Adam Khoo’s Secrets of Self-Made Millionaire Book Review

This is the first Adam Khoo book I’ve bought, and it really caught my eye. I have heard of Adam Khoo numerous times and wonder what he is like running some successful businesses that make him a self made millionaire.

Adam didn’t immediately dive in to explain the methods he used to achieve great wealth. Instead, he explained how self-made millionaires think, allowing them to see opportunities where others see problems. Once you adopt the habits of a millionaire, a whole new world will begin to open up to you and is critical to building wealth.

The next key thing I learned from Adam about building wealth is setting clear financial goals. All the millionaires, billionaires in the world have decided at some point in their lives that they wanted to be rich. From there, the wealthy will create high-level financial goals to achieve within a certain period of time, and often use a specific whole number as their goal. Let’s say you want to increase your monthly income to a higher figure, you need to change your strategy.

With the goals and objectives set, you create a plan and execute it accordingly. If your goal is to achieve a specific portfolio, your plan will provide how much you need to save and invest each month along with the rate of return to reach your goal in the allotted time frame. If your goal is to increase your monthly income, your plan will provide the methods to increase your primary source of income along with any other sources of income you need to get a fresh start.

With your financial plan in place, you’ll find it’s going to be a very uphill task to reach the goals set out in your plan. Many people give up without achieving their dreams. How can you increase your income at the rate that will allow you to reach your goals? That’s where Adam teaches us how to massively increase our income in any career along with creating a home based internet business.

Increase your income on one side of the coin. The other side of the corner is cutting costs. Many people go into deep debt no matter how much income they earned because they didn’t manage their spending and spent more than they earned. It’s even easier to get into debt when bank salespeople are constantly pressuring you to sign your credit cards. Adam illustrates the essential financial skills to have and how to cut expenses without lowering your current standard of living.

When you increase your income and reduce your expenses, you will have surplus funds. We have to put these surplus funds to work for us instead of just working hard and saving, which won’t make us rich. Using compounding theory, you can turn small amounts of money into a large amount over time with discipline. All wealthy people use investment vehicles to help them build their wealth, and the stock market is one of those vehicles. They understand both the risk and returns of the stock market, allowing them to achieve returns in the 15% to 25% range.

Last but not least, we must know how to protect our heritage after spending so much time and effort to build it. Unforeseen circumstances can happen and wipe out our wealth if we are not prepared for it. The rich always hire experts to help them protect their wealth from unscrupulous people.

I highly recommend Adam Khoo’s Secrets of Self-Made Millionaires if you want to learn how to create extraordinary wealth using multiple sources of income. Many areas of his book have exercises for you to practice what he has taught to accelerate your wealth creation. Get his book now!