The Millionaire in You
Author: Michael LeBoeuf
Publisher: Crown Business, New York
Reviewer: Goke Ilesanmi
Inability to discover and maximise one’s latent potential accounts for why most people have not achieved their purpose in life. This also explains why most people have not attained their desired financial independence because they do not realise that they have the millionaire potential within them. This is why I want us to examine this text entitled “The Millionaire in You” this week.
The book is written by Dr. Michael LeBoeuf, a renowned business-management consultant, professional speaker and seminar leader. LeBoeuf says there are only four things you need to know about money. These are: How to make it; how to save it; how to invest it; and how to enjoy it.
According to LeBoeuf, only very few people manage to do all four, although almost anyone can. He says the purpose of writing this book is to make you become financially independent and enjoy the same freedom that he enjoys.
This book is segmented into three parts. The first part is thematically tagged “See it!” According to LeBoeuf here, anybody today with basic common sense can become a millionaire. All it requires is the ability to see possibilities, and then know how to proceed and follow through. He says four major insights are central to the issue of making money. The first insight is called the “Time and Wealth Grid”.
In LeBoeuf’s words, “It’s the scourge of modern-day living that plagues most of us: If you have money, you don’t have the time. If you have lots of time, you’re hurting for money. And most of us could use a whole lot more of both. Welcome to the time/money trap.”
According to him, to get out of the time/money trap, you have to understand how you got there in the first place. We fall into the trap by thinking with a paycheque mentality, says LeBoeuf. He educates that because most of us think with a paycheque mentality, we assume that having more of one requires sacrificing some of the other. LeBoeuf adds that time and money are not one-dimensional trade-offs unless we assume they are and choose to live our lives that way.
As regards the second insight, LeBoeuf discusses his law which says you should invest your time actively and your money passively. “Actively investing your time means deciding how your time will be spent rather than spending it according to current circumstances or the dictates of others,” he educates.
LeBoeuf says the third insight of wealth-creation is simplicity, and it is the master key. The last insight discussed is higher life expectancy tagged the “Twentieth century’s greatest gift”. He stresses that though marked by financial challenges, the higher life expectancy guarantees the advantage of having more years to pursue wealth. LeBoeuf therefore suggests that you should resolve to make the most of your longevity bonus; create your own endowment; and realise that delayed gratification is not denied.
In the second part of this book summarily christened “Do it!”, the author discusses ten choices for achieving personal and financial freedom. These are that you should live the life you want instead of the life others expect; stack the odds in your favour instead of against you and be a super saver instead of a big spender; increase the market value of your time instead of working long hours.
Others are do less better instead of trying to do it all and capitalise on the unexpected instead of being derailed by it; own the market instead of trying to beat the market; limit your losses instead of letting bad luck ruin you, etc.
In the last part, he says you should celebrate and enjoy. “Congratulations! You’ve reached the winner’s circle, where you can enjoy the harvest of your years of learning, working, saving and investing. You now have the freedom to spend your time any legal way you want,” asserts LeBoeuf.
He says having abundance of money and time puts you in control of your life, but it is not going to automatically make you happy. LeBoeuf advises that once you reach financial independence, doing the following four things can greatly enhance the quality of your life: Stay financially independent and out of the time/money trap; make it a point to keep physically and mentally active; experience the joy and personal satisfaction of giving back and making the world a better place; and finally, realise that the true joy lies in the journey.
On the issue of conceptual assessment, there is no denying the fact that this book is a treasury of exceptional financial and career-enhancement-strategy knowledge. As regards the mode of presentation, one thing that always works for LeBoeuf is the simplicity of his language and uniqueness of presentation, which he has also exhibited here.
The tips offered in this book are illuminating and motivating. He uses literary/classical allusions to achieve conceptual amplification and lend credibility to his message.
However, some areas seem restated. But the mastery with which he does the restatement makes one believe that it is a deliberate stylistic attempt to create emphasis as well as long memory on the part of the readers.
On the whole, this text is a classic. It is highly recommended to those who aspire to achieve permanent financial abundance, freedom and enjoyment.
GOKE ILESANMI (FIIM, FIMC, CMC), CEO of Gokmar Communication Consulting, is an International Platinum Columnist, Professional Public Speaker, Career Mgt Coach and Certified Mgt Consultant. He is also a Book Reviewer, Biographer and Editorial Consultant.
Tel: 08055068773; 08187499425
Email: [email protected]
Website: www.gokeilesanmi.com.ng
