This is a comprehensive book about creating income stream to earn residual income. I did learn quite a few new things about the affiliate program, network marketing, info-preneuring (feel like writing a book now!), licensing, variable life insurance, and about protecting your empire. Very informative but some of the things he mentioned sounds a lot easier than actual. Each stream of income may require a book or more to understand and practice profitably.
The key outlines:
1. Investing in stock market: a) start investing right away, b) index funds are safest, c) dollar cost averaging, d) long-term investing. The efficient market group vs. beat the market group.
2. Accelerated stock strategies: a) let the master (Warren Buffet) manage your money, b) Select the mutual funds with the longest-term track record, c) select only the financial advisers with the longest track records, d) let your portfolio go to the dogs (of the DJ), e) consider enhanced index funds (2x, 1.5x), f) Consider high-powered stock section funds.
3. Double your money in the market: How to multiply your investment dollars. a) writing covered calls, b) Buying and selling call options. Six rules: a. paper trade first, b. never invest money you can’t afford to lose, c. study, d. establish a mentoring relationship, e. don’t overcommit, f. don’t confuse brains for a bull market.
4. Winning big on real estate:
A. finding motivated sellers (DON’T WANTER CONDITIONS, acronyms). Use a property selection grid (3 pts for each of below categories) 1. Sellers motivation and flexibility, 2. location, 3. financing, 4. price, 5 Property condition. Needs to be 12 pts and above.
B. Funding: 1. Nothing down: ultimate paper out. 2. Lease to own option, 3. ABC (anything but cash) 4. OPR (other people’s resource)
C. Farming: How to harvest your profits: flipping or buy & hold.
5. Fortune in foreclosures and flippers: lots of case studies on how to acquire foreclosures and flip them.
6. Paying other people’s taxes: buy tax liens.
7. Network marketing: a. select the right company, b. use the right marketing system, c. use the right leadership system.
8. Infopreneuring: How to turn a tiny classified ad into a fortune. 5 rings or riches in infopreneuring: 1. succeeding in your core expertise, 2. Teaching others specific know-how to succeed in your core expertise, 3. Using your specific experience to teach general success skills, 4. Marketing other products to your database, 5. Support services to infopreneurs in the other four rings. Seven steps: 1. select a subject that matches your passion/expertise, 2. find the hungriest fish in the lake; et a copy of the standard rate and data survey, 3. Discover the kind of bait your fish have been biting on. 4. Design your own unique bait, 5. Test your bait, 6.Roll out your marketing campaign in a major way. 7. Add other ring 2 versions of your winning info-product.
9 Licensing: Intellectual property at warp speed. Types of licensing: a. Celebrity licensing, b. Character licensing, c. Information licensing. Profiting from licensing: a. Start from scratch with your own idea, b. Use licensing to add multiple streams of income to your existing business. c. Acquire the license to someone else’s idea and grow it from scratch. d. Use licensing to add multiple streams of income to someone else’s existing business. How to get there? a. saturate your mind with tollgate thinking, b. pretend you’re a license mogul, c. spend a day at the local library or bookstore, d. find a manufacturer or end licensee. e. enjoy lifetime streams of royalty checks.
10. The internet. Successful business models: a. Information marketing, b. network marketing, c.affiliate programs.
11. Tax cuts: plugging your biggest leak. Variable life insurance (not variable annuity): single premium variable life (SPVL) and variable universal life insurance (VUL).
Financial fortress strategies: shielding your multiple stream of income – asset protection, estate planning, legal strategies (the Nevada Corporation)