Become Millionaire Now!
Posted by Frugal on September 17th, 2006
I have never been so excited about discovering a new blog. But this is a BIG find, and I just can’t wait to share this blog with everyone out there. Larry maintains a blog at MillionaireNowBook.blogspot.com. As far as I can see and judge for myself, he is the real deal!
I’m going to compare MillionaireNow & him vs 1stMillionAt33 & me here:
- Money-wise:
Did you think that I may have more important things to say just because I reached one million networth at 33? Now, give me a break. That’s most likely not true in the majority of cases. Maybe or maybe not, I have better things to say. But if you believe in that logic, then you probably want to visit MillionaireNow. Why? Although Larry said nothing about his networth, my best guess is that it’s not a question of being a millionaire or not, but a question of how many digits. - Age-wise:
Larry is in his early 50. I am in my 30s. Do you think that age makes a difference? Probably not all the time, but certainly if I am in my 30s, I can only experience so much in life or in the investment world. An older guy certainly has more chances to experience different things. - Trading-wise:
According to his comments on my blog, he sold out 50% of his precious metal investment in this April!! What did I do? I stayed put, and got hit with a big down wave. Need I say more? - Experience-wise:
Throughout Larry’s long career, he has been a professional in both brokerage business and real estate. I’m just another engineer. Go figure!
Here are some of his own words about himself & his blog:
As a baby boomer, I grew up in the sixties in which the Vietnam War was the only topic of the day. Making money and getting money was of no (big) interest to me. Doing things right and learning from mistakes has more appeal. Telling others, for free, what I have learned in my journey is what interests me. The message: find out what works and repeat it. Live for today, but save for tomorrow.
The only thing that bothers me somewhat is his position in this housing market (please read Larry’s comment at this post for his clarification). I’m strongly in the bubble, and bearish camp of this housing market, while he “appears” not. I do think that there are sufficient evidences to support my position. And I’m totally against using 100% financing and/or negative amortization loan at this time to take up any investing properties. But certainly you’re welcome to read what he has to say. I don’t believe that his current profession in real estate may have influenced the independence in his thinking, but it is just something that you want to keep in mind, which could be a potential source of conflict of interests. I can tell you however that both Warren Buffett and Franklin Templeton (you may have heard about many of his mutual funds)who are value investors, are bearish on the US housing market in general.
Alright, I think it should be quite clear to you who is the real gem here. Now if all of you simply all go to his blog, and never come back to my site, it is still perfectly fine with me. I would say “Mission Accomplished” to that. Having my blog here, and writing posts, my first and foremost goal is to help every reader out there to find the best advice that they can find. I will never ever hesitate to introduce something that I think it’s of value to you. You can count on my honesty in that. And I hope that at the end of days, it is because of my honesty in this blogging business, that makes you come back again and again (while certainly I attempt to contribute my own thinking and tips to the best of my ability too).
I’m digging his most essential article The Seven Steps I Used to Build My Simple Financial Plan. But there are a LOT of other good articles that you should be able to find on his site. And if you don’t find that many, I’m sure once you clamor for encore, he will disclose even more and better tips for everyone. Or even faster yet, go and buy his book Millionaire Now!
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September 17th, 2006 at 6:02 pm
1. Thank you for your kind words.
2. As a realtor, I only broker commercial property and as suchdo not make my living in the housing market.
3. I have been very careful to not say that housing is in a bubble and careful not to deny it. It matters little to me. Example: A SFR that I have held for 16 years, rented long-term with positive cash-flow, and a debt to equity ratio of (now) 20% is not marked to market daily or even monthly. More important, going forward I am not too worried about it’s future value in 14 years when I have a sneaking suspicion it may be worth more than not.
4. http://millionairenowbook.blogspot.com/2006/09/call-to-arms.html
5. It may tilt toward being more in a credit bubble than housing. I honestly don’t know.
6. being 51 and not 31 means having made 20 more years of mistakes to learn from.
7. For every nicely timed sector trade (precious metals), I have made equally poor ones over the years.
September 17th, 2006 at 9:02 pm
Larry,
I think you deserve every bit of my praise. You’re too modest.
I’m glad that you clarify on your housing position. I was going to modify my post after reading your email. But I just couldn’t find time to do it. Alright, going back to work on my Monday post. I wish I have 48 hours per day.
September 18th, 2006 at 10:51 am
frugal,
How could I stop reading your posts? That is crazy. I wouldn’t do that. But I haven’t looked at his site yet but will check it out. It looks professional. Althought I don’t belive you comment much on the RE market? Do you? Althought I thought a lot of the great investors choose between the market or real estate. I guess I was wrong… I am still learning
by the way.. JUST another engineering? hahah
September 18th, 2006 at 10:58 am
Also, this guy looks like he is just trying to promote his book.
September 18th, 2006 at 2:13 pm
Garrett: Let me assure you that books don’t make the writer much money. And, that much of what I say in the book is on my blog……for free. But, my mission is to “help” others in their financial lives.
Gurus make money when you pay money for their seminars, books, tapes and “boot camps”.
I am a long-time real estate investor. I don’t see many blogs written about real estate investing, financing, managing, and leasing. Just 1000 blogs about the housing bubble.
September 18th, 2006 at 2:20 pm
Garrett,
Thanks for your loyalty. Really appreciate it.
Larry,
I can’t agree with you more. There are TOO many real estate bubble blogs. You can definitely fill in the gap for giving everyone the insider view of the real estate investing. And that’s one of the things that I like about your blog. For certain, there are always some local markets that are worthwhile for investment. But unfortunately most people lack the knowledge of how-to, and where/how to find them, and manage them, etc.
Personally, I would like to invest in real estate in other states, but I simply lack all of the above knowledge. There are so few sites that can truly provide such information.
September 18th, 2006 at 6:09 pm
Larry,
I will definitely be reading your blog. It is just out of the ordinary for a blogger to have a book (at least the blogs I seen) that is the only reason I made that comment. After further reading I noticed that wasn’t true.
Also, I definitely agree with you that there isn’t any information on real estate. I would love to find more information about it. I hope you include a lot.
September 18th, 2006 at 6:11 pm
Frugal,
What states are you looking to invest? I am biased for my area because that is the only area I really study (know). The area I talk about is tampa,florida. I belive the commerical is doing really well but there is “a lot of money going towards very few properties” soo the prices are really high.
but I am still learning about cap rates and stuff like that. You guys ever hear about a guy name john burns? I would like to purchase his books.
September 18th, 2006 at 7:07 pm
skip his book and read:
1.http://millionairenowbook.blogspot.com/2006/08/issues-to-consider-for-individual.html
2.http://millionairenowbook.blogspot.com/2006/08/real-estates-future.html
3.http://millionairenowbook.blogspot.com/2006/08/putting-your-property-in-llc-and.html
September 18th, 2006 at 7:08 pm
skip his book and read:
1. http://millionairenowbook.blogspot.com/2006/08/issues-to-consider-for-individual.html
2. http://millionairenowbook.blogspot.com/2006/08/real-estates-future.html
3. http://millionairenowbook.blogspot.com/2006/08/putting-your-property-in-llc-and.html
4. http://millionairenowbook.blogspot.com/2006/07/planning-to-sell-commercial-property.html
September 18th, 2006 at 9:28 pm
Larry may be an okay guy but he’s spamming the hell out of my blog and it’s getting to be annoying.
September 19th, 2006 at 8:32 am
JLP,
Thanks for the info. There aren’t many people leaving comments at my blog. So I guess it probably doesn’t matter that much to fill up the empty space.
Regards,
September 19th, 2006 at 9:00 am
Frugal: I did post the link to a rather long article on his blog. He emailed me and I responded by letting him know 2 things: I reposted it twice when I didn’t see it (not knowing he deleted manually) and I was under the wrong impression that spamming was only mass email. I assured him I would honor his request.