How to Make a Million Dollars

chart.jpgLoral Langemeier, author of the best-selling The Millionaire Maker will be printing money again with her new book, The Millionaire Maker’s Guide to Wealth Cycle Investing.

The book comes out next week, and Langemeier will be in Southern California then to promote it — including a two-day intensive wealth building workshop (for $1,495) on Nov. 10-11 at the Marriott Suites in Garden Grove.

In the meantime, though, she agreed to lend us a little investment advice. And $20. Here it is:

Q: Are you a millionaire?

A: Of course I am a millionaire, many times over in fact. This is why they call me the Millionaire Maker! I was the first millionaire I ever created. First, I built my team of field partners and mentors and then, using my Wealth Cycle method, I became a team-made millionaire, and I haven’t stopped creating millionaires since then. I love it when other people see how easy it is for them to succeed and make millions too.

Q: Staying on top of your investments is time consuming and difficult. Wouldn’t it have been easier to get your million from Regis?

A: Staying on top of your investments is not time consuming and difficult, it’s actually very fun when you start seeing the actual results of investing. If you get your million from Regis, then what are you really learning? You’re just winning a bunch of money, but you could spend it all and have nothing left and you will totally overpay in taxes! Plus, winning the money doesn’t teach you how to make it work for you in the most profitable ways. I enjoy checking up on my companies and seeing how much money they are making and figuring out how I can make them better and more profitable!

If you build a strong team and perform due diligence before making an investment, then it’s not so much work as you would think. It’s more about maintaining your wealth with your team of partners. Part of my due diligence is that I always make sure that whomever I am going into an investment with has as much “skin in the game” as I do. That way I know they are going to care as much about the success of the investment as I do, and, for me, that takes some of the risk out of it. Also, there is always a lot of paper work to do, but like I always tell my clients: “Do Paperwork or Be Poor.” Whatever paperwork I don’t have time to do, or don’t want to do, I hire someone else to do it, that way my time is better spent on things that I am good at. Your time needs to be spent creating a double-digit portfolio.