Dear Reader,
After reading extensively for several years around the subjects of business, finance, and personal wealth creation, I was pleasantly surprised to find that
‘This book allows us to discover the best ways to generate a residual fortune and master the overall subject of money.’
If I had read Multiple Streams of Income earlier in my life, it would have increased my financial confidence and reduce the number of years that I needed to spend learning about the stock market.
Overall, this text has been written in an easy to read, inspirational, and powerfully organized manner, covering almost every conceivable way of creating continuous wealth.
Based upon how much we earn or have saved, this text brilliantly explains and advises us as to why, when, and how we should manage our money, literally, saving us from having to carry out years of never ending study.
As highlighted within my previous book reviews, in my opinion, money is one of the most important subjects to study continuously as it affects everything in society and, arguably, will determine the nature of what we can and cannot achieve. However,
‘Most people may never be taught and may never know how to really master the art of making money!’
As a way for us to, quickly, escape this harsh reality, I strongly advise you to read or listen to the audio book of Multiple Streams of Income written by Robert G. Allen.
Robert Allen provides us with a highly credible, simplified, and proven strategy to create substantial wealth and income. Moreover, he covers almost every conceivable way of creating continuous revenue, which we can conveniently read without having to carry out the required years and years of learning.
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Robert G. Allen
Multiple Streams of Income states that:
In 1970, Robert Allen started with a dream to become financially independent.
After completing an MBA in 1974, he began investing in minor real-estate projects and, in a few years, managed to turn a small amount of savings into millions of dollars.
Robert Allen then went on to create powerful systems for generating wealth that are well proven and detailed within several of his bestselling books:
- Nothing Down: A Proven Program That Shows You How to Buy Real Estate with Little or No Money Dow
- Creating Wealth: Retire in Ten Years Using Allen’s Seven Principles of Wealth
- The Road to Wealth: How to Make an Extra $50 to $100,000 a year starting with Little or No Money
- The One Minute Millionaire: The Enlightened Way to Wealth
Working successfully with thousands of people for more than 20 years, he has helped create a countless number of millionaires, witnessing some people go from living on the streets to residing in mansions.
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Multiple Streams of Income
Throughout the book, Robert Allen encourages us to benefit from what he has discovered, after two decades, to be the most effective methods used by nearly all wealthy people he has studied to generate a fortune. For example:
In chapter one, we are encourage to understand the value of money, appreciating in particular how a single unit of any currency (i.e. one dollar, one pound, one yen, etc.) can multiple considerably and grant us financial freedom (compound interest).
In chapter two, we are advised to control our expenditure and accumulate savings by setting up simple systems to organize our financial lives (i.e. obtaining receipts, using filing folders, etc.). We are then encouraged to transfer any money that we have saved into long-term investments such as mutual funds, stocks, bonds, property, etc.
In chapter three, we are instructed to think less like an employee and more like an entrepreneur in order to earn residual income. Residual income requires that us to work hard once in exchange for a steady flow of income over months or even years. In contrast, linear income, typically earned by employees, requires that us to work daily in exchange for being paid.
In chapter four, the author states that in terms of creating residual income there are about a dozen ways to achieve financial freedom, which can be further categorized under three headings: (1) Investing, (2) Real Estate, and (3) Marketing.
We are told that it is important to bear in mind that it can take years to learn and master either the Investing; Real Estate; or Marketing world. There is just too much available information for each method in the public domain.
As a solution, this text focuses on providing us with only the information that is vital within each approach. The author’s primary goal is to enable us to be confident enough to use any method to start creating at least one stream of residual income per year.
In chapter five, we are advised to start creating wealth by Investing. The author argues that this it is where everyone should begin, as the investment approach is the most basic way to achieve financial freedom.
Investing does not require months or years of dealing with people by negotiating, persuading, and marketing (active participation); however, it does require us to answer three critical questions:
1) How can you know which stocks to buy? (Filtering out the good ones)
2) How can you know when you should buy them? (Timing your purchase)
3) How can you know when you should sell them? (Timing your sales)
Throughout the chapter, the author answers each of the above questions with the overall aim that we finish reading this part of the book feeling confident, and one-step further towards achieving stock market success.
Within the remaining 13 chapters, Robert Allen further explores in depth the other ways in which we can use investing, and the other financial freedom categories, to create numerous residual streams of income...
Warning
On the down side, this book along with the author’s website (www.multiplestreamsofincome.com) appears to be the first stage of a sales approach that can be considered, highly, manipulative.
Furthermore, numerous reviews and comments on the internet allege that he has not been entirely accurate about his past financial achievements and, for decades, caused many people to lose thousands of dollars by misleading them with an ‘anyone-can-do-it’ form of advertising.
This type of heavy sales approach and bad publicity, understandably, causes many intelligent people to refuse to read these types of books and to question the writers’ credibility; in turn, it has caused me to scrutinize and analyze this book with great care.
But due to the depths and quality of information that this text contains, as well as my impression of the writer’s tone being honest and completely open, I will conclude by saying that
‘It is worth 1000 times its purchase price.’
Before making a decision, it is of vital importance that sometimes we hold back our initial judgement until we have first conducted our own full examination of the relevant issues.
Until next time… play your position!
Tom