Billionaire in Training

• Book Title: Billionaire in Training: Because Millionaire just isn’t rich enough
• Author: Bradly J. Sugars
• Year written/published: 2002
• Book Source: Amazon. Library
• Summary: This book talks about making money from businesses - buying, growing and selling them.
• My Comments: Bradley’s candid writing really hits the point. Never really read a book about selling and buying real businesses… so this was kinda different perspective in the world of wealth. 
• Contents page:

1. Getting Rich
2. 5 Levels of Entrepreneours
3. Buy, Build, Sell
4. How to raise money for your new business
5. 7 rules for buying a business
6. Selling the business

• Some extracts: Being a generalist

Working in a job you have about 1/3 of your pay taken off in taxes, about 1/3 taken for your mortgages or rent and even more to pay for your car and so on. Eventually you;ve got just enough left over to EXIST on. Generalists on the other hand, think for themselves. They are great leaders, they take on risks and reap the rewards from things like tax deductions and more importantly, they collect long term income from the work they do today. They also enjoy the profits, as well, as so much more

Paper assets…

To be RICH, you need to have 2 things that will allow you to produce the third. You need a rather large CASHFLOW and a solid PHYSICAL S

ASSET base. These 2 things combine will allow you to create the 3rd part of getting RICH… PAPER ASSETS. What then are paper assets? They are things like shares, contracts, licenses, royalties, and franchises documentations. Share floats are one of the best paper assets because you get to choose how many shares you get to keep.

So true about looking rich…

They would ask questions likes: :Who do you work for?” :How much do you earn?” But the one I liked most of all was: “What car do you drive?” Now I don’t mean to be rude, but to some I will be. These people fell into the category I call “LOOKING GOOD, GOING NOWHERE…” They rather look rich than be rich. Another way to describe their life would be to say that they live it by the second had. They do everything to build an impression of themselves to the outside world, and when the outside would says it’s true, they believe it – even thought it’s just an illusion they’ve created.

Income and wealth….

Your income and wealth are 2 entirely separate, and in most cases, non-related items. I’ve met people who make a million dollars a year in salary yet they are still poor because they spend more than that million on STUFF. … … Your income doesn’t determine your wealth. It’s what you do with your income that determines your wealth. Remember income does not equal to wealth. The 3rd belief I want to examine and discard is this: Because I’m more intelligent, more skilled and more experienced, I have a higher chance of becoming wealthy. Once again, I have met a lot of very poor professors and very rich school drop-outs.

In order to grow, the investor has to learn and master…

• Business
• Real Estate
• Stock Market

Changing the way you think involves the following 4 step process:

1. Idealisation
2. Visualisation
3. verbalisation
4. Materialisation

The formula for building business…

• Leads X Conversion Rate X Customers X Number of Transactions X Average Dollar Sale Price = Total Turn Over Is it all about working harder?
• If you think you can earn more by working little harder, it’s time for a reality check. Take a look around you. 1000s of people you know all work hard, but are they all really getting nowhere? No of course not. The aim of the game isn’t to work harder; it’s to create better results with less effort.