"If it's to be it's up to me."
That could be a nutshell summary of Dan Kennedy's updated No BS Wealth Attraction In The New Economy. Dan preaches personal responsibility and action.
Dan Kennedy has worked with more first-generation multi-millionaires than almost anyone else in his generation. Like a modern Napoleon Hill, he has observed what these individuals have in common that can be emulated by others.
He also has personally experienced bankruptcy, followed by building a personal fortune. After losing half of his wealth in a divorce, he was able to rebuild it in just a couple of years and is continuing a successful career as a copywriter, speaker and marketing consultant. (He later remarried his ex-wife, Carla. "This time," he says, "I married into money.")
How is "The New Economy" going to impact growing wealth? As a result of the current recession, consumers are being more conservative in their spending. That means entrepreneurs have to work harder at persuading consumers of the value of what they offer and identifying the products and services that people are willing to indulge in despite tougher times. (Consider the iPad and the iPhone!)
In this book, Dan lists 28 "Wealth Magnets" for you to employ.
Dan says to forget The Secret. If you think positive and sit in a corner, wealth won't come to you.
What you DO is more important than what you think in attracting wealth.
On the other hand, having an attractive personality attracts wealth. Having money attracts more money.
You can conduct a business in such a way that you attract customers and the money they bring, instead of having to chase customers. Positioning is critical for establishing the value of what you have to offer.
In order to build wealth, we need to think about the value offered instead of the time invested or spent. There are only so many hours in a year and in a lifetime. How can you create value beyond consideration of hours?
Money is amoral. It goes where it will. Otherwise, it would flee from criminals, which we know isn't the case. You still have to look yourself in the mirror in the morning, so it makes sense to act with integrity. There is more to life than money.
Building wealth requires investing, not just working. Set up a regular savings program. If possible, set aside a fixed amount of your gross receipts each month in an investment account. Use the account for investments and avoid drawing on it for living expenses.
The hardest concept for me is the "giving account." Dr. Edward Kramer, the author of Synchromatics, said, "The hole you give through is the hole you receive through." Dan recommends setting up a "giving account" where you set aside a fixed percentage of your gross income monthly. Then make regular donations from the account. Tips count! Think of your gifts as the seeds for future prosperity.
Dan recommends readers of his book try a 90-day challenge experiment to implement the investment account and the giving account. See what the results are after 90 days and decide whether to continue the practice!
Wealth Attraction In The New Economy is mostly "hard boiled," "Dutch uncle" practical advice. I highly recommend it.
Buy it on Amazon: No B.S. Wealth Attraction In The New Economy.
For our new reviews of business and self-improvement books, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight!