Letter From an ETR Reader
August 17, 2007

JS, an ETR reader wrote in recently:

"I just finally had to write you. I've been reading your newsletter, I believe, from the beginning. I partially agree w/your politics, but disagree on some. I do enjoy the health and investment advice. It's very thought provoking. But, I've considered unsubcribing many times because of your flippant comments about making money and starting a business. A couple of paraphrased examples: if you want to build a seven figure net wealth you need to make at least $150,000. If you're only making $50,000 you need to increase your income by $100,000. Another way to seven figures is start a business. Ah, if it were that easy, everyone would do it. Just double your income. Brilliant. I wishI had thought of that. Most people work at jobs that will not double or triple your income no matter how good you are.

Don't get me started on starting a business. I've tried, and failed three times. The simple fact is anyone could, but not everyone can. Start an internet business? You're crazy. How can you make money whenthere are 10's of thousands of people everywhere in the world trying to sell the same merchandise that you are and probably buying from the same manufacturer or wholesaler? The only possible way I can seemaking money is marketing a unique product that you manufacture."

I am amused and perplexed by J's comments. Here's a guy who is getting an amazingly valuable service for free and he wants to cancel it because he doesn't like some of the comments.

What kind of world is he living in? I'd like to be there.

If I were getting a service for free and liked some of the advice I got for free I'd be very grateful. I certainly wouldn't be upset because I didn't like some of the comments.

It makes me like J. I don't know why. There is something beautifully naive in his thinking. His world revolves around him.

If J had really been reading ETR since the beginning he would know that, although I am sometimes flippant, I am very serious about what it takes to start and create a successful small business. This is something I know as much about as anybody on the planet. J has failed several times so he knows it can't be done. I have succeeded and so I know it can be done.

The particular point - was about building wealth. Most wealth gurus give bad advice. I have explained this many times. They tell you that you can become wealthy by scrimping and saving or by investing on an income of $50,000 or less. This is sheer lunacy and irresponsible advice.

J likes the investment advice he gets because it allows him to dream about getting wealthy without doing the hard work...boosting his income.

He says that my statement that you need to double your income is flippant...but he is dead wrong...It is the only real and serious statement that can and should be made about wealth building in a world where so many wealth seekers are spending money on advice that promises to turn their debt into wealth...

And if J has really been reading ETR all this time he would have read miles of material on how to generate more income...but it all involves working more and working smarter...and most of it does indeed mean that you have to create a second income by consulting or starting a business...

J should buy a copy of my next book...Ready...Fire...Aim. It contains everything I know about starting and growing a small business...I've started dozens of them successfully including two whose revenues exceeded $100 million...

posted by M. Masterson @ 4:46 PM,

4 Comments:

At 10:31 AM, Blogger Joe Kennedy said...

Great post Michael. It is true that most of us feel like the world revolves around us.

Some of us apparently don't understand that your advice to start a business is possible for anyone who really wants to. I'll admit that it is A LOT more difficult that reading the advice in a newsletter, but it IS solid advice - and I appreciate reading it as often as possible.

I've never been able to get an answer out of Patrick, but I've offered on several occasions to promote your events and provide media coverage here in the land of Microsoft, Costco and Starbucks. I guess Patrick is too busy to consider the benefits ...

 
At 3:16 PM, Anonymous MikeDidIt said...

Hi Michael. Thanks for ETR and all the time you spend sharing your knowledge, tips, and ideas. While your profit motive is obvious, it doesn't take a wizard to understand that you do this for reasons far beyond financial gain. Bazillionaire or not, that speaks highly of you. Have a great one! Mike

 
At 12:12 PM, Blogger T.C. said...

Sure, J could buy a copy of your next book, "Ready... Fire... Aim," but does one really need to spend money to make more money?

Indeed, I believe some of THE BEST THINGS IN LIFE ARE FREE.

This one stands to create that much vaunted "second income" with zero risk and steady effort.

And if I may say: OBVIOUSLY, the difference between J and Michael is one is CLUELESS about marketing and the other is a Masterson.

 
At 11:05 PM, Blogger Myles407 said...

Mahalo Michael,
Spot on. I'm experiencing identical mixed emotions too as I read this modern day battle of Waterloo unfolding on my screen.

Yep, joy and happiness.

Joy in that I am glad not to be of this person's inciduous loser mentality. Happiness for there is one less person in the Ready, Fire, Aim lane of life.

I suppose you attract all sorts of people ranging from the casual wannabees to a serious Thomas Edison-copy entrepreneur. Maybe your admirer turned expert critic should get your Seven Years to Seven Figures book and read chapter 6 by Justin Ford. A radical mental transformation is needed here.

Ultimately, our friend needs a check up from the neck up. Next!

Aloha,
Myles Saulibio

 

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