Common Complaints About Wealth-Building Books
January 19, 2007

As you may know, the two books I put out last year - Seven Years to Seven Figures: The Fast-Track Plan to Becoming a Millionaire and Automatic Wealth for Grads...and Anyone Else Just Starting Out - made Amazon's 10-best list of finance and investing books for 2006. That made me feel good, really good. And it comes at a good time, because I have been thinking about how to write better books that sell well and deliver on their promises.

The books I've written so far have been generally very well received. A sample of the critiques on Amazon:

From reader reviews of Automatic Wealth for Grads:

"...after purchasing it as a gift for a family member, I was so impressed with what I read (I skimmed through the chapters to see what it was all about) that I bought a copy for myself! This book is filled with tons of great information and real-life examples from the author's past experiences. I highly recommend this book to people not only just starting out, but anyone looking to improve their financial future.''

"I have enjoyed this book very much. I have two children, ages 13 and 15, and plan to have each of them read this book either before or after they graduate. It really has a lot of great information that I wish someone would have told me about when I was younger.''

"My favorite chapter in this book is the one on real estate investing. As an engineering major, I'm not very familiar with this sort of thing and found it to be a good introduction. I also like his advice on how to approach work and how to get promoted. I think this is a great read for students in general.''

From reader reviews of Automatic Wealth: The Six Steps to Financial Independence:

"Although becoming wealthy in America is not and easy task, the steps outlined in this book give the reader a great place to start. All too often, a book is purchased with the hopes of a "magic formula" that will make the reader rich in a week. Not the case. This book shows how to turn dreams into achievable goals, and expects the reader to take action on the advice being offered. Following the steps in the book has led to more doors of opportunity opening for me, as well as a new mindset that has allowed me to seize opportunities that I would have never seen had I not changed my way of thinking. I promise this book, if followed correctly, will more than pay for itself.''

"The world is filled with get-rich schemes and early retirement plans. Michael Masterson's book stands out because it blends common-sense advice with savvy investment strategies and a healthy dose of reality. Using personal stories and instructive examples, Masterson provides reality-based insights about achieving financial independence. The chapters on wealth-producing habits and investment diversification are especially helpful, although the multiple sections on real estate investments make the book slightly repetitive. It might have benefited from tighter editing. This is a lively book with helpful suggestions and examples about generating wealth and achieving financial independence. We recommend it to those who seek a healthier income statement, early retirement or both.''

From reader reviews of Seven Years to Seven Figures:

"Seven Years to Seven figures has captured the essence of building real wealth from the basic need to work hard and establish a firm and reasonable plan to the realities of putting that plan into place.

"I have followed Mr. Masterson's advice over the years and have marveled at his ability to transform seemingly obtuse theories into amazingly simple actionable advice that seem obvious in retrospect. His concepts, presented here in one place for the first time, have made me rich beyond my wildest imagination. My only regret is that this book did not come along sooner in my quest to accumulate true wealth.

"This excellent work is both inspirational and a practical guide to getting rich. I was so impressed that I have given copies to my favorite young relatives and friends.''

"If you liked "Automatic Wealth For Grads" by Michael Masterson, you will love "Seven Years and Seven Figures". Like the former, it gives many salient points in realizing your investment dreams --but in half the time! Page four outlines three key components in getting rich: How long you invest (7 years). How much you invest, and what rate of return you achieve on your investments.''

But they are not all good. About one out of five comments registered on Amazon, for example, have been lukewarm to downright negative.

Complaints about finance/wealth-building books usually fall into one or several of four categories:


  1. Irrelevant. This is just one rich guy's opinion. What does his experience have to do with me?

  2. Same Old, Same Old. I've heard this advice before - in fact, it's the same advice the author gives in other books and on his website! I'm looking for new and different ideas.

  3. Impractical. This advice may work for someone else, but it makes no sense for me.

  4. Suspect. The author isn't really trying to help me. He's just trying to add to is wealth by selling books to people like me.

Here are excerpts from some of the "bad' reviews my books have received:

Irrelevant

"I am a receptionist...I was expecting more things I can do... (someone with) no real selling skills. All the author talks about is pretty obvious things that require some serious skills, like start a business that earns an average of $700,000 a year, then sell stocks in that company. Okay, sounds good, I'll get right on that.''

Suspect

"The motivation for writing this book was undertaken purely to increase the author's wealth and popularity by putting the proceeds of sales in THEIR bank accounts.''


Impractical

"Dull is exactly what one would become, if they follow the advice of this (and other like-written books)...In order to build immense wealth, one must spend a substantial amount of time away from family and friends.''

Same Old, Same Old

"His advice seems to be a rehash of the earlier books: save prodigiously, turn your expertise into a moonlighting job, become a copywriter, invest in real estate, et cetera. The advice is not bad; to the contrary, it is useful but seems to be a repackaging of old ideas.''

My favorite critique was written by Sandra Peters (real name) who is rated as one of Amazon's "Top 100 Reviewers.'' Peters says:

Well, I'll be danged, just when you think you have read them all, along comes another one - another book telling us how to become millionaires...in seven years, no less! Unbelievable, I have been reading these books for 40 years and my bank account still doesn't have seven figures (well, actually yes it does; they are just not all on the same line!)


Impractical: They might have been if I hadn't wasted money on these catchy, over-cliched books. Alas, my interest in finance superseded and I always did have a penchant for fairy tales.

We are in an era when much of society is desperately in search of a job and a pay check, most of whom would be happy just to be able to put food on the table.

Same Old, Same Old: For those of you fortunate enough to be on a different path and quite capable of attaining "seven figures", you will find what is written here common sense and nothing more - most of which you already know or you would not be in your current financial position.

Irrelevant: Before my retirement, my career was in business and finance and there are only two segments of this book worth reading - how to attract customers (much could be added to what is written here) and investing in real estate. As for the rest of the book, well, it is a matter of opinion.

Suspect: Masterson reminds me of a terrific motivational speaker; one who can create hype even if half of what we hear is a bunch of fluff and malarkey.

(Become a millionaire) in seven years...or seventy for that matter? (It's) a dream for many, yes, (but) a reality for few. I...know a few millionaires but none (that) made it by reading a book -- any book. While others were sitting on their posteriors, reading books on the subject and dreaming, the (true) millionaires were getting an adequate education and working their butts off from sun up to sun down.

For most, a seven-figure (net worth) will come through hard work, business sense, smart investments and/or inheritance.

It's hard to be upset with a critique like that. And I'm not. But I would like to answer these four criticisms because (a) they are likely to be made again and (b) it may help you be a more efficient reader of books about wealth.

Now, let's talk about Peter's four specific criticisms:

Impractical: They might have been if I hadn't wasted money on these catchy, over-cliched books. Alas, my interest in finance superseded and I always did have a penchant for fairy tales.

We are in an era when much of society is desperately in search of a job and a pay check, most of whom would be happy just to be able to put food on the table.

That Depends on You. When people say my advice is impractical for them (because of some situation they are in - poverty, family obligations, racism, etc.) I think to myself: what are you really looking for? To excuse yourself for failing to get what you want? There a hundreds of reasons why most people don't succeed. I'm not interested in that. I'm interested in how the very few who do succeed achieve their success. As someone who has become wealthy several times over and helped more than a dozen people become millionaires, I have very definite ideas about how wealth is created. Naturally, these ideas will involve what I know. But that's the way it should be, should it not? Instead of thinking about how my advice might not work for you, why not put your imagination toward the idea that you might succeed? Why not put your energies toward finding ways to do what I've and others have done?


Same Old, Same Old. For those of you fortunate enough to be on a different path and quite capable of attaining "seven figures", you will find what is written here common sense and nothing more - most of which you already know or you would not be in your current financial position.


The Old Ideas are the Best Ideas. At a glance you will get the same advice from me that you get from anybody who has accumulated a lot of wealth in a short period of time. There's a reason for that: there are just a few ways you can get rich quickly. Think about that for a second: if there are only a few ways to get rich, why are you looking for a new and different way? Shouldn't you be glad there are only a few ways? Shouldn't that make your goal - the goal you admit to by buying my book in the first place - easier? There are only a few ways to tie your shoes. You pick one and you go with it. It's the same way with building wealth. The big ideas will be the same. But the smaller ideas will all be different. The smaller ideas in my books are very different from other books. If that isn't apparent to you, then you need to read them more closely.

Irrelevant; Before my retirement, my career was in business and finance and there are only two segments of this book worth reading - how to attract customers (much could be added to what is written here) and investing in real estate. As for the rest of the book, well, it is a matter of opinion.

Everything is Relevant: When I go to a conference or seminar on wealth building, I never say to myself, "Gee, this presentation is a waste of my time. It has nothing to do with me.'' It doesn't matter how much I know about any subject or how much more experienced I am than the person making the presentation, I always listen with the expectation that I will learn something: and because I have that expectation I am never disappointed.

Suspect: Masterson reminds me of a terrific motivational speaker; one who can create hype even if half of what we hear is a bunch of fluff and malarkey

I Am for Real. It is true that many people who write about money do so to enrich themselves. What's wrong with that? I have some information or advice that you want to use. You pay me some agreed-upon sum of money and you get my ideas. If you don't like what you get, you can ask for your money back. Isn't that the way business is supposed to be done - a fair exchange of value? I know my advice is worthwhile because it comes from experience. I'm not a person who learned about wealth building by reading about it. I know what I know from doing it. With the guidance of an excellent mentor, I built several multi-million dollar businesses in several different areas: product sales, publishing, sweepstakes and contests, travel, etc. And since then I've started more than a dozen $10 million+ companies, including one whose revenues are now at $270,000,000.

Other writers have more specific experience than me (Donald Trump and Kiyosaki come to mind) and some authors have earned their reputations strictly by writing about wealth (Suze Orman, David Stanley, David Bach, etc), but I am one of the few who has made multi-million dollar fortunes in a variety of businesses...and not just once or twice, but over and over again. If you were down and out of luck and wanted to become wealthy, why would you not listen to me?

For more of my thoughts on reading wealth-building books, check out my article "How to Read and Profit from Wealth-Building Books" in ETR #1945.

posted by M. Masterson @ 9:36 AM,

8 Comments:

At 4:39 PM, Blogger marketingpotential said...

Michael,

No matter what, there will always be someone else around trying to knock you down, even if you are 100% on the mark. By nature, some people just like to bring others down to their level or lower so that they can feel better about their success and happiness in life.

Over this past Christmas holiday, I listened to your presentations from your Wealth Building and Millionaire Mindset seminars over and over again. Maybe it was the repetition, or my subconscious mind stepping forward, but I felt what you had said about wealth building was genuine, sincere, and profoundly revealing.

Like when you made the decision to go to Boca years ago, I decided to get wealthy and plan to achieve that goal within seven years or less.

I have been very impressed at how much you have been willing to share with the world and feel sorry for those who choose to shoot down possible opportunities before they can ever become to fruition.

Most of the folks making negative comments are on an endless search looking for a magic pill or silver bullet that magically makes them wealthy without having to take any type of action or learn to master a certain skill set that they can profit from over time.

They just don’t want to put in the time to get what they want!

As for Sandra Peters (real name), one of Amazon's "Top 100 Reviewers,'' if Sandra spent as much time and energy focusing on building her net worth or learning a profit generating skill set, instead of writing reviews on Amazon, she might be able to build some long term wealth.

Or maybe she should write her own book on why she has failed at building wealth after reading wealth building books for over 40 years. Even with the myth of compound interest, she could have some money built up to create more wealth over the 40 years she has been reading wealth building books.

It’s the negative and pessimistic attitudes of most people that sabotage their success.

The only limits in life are those that are self imposed.

Thanks for continuing to share your knowledge with others.

 
At 2:39 AM, Anonymous Nolan Matthias said...

People seem to be able to find any excuse not to make a good idea work. The fact of the matter is that your level of success will only be as good as your dedication to achieving your desired results. Far to many people expect to be able to pick up a book, read whats in it, and by osmosis make millions. Most forget the most important part of being successful, that you have to work your butt off. It takes dedication, hard work, and commitment to make the ideas of a wealth building book work.

 
At 6:36 AM, Blogger Denidowi said...

Michael,
I agree wholeheartedly with the opening comments of 'Marketing potential'.
Here in Australia, we often refer to it as the 'tall poppy syndrome' - that jealous people, who often, underachieve because of their negativity towards life and themselves, often wish to 'bring others down to size' - theirs!

You could not call me a wealthy man at all, but I do have my talents - they are just not in moneymaking - at least, not so far.
But that is another principle of a positive life approach - there is always hope, even in our weaknesses.

My only call to fame would be from my very recently published book, called "TWO BIRDS ... ONE STONE!!", By Denis Towers [Xulon Press], which for the very first time in history, scientifically proves the Adam and Eve story of the Bible, and simultaneously [hence the book's name] disproves Evolution of the Species theory.
It also answers a series of the other Big questions of Life.

No doubt, it, too, will experience ythe 'tall poppy syndrome'...
In the meantime, watch out, Darwin; we're coming through!

 
At 10:41 AM, Anonymous Anonymous said...

In response to the complaint from the woman who said she was a "receptionist" and therefore couldn't benefit from your ideas, well, about 8 years ago I was just a receptionist, too. One day I decided I was tired of being poor and studied nights to get my real estate broker's license. I built up from scratch a real estate sales practice that now earns me in excess of $150k annually. I also have built two separate internet businesses that will net me more than $70K next year. And I'm starting to invest in buying and selling my own real estate, now that I've built up some seed capital. I'm not a millionaire yet, but I will be in the not-too-distant future. Reading your newsletter every monring for the past two years has a lot to do with that fact.

It's not what you are doing today that matters, it's what you choose to do with your future. Too bad so many people don't "get it".

 
At 1:11 PM, Anonymous Anonymous said...

Here I am, just getting started, and I can identify with the "negative comments" made. You however hit it right on the head when you say it is the persons own problem not the information he or she is receiving.
I have bought many "get rich quick schemes" in the past, and have not followed through with any of them. The problem was not with the ideas, but me.
I am sending this note to the world that I am getting off the pot, and starting something to get out of debt, financially freed of my own stupidity. How much do I want to make? The money is really not the problem, the action is. The money will follow.
Thank you for your newsletter, and the information you send me daily. Hopefully one day I'll have my own "Blog" for those who just can't get off the pot. (Think it would work?)

 
At 4:19 PM, Anonymous Anonymous said...

What is the best resource to locate the best books to read? Or what do you use to find the best books to read on a subject?

 
At 6:00 PM, Anonymous Law Of Attraction said...

Hey Great post!

This is a really good point. I'm writing a similar post on my Law Of Attraction blog about how to read personal development books.

I 'discovered' that after spending over $100,000 seminars, hoe study courses, ebooks, coaching, etc... that I was smarter than the guys writing the books. The only difference was that they were DOING the things they talked about....not reading about it.

 
At 9:25 PM, Anonymous Anonymous said...

Forty years ago, my Ma Ma said, "Life is tough but if you KNOW it's tough, it is NOT tough"
Hey, that is what Michael Masterson is saying and he was not even born or out of toddlerhood. In other words, it is "Just look for roadblocks before slamming into them; figure a plan ho best to circumvent what is keeping you from progressing, then work your main plan -- YOU CAN!" kind of advice. The comments made that it is not the content of Michael Masterson's teachings but the lack of a developed receiving set are valid! A reader should know from the get-go there is nothing new under the sun, duh. Alert persons have to remind one another consistently how to best work on a destiny. ( As in the Old Bard's play: "The truth dear Brutus is not in our stars, but in ourselves/ We are the underlings." ) You bet we are.
If you are hampered by time constraints, serious illness in the family, or your own, you can take many baby steps. It is remarkable how many lives have been changed by one idea, one telephone call, one bouquet or one snail letter, (often more respected than emails because they are more personal, especially if hand-written (does anyone still have legible hand-writing?) Love,
Loss Leader in CA

 

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