estate offer the best return with little or no risk involved. Leave the stock market to the gamblers.If you lke this book, I suggest you also read the 16% Solution, The E-Myth and Turner, Turner, Turner: The King of Network Marketing.

Robert Allens techniques work. No matter if you are interested in real estae, network marketing, discount mortgages, infopreering, Entrepneuring, Tax Liens, Internet or whatever, you will make a lot of money only if you apply what Robert G. Allen teaches.

Great book. Highly recommended.

Multiple Streams of Income is a very powerful book with lots of information to take you where ever you want to go. I bought the hardback copy about 4 years ago and was quite impressed to have made money in mutuals while just about everybodyelse lost money.

I have been using the Pro Funds Ultra and Short Funds switching back and forth based on moving average indicators. I have also used the Cooper Covered Call Strategy and option strategy covered in this book and have continued to make money since 2000 while the market averages as a whole have been down.

In addition, I have also used the tax lien stratgy both to invest in tax liens and to buy real estate property for literally pennies on the dollar.

Network marketing? Just check out the stock performance of USANA to determine how powerful this concept is and how well network ma rketing companies have been doing while other industries are shutting down. If you think USANA was a fluke then check out Nu Skin, Natures Bounty or other publicly traded MLM companies. Network marketing has exploded while other industries have imploded. Folks, MLM works and once again Robert Allen was absolutely correct in promoting this concept way back before the fact.

Interesting that Allen is always disputed and always prooves his detracters wrong. Thank you Robert. I let my ex boss and all the people I used to work with when I used to work a J-O-B how much I don't miss that RUT and how much I LOVE the FREEDOM that I now enjoy.

Multiple Streams of Income is a very powerful book if used and applied.

Multiple streams of income offers diverse ways to effectively make money. But I also recommend Nothing Down for those who want to create wealth via real estate.

I guess the people who bash this book would prefer to read a financial book by someone like Jane Bryant Quinn. How many people have made a fortune or any money at all following her advice? I rest my case.Or perhaps these bashers think the Road to Wealth is a college degree and work 9-5, 40 hours per week for 40 years and think that their employer will take real good care of them right? WRONG! Or perhaps these bashers feel the real key to wealth is to invest your 401 (k) money in your companies stock or you rate your wealth by your stock options huh? Ask employees invested in Lucent, Compaq or Enron how good they feel about retirement considering whats "left" in their company 401 (k) plan or by the value of their stock options (those who haven't been downsized that is).Robert Allens book is a excellent book for anyone who wants to reach permanent and rapid wealth. He teaches you how to invest with index funds and create cash flow with covered calls and options.He shows you how to 86 your job and start your own business through Network Marketing. He talks about the internet and licensing; real estate, discount mortgages and tax lien cerficates and then he shows you how to put it all together.Whats not to like about this book?I also recommend Who Stole the American Dream.For those who are happy with mediocity, keep your J-O-B *Which stands for just over broke) and read Jane Bryant Quinns book.

Question to you 9-5'ers and other 1 star bashers, if you lost your job tomorrow, how long could you go on before your money runs out?

Robert Allen offers multiple ways to create residual income. You can earn money while you sleep.

Anyone who depends on their b oss and a job for security has been living in a cave for the last 15 years!

All I can say folks is that this stuff works. Certaintly better than reading and trying to make money with that junk from JBQ.

But then, Allen is an entrepreneur JBQ is not. Allen is an investor. JBQ is not. I guess that tells you the difference right there.