BOOK REVIEW- Multiple Streams Of Income
The book Multiple Streams of Income-- how to generate a lifetime of unlimited wealth by Robert G. Allen is at the top of my favorite books list. Although the words “generate a lifetime of unlimited wealth” set off "warning alarms for me, I was intrigued when I discovered it. Here's the scoop about this book... if you're looking for a get rich quick scheme, this book doesn't deliver. Multiple streams of income describes real ways to build several income streams for yourself.
I found this book not long after I'd closed my retail business. I'd just begun to study business seriously. I was deep in debt and depressed from the failure of my business, which I'd kept alive for 8 years. After I sat around feeling sorry for myself for the proper length of time, I'd decided to figure out what had gone wrong. I loved being self-employed and wanted to come up with a game plan for my financial future.
I stumbled upon Multiple Streams of Income at the Goodwill in the business book section. "I'm sorry, Mr. Allen, but since I purchased this book used, you didn't directly profit from its sale". But it's been invaluable to me. And I recommend it to others all the time because I credit it with completely opening my eyes.
The premise of the book is that having only one way to earn money is like “having all your eggs in one basket”. It's a simple concept and but completely overlooked in our financial education. What happens if the only source of your income disappears? Well, just read recent news... you'll see exactly what happens. Chaos! It's a personal money disaster... globally!
Written in 2000, Mr. Allen describes the ideal “10 streams of income” that should ideally be used. He's a real-estate millionaire, so buying and selling real estate are described in great detail. He also talks at length about investing in the stock market. Those are both pretty traditional ways of investing to gain passive income. But he also writes about the possibilities of network marketing, internet marketing, intellectual properties, and a few other things. That's a pretty well-rounded menu for any hungry entrepreneur!
Robert G. Allen is the author of several books about creating wealth, including a real estate investment classic called Nothing Down. He also co-authored the One Minute Millionaire and a new book called Cash In A Flash, with Mark Victor Hansen.
These kinds of financial books are funny... people either love them or hate them. I find them an exhilarating read because of the possibilities they reveal. My personal opinion is that you need to take the “big wealth” claims with a grain of salt. But there's usually lots of usable tips too. Don't skip reading Multiple Steams Of Income. It was worth the time spent for me, and may be for you too!
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