Automatic Wealth: The Six Steps to Financial Independence
In this book by Michael Masterson, a six step process to achieve financial independence is proposed and explained. The author shows how he was able to achieve wealth in less than ten years using several profit generating strategies. These are also some of the strategies shared by several other wealthy people.
As a consultant for many high net worth individual and businesses, Michael was able to compile this information. He is also able to translate that knowledge that normally is available only to a few entrepreneurs and provide it to anyone who is interested in making real profits.
Generating Profits is the Highest Priority
An important take home from this book is that it is very important to get involved with the money generating parts of a business from the start. If you are doing this as an employee, an entrepreneur, or an investor, you will be able to make a lot of money in a small time window.
In the first chapters, the idea of creating wealth for your employer is explained. It is shown that it is not necessary to have your own business to become wealthy. You can also make a large amount of money by generating wealth and getting a part of it as compensation.
Creating your side business is another way to achieve similar results. You can work just a few hours per day and create a company that will, over time, generate millions for you. A number of tips are provided for how to do this in a profitable and safe way.
Michael Masterson also mentions the traditional methods for wealth generation such as real estate and stock investing. Each of these methods have advantages and disadvantages, and therefore may not be indicated for everyone. However, they all provide ways to increase one's wealth without much additional work.
In summary the book gives a balanced plan for wealth generation, which includes working in a high paying, profit-generating position, as well as investments in small companies, real estate, and the stock market. This is the kind of prudent and safe route that most investors use to become rich in a medium term time frame and that can be replicated by almost anyone.
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