The One Minute Millionaire
By Mark Victor Hansen and Robert Allen, © 2002.
This book is about one minute habit(s) of a practicing millionaire and not about becoming rich in one minute. This book offers 24 motivational principles (“ahas”), and an attempt is made here to capture the essence of this book. Enjoy the excerpts and extracts from the book, and it is in no way a substitute for reading the original book.
- All you need is good idea and commitment; the rest can all be “borrowed.”
- To succeed, in addition to ideas and commitment, you need mentors, teams, networks, skills, and systems.
- Best mentors provide “transformational” learning opportunities more than just informational. Find out what potential mentors want and help them to accomplish their goal.
- Success is not a solo project; It is a TEAM project. Together Everyone Accomplishes Miracles.
- Be very quick to build connections and extremely slow to break them – stay in touch at least two years
One minute millionaire skills
- Be persuasive. Example: the monk who asks “can I pray while I’m eating?” gets a yes answer (and presumably eats more) than the one who asks, “can I eat while I pray?)
- Required careful questioning, self-deprecating humor
- Listen to understand what people really want then answer “If we could help you…”
- Value money as a precious seed, control spending (e.g., Ask for discount, tax deduct, shop for value), save> 10% earnings, invest, earn multiple streams of income, shield assets via legal entities
- Negotiate win-win outcomes, leave something on the table for others
- Focus on important 15% activities, procrastinate the other 85%; reward yourself; “do your feared things first,” plan an hour a day, exercise, write your goals daily.
Systems of wealthy people
- Developed through years of trial and error
- Require little/no cash, little/no risk and little of your time
- Consist of income streams from diverse sources.
- Include franchising fees, commissions, rights, royalties, 24-hour web business, network marketing.
- Other systems include
- Buying below value properties and flipping
- Non-traditional business marketing
- And “info-preneuring.”
- Relying on multiple income streams for growing wealth include
- Real estate
- Building Traditional and E-Businesses
A few more learning points
- Always be a learner; not a blamer.
- Givers get (Meaning: Money flows through you).
- Your state of mind creates your state of results.
- Do what you love, and money will follow.
- Cultivate your intuition – trust your “gut.”
- Choose your words carefully
- Ask better questions to yourself and your mind will find a satisfactory answer.
- It is a slow way to wealth if you rely on your knowledge, experience, money and resources. Instead….
- Acquire a mentor (brings: proficiency, perspective, and patience)
- Acquire a team (complementary skills, motivate each other)
- Leverage networks (someone in your network has “make it happen” power)
- Use tools for fast decision making
- Apply proven systems, e.g., Within investing, real estate, business, e-business
Make use of Other People’s
- Money (e.g., borrow for real estate with 0 – 10% down)
- Experience (learning from a mentor, books, CDs, seminars)
- Ideas (associate with others who can share ideas – for money making)
- Time (buy from others – their time, talent, connections, resources, and know-how)
- Work (most people want a job and security; not opportunity. Hire and delegate)
Final thought from the book: “One mediocre idea with some good marketing can generate a lifetime stream of income.”