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Download Eight Steps to Seven Figures: The Investment Strategies of Everyday Millionaires and How You Can Become Wealthy Too fb2

by Charles Carlson

  • ISBN: 0385497318
  • Category: Money & Business
  • Author: Charles Carlson
  • Subcategory: Investing
  • Other formats: rtf docx mobi doc
  • Language: English
  • Publisher: Doubleday Business (March 14, 2000)
  • Pages: 336 pages
  • FB2 size: 1474 kb
  • EPUB size: 1470 kb
  • Rating: 4.9
  • Votes: 217
Download Eight Steps to Seven Figures: The Investment Strategies of Everyday Millionaires and How You Can Become Wealthy Too fb2

Thus, when he penned Eight Steps to Seven Figures, I had to get a copy .

Thus, when he penned Eight Steps to Seven Figures, I had to get a copy and glean its secrets. Now, one could say that his use of statistical data may well be an attempt to cover up the fact most of the material found in the book could be gleaned with a fair bit of old-fashioned horse-sense. The entire book is profiles everyday millionaires, and their strategies of what tools they used to create their wealth, how their strategies worked, some of their quotations, and tips for investors. This books provides a good foundation for every investor. While you could glean the general ideas and the eight steps by reading solely the preface and introduction of the text, you would miss out on a lot of valuable insights and information. I highly recommend the book to anyone looking to achieve or maintain financial safety and security. 5 people found this helpful.

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book by Charles Carlson

book by Charles Carlson.

The must-read summary of Charles Carlson's book: Eight Steps to Seven Figures: The Investment Strategies Of Everyday Millionaires And How You Can Become Wealthy Too. This summary highlights the eight steps these millionaires all had in common, such as invest only in assets that always grow over time – which means stocks or mutual funds, accumulate steady gains year after year or take advantage of everything the government allows.

More than 250 interviews with everyday people whose investments have made them millionaires are presented in. .

More than 250 interviews with everyday people whose investments have made them millionaires are presented in this book that focuses on the investing strategies and principles that ordinary people have used to achieve the magic million-dollar mark.

CFA Charles Carlson, reveals the investment strategies and ideas that.

While The Millionaire Next Door examined the spending/saving habits and lifestyles of today's millionaires, Eight Steps To Seven Figures, written by bestselling author and CFA Charles Carlson, reveals the investment strategies and ideas that everyday investors have used to elevate their net worth to the fabled millionaire threshold.

All Rights Reserved Carlson’s 170 everyday millionaire investors got to where they are by limiting shocks to their finances.

There are some eight million millionaires in North America. But that doesn’t have to be the case forever. Eight Steps to Seven Figures exercise became difficult to sustain. Without goals, writes Carlson, maintaining a regular investing program is a lot like maintaining a regular exercise program - easy to start, but difficult to sustain. Carlson’s 170 everyday millionaire investors got to where they are by limiting shocks to their finances.

The Investment Strategies of Everyday Millionaires and How You Can .

The Investment Strategies of Everyday Millionaires and How You Can Become Wealthy Too. By: Charles B. Carlson, .

Eight steps to seven figures: The investment strategies of everyday millionares and how you can become wealthy to. Charles Carlson. Investors Chronicle beginners guide to investment; Bernard Gray. Money & how to make more of it: A beginners guide to investments and savings; Lorraine Chase and Adam Shaw. The Battle for Investment Survival (A Marketplace Book); Gerald M. Loeb. and Make It Pay; Christopher Elias.

In the tradition of the megabestseller The Millionaire Next Door, Eight Steps to Seven Figures brings together in-depth interviews with over two hundred everyday people whose investments have made them millionaires. But while The Millionaire Next Door describes its subjects' lifestyles and spending habits, Eight Steps to Seven Figures focuses squarely on the investing strategies and principles that ordinary people have used to achieve the magic million-dollar mark.Bestselling author and chartered financial analyst (CFA) Charles Carlson reveals the keys used by the newly wealthy to reap extraordinary dividends, including a discussion of the specific stocks, bonds, and other financial vehicles they choose as part of their investment mix. In the course of the book, readers learn how to determine how much time they need to spend researching and watching over their portfolios, when to buy, and equally important, when to sell. From hundreds of accounts of those Carlson calls "Main Street millionaires," he distills eight specific investment rules anyone can follow to become financially worry-free. Among the lessons he outlines and elaborates on: "Buy and Hold and Buy and Hold and Buy and Hold"--Harness the power of time in growing your portfolio and compounding your investment returns. "Know Where You Are Going"--Determine your invest        ment time frame, financial goals, and risk "comfort" level to put together a successful wealth-building strategy. "Play to Your Strengths"--Everyone has different personality strengths, investment advantages, and specialized knowledge that they bring to the table; recognize and exploit them in achieving your financial goals.One of the best things about Carlson's book is that it recognizes and allows for readers who may not have the resources to follow all eight rules. It offers reassurance and hope that there is more than one way to achieve the seven-figure pinnacle. Even people who started investing later in life, and can't fully harness the power of time, can find here the guidance they need to become wealthy.Filled with the insights and investment advice that hundreds of everyday people have followed to become rich, and buttressed with countless you-are-there stories of how these millionaires did it, Eight Steps to Seven Figures is an absolute must for today's investors.Bestselling author and chartered financial analyst (CFA) Charles Carlson reveals the keys used by the newly wealthy to reap extraordinary dividends, including a discussion of the specific stocks, bonds, and other financial vehicles they chose as part of their investment mix. In the course of the book, readers learn how much time they need to spend researching and watching over their portfolios, when to buy, and equally important, when to sell. From hundreds of accounts of those Carlson calls "Main Street millionaires," he distills eight specific investment rules anyone can follow to become financially worry-free. One of the best things about Carlson's book is that it recognizes and allows for readers who may not have the resources to follow all eight rules. It offers reassurance and hope that there is more than one way to achieve the seven-figure pinnacle. Even people who started investing later in life and can't fully harness the power of time still can find the guidance they need to become wealthy. Filled with the insights and investment advice that hundreds of everyday people have followed to become rich, and buttressed with countless you-are-there stories of how these millionaires did it, EIGHT STEPS TO SEVEN FIGURES is an absolute must for today's investors.-->
Reviews about Eight Steps to Seven Figures: The Investment Strategies of Everyday Millionaires and How You Can Become Wealthy Too (7):
Xangeo
I regard Chuck Carlson as a trusted source of good, solid financial information. After all, this is the guy who gave us such investment classics as Buying Stocks without a Broker, The No-Load Stock Investor and Free Lunch on Wall Street. Thus, when he penned Eight Steps to Seven Figures, I had to get a copy and glean its secrets.

Now, one could say that his use of statistical data may well be an attempt to cover up the fact most of the material found in the book could be gleaned with a fair bit of old-fashioned horse-sense. However, for me, much of the information served to confirm what I have always suspected, but had precious little in the way of evidence to support. Carlson's use of statistical data to back up his claims does indeed make his book look impressive, and the statistician in me does have to take issue with a few things associated with his numbers, such as:

1) I can understand his reticence to disclose personal info on those sampled, but I found it odd that he did not disclose the sampling method (basically, how did he go about getting his sample? Most likely, it came from those who subscribe to his investment newsletter). Nor did he report the response rate to his survey.

2) He was not really consistent in the reporting of his results. In some cases, he reported averages, and in others, he reported medians, and in no cases did he report variations or present us with distributions associated with the various answers to questions.

3) He seeks to make the leap from his sample of millionaire investors to all investors like them, and from those individuals to the reader. However, without knowing something about the composition of his sample, we really can not infer anything useful in general which we may reasonably apply to ourselves, at least with any degree of certainty.

That is why I say that the contents of the book, if true, would mean renewed hope for the Hopeless (aka, the typical wage-earning, rent-paying, or if unlucky, mortgage paying, indebted schmuck).

Since I regard Chuck as a trusted source, I am willing to give him the benefit of the doubt; however, interested readers should take note of the following:

1) In reading the book, it sounded like most of the respondents are fairly well-to-do, and can be considered white-collar or managerial-class workers.

2) Most of them have been investing for at least twenty years, with their investment success coinciding precisely with the extended bull market lasting from 1980 to 2000. The bull market may have had more to do with their success than their investing acumen.

3) We really do not know what their total returns were (on a compound average basis) nor do we know what their asset breakdowns were, so we do not know the extent that IRAs and 401ks , the two critical pillars of Carlson's eight step approach, played in the respondents' investment success.

4) Most of them appeared to have had an intimate experience with poverty at some point in their lives, which they recalled vividly, and this experience spurred them to save frantically. This alone makes them atypical as compared to the general American public, who as a group have a negative savings rate.

Thus, although I really can not say how applicable the statistics in the book may be, I can say that the book contains many juicy, common-sense tips that anyone, be they white-collar or blue-collar, well-to-do or of modest means, male or female, can put to use. While you could glean the general ideas and the eight steps by reading solely the preface and introduction of the text, you would miss out on a lot of valuable insights and information.

I highly recommend the book to anyone looking to achieve or maintain financial safety and security.
Wrathshaper
If you are interested in retiring wealthy, this is a must read book for you. The basic strategies in this book are the true fundamentals to living a very wealthy and prosperous life for your future. It also contains information about how everyday Millionaires in the book created their 7 figure accounts. This book gives detailed information about taking advantage of a 401(k) program as a tool to create that 7 figure retirement account. One of the parts of the book I particularly liked is how he really explains that "stuff begets stuff"...meaning that a big house needs lots of stuff. New clothes need other new clothes to match. That expensive hobby requires lots of expensive gadgets..etc. Stuff begets stuff. It is a great chapter on watching your spending habits and knowing that every dime you spend on "stuff" you cannot get back to invest. This is not the only great chapter. The whole book is chock full of great "no Brainer" proven strategies to create independant wealthiness. Time is a big factor in most of the strategies. It suggests Buying and holding quality stocks for a long time to make 1000% and 5000% instead of trading a stock for a quick 100% profit. In holding these quality stocks for a long time (5 or more years), you will have saved giving the Federal Goverment a lot of your profit. The book also outlines a lot of ways to avoid taking advantage of the goverments rules (long term capital gains tax, Roth IRA's)to create wealth. The entire book is profiles everyday millionaires, and their strategies of what tools they used to create their wealth, how their strategies worked, some of their quotations, and tips for investors. This books provides a good foundation for every investor. The strategies are invaluable to everyone interested in retiring like a king.
Mezilabar
What does it take to be a millionaire when you retire? Less than you think. Certainly less than I thought.

Charles Carlson gives eight steps to achieve that goal:

1. Start investing right now. Every day you wait is lost money.

2. Establish a goal that matters to you. If possible, make it measurable so you can track your progress.

3. Buy only stocks and mutual funds. Forget about the rest.

4. Buy only high quality stocks that are leaders in their field or, if you know the area, you are sure will be leaders. Buy what you know and when you don't use no-load index funds.

5. Invest monthly, no matter how small. It adds up through compound interest and forces you to invest when the market is down. Diversify through time, not assets.

6. Buy and hold. Sell only when necessary. Never daytrade, which just makes your broker and government rich. Buying and holding makes you rich through better returns and tax reduction. And it's less stressful to boot.

7. Limit taxes as much as possible by taking advantage of tax breaks. Hold stocks for at least a year (though the longer the better) and put in the maximum legal contributions into your 401(k) and/or IRA, or as much as you can afford.

8. Live a stable and simple life. Limit shocks to your finances - don't divorce, don't job or house hop, don't get into debt, don't have ten kids, don't daytrade. Dare to be boring.

Sounds simple enough. Here's an example. If a 20 year old invests just $67 per month into a 401(k) (assuming 11% average annual return), he will have a million-dollar portfolio by age 65. That's less than $37,000 turned into $1,000,000, the magic of compound interest.

But the longer a person waits, the harder it gets. By age 30, the monthly requirement increases to $202 per month. By age 40, it's $629 per month. That's why the number one step is to start now, especially if you want to retire early.

If you want to be a millionaire, it isn't that hard. It just takes a willingness to contribute regularly to your retirement account and live on less than your income. That's something even I can do. And so can you.

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