The fast road to seven figures post is inspired by a book that I finished reading recently called Seven Years to Seven Figures by Michael Masterson.
As the title implies, the book is a compilation of eight success stories of people who achieved the fast road to seven figures, reaching $1,000,000+ net worth in seven years or less. Though the book, which is included in my recommended products section, is filled with a lot of motivational talk with a sales and marketing spin to it, but overall I found that there were a number of good ideas that I would like to share.
The book starts off by explaining the three components of becoming rich:
- 1. How long you invest.
2. How much you invest.
3. What rate of return you get on your investments.
Pretty logical right? Most of the ideas Masterson presents are not novel; but he’s successful, in my opinion, because he iterates the same message over and over again with each anecdote. It’s like having a wealth building mantra slapped in your face over and over again until you can’t get it out of your mind.
Each of the eight anecdotes involves someone who was making a decent wage, somewhere between $30K-50K and working for a small business that involved selling either manufactured or informational products. Being a master marketing copywriter, the story he uses naturally revolve around copywriting. In case you don’t know what copywriting is, I would suggest you visit this site. Copywriting is basically writing that elicits potential consumers to buy products. Writing sales copy, direct marketing and direct response letters are have the same purpose of getting readers to purchase goods.
The other message that Masterson beats to a pulp is: without sales, there is no business.
The fast road to seven figures is:
-
1. Be 110% committed to building wealth.
2. Making a lot of money in a short period of time ($70K+)
3. Investing that money in a business or gaining equity in a rapidly growing business
4. Investing in real estate
The fast road to seven figures, v2.0:
1. Focus only on making a lot of money.
2. Make a lot of money.
3. Invest in a business that is going to make a lot of money.
The first point may seem pointless, but if you think about it carefully, it’s actually quite important. Masterson admits early in the book his weakness for having too many ambitions. I share this same ambition. He wisely points out that having too many desires is counter productive. You need to have one goal and be able to fixate on that goal with 110% focus in order to do it extraordinarily well.
While some critics of Masterson’s book argue that all his anecdotes involve individuals becoming successful copywriters, the simple formula is not limited to copywriting. The eight stories he introduces in his book all happen to involve people who learned copywriting in order to rapidly boost sales. But the basics, I believe, would apply to any business.
Let’s examine another simple formula for a successful business:
-
1. Have a salable, quality product.
2. Sell lots.
3. Repeat step 2.
All the examples listed in the book already had products that consumers were willing to buy, it was just a matter of getting tons of people to buy them; that’s where the marketing and sales copywriting paid off. The reason why sales and marketing copy is so effective is because it can reach so many more people than over the phone sales. Whether online or offline, copywriting is fundamental to successful marketing and successful marketing is the key to sales and ultimately profits.
Although Seven Years to Seven Figures touches on some other important variables in the getting rich equation, such as the importance of networking, the main point is this: make lots of money as soon as possible and invest it in rapidly growing businesses. Oh yea, one other, and work really, really hard.
The book, with all its redundancy, left me with one profound realization.
If I want to become financially independent as soon as possible, I need to find a job where I can not only earn a high income immediately, but also one that will give me access to rapidly growing businesses that I can invest in.
It’s simple, yet profound. The fast road to seven figures is not about blind luck or working really hard for a long time, it’s about stockpiling cash quickly and investing it in profitable and rapidly growing businesses.
Although the book and consequently, my post, makes the road to financial independence sound overly simplistic, I think it’s a good place to start. 
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Tags: Book Reviews · Investing · Wealth building1 Comment
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< ![CDATA[[...] How to Get Rich With Patience Part II: The Fast Road to Seven Figures , I emphasized the importance of investing in growing and profitable companies for rapid wealth [...] ]]>