Seven Years to Seven Figures - Michael Matterson

It has been more than 2 months since i wrote in this reading blog. It's frustrating as I have been jumping from book to book without finishing any of them. The reason is that I keep finding good books and once I started, I tend to lose interest in the current book that I was reading.

Coming back to this book, this is the second book i have read by Michael Matterson. The first was Automatic Wealth. I was surprised to find out I did not write a review/summary of that book. This book sells the idea of being able to generate 7 figure income within 7 years.

The book started with goal setting principles, investments methods and then went on to describe how8 persons did acheive 7 figures within 7 years. I was not really interested in the life stories of the 8 people. I feel that it emphasize too much on copywriting. Though copywriting may be a very lucrative job in the USA, I don't think it is so here in Singapore. And as you can see from my current blog/s, my writing skills are not exactly suitable for this type of work :).

OK. I will be just going through some of the methods/theories which I think is beneficial to me, at least. First was Dale Carnegie's 14 week course. The steps are to 1) Identify 10 top goals, 2) Narrow them to 5, 3) Narrow to 3, 4) Pick one as primary goal. Most people don't succeed because they don't have clearly defined goals. Some people fail to make progress because they have too many goals. The 4 categories when setting goals are Health, Wealth, Social Life and Personal Life. Do the most important task first and each lesser thing in order of its priority.

The recommended savings is 20% if you are earning $30-50k and 25% if earning $50-150k. If your Return of Investment(ROI) is 10-20%, your portfolio should be mostly in stocks. For a 20-35% ROI, you will have to include real estates and if your ROI is 35-50%, small business has to be included as well.

A common way to valuate a business is to take an average of 3 years' earnings and multiply by 4.

There are quite a few methodologies and ways of making big bucks. The businesses to get in are copywriting, real estate and publishing. Knowing your networth is important.

Overall, I feel that though this book is relatively an easy read, it drags too much on other people's examples. The first couple of chapters are fine but it became a bit dull when it went into people's stories, especially when I cannot relate much to copywriting.