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Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth
In Multiple Streams of Income , bestselling author Robert Allen presents ten revolutionary new methods for generating over $100,000 a year—on a part-time basis, working from your home, using little or none of your own money. For this book, Allen researched hundreds of income-producing opportunities and narrowed them down to ten surefire moneymakers anyone can profit from. Thisrevised edition includesa new chapter ona cutting-edge investing technique.
336 pages, Paperback
First published January 1, 1998
181 people are currently reading
7011 people want to read
About the author
Robert G. Allen
94books133followersRobert G. Allen's first book, the colossal #1 New York Times bestseller, Nothing Down: How to Buy Real Estate with Little or No Money Down, is the largest selling real estate investment book in history, and established "Bob" as one of the most influential investment advisors of all time.
In his following bestsellers, Creating Wealth, The Challenge, and Multiple Streams of Income, he expanded on his highly profitable techniques and philosophy. Today there are thousands of millionaires who attribute their success to their contact with Bob.
He is a popular television and radio guest, appearing on hundreds of radio and television programs and podcasts. His books have over four million copies in print.
It is his purpose in life to help you achieve your dreams.
In his following bestsellers, Creating Wealth, The Challenge, and Multiple Streams of Income, he expanded on his highly profitable techniques and philosophy. Today there are thousands of millionaires who attribute their success to their contact with Bob.
He is a popular television and radio guest, appearing on hundreds of radio and television programs and podcasts. His books have over four million copies in print.
It is his purpose in life to help you achieve your dreams.
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Displaying 1 - 30 of 82 reviews
July 18, 2013
I'll save you time:
- Online marketing
- Real estate
- stock market
- multi-level marketing
Look it up on Wikipedia. It's just an information book and a lot of self praising. No real actionable content.
- Online marketing
- Real estate
- stock market
- multi-level marketing
Look it up on Wikipedia. It's just an information book and a lot of self praising. No real actionable content.
August 15, 2012
Corporate America can treat you like chewing gum in that they will throw you away as soon as you lose your flavor. Protect yourself by developing multiple streams of income. Covers areas such as freelance work, publishing, consulting, investing, real estate, web marketing, etc. Take the sting out of your next layoff.
June 15, 2008
Okay, so not many people have written anything about this book. Well, I was given this as an assignment to joining a multi-level marketing business. Believe it or not, I survived that experience and still hold this book out as a vital piece of economic necessity; especially for anyone graduating from high school! Allen spells out the realities of what it takes to survive. Seriously, this book holds the key to survival in this current economy.
January 29, 2019
Excellent primer on creating and maintaining wealth via multiple income streams.
Here is the table of contents with some of my commentary:
Contents
Praise
Title Page
Copyright Page
PREFACE
Acknowledgements
Introduction
CHAPTER 1 - Easy Money: Financial Freedom on a Dollar a Day
he talks about how much $1 would make at different compound interest rates.
He like 20% interest.
How to Earn an Extra Million in Your Lifetime
“Live on less than you earn. Invest the surplus. Avoid debt. Build long-term security.�
CHAPTER 2 - The 10-Minute Millionaire
He says millionaires spend an extra few minutes a day by taking greater care of each transaction:
"1. They plan the purchase. As with airline tickets, the longer the planning horizon, the cheaper the purchase.
2. They expect, ask for, and often get a discount.
3. They expect, ask for, and always get a receipt.
4. They always examine the receipt for errors.
5. They immediately write on their receipt a category number.
6. They balance their accounts to the penny
7. They file the receipt as soon as they get home.
All told, on average, the millionaire spends about a minute or two more per transaction than the poor person. This takes no more than 10 minutes per day."
Money Skill 1: Value It
You have to value money if you are going to keep it, gives nice story about how J Rockefeller taught his boys to value money.
Money Skill 2: Control It
Have to understand where money is coming from and where it is going. Gives lake analogy, you want to stop the outflows, and increase inflows so can grow bigger.
Money Skill 3: Save It
Make sure to put saved money into a seperate place or account so you can't spend it (by accident).
Major Money Saver 1: Plug the Tax Leak
Major Money Saver 2: Extend Your Planning Horizon
Think long term.
Major Money Saver 3: Schedule Some Plastic Surgery
Cut up all your credit cards, keep one for emergencies.
and some other money saving tips
CHAPTER 3 - The Money Tree Formula: How to Create Lifelong Streams of Cash Flow
Two Types of Streams: Linear and Residual
Linear you get paid once, residual you get paid ongoing.
The Money Tree Formula
Multiple streams of incomes
Outstanding product
Nothing down.
Employee-Resistant
Yield (high)
Trend and Timing
Residual
Essential to Everybody Everyday
Which Kind of Entrepreneur Are You?
options are:
Intrapreneurs
Extrapreneurs
Infopreneurs
Autopreneurs
CHAPTER 4 - The Mountain Range of Financial Freedom: The Three Great Money Mountains
The Real Estate Mountain
The Investment Mountain
The Marketing Mountain
CHAPTER 5 - YOUR FIRST STREAM Success in the Stock Market—Investing for Total Idiots
The Road to Winning
Index funds and monthly contributions.
CHAPTER 6 - YOUR SECOND STREAM Accelerated Stock Strategies—Four Ways to ...
Options and some other stuff.
System 1: Let the Master Himself Manage Your Money
Berkshire stock.
System 2: Select Mutual Funds with the Longest-Term Track Record
System 3: Select Only Financial Advisors with the Longest Track Records
System 4: Consider High-Powered Stock Sector Funds
CHAPTER 7 - YOUR THIRD STREAM Double Your Money in the Market—How to Multiply ...
Profit Multiplier 1: Writing Covered Calls
Profit Multiplier 2: Buying and Selling Call Options
CHAPTER 8 - YOUR FOURTH STREAM Winning Big in Real Estate
Critical Activity 1. Finding: How to Find Highly Motivated Sellers
Critical Activity 2. Funding: How to Finance Bargain Properties
Critical Activity 3. Farming: How to Harvest Your Profits
CHAPTER 9 - YOUR FIFTH STREAM A Fortune in Foreclosures and Flippers
What Creates Short-Term Bargains?
Bargain Opportunity 1: Foreclosures
Bargain Opportunity 2: Flippers
CHAPTER 10 - REAL ESTATE SUPERCHARGER 11 Powerful Ways to Earn 20 Percent or ...
The Power of the Traditional Leverage Single-Family Home
11 Ways to Supercharge Your Real Estate Investments
CHAPTER 11 - YOUR SIXTH STREAM OPT—Huge Profits by Paying Other People’s Taxes
A Hard Lesson Learned—A Fortune Recaptured!
Government Guaranteed Checks of 16, 18, 25, up to 50 Percent Interest
Tax sales or certificates.
Don’t Make These Deadly Mistakes with Your Hard-Earned Dollars!
A Home to Own or Sell for Just Pennies on the Dollar!
CHAPTER 12 - YOUR SEVENTH STREAM Network Marketing—The Ultimate Money Machine
The Awesome Power of Leverage
Are You Crazy?
Principle 1: Select the Right Company
Principle 2: Use the Right Marketing System
Principle 3: Use the Right Leadership System
CHAPTER 13 - YOUR EIGHTH STREAM Infopreneuring—How to Turn a Tiny Classified Ad ...
Marketing Information
Turn Your Expertise/Passion/Hobby into Lifetime Cash-Flow Streams
Turn Your Life Story into Money . . . Even If You’ve Been a Miserable Failure
Best Business in the World: Selling Information
Cracking the Code
Five Rings of Riches: Vast Opportunities Await All Infopreneurs
Nice.
The Info-Funnel: Attracting Lifelong Customers into Your Inner Circle
Good to know.
How Quickly Can You Turn an Idea into Cash?
CHAPTER 14 - YOUR NINTH STREAM Licensing—Intellectual Property at Warp Speed
History of Licensing
Applications of Licensing
CHAPTER 15 - YOUR TENTH STREAM The Internet—Your Next Fortune Is Only a Click Away
Sales funnels or 'click funnels'
First Key to Internet Success: Strategizing Your Launch
Second Key to Internet Success: Automating Everything
Third Key to Internet Success: Marketing to Build Traffic
Launching Your Site
Summary
CHAPTER 16 - Financial Fortress Stategies: Shielding Your Multiple Streams of Income
Asset Protection
Estate Planning
Legal Strategies
CHAPTER 17 - Balancing Act: Getting Your Act Together
Twenty-one Time Tips for the Twenty-first Century
CHAPTER 18 - Share It: Leaving a Legacy That Outlives You
INDEX
Here is the table of contents with some of my commentary:
Contents
Praise
Title Page
Copyright Page
PREFACE
Acknowledgements
Introduction
CHAPTER 1 - Easy Money: Financial Freedom on a Dollar a Day
he talks about how much $1 would make at different compound interest rates.
He like 20% interest.
How to Earn an Extra Million in Your Lifetime
“Live on less than you earn. Invest the surplus. Avoid debt. Build long-term security.�
CHAPTER 2 - The 10-Minute Millionaire
He says millionaires spend an extra few minutes a day by taking greater care of each transaction:
"1. They plan the purchase. As with airline tickets, the longer the planning horizon, the cheaper the purchase.
2. They expect, ask for, and often get a discount.
3. They expect, ask for, and always get a receipt.
4. They always examine the receipt for errors.
5. They immediately write on their receipt a category number.
6. They balance their accounts to the penny
7. They file the receipt as soon as they get home.
All told, on average, the millionaire spends about a minute or two more per transaction than the poor person. This takes no more than 10 minutes per day."
Money Skill 1: Value It
You have to value money if you are going to keep it, gives nice story about how J Rockefeller taught his boys to value money.
Money Skill 2: Control It
Have to understand where money is coming from and where it is going. Gives lake analogy, you want to stop the outflows, and increase inflows so can grow bigger.
Money Skill 3: Save It
Make sure to put saved money into a seperate place or account so you can't spend it (by accident).
Major Money Saver 1: Plug the Tax Leak
Major Money Saver 2: Extend Your Planning Horizon
Think long term.
Major Money Saver 3: Schedule Some Plastic Surgery
Cut up all your credit cards, keep one for emergencies.
and some other money saving tips
CHAPTER 3 - The Money Tree Formula: How to Create Lifelong Streams of Cash Flow
Two Types of Streams: Linear and Residual
Linear you get paid once, residual you get paid ongoing.
The Money Tree Formula
Multiple streams of incomes
Outstanding product
Nothing down.
Employee-Resistant
Yield (high)
Trend and Timing
Residual
Essential to Everybody Everyday
Which Kind of Entrepreneur Are You?
options are:
Intrapreneurs
Extrapreneurs
Infopreneurs
Autopreneurs
CHAPTER 4 - The Mountain Range of Financial Freedom: The Three Great Money Mountains
The Real Estate Mountain
The Investment Mountain
The Marketing Mountain
CHAPTER 5 - YOUR FIRST STREAM Success in the Stock Market—Investing for Total Idiots
The Road to Winning
Index funds and monthly contributions.
CHAPTER 6 - YOUR SECOND STREAM Accelerated Stock Strategies—Four Ways to ...
Options and some other stuff.
System 1: Let the Master Himself Manage Your Money
Berkshire stock.
System 2: Select Mutual Funds with the Longest-Term Track Record
System 3: Select Only Financial Advisors with the Longest Track Records
System 4: Consider High-Powered Stock Sector Funds
CHAPTER 7 - YOUR THIRD STREAM Double Your Money in the Market—How to Multiply ...
Profit Multiplier 1: Writing Covered Calls
Profit Multiplier 2: Buying and Selling Call Options
CHAPTER 8 - YOUR FOURTH STREAM Winning Big in Real Estate
Critical Activity 1. Finding: How to Find Highly Motivated Sellers
Critical Activity 2. Funding: How to Finance Bargain Properties
Critical Activity 3. Farming: How to Harvest Your Profits
CHAPTER 9 - YOUR FIFTH STREAM A Fortune in Foreclosures and Flippers
What Creates Short-Term Bargains?
Bargain Opportunity 1: Foreclosures
Bargain Opportunity 2: Flippers
CHAPTER 10 - REAL ESTATE SUPERCHARGER 11 Powerful Ways to Earn 20 Percent or ...
The Power of the Traditional Leverage Single-Family Home
11 Ways to Supercharge Your Real Estate Investments
CHAPTER 11 - YOUR SIXTH STREAM OPT—Huge Profits by Paying Other People’s Taxes
A Hard Lesson Learned—A Fortune Recaptured!
Government Guaranteed Checks of 16, 18, 25, up to 50 Percent Interest
Tax sales or certificates.
Don’t Make These Deadly Mistakes with Your Hard-Earned Dollars!
A Home to Own or Sell for Just Pennies on the Dollar!
CHAPTER 12 - YOUR SEVENTH STREAM Network Marketing—The Ultimate Money Machine
The Awesome Power of Leverage
Are You Crazy?
Principle 1: Select the Right Company
Principle 2: Use the Right Marketing System
Principle 3: Use the Right Leadership System
CHAPTER 13 - YOUR EIGHTH STREAM Infopreneuring—How to Turn a Tiny Classified Ad ...
Marketing Information
Turn Your Expertise/Passion/Hobby into Lifetime Cash-Flow Streams
Turn Your Life Story into Money . . . Even If You’ve Been a Miserable Failure
Best Business in the World: Selling Information
Cracking the Code
Five Rings of Riches: Vast Opportunities Await All Infopreneurs
Nice.
The Info-Funnel: Attracting Lifelong Customers into Your Inner Circle
Good to know.
How Quickly Can You Turn an Idea into Cash?
CHAPTER 14 - YOUR NINTH STREAM Licensing—Intellectual Property at Warp Speed
History of Licensing
Applications of Licensing
CHAPTER 15 - YOUR TENTH STREAM The Internet—Your Next Fortune Is Only a Click Away
Sales funnels or 'click funnels'
First Key to Internet Success: Strategizing Your Launch
Second Key to Internet Success: Automating Everything
Third Key to Internet Success: Marketing to Build Traffic
Launching Your Site
Summary
CHAPTER 16 - Financial Fortress Stategies: Shielding Your Multiple Streams of Income
Asset Protection
Estate Planning
Legal Strategies
CHAPTER 17 - Balancing Act: Getting Your Act Together
Twenty-one Time Tips for the Twenty-first Century
CHAPTER 18 - Share It: Leaving a Legacy That Outlives You
INDEX
August 28, 2017
Multiple Streams of Income is a lengthy but informative read. Across over 300 dense pages and 19 chapters, it's probably the longest and most difficult financial book I've read so far. Sure, it might not be Atlas Shrugged, but it's not a quick read.
This book talks about something that most people want or should want: a way to develop several streams of income into their life. Most people just rely on one stream: their 9-to-5 job. Sadly, this stream of income isn't always secure and many people could use a side hustle to gain a few extra bucks here and there. For me personally, all I've got it my freelance job that honestly doesn't pay a whole lot, but the extra money is quite useful.
Be warned that this book covers a LOT of ground. You'll learn mostly about the stock market, real estate, and starting your own business. There's a lot of stuff that went over my head and I feel like I would have to re-read it one or two more times before I fully grasp the concept. But I guess the important thing is that it got me thinking about such subjects in the first place.
Getting started in the stock market and real estate are things I've certainly wanted to get into for a long time, but haven't yet since I haven't really bothered to learn how those things work. The book also gives plenty of other ideas. For example, the Chicken Soup for the Soul series has made the creator millions and all they've ever done is publish the words of other people. Considering books like Dogs of Instagram are being sold in stores, perhaps it's not that much of a stretch to consider publishing my own book.
Like I said earlier, there is a wealth of information here and it feels impossible to soak it all in with just one read. It's something that might need to be re-read and studied over and over. It's something you'll need to go back and refer to later on if you really want to apply its principles. But there is a lot of potential here. I think that anyone who starts seriously considering what establishing multiple streams of income can do for them will reap countless financial rewards.
This book talks about something that most people want or should want: a way to develop several streams of income into their life. Most people just rely on one stream: their 9-to-5 job. Sadly, this stream of income isn't always secure and many people could use a side hustle to gain a few extra bucks here and there. For me personally, all I've got it my freelance job that honestly doesn't pay a whole lot, but the extra money is quite useful.
Be warned that this book covers a LOT of ground. You'll learn mostly about the stock market, real estate, and starting your own business. There's a lot of stuff that went over my head and I feel like I would have to re-read it one or two more times before I fully grasp the concept. But I guess the important thing is that it got me thinking about such subjects in the first place.
Getting started in the stock market and real estate are things I've certainly wanted to get into for a long time, but haven't yet since I haven't really bothered to learn how those things work. The book also gives plenty of other ideas. For example, the Chicken Soup for the Soul series has made the creator millions and all they've ever done is publish the words of other people. Considering books like Dogs of Instagram are being sold in stores, perhaps it's not that much of a stretch to consider publishing my own book.
Like I said earlier, there is a wealth of information here and it feels impossible to soak it all in with just one read. It's something that might need to be re-read and studied over and over. It's something you'll need to go back and refer to later on if you really want to apply its principles. But there is a lot of potential here. I think that anyone who starts seriously considering what establishing multiple streams of income can do for them will reap countless financial rewards.
August 21, 2015
Very good book on personal finance,. lots of good points, good teaching and lots of ideas you could do something with. I still have to make my summary and the few points I want to learn from this book. I should have read it long time ago. Can't recommend it enough, it really helps you with your personal finances.
December 21, 2023
good book...almost a favourite but i feel robert covered 'too much'?
ie - is this a self help book?...real estate book? info publishing?...all rolled into one! (but he covered the topics well considering the date of orginal publish)
either way...5 stars ... ")
To Our Continued Success!
Seemy
👆🏼 P.S -
If you found this review helpful - I’d like to invite you to discover more on our blog. Where the community share some of our most important insights to level up each others knowledge 💡- from experience in studying books like this, training programs, podcasts and much more - visit the blog link above to find out more.
P.P.S 😅 - You probably noticed from my profile that I’ve reviewed a LOT of books over many years now - if you love seeking knowledge like me I’d love to connect with you further as a like minded person (send me a friend invite! 😀) - Also if you are curious - here is my preferred and recommended resource for seeking timeless wisdom - Check it out via the website invite link below 👇🏼 (You’ll be able to claim some awesome books for free 📚)
ie - is this a self help book?...real estate book? info publishing?...all rolled into one! (but he covered the topics well considering the date of orginal publish)
either way...5 stars ... ")
To Our Continued Success!
Seemy
👆🏼 P.S -
If you found this review helpful - I’d like to invite you to discover more on our blog. Where the community share some of our most important insights to level up each others knowledge 💡- from experience in studying books like this, training programs, podcasts and much more - visit the blog link above to find out more.
P.P.S 😅 - You probably noticed from my profile that I’ve reviewed a LOT of books over many years now - if you love seeking knowledge like me I’d love to connect with you further as a like minded person (send me a friend invite! 😀) - Also if you are curious - here is my preferred and recommended resource for seeking timeless wisdom - Check it out via the website invite link below 👇🏼 (You’ll be able to claim some awesome books for free 📚)
June 3, 2008
many grandiose ideas and schemes that get you excited, but at the end of the day not real practical. one of those where you're motivated to take on the world while reading the book, but 10 minutes after putting the book down you know you're never going to do any of it.
October 21, 2021
و اخيرا و بعد طول انتظار اتوجد الكتاب pdf عربي مترجم
و اخيرا قريته خلال رحلة دامت شهور
او بمعنى ادق مع مثل هذه النوعية من الكتب درسته "ذاكرته"
الكتاب بيتكلم عن مصادر متعددة للدخل حوالى 10 مصادر بيسميهم المؤلف قمم "زى قمم الجبال" او حنفيات
ل 3 جبال اساسيين لكل منهم عدة قمم منهم ..جبل الاستثمار" يقصد البورصة" قممه مثل اسهم شركات..سندات...صكوك..اسهم بورصة
و جبل العقارات ..بيع شراء تأجير ..امتلاك طويل الاجل ...امتلاك ثم بيع سريع لكسب الفارق
و جبل التسويق..قممه مثل التسويق الشبكي ... بيع كتاب ... دورة تدريبية ..كورس... او بيع علامة تجارية مبتكرة ... شخصية كارتونية ..حقوق ملكية فكرية
للاسف الحلو مبيكملش .... مؤلف الكتاب امريكى امثلته و حلوله المالية و مصادر الدخل لديهم مختلفة تماما عن بيئتنا نحن المالية و الاقتصادية و حلولنا المالية
و على ذلك للاسف يمكننا فلترة مصادر الدخل هذه ..لنسقط امثلة مثل
- دفع ضرائب الاخرين و اخذ نسبة عن تسديدها
- شراء العقارات او شراء الرهن العقارى للعقارات بدون مقدم عبر ممول او بوليصة تامين
- حقوق الملكية الفكرية و بيعها و تأجيرها ..كورس ..دورة تدريبية
- التسويق الشبكي و انشاء شركة له
و مع ذلك يتبقى من الكتاب افكار و حكم و موضوعات
تستحق الدراسة و القراءة
ملخص كتاب "مصادر الدخل المتعدد"
كتاب جميل و مفيد ..يستحق القراءة ان كان لديك ساعة كل عدة ايام لمدة 5-6 شهور
الكتاب التالى :
و اخيرا قريته خلال رحلة دامت شهور
او بمعنى ادق مع مثل هذه النوعية من الكتب درسته "ذاكرته"
الكتاب بيتكلم عن مصادر متعددة للدخل حوالى 10 مصادر بيسميهم المؤلف قمم "زى قمم الجبال" او حنفيات
ل 3 جبال اساسيين لكل منهم عدة قمم منهم ..جبل الاستثمار" يقصد البورصة" قممه مثل اسهم شركات..سندات...صكوك..اسهم بورصة
و جبل العقارات ..بيع شراء تأجير ..امتلاك طويل الاجل ...امتلاك ثم بيع سريع لكسب الفارق
و جبل التسويق..قممه مثل التسويق الشبكي ... بيع كتاب ... دورة تدريبية ..كورس... او بيع علامة تجارية مبتكرة ... شخصية كارتونية ..حقوق ملكية فكرية
للاسف الحلو مبيكملش .... مؤلف الكتاب امريكى امثلته و حلوله المالية و مصادر الدخل لديهم مختلفة تماما عن بيئتنا نحن المالية و الاقتصادية و حلولنا المالية
و على ذلك للاسف يمكننا فلترة مصادر الدخل هذه ..لنسقط امثلة مثل
- دفع ضرائب الاخرين و اخذ نسبة عن تسديدها
- شراء العقارات او شراء الرهن العقارى للعقارات بدون مقدم عبر ممول او بوليصة تامين
- حقوق الملكية الفكرية و بيعها و تأجيرها ..كورس ..دورة تدريبية
- التسويق الشبكي و انشاء شركة له
و مع ذلك يتبقى من الكتاب افكار و حكم و موضوعات
تستحق الدراسة و القراءة
ملخص كتاب "مصادر الدخل المتعدد"
كتاب جميل و مفيد ..يستحق القراءة ان كان لديك ساعة كل عدة ايام لمدة 5-6 شهور
الكتاب التالى :
May 6, 2011
I like the layout of this book, although I think it needs to have an updated edition released after recent real estate woes. Despite its datedness, it still functions as a solid reference book and a source of inspiration for those who haven't really considered all the possible sources of income in the world.
Read
January 27, 2023I recently read "Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth" by Robert G. Allen and I found it to be an incredibly informative and motivational read. The book provides a comprehensive guide on how to create multiple streams of income to achieve financial freedom and abundance.
One of the key takeaways from the book is the concept of "parallel entrepreneurship," which involves creating multiple income streams from different sources. The author explains that this can be done through investing in real estate, starting a business, or even creating a passive income through online platforms. He also provides concrete examples of how to do this, such as how to invest in rental properties, how to start an e-commerce business, and how to create a blog or podcast to generate income through advertising.
Another aspect of the book that I found particularly useful was the emphasis on diversifying your income streams. The author stresses the importance of not putting all your eggs in one basket and instead spreading your income sources across different industries and platforms. This can help to mitigate the risk of financial loss and ensure that you have a steady stream of income.
Overall, "Multiple Streams of Income" is a comprehensive and practical guide on how to achieve financial freedom and abundance through creating multiple streams of income. I highly recommend it to anyone looking to take control of their financial future.
One of the key takeaways from the book is the concept of "parallel entrepreneurship," which involves creating multiple income streams from different sources. The author explains that this can be done through investing in real estate, starting a business, or even creating a passive income through online platforms. He also provides concrete examples of how to do this, such as how to invest in rental properties, how to start an e-commerce business, and how to create a blog or podcast to generate income through advertising.
Another aspect of the book that I found particularly useful was the emphasis on diversifying your income streams. The author stresses the importance of not putting all your eggs in one basket and instead spreading your income sources across different industries and platforms. This can help to mitigate the risk of financial loss and ensure that you have a steady stream of income.
Overall, "Multiple Streams of Income" is a comprehensive and practical guide on how to achieve financial freedom and abundance through creating multiple streams of income. I highly recommend it to anyone looking to take control of their financial future.
February 3, 2024
**Method**: Kindle
### Summary
Long, but interesting book that gives a pretty comprehensive strategy for building wealth through multiple sources of income. It begins with the traditional safety reserves, branches to conservative investments, then goes to riskier investments, then goes into unusual cash flow strategies like licensing and affiliate programs as well as some real estate strategies (like tax liens) and stock picking strategies.
Note: The Kindle location bookmarks appear to be out of order; probably just because this is an older book.
### Key Takeaways
- Location 208 (Highlight (Yellow)): If people knew how hard I worked to get my mastery, it wouldn’t seem so wonderful after all. MICHELANGELO
- Location 248 (Highlight (Yellow)): The goal is for you to add at least one new stream of income to your life each year, so that, eventually, these streams will overflow your life with prosperity and freedom.
- Location 271 (Highlight (Yellow)): If this is so easy, why aren’t all of us millionaires? Well, the truth is, we all could be millionaires, but most of us lack the simple discipline to make small daily deposits over long periods of time. And then, of course, we procrastinate getting started.
- Location 397 (Highlight (Yellow)): Your objective is to capture the e-mail addresses of all visitors to your site by offering so many wonderful benefits that they’ll want to subscribe to your free newsletter. When people subscribe to your free newsletter (or e-zine as it is sometimes called), they give you permission to contact them. Therefore, your ongoing communications are not spam, or unsolicited junk mail. Your newsletter becomes a privileged communication.
- Location 431 (Highlight (Yellow)): When is your high-energy time? My low time is generally between 3 and 6 P.M. During this time, when my energies are at a low ebb, I schedule my low-leverage activities—the fun, fast, and frivolous activities. During my most productive hours, my critical time, I work only on critical tasks.
- Location 445 (Highlight (Yellow)): A hundred years ago, about 90 percent of our ancestors were entrepreneurs. Now the number is between 10 and 20 percent. By moving from the farms to the factories, we delegated our freedom to large, centralized organizations. We got soft. We lost our entrepreneurial skills. And now that the new paradigm of the world is changing, we’ve been forced “back to the farm� so to speak—back to individual responsibility.
- Location 471 (Highlight (Yellow)): Here’s something I learned from Stephen Covey. At the end of one day, take a blank piece of paper and dissect it into four quadrants. Write down everything you did during that entire day and classify each activity under one of four broad categories, or quadrants. Quadrant 1 is for routine things. Quadrant 2 is for things that happen unexpectedly. Quadrant 3 is for things that other people delegate to you. (I call these OPMs—other people’s monkeys.) The fourth quadrant is for your dreams or goals.
- Location 514 (Highlight (Yellow)): Chapter 1, “Easy Money: Financial Freedom on a Dollar a Day,� lays the groundwork by establishing some true and sound financial principles—in particular, by addressing the concept of compounding. � Chapter 2, “The 10-Minute Millionaire,� reveals the secrets—really, skills—essential to all prosperous people, namely, to value money, to control money, and to save money. � Chapter 3 details my money tree formula and shows how to create lifelong streams of cash flow. � In Chapter 4, we begin to climb “The Mountain Range of Financial Freedom: The Three Great Money Mountains.� Get your hiking boots on! � In Chapters 5 through 7, we go wading in the first three of the streams of income flow. In these chapters you’ll learn how to begin to invest, how to accelerate your investment strategies, and how to multiply your investment dollars. Of course, all the statistical information in these chapters has been duly updated for this second edition. � Chapters 8 through 10 are all about the streams of income related to real estate: Chapter 8 tells how to win big in this field; Chapter 9 reveals how to make a fortune in foreclosures and “flippers.� Then, in Chapter 10, “Real Estate Supercharger,� which is brand new to this edition, you’ll learn 11 powerful ways to earn 20 percent or more on your money. � Chapter 11 takes you into the sixth stream: other people’s taxes (OPT). You’ll find out the payoffs of paying these taxes—and, I promise, you won’t believe how simple this is. � Chapters 12 through 15 take you deep into the lucrative streams sent flowing courtesy of twenty-first-century technology—specifically, the Internet. In these chapters you’ll discover how to make money via network marketing, information marketing, licensing, and Internet marketing. � In Chapter 16, you’ll enter the “financial fortress.� Here you’ll discover legal strategies for shielding your multiple streams of income. � By Chapter 17, you may be feeling overwhelmed by all you’ve learned, so you’ll be relieved to know I don’t leave you stranded in that condition. In this chapter, I introduce you to 21 simple strategies to help you get your financial act together—to integrate money management into your daily life.
- Location 533 (Highlight (Yellow)): Exercise is a high-leverage activity. It helps you work harder and longer and think more clearly. It increases your health span and your life span. While I exercise, I also listen to my tapes—thus layering those two activities together. Therefore, I’m exercising not only my body, but my brain at the same time.
- Location 588 (Highlight (Yellow)): What if you could have the freedom to just market products and receive a check in the mail a few weeks later for the products that were purchased? Well, this program does exist . . . and its called an affiliate program.
- Location 689 (Highlight (Yellow)): Using baseball language, your long-term, low-risk basin is designed for walks, bunts, and singles�10 to 20 percent return per year. Your medium-term, moderately aggressive basin is for doubles and triples�20 to 100 percent per year. Your short-term, highly aggressive basin is for home runs�100 percent per year and more.
- Location 728 (Highlight (Yellow)): One final word: consistency. How much you invest is not as important as consistently investing that amount over a long period of time.
- Location 856 (Highlight (Yellow)): The real key is to keep socking away the money. Let the numbers whisper their silent but relentless message. Consistency. Day in, day out. Save. Invest. Save. Invest. It might be boring. It might be dull. It might be hard to do. No matter. Just do it.
- Location 894 (Highlight (Yellow)): When asked for his secret, billionaire businessman J. Paul Getty said, “I buy my straw hats in the fall.� He didn’t buy his straw hats in the spring when the sun was hot and these hats were popular and expensive. He bought them in the fall when they were unpopular and cheap. He used this same philosophy with every purchase—his oil wells, his businesses, his buildings, his corporate jets, and his art collections. He had a “wholesale� mentality. He saw into the future and scheduled his buying for the cheapest time.
- Location 958 (Highlight (Yellow)): When you go to bed tonight, ask yourself this question, “What percentage of my day did I spend creating residual income?� If the answer is zero, you’re in trouble.
- Location 1350 (Highlight (Yellow)): Do you enjoy organizing and simplifying information? Do you enjoy teaching? Can you explain complicated subjects easily? Is it important to you to help others improve the quality of their lives? Would you consider yourself to be an idea person, good at brainstorming solutions to problems? Do you like to write? Are you a good communicator? Do you like to read? If so, you are most likely an infopreneur.
- Location 1755 (Highlight (Yellow)): If you’re in the 30 percent tax bracket, every dollar you categorize as a tax deduction gives you a 30 percent return on your money. Did you get that? Hello? Where can you today get an instant 30 percent guaranteed return on your money? When you get and keep the receipt for a tax-deductible expense and then deduct that expenditure on your taxes, you’re making 30 percent on your money.
- Location 1822 (Highlight (Yellow)): If you want to be successful in real estate investing, you need to know how to find bargain properties, how to fund those properties, and then how to farm them—or to harvest the profits from each deal.
- Location 2267 (Highlight (Yellow)): Buying and holding is about cash-flow profits. Flipping is about equity profits. I’ve always advocated that, at a minimum, my students should do both: Buy at least one property per year to hold in your long-term portfolio, and flip at least one property per year for short-term profit.
- Location 2281 (Highlight (Yellow)): The secret of the wealthy is not that they have more money but that they have more time freedom. Because many of their streams are residual, they have time to spend on anything they want.
- Location 2286 (Highlight (Yellow)): You’ve heard of OPM—other people’s money. I like to broaden the concept to OPR—other people’s resources. Say this out loud right now: “If I don’t have it, somebody does.�
- Location 2288 (Highlight (Yellow)): State and county governments turn to you and me and say something like this: We have thousands of homeowners who are late in paying their property taxes. But we need the money now. So, if you’ll pay these back taxes and give us the money, then we’ll charge the homeowner a penalty fee. When the homeowner eventually pays the taxes, we’ll collect the taxes plus a late fee and give it to you, the investor. That’s right. We’ll send you a government check to return your investment plus the penalty. And if the property owner doesn’t pay the taxes, we’ll let you foreclose on the property to recover your invested dollars. This way, we get our tax money now. And you just wait for a period of time to see which way you win. If the taxes don’t get paid, you get the property. And if the taxes do get paid, then you get your money back plus a substantial interest penalty.
- Location 2321 (Highlight (Yellow)): For example, when I buy property in my own name, I write my name as follows: “Robert G. Allen and/or assigns.� In theory, this enables me to “flip� my contract to someone who may want to buy it. When you sign your name to an offer you should always include those three magic words after your name: “and/or assigns.� This gives you the right to purchase a property and/or to assign your contract to someone else. With this as a backdrop, let’s discuss some situations in which you could handsomely profit by flipping these properties to other buyers for profit.
- Location 2406 (Highlight (Yellow)): Life is the only game in which the object of the game is to learn the rules. ASHLEIGH BRILLIANT
- Location 2471 (Highlight (Yellow)): After I rattle off a list of misfortunes like these, it’s possible you might be saying to yourself that you don’t want to take advantage of someone’s troubles. Actually, it’s just the opposite. These people need you. They no longer want their property. It has become a burden to them—an albatross around their neck. They need you to help them get rid of it as quickly as possible, and they will be grateful for any help you can give them.
- Location 2480 (Highlight (Yellow)): You’ve probably heard that the three most important things to look for in real estate are location, location, and location. Actually there are five things you need to analyze: 1. Seller motivation 2. Good location 3. Good financing—including down payment and long-term financing 4. Good condition 5. Good price All five of these conditions combine to make a great deal. I have devised a simple scoring system that takes the emotion out of bargain hunting. I give each of the five areas a score from 1 to 3, where 1 is poor and 3 is excellent. If the property scores less than 12, I pass and keep looking. See the scoring grid in Figure 8.3 and the BargainFinder form in Figure 8.4. FIGURE 8.3 The five areas of analysis.
- Location 2847 (Highlight (Yellow)): Is it easy to find deals like this? Obviously not. Here is how I have done it in the past. I located 10 properties in my city through the real estate multiple listing service. All were free and clear in good neighborhoods. I made simultaneous offers (all ten offers at once), with the stipulation that I could accept only one offer. Sure enough, one person took my deal. He was desperate to leave the state and was happy with my large cash down payment and steady monthly payments over the next 10 years.
- Location 2869 (Highlight (Yellow)): One of the most obvious ways to play the real estate game is to search for bargains. You certainly don’t want to get caught paying full price the way most people do. If you pay full price for your property, then you’re speculating that the property will appreciate in value.
- Location 2885 (Highlight (Yellow)): Postsale Once lenders have foreclosed on a property, those lenders become remarkably more flexible. Now it’s their problem and they want to get rid of it—they actually show many signs of “don’t-wanter-itis.� They can even be convinced, under the right circumstances, to sell the property to you for less than the mortgage. This is referred to in the industry as a short sale. For instance, suppose a lender foreclosed on a $100,000 house with a $95,000 mortgage. If no one bids at the auction, the lender gets the house back. Many times the lender will consider an offer for less than $95,000 and take a loss to get rid of it.
- Location 2892 (Highlight (Yellow)): Remember, the first person to mention a number loses. When asking the seller questions on the phone, try not to mention numbers yourself. Always let the seller tell you the numbers. It could save you thousands of dollars.
- Location 2908 (Highlight (Yellow)): know of an infopreneur who spent years and several hundred thousand dollars creating a product called Compact Classics. He had researched all of the great classic books, fiction and nonfiction, and condensed each book into a two-page format. Instead of taking weeks to read the original, you get the meat of the book in only two pages. Great idea. Only one problem: No one would buy it. And a lot of money went right into the toilet. Then somebody had a bright idea. Why not repackage all of these powerful two-page summaries under a different title and remarket them to a totally different audience? The new title? The Great American Bathroom Book. It worked, and millions of dollars later, the idea is still pumping out cash.
- Location 2934 (Highlight (Yellow)): Before you become too excited, realize this: Only one in twenty sellers is going to have a problem this severe. Less than half of these will own properties worth buying. So the odds are slim but not impossible.
- Location 3087 (Highlight (Yellow)): Here’s how I stay motivated. Suppose it takes you 100 hours of searching to find a potential real estate deal, which you then buy for $20,000 below the market. How much did you earn for every hour you worked? Well, $20,000 profit divided by 100 hours of effort equals $200 per hour.
- Location 3230 (Highlight (Yellow)): Danny Smith of Columbus, Ohio, has made a business of purchasing properties at tax deed auctions. Ohio is a deed state, which means that the county will deed (transfer) the property to the highest bidder at the auction. (In lien states, the auctioneer sells the tax lien and gives the bidder the right to collect the lien. If the homeowner does not pay it, the lien purchaser can then foreclose, ultimately owning the real estate for pennies.)
- Location 3449 (Highlight (Yellow)): There are four important phases in the foreclosure process: � Presale, before the lender files the notice of default at the courthouse � Presale, after the lender files the notice of default � At the foreclosure sale � Postsale
- Location 3534 (Highlight (Yellow)): As with other important things in life—this, too, can be tried in a dry run to see how you do. All tax liens and tax deeds can be thoroughly reviewed prior to purchase. That means you can see the stated official value and the expected auction price (5 cents on the dollar, for example). By looking before you leap, you can calculate your profit. You go in knowing all the angles—nothing is left to chance. And that’s what makes this investment low risk: There are no hidden surprises. Just pure, shear, profitable returns of 16, 18, or even 25 percent without a single element of risk! In fact, you can even purchase tax lien certificates through the mail prior to the auction.
- Location 3572 (Highlight (Yellow)): To fund daily services like police, firefighters, hospitals, welfare, and so on, local governments create and sell these tax lien certificates to investors like you and me. The lien is secured by the real estate it is attached to. You are not actually buying the real estate—you are buying the government’s lien on the real estate. In a sense, it’s just like a mortgage! When you buy a tax lien, you are paying someone else’s property taxes.
- Location 3593 (Highlight (Yellow)): Many properties that are delinquent in their taxes have existing mortgages. In order to protect these mortgages, at the last minute the mortgage holders usually end up paying the back taxes—plus, of course, the hefty interest penalty. So it’s very rare that you’ll end up owning a property as a result of buying a tax lien certificate. But it does happen from time to time. Therefore, make sure that the amount you invest in back taxes is not more than the value of the property. Maybe the property is on a toxic waste dump. That’s why you need to do some due diligence.
- Location 3607 (Highlight (Yellow)): Source 7: County courthouse direct-mail method Where can you find the highest concentration of highly motivated sellers? Answer: your local courthouse. If you’ve never been to the courthouse except to pay a traffic ticket, I recommend you take a trip down there on a lunch break and check it out. It is a gold mine of information. Ask the person at the information desk to help you find information about the following: 1. Out-of-state owners 2. Bankruptcies 3. Tax sales 4. Default notices 5. Foreclosure sales 6. Divorces 7. Sheriff’s sales 8. Liens filed
- Location 3753 (Highlight (Yellow)): The shortest and best way to make your fortune is to let people see clearly that it is in their interest to promote yours. JEAN DE LA BRUYÈRE
- Location 3870 (Highlight (Yellow)): According to the county treasurers I’ve interviewed, 97 percent of all tax lien certificates are paid off in two years. And the other
### Summary
Long, but interesting book that gives a pretty comprehensive strategy for building wealth through multiple sources of income. It begins with the traditional safety reserves, branches to conservative investments, then goes to riskier investments, then goes into unusual cash flow strategies like licensing and affiliate programs as well as some real estate strategies (like tax liens) and stock picking strategies.
Note: The Kindle location bookmarks appear to be out of order; probably just because this is an older book.
### Key Takeaways
- Location 208 (Highlight (Yellow)): If people knew how hard I worked to get my mastery, it wouldn’t seem so wonderful after all. MICHELANGELO
- Location 248 (Highlight (Yellow)): The goal is for you to add at least one new stream of income to your life each year, so that, eventually, these streams will overflow your life with prosperity and freedom.
- Location 271 (Highlight (Yellow)): If this is so easy, why aren’t all of us millionaires? Well, the truth is, we all could be millionaires, but most of us lack the simple discipline to make small daily deposits over long periods of time. And then, of course, we procrastinate getting started.
- Location 397 (Highlight (Yellow)): Your objective is to capture the e-mail addresses of all visitors to your site by offering so many wonderful benefits that they’ll want to subscribe to your free newsletter. When people subscribe to your free newsletter (or e-zine as it is sometimes called), they give you permission to contact them. Therefore, your ongoing communications are not spam, or unsolicited junk mail. Your newsletter becomes a privileged communication.
- Location 431 (Highlight (Yellow)): When is your high-energy time? My low time is generally between 3 and 6 P.M. During this time, when my energies are at a low ebb, I schedule my low-leverage activities—the fun, fast, and frivolous activities. During my most productive hours, my critical time, I work only on critical tasks.
- Location 445 (Highlight (Yellow)): A hundred years ago, about 90 percent of our ancestors were entrepreneurs. Now the number is between 10 and 20 percent. By moving from the farms to the factories, we delegated our freedom to large, centralized organizations. We got soft. We lost our entrepreneurial skills. And now that the new paradigm of the world is changing, we’ve been forced “back to the farm� so to speak—back to individual responsibility.
- Location 471 (Highlight (Yellow)): Here’s something I learned from Stephen Covey. At the end of one day, take a blank piece of paper and dissect it into four quadrants. Write down everything you did during that entire day and classify each activity under one of four broad categories, or quadrants. Quadrant 1 is for routine things. Quadrant 2 is for things that happen unexpectedly. Quadrant 3 is for things that other people delegate to you. (I call these OPMs—other people’s monkeys.) The fourth quadrant is for your dreams or goals.
- Location 514 (Highlight (Yellow)): Chapter 1, “Easy Money: Financial Freedom on a Dollar a Day,� lays the groundwork by establishing some true and sound financial principles—in particular, by addressing the concept of compounding. � Chapter 2, “The 10-Minute Millionaire,� reveals the secrets—really, skills—essential to all prosperous people, namely, to value money, to control money, and to save money. � Chapter 3 details my money tree formula and shows how to create lifelong streams of cash flow. � In Chapter 4, we begin to climb “The Mountain Range of Financial Freedom: The Three Great Money Mountains.� Get your hiking boots on! � In Chapters 5 through 7, we go wading in the first three of the streams of income flow. In these chapters you’ll learn how to begin to invest, how to accelerate your investment strategies, and how to multiply your investment dollars. Of course, all the statistical information in these chapters has been duly updated for this second edition. � Chapters 8 through 10 are all about the streams of income related to real estate: Chapter 8 tells how to win big in this field; Chapter 9 reveals how to make a fortune in foreclosures and “flippers.� Then, in Chapter 10, “Real Estate Supercharger,� which is brand new to this edition, you’ll learn 11 powerful ways to earn 20 percent or more on your money. � Chapter 11 takes you into the sixth stream: other people’s taxes (OPT). You’ll find out the payoffs of paying these taxes—and, I promise, you won’t believe how simple this is. � Chapters 12 through 15 take you deep into the lucrative streams sent flowing courtesy of twenty-first-century technology—specifically, the Internet. In these chapters you’ll discover how to make money via network marketing, information marketing, licensing, and Internet marketing. � In Chapter 16, you’ll enter the “financial fortress.� Here you’ll discover legal strategies for shielding your multiple streams of income. � By Chapter 17, you may be feeling overwhelmed by all you’ve learned, so you’ll be relieved to know I don’t leave you stranded in that condition. In this chapter, I introduce you to 21 simple strategies to help you get your financial act together—to integrate money management into your daily life.
- Location 533 (Highlight (Yellow)): Exercise is a high-leverage activity. It helps you work harder and longer and think more clearly. It increases your health span and your life span. While I exercise, I also listen to my tapes—thus layering those two activities together. Therefore, I’m exercising not only my body, but my brain at the same time.
- Location 588 (Highlight (Yellow)): What if you could have the freedom to just market products and receive a check in the mail a few weeks later for the products that were purchased? Well, this program does exist . . . and its called an affiliate program.
- Location 689 (Highlight (Yellow)): Using baseball language, your long-term, low-risk basin is designed for walks, bunts, and singles�10 to 20 percent return per year. Your medium-term, moderately aggressive basin is for doubles and triples�20 to 100 percent per year. Your short-term, highly aggressive basin is for home runs�100 percent per year and more.
- Location 728 (Highlight (Yellow)): One final word: consistency. How much you invest is not as important as consistently investing that amount over a long period of time.
- Location 856 (Highlight (Yellow)): The real key is to keep socking away the money. Let the numbers whisper their silent but relentless message. Consistency. Day in, day out. Save. Invest. Save. Invest. It might be boring. It might be dull. It might be hard to do. No matter. Just do it.
- Location 894 (Highlight (Yellow)): When asked for his secret, billionaire businessman J. Paul Getty said, “I buy my straw hats in the fall.� He didn’t buy his straw hats in the spring when the sun was hot and these hats were popular and expensive. He bought them in the fall when they were unpopular and cheap. He used this same philosophy with every purchase—his oil wells, his businesses, his buildings, his corporate jets, and his art collections. He had a “wholesale� mentality. He saw into the future and scheduled his buying for the cheapest time.
- Location 958 (Highlight (Yellow)): When you go to bed tonight, ask yourself this question, “What percentage of my day did I spend creating residual income?� If the answer is zero, you’re in trouble.
- Location 1350 (Highlight (Yellow)): Do you enjoy organizing and simplifying information? Do you enjoy teaching? Can you explain complicated subjects easily? Is it important to you to help others improve the quality of their lives? Would you consider yourself to be an idea person, good at brainstorming solutions to problems? Do you like to write? Are you a good communicator? Do you like to read? If so, you are most likely an infopreneur.
- Location 1755 (Highlight (Yellow)): If you’re in the 30 percent tax bracket, every dollar you categorize as a tax deduction gives you a 30 percent return on your money. Did you get that? Hello? Where can you today get an instant 30 percent guaranteed return on your money? When you get and keep the receipt for a tax-deductible expense and then deduct that expenditure on your taxes, you’re making 30 percent on your money.
- Location 1822 (Highlight (Yellow)): If you want to be successful in real estate investing, you need to know how to find bargain properties, how to fund those properties, and then how to farm them—or to harvest the profits from each deal.
- Location 2267 (Highlight (Yellow)): Buying and holding is about cash-flow profits. Flipping is about equity profits. I’ve always advocated that, at a minimum, my students should do both: Buy at least one property per year to hold in your long-term portfolio, and flip at least one property per year for short-term profit.
- Location 2281 (Highlight (Yellow)): The secret of the wealthy is not that they have more money but that they have more time freedom. Because many of their streams are residual, they have time to spend on anything they want.
- Location 2286 (Highlight (Yellow)): You’ve heard of OPM—other people’s money. I like to broaden the concept to OPR—other people’s resources. Say this out loud right now: “If I don’t have it, somebody does.�
- Location 2288 (Highlight (Yellow)): State and county governments turn to you and me and say something like this: We have thousands of homeowners who are late in paying their property taxes. But we need the money now. So, if you’ll pay these back taxes and give us the money, then we’ll charge the homeowner a penalty fee. When the homeowner eventually pays the taxes, we’ll collect the taxes plus a late fee and give it to you, the investor. That’s right. We’ll send you a government check to return your investment plus the penalty. And if the property owner doesn’t pay the taxes, we’ll let you foreclose on the property to recover your invested dollars. This way, we get our tax money now. And you just wait for a period of time to see which way you win. If the taxes don’t get paid, you get the property. And if the taxes do get paid, then you get your money back plus a substantial interest penalty.
- Location 2321 (Highlight (Yellow)): For example, when I buy property in my own name, I write my name as follows: “Robert G. Allen and/or assigns.� In theory, this enables me to “flip� my contract to someone who may want to buy it. When you sign your name to an offer you should always include those three magic words after your name: “and/or assigns.� This gives you the right to purchase a property and/or to assign your contract to someone else. With this as a backdrop, let’s discuss some situations in which you could handsomely profit by flipping these properties to other buyers for profit.
- Location 2406 (Highlight (Yellow)): Life is the only game in which the object of the game is to learn the rules. ASHLEIGH BRILLIANT
- Location 2471 (Highlight (Yellow)): After I rattle off a list of misfortunes like these, it’s possible you might be saying to yourself that you don’t want to take advantage of someone’s troubles. Actually, it’s just the opposite. These people need you. They no longer want their property. It has become a burden to them—an albatross around their neck. They need you to help them get rid of it as quickly as possible, and they will be grateful for any help you can give them.
- Location 2480 (Highlight (Yellow)): You’ve probably heard that the three most important things to look for in real estate are location, location, and location. Actually there are five things you need to analyze: 1. Seller motivation 2. Good location 3. Good financing—including down payment and long-term financing 4. Good condition 5. Good price All five of these conditions combine to make a great deal. I have devised a simple scoring system that takes the emotion out of bargain hunting. I give each of the five areas a score from 1 to 3, where 1 is poor and 3 is excellent. If the property scores less than 12, I pass and keep looking. See the scoring grid in Figure 8.3 and the BargainFinder form in Figure 8.4. FIGURE 8.3 The five areas of analysis.
- Location 2847 (Highlight (Yellow)): Is it easy to find deals like this? Obviously not. Here is how I have done it in the past. I located 10 properties in my city through the real estate multiple listing service. All were free and clear in good neighborhoods. I made simultaneous offers (all ten offers at once), with the stipulation that I could accept only one offer. Sure enough, one person took my deal. He was desperate to leave the state and was happy with my large cash down payment and steady monthly payments over the next 10 years.
- Location 2869 (Highlight (Yellow)): One of the most obvious ways to play the real estate game is to search for bargains. You certainly don’t want to get caught paying full price the way most people do. If you pay full price for your property, then you’re speculating that the property will appreciate in value.
- Location 2885 (Highlight (Yellow)): Postsale Once lenders have foreclosed on a property, those lenders become remarkably more flexible. Now it’s their problem and they want to get rid of it—they actually show many signs of “don’t-wanter-itis.� They can even be convinced, under the right circumstances, to sell the property to you for less than the mortgage. This is referred to in the industry as a short sale. For instance, suppose a lender foreclosed on a $100,000 house with a $95,000 mortgage. If no one bids at the auction, the lender gets the house back. Many times the lender will consider an offer for less than $95,000 and take a loss to get rid of it.
- Location 2892 (Highlight (Yellow)): Remember, the first person to mention a number loses. When asking the seller questions on the phone, try not to mention numbers yourself. Always let the seller tell you the numbers. It could save you thousands of dollars.
- Location 2908 (Highlight (Yellow)): know of an infopreneur who spent years and several hundred thousand dollars creating a product called Compact Classics. He had researched all of the great classic books, fiction and nonfiction, and condensed each book into a two-page format. Instead of taking weeks to read the original, you get the meat of the book in only two pages. Great idea. Only one problem: No one would buy it. And a lot of money went right into the toilet. Then somebody had a bright idea. Why not repackage all of these powerful two-page summaries under a different title and remarket them to a totally different audience? The new title? The Great American Bathroom Book. It worked, and millions of dollars later, the idea is still pumping out cash.
- Location 2934 (Highlight (Yellow)): Before you become too excited, realize this: Only one in twenty sellers is going to have a problem this severe. Less than half of these will own properties worth buying. So the odds are slim but not impossible.
- Location 3087 (Highlight (Yellow)): Here’s how I stay motivated. Suppose it takes you 100 hours of searching to find a potential real estate deal, which you then buy for $20,000 below the market. How much did you earn for every hour you worked? Well, $20,000 profit divided by 100 hours of effort equals $200 per hour.
- Location 3230 (Highlight (Yellow)): Danny Smith of Columbus, Ohio, has made a business of purchasing properties at tax deed auctions. Ohio is a deed state, which means that the county will deed (transfer) the property to the highest bidder at the auction. (In lien states, the auctioneer sells the tax lien and gives the bidder the right to collect the lien. If the homeowner does not pay it, the lien purchaser can then foreclose, ultimately owning the real estate for pennies.)
- Location 3449 (Highlight (Yellow)): There are four important phases in the foreclosure process: � Presale, before the lender files the notice of default at the courthouse � Presale, after the lender files the notice of default � At the foreclosure sale � Postsale
- Location 3534 (Highlight (Yellow)): As with other important things in life—this, too, can be tried in a dry run to see how you do. All tax liens and tax deeds can be thoroughly reviewed prior to purchase. That means you can see the stated official value and the expected auction price (5 cents on the dollar, for example). By looking before you leap, you can calculate your profit. You go in knowing all the angles—nothing is left to chance. And that’s what makes this investment low risk: There are no hidden surprises. Just pure, shear, profitable returns of 16, 18, or even 25 percent without a single element of risk! In fact, you can even purchase tax lien certificates through the mail prior to the auction.
- Location 3572 (Highlight (Yellow)): To fund daily services like police, firefighters, hospitals, welfare, and so on, local governments create and sell these tax lien certificates to investors like you and me. The lien is secured by the real estate it is attached to. You are not actually buying the real estate—you are buying the government’s lien on the real estate. In a sense, it’s just like a mortgage! When you buy a tax lien, you are paying someone else’s property taxes.
- Location 3593 (Highlight (Yellow)): Many properties that are delinquent in their taxes have existing mortgages. In order to protect these mortgages, at the last minute the mortgage holders usually end up paying the back taxes—plus, of course, the hefty interest penalty. So it’s very rare that you’ll end up owning a property as a result of buying a tax lien certificate. But it does happen from time to time. Therefore, make sure that the amount you invest in back taxes is not more than the value of the property. Maybe the property is on a toxic waste dump. That’s why you need to do some due diligence.
- Location 3607 (Highlight (Yellow)): Source 7: County courthouse direct-mail method Where can you find the highest concentration of highly motivated sellers? Answer: your local courthouse. If you’ve never been to the courthouse except to pay a traffic ticket, I recommend you take a trip down there on a lunch break and check it out. It is a gold mine of information. Ask the person at the information desk to help you find information about the following: 1. Out-of-state owners 2. Bankruptcies 3. Tax sales 4. Default notices 5. Foreclosure sales 6. Divorces 7. Sheriff’s sales 8. Liens filed
- Location 3753 (Highlight (Yellow)): The shortest and best way to make your fortune is to let people see clearly that it is in their interest to promote yours. JEAN DE LA BRUYÈRE
- Location 3870 (Highlight (Yellow)): According to the county treasurers I’ve interviewed, 97 percent of all tax lien certificates are paid off in two years. And the other
January 22, 2013
Having read it quite a number of years ago, I remember liking it, yet I can't seem to remember too many specifics about it. Obviously it wasn't bad, otherwise I would have remembered that, but neither was it good enough to burn a vivid image into my mind, so three stars is probably the fairest rating I can give it.
March 18, 2008
Though its a basic read, this book introduced me to the idea of multiple income streams and helped fuel my entrepreneurial spirit in the newlywed years. I would recommend it as a basic financial read, much like Rich Dad Poor Dad.
January 13, 2013
I think the book highlights many things that most people might not have thought about before. Unfortunately I think it's presented poorly in a haphazard way. I'm torn between giving two stars or three, but I think this book leaves a lot on the table for and hope a revision is in store.
April 28, 2021
7 out of 10
This one was hard to rate, some was incredibly outdated. Some was a straight up sales pitch, but interlaced throughout there are nuggets of pure gold. Worth the listen if you’re willing to dig the gold out, but a lot of junk here too.
This one was hard to rate, some was incredibly outdated. Some was a straight up sales pitch, but interlaced throughout there are nuggets of pure gold. Worth the listen if you’re willing to dig the gold out, but a lot of junk here too.
October 19, 2021
I need to go back in this and skim it for highlights and other points �.. as well as seeing how Robert’s strategies have panned out since the housing crash and the current market …� should be interesting
December 19, 2007
it is an excellent book for who to seek a finnancial succes
March 24, 2010
This is an excellent book! I need to add it to my collection and listen to it a couple of times; full of usable information.
August 20, 2015
I think it makes me think about the many ways to get money to achieve financial freedom.
July 14, 2016
The beginning of this book is good and packed with sound advice. However, the lengthy MLM pitch at the end was in poor taste and made me think twice about all the info provided.
January 15, 2017
Great book I can read this book over and over again
July 4, 2019
I assume, if change all bibles on the world to this book the world will become a better place.
January 5, 2019
Este libro tiene muchisimas cosas positivas. Entre ellas:
* Habla de fuentes de ingreso de naturalezas TOTALMENTE diferentes. Por ejemplo: Stocks, Real State, Internet, Derechos de Autor, etc etc etc
* Es muy claro en los ejemplos y da muy buena informacion como para arrancar "hoy mismo" con cualquiera de los "streams"
* Es tecnico. No anda con vueltas filosofales o motivacionales. Aunque, al final, dedica unas 10 hojas a hablar del tema. Pero es lo justo y suficiente. Muy bien medido.
El problema de este libro es que fué muy especifico. Este libro fué escrito en el 2003, y al ser tan especifico con algunas cosas, se quedó obsoleto, o lo hizo obsoleto para algunos lectores internacionales.
Un problema muy importante es que contradice a muchos libros importantes que hablan de Stocks. Por ejemplo, recomienda la inversion de stocks a corto plazo, cosa que es considerada mala palabra en el mundo de las inversiones.
Muy recomendado el libro si estas con ganas de hacer un cambio en la naturalezas de tus fuentes de ingresos y no sabes por donde empezar.
* Habla de fuentes de ingreso de naturalezas TOTALMENTE diferentes. Por ejemplo: Stocks, Real State, Internet, Derechos de Autor, etc etc etc
* Es muy claro en los ejemplos y da muy buena informacion como para arrancar "hoy mismo" con cualquiera de los "streams"
* Es tecnico. No anda con vueltas filosofales o motivacionales. Aunque, al final, dedica unas 10 hojas a hablar del tema. Pero es lo justo y suficiente. Muy bien medido.
El problema de este libro es que fué muy especifico. Este libro fué escrito en el 2003, y al ser tan especifico con algunas cosas, se quedó obsoleto, o lo hizo obsoleto para algunos lectores internacionales.
Un problema muy importante es que contradice a muchos libros importantes que hablan de Stocks. Por ejemplo, recomienda la inversion de stocks a corto plazo, cosa que es considerada mala palabra en el mundo de las inversiones.
Muy recomendado el libro si estas con ganas de hacer un cambio en la naturalezas de tus fuentes de ingresos y no sabes por donde empezar.
March 25, 2018
I may have given this book 5 stars if it wasn't so catered to the American reader - as someone living in Europe, a lot of the ideas and possibilities of multiple streams of income are made void by over-reaching government programs and extremely high taxes over here (thank you, Swedish government).
This is hardly the author's fault though. Europeans don't enjoy the liberties an American might so naturally a book focussing on the American market and economics isn't going to be as useful to Europeans in that sense.
Having said that, it was nonetheless an interesting read, if not quite dated on the chapter about the internet. I wouldn't hesitate to recommend this book to any American citizens as I feel the biggest benefits are reserved for those living under American law and the American market.
This is hardly the author's fault though. Europeans don't enjoy the liberties an American might so naturally a book focussing on the American market and economics isn't going to be as useful to Europeans in that sense.
Having said that, it was nonetheless an interesting read, if not quite dated on the chapter about the internet. I wouldn't hesitate to recommend this book to any American citizens as I feel the biggest benefits are reserved for those living under American law and the American market.
October 14, 2017
To be fair, I heard the audiobook. Yeah, it was him reading it aloud.
If I could rate it any lower, I would. Absolute junk. It's a one hour advertisement for more of his junk. Unfortunately, for him, he has explained in the audiobook that his "products" are nothing but smoke and mirrors. So no, thank you.
Also, he actually says: On the internet, no one knows who you are (context being that you can peddle whatever crap you want to unsuspecting suckers). And then laughs maniacally. Wtf?
There's a whole lot of hooey out there in the area of self improvement. This one, is right on the top of the stinking pile.
If I could rate it any lower, I would. Absolute junk. It's a one hour advertisement for more of his junk. Unfortunately, for him, he has explained in the audiobook that his "products" are nothing but smoke and mirrors. So no, thank you.
Also, he actually says: On the internet, no one knows who you are (context being that you can peddle whatever crap you want to unsuspecting suckers). And then laughs maniacally. Wtf?
There's a whole lot of hooey out there in the area of self improvement. This one, is right on the top of the stinking pile.
November 11, 2020
I read this book twenty years ago and I can tell you it works. Wealth is a river not a lake and having multiple streams supporting your rivers provides security in tough times and ultimately freedom. Today everyone has a side hustle and that's great. This book will take you deeper and provide ideas as well as a framework. Don't think that you need to have money today to get something from this book. It's the thinking that matters and once you are thinking in this new way you'll find the streams. Here's to you and much success!
December 28, 2019
I think it was superb, and inspirational.
As far as business books are concerned and rated, this isn't a five because sadly its strategies are not completely functional in my country. I was motivated and well educated -I learnt a lot about real estate and stock trading -and I am looking forward to adding an extra stream of income to my income portfolio which at the moment has...hmm let me see...zilch.
As far as business books are concerned and rated, this isn't a five because sadly its strategies are not completely functional in my country. I was motivated and well educated -I learnt a lot about real estate and stock trading -and I am looking forward to adding an extra stream of income to my income portfolio which at the moment has...hmm let me see...zilch.
October 3, 2023
Robert Allen helps you view a dollar as a tool in life that will make or break you.
Multiple Streams of Income needs to be shared and read by all Americans, especially in this day and age, with the absurdity amount of excessive consumption and waste.
This is what needs to be taught in school by the time a child turns five years of age. A must-read self-help financial fundamental basics to put you on the right track in the financial world early on.
Multiple Streams of Income needs to be shared and read by all Americans, especially in this day and age, with the absurdity amount of excessive consumption and waste.
This is what needs to be taught in school by the time a child turns five years of age. A must-read self-help financial fundamental basics to put you on the right track in the financial world early on.
November 15, 2019
This was a good perspective on how to create grow and protect wealth in today's world. As a Canadian some of the tax strategies were not relevant, but there are likely similarities to explore. I found myself often thinking how I can utilize these strategies in my own life. I look forward to trying them out.
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