" Loral claims in the book, her commercials and just about anyplace else you see her that she guarantees that she can make you a millionaire. Sounds like a bold claim. So I wondered what she had to say. In the introduction of her book she responds to those who think they can't have a lot of money by listing four "facts," as she calls them.
- You possess every tool you need to make a lot of money.
- Wealth is about access, and now you can finally access the information and opportunities too long kept in too small a circle.
- There is no such thing as a self-made millionaire; it takes a team to make those millions.
- Taking control of your money takes stress and risk out of your life.
She further states that her "Wealth Cycle Process" is a concrete plan while most all the others out there to abstract. OKay I grant her that many of them are pretty abstract, but it didn't take her long to both agree and disagree with the one guru I probably quote the most often on this blog. That being Dave Ramsey. Oh she didn't name him by name but the references she mad, it seemed clear she could very easily have named him. For example she says
The most common mistake I see in wealth building is people doing the right thing at the wrong time: for example, paying down all existing debt before beginning to build wealth. In the Wealth Cycle Process, you begin the Five-Step Debt Elimination Plan and simultaneously create a Wealth Account that starts generating wealth for you.As you can see it doesn't name Dave, but it might as well have since he is the best known advocate for eliminating debt first before building wealth. Okay, so it shouldn't be any surprise that there will be some disagreements lets continue looking at the book and see what else she has to say.
Her basic concept is that most of us are in a lifestyle cycle. That being where earned money goes right back out again to support perishable, one-time-use consumption. Even if you make 1 million dollars you will never be able to become wealthy. However if you get into the "Wealth Cycle," that earned money begins to support assets which in turn earn even more money. Thus making you wealthy.
An interesting and very commonsense idea. So how do we get into the "Wealth Cycle?" That is what I was asking myself as I read the next 13 chapters of the 14 chapter book. As she brook down her explanation.
Over-all it was clear that she pushed borrowing to build wealth. She is bold and claims that she guarantees she can make anyone a millionaire. I received a total of three calls from her so called wealth-building team. Well actually it was the person on her staff who wanted to set me up with her wealth-building team. This person did tell me I need to get a credit card and start using it to build a credit history. I didn't I couldn't get rich. She even basically said Dave Ramsey didn't know what he was talking about when it came to building wealth or a house.
While I enjoyed the read, it is because of these comments as well as references that I recomend you not buy the book.
--- go ahead share your thoughts with me now, my ears are open. I'm always eager to hear what you think. follow me on Twitter and facebook
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