Enlightened Capitalism

Essays about how to harness people's natural desire to create wealth and improve their quality of life to solve global problems such as war and poverty.

Monday, July 04, 2005

The One Minute Millionaire

I just read "The One Minute Millionaire" by Mark Hansen and Robert Allen.

The book is bursting with valuable ideas and insights, and I recommend it to everyone.

I have the following suggestions to the authors on how to improve it. First of all, it is really two books, and the gimmick of alternating pages seems awkward and a waste of paper. Print the stories one after the other (or even better, in two separate volumes).

[The rest of my comments are about the left side, i.e. the nonfiction how-to book.]

First of all, it feels a little scattered and disorganised, and toward the end a bit repetitive. Create an outline and sort things under topic headings to give it a stronger sense of beggining, middle, and end.

Regarding the title, the tie-in with the "One Minute Manager" and other such books is a clever idea. However, don't get carried away. You can't make a million dollars in one minute per day.

Even if you spent this one minute meditating, or scratching lottery tickets, or cold calling billionaires, making $1 million takes more than one minute. You have to pay the phone bill, set up your computer, open your mail, and do hundreds of other things for your one minute of highly focused work to pay off. Granted, your point is that ordinary people can add a small amount of focused activity to their daily routine, with million dollar results. But this strategy will fail if they stop doing some of the things they are already doing which take more than a minute per day. And some of the things you recommend take hours and hours. Which is fine. Your message would be clearer if you skipped the part about making $1 million in one minute per day.

Your example of making $24,000 in 24 hours is misleading at best. It took you years to create the material and develop the relationships which allowed you to do that. Besides, that might not have even been a good deal for someone in your situation. Why does Disney release only one classic video at a time, for a premium price, when they could indeed make millions in minutes by offering all their intellectual property simultaneously at a deep discount? Or, in other words, why don't you continue running that program and make $24,000 every 24 hours?

The concept of the enlightened millionaire also needs a little work, in order to achieve congruence. You advise people to invest in mutual funds, without making sure that those investments are really making the world a better place. Does every company in your portfolio act in alignment with your principles? We investors are financing these activities, and it is our responsibility to see that our money is not working at cross purposes with us.

Most of your real estate advice is excellent. But does it really match your principles? You advise people to seek out sellers who are forced to liquidate due to the need for immediate cash. What would you advise these sellers to do? Does your advice work when everyone follows it?

Please don't take any of this criticism personally. I enjoyed the book and recommend it (I bought nine copies already, to give away). I see your commitment to helping people live in abundance and possibility. I am committed to that too. Please accept these suggestions in that context.

And check out my blog www.enlightenedcapitalism.blogspot.com
and my company www.affinityneighborhoods.com

1 Comments:

  • At 12:46 am, Blogger Dale said…

    Even though Robert Allen maintains a decent reputation, in truth he is a bankrupt scoundrel, scalawag, and scammer. He has lost much of the real estate he owned through foreclosure. When he does generate cash, it's through his "classes" and books which seem empty and false considering he really HASN'T made money in real estate.

     

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