Summary: Guide to Creating a Cash Machine for Life: Review and Analysis of Langemeiers Book

Don't have a Kindle? Try the Kindle edition and experience these great reading features: Share your thoughts with other customers. Write a customer review. Read reviews that mention cash machine loral langemeier machine for life skill set small business starting a business creating a cash starting a business make money cash machines reading this book need to know business owners books because loral new business good book book is really life book guide advice.

Showing of 29 reviews. Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now. Please try again later. If you already have a business, some of the book is a bit remedial because she is helping those start from scratch as well as those in business.

But if you have a business it validates what is working and motivates you to try new things to take it to the next level. I own a brand strategy and graphic design firm which I was doing large proposals. I was insanely busy one month and dead the next. Then clients can move to the next purchase which keeps the work load and cash flow steady. The book does a nice job of helping you forecast your sales, plan for the future and create a marketing plan to keep the cash coming in on a regular basis.

She also has a lot of great free info on her website if you want to check it out before buying the book. Yes, it can happen to you! The concept of a cash machine is definitely not new, but how many of us really know how to set one up and make it work for life? As Loral Langemeier points out, most of us operate in the traditional model of getting a good paying job, investing in a K and hoping it does well enough for us to retire on.

It's what we're taught and it's what we know and we certainly don't need to apologize for it. In her 3rd book, Loral Langemeier lays out the steps for setting up a sustainable cash machine for life. She goes into detail about how to look at yourself and determine the types of cash machines that will work for you and your own personal skill set. She is clear that this is NOT a "one size fits all" strategy and that you will be required to put forth some creativity here. Once the cash machine is identified, creativity subsides and the analytical side of this business emerges.

You test the cash machine for marketability, put your team together, and develop the marketing and sales strategies. It seems like an obvious recipe for success on the surface, but it is easier read than done. Luckily for us, Loral Langemeier has a unique teaching style makes this "seemingly" monumental task an attainable feat for anyone with the will to succeed. The steps are clear and straight forward.

No magic pill, just a recipe for cash. If you want to change your financial circumstance and do it quickly, this book is for you. Anyone can follow her direction to make cash. Cash Machine does not focus on big, out of reach businesses. It is a guide to look within your self to find your skill set and use what you know already to create your personal cash machine. This is just the starting point, she gives the tools needed to grow your business into something bigger. If you use this book, it will change your life. I never heard of Langemeier until a few weeks ago when my wife saw her on a panel of mostly investment people on CNBC.

The other 4 panelists focused on living below your means being frugal and then being able to save and invest in stocks, stock mutual funds, or real estate. Does she have this expertise? I have no idea. Some people sell cars. Some people sell phones. Some people sell mortgages. Sure, some of these probably believers made a few bucks following her nuggets; some have even posted here.

But they have to keep the stream of sucker money flowing lest they have to give up their life style. Alas, if it were only that simple…. Her teachings are superior but your husband might get hooked. I watched her flirt with many different men including the men who work with her on stage. I even saw them leave arm and arm at night, get into a car and returned late morning before the workshop started again.

Indeed, it is a bunch of crap. The only investment advice Loral will give you is to invest in her deals. I know of one older gentleman who pulled out several hundred thousand dollars out of the stock market and gave it to her to invest. The poor guy is way too old to lose everything. My husband and I attended the Big Table in , we learned a great deal and it changed almost everything about how we think about money.

Loral taught most of the three 2 day workshops we attened, not sure if she still does, the workshops were very good! The few others on her team that taught portions of it were also very good. The real value came from the other people we met there that are now a part of our network they have been invaluable. Also learning about team was invaluable.

The 3rd investment has struggled. So we spread our money across 3 different investments and 2 of the 3 paid back considerably. Much better than the same k I have had invested in my k for the last 20 years! And better than the 50k we invested in rental property around that time. So we clearly got our money back that we invested in the big table, the tapes are worth listening to, they changed our thinking. I would make the same decision again, but it was about what we did with the info and how open we were to hear what she was saying but apply it to our situation which is different than hers.

We did make over k a year when we met her, so maybe if you are on your last dime using your credit cards to invest in this program is not a good idea. I am not sure paying for college classes on a credit card is a good investment either. Just one more opinion from someone that completed the 12 month big table program. We are not millionaires, but our life has definetely improved from her teachings. Thank you all for your insight.

Both my husband and I are sales professionals, over 30 years. We know how to make money. Before we had a chance to read it, we received a call from their staff titled Wealth Strategist. After speaking with him for 55 min. We divulged our financial picture, as we are seeking tools to build residual income. Then we spent 25 min. Basics of Business teaches you to build a business plan. We acknowledge with gratitude the abundant blessings we already possess. We are not driven by greed. We thank LOL for spending about 2 hrs.

Be smart, check out the flags, get your questions answered, based on your needs, not their sales agenda. They tell you every participant will develop a unique wealth building plan. This is true, so leverage this to get the answers you need to commit to or pass on the program. Yes, at some stages in our lives, we may need faith to commit; just bolster this with your personal due diligence. I am so glad I googled LL. Thanks everyone for your feedback. Sounds like too much trouble than making money. Thanks for all your feedback. I was excited to see her ad in my mailbox this morning.

I thought finally someone that can get anyone with no money up and running in weeks to thousands of dollars. BUT here and on her website she has so many pricey things to buy that you have to have money to make money. Dr Phil should be ashamed of himself for promoting this woman. I learned the hard way through Tony Robbins coaching. But the coaches were so horrible! I got a partial refund because they knew they were in the wrong. Marie Diamond from The Secret, is also a big waste of money. Flew her out to my home for a Feng Shui reading and my money and my relationships got worse. Saw reviews on her that point to her being a fraud also.

She has great books, but not the real deal in intuitive readings. They have great copywriters and make so much money. I think they all belong to a group of people that promotes each other and by that they promote themselves. I guess if I wanted to make people unhappy by making big promises and not delivering that would make me rich and famous too. The thing is we want to believe so badly, and these people want to make so much money themselves but they can not provide the service they believe they can.

They fall short and hope no one finds out. I know I have been successful in several areas of my life. If you get anywhere near these people, turn and run like hell! Yes, read the books. But just read the books and filter it through your own intellect. I went to two seminars put on by this group and spent thousands of dollars.

I even took friends with me. I saw Loral in person and she seemed indifferent to people unless she seemed to have the impression that you had the money and or network to further her own ambitions. Her staff was rude and unpleasant. Unfortunately, years later I still get emails from this group to which I never respond.

They will want to coach you to become wealthy. But not ONE of them has created their own wealth. Avoid this group at all costs and look for something REAL! My coach is bright but arrogant and condescending. You first have to have a cash machine which in my case is my music business and have to make enough from that to do investing.

Sounds like a rip-off, well it is. Not only that, but after you sign up you get on both free webinars and seminars and ones you have to pay for. On top of paying out a huge fee, you still have to pay for more, all the while not investing until you get your cash machine going.

A Review of The Millionaire Maker by Loral Langemeier – AllFinancialMatters

I am very sorry I ever had anything to do with this organization. It is not the real deal. Hi, Thanks to all for your posts. I decided to keep the book CD and workbooks, as I found the info beneficial. They need successes to counterbalence those who are unhappy. I will follow the advice a wise small animal vet gave me. Invest in building your own expertise and business. I just shipped a fine golden stallion to John Wallen.

A Review of The Millionaire Maker by Loral Langemeier

I also need a CPA who can unscramble receipts from my property manager. Loral is right about hiring experts, to do what you cannot. Her sales folk now claim that she does not have any specific list of qualified experts. So much for building my team? My TV has been broken since March. I find that I only miss a few shows. In Showing horses, one needs to find the trainer and the horse who can take you where you want to be, because they have been there and have the trophies to prove it. Theirs or their students. Personal trainers are probably fit, but so are most Marines. You also need someone who can teach you those skills, and modify them to your current level.

I asked the lady who called me and she claimed that Loral stayed out of recommending specific investments. Her Big Table allowed us to network among other successful people. Can you say Country Club? Perhaps this site could be the network of assosiates we are all wanting? With her office manager, Jack, overseeing the operations of the Webdesigners, Marilyn could focus on overall strategy and sales. Adam helped her get the marketing team. Susanhelped her find the accountant, the bookkeeper, and the lawyer.

Asthe work became too much for Marilyn to handle on her own, shehired several Web designers, each on a per-project fee basis. She alsofound an intern to work for an hourly wage. Much of the basic team was built by week 6, but Marilyn hadstarted building her team from day 1. And she made money to boot. That isthe wonderful and prosperous learning curve of the Cash Machine. Growing ConstituenciesWhen you finance your business, you may find that you needinvestors to give you money or lenders from whom you can borrowmoney.

These people become very much a part of your team. In thebeginning, Marilyn was financing her business herself. Her start-upcosts were not high, and her main investors were her husband andherself. She did, however, begin a relationship with her local bank. You may find that as your business grows, you need more of asales force to reach your clients or customers. You might even need amiddleman to help you manage the process better.

For some CashMachines, the customer is not the end user. This means that your customer is the store, not the con-sumer. These stores become a vital part of your team, and your rela-tionship with them must be carefully maintained and nurtured. This might require you to hire a customer relations middleman,such as a sales representative. Even if your customer is the end user,you may find it beneficial to reach the many through the few. At first, Marilyn needed little in the way ofa sales force because Adam was referring clients to her. Manybusinesses use public relations as part of their marketing strategy.

Given that messages through the media can be incredibly effectivein selling a product or service, a PR professional or media liaison is avaluable team member whom you might want to bring aboard ear-lier rather than later. As you can imagine, large corporations have dozens of con-stituencies that they must manage. A business team can be huge andglobal, and your Cash Machine may become huge and global oneday. The team-building skills you learn now will help you when youget there. Life SupportYour team is not limited only to the business and its various opera-tions and constituencies.

In order to build a successful CashMachine, you may need a little help on the home front, what I calllife support. Millionaires do not do housework. Thattime you spent dusting the curtains or pulling the weeds is muchbetter spent focused on your business. And you can tell your spouse I said so. I even have a different alarmcode for each employee so that I know who is entering and leavingthe premises and when. In the beginning, you may not have enoughwork to give to each of these employees. A personal assistant can work several hours a weekfor each of three or four different people—which is mutually bene-ficial to everyone involved.

As with all of your employees, in hiringlife support, you will need to figure out if you should be paying asalary, an hourly wage, or a specific, contracted project fee. I have a team to help me at home with errands, housekeeping,and general day-to-day life. With my home team in place, I can dothat. Team DynamicsAs with all things in life, businesses change.

People change; the oper-ations, the strategy, everything changes as the business grows. As theleader of your business, you need to adapt to these changes. The leader of a Cash Machine must anticipateand future pace the possibility of these changes. You may even out-grow your mentors and need to trade up to others. This can be verydifficult and uncomfortable, but it is necessary if you, your business,and your wealth are going to continue to grow.

With most of your partnerships, it helps if you always have con-tracts. Drawing up a piece of paper at the beginning of a relation-ship may be annoying, but it can save you a lot of aggravation downthe road. Call it a pre-entreprenuptial, if you will. When potential teamplayers make the contract stage of the game difficult, it is sometimesindicative of how they will behave going forward. If you are buying a Cash Machine or fixing the business youhave, you are probably all too aware of changes in the team thatneed to be made. Switching bademployees and partners for good ones is one of the most importantoperating efficiencies you can bring to a business.

As your Cash Machine grows, so will your Wealth Cycle. Thismeans that you will have several assets, including, perhaps, a fewCash Machines. Though you may have a core group of advisors, youwill probably have different teams for different parts of your WealthCycle. The team will also get better. Good teams areeasier, not more difficult, to manage. As you generate your wealth,your team will get better, it will take over more of the daily grind,and, over time, you will grow wealthier with less effort. He was taking home less money than he had made as asalaried employee.

As is typical in these situations, Al went back and forth with theaccountant. This type of decision is difficult, and trying everything Finally, Al decidedthat he needed to trade up. The accountant was anold family friend, and Al had some guilt associated with firing him. But this decision led to the first step in getting the new team built. Alwalked next door to the salon and wellness spa and asked the ownerfor his advice. He explained how it worked, and he also referred Al to hisown accountant. After an interview with the accountant, Al had twonew team members, a mentor and an entities specialist.

This was just the beginning for Al.

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He continued to build histeam. In addition to the entities specialist, he hired a bookkeeper toestablish systems to forecast revenues and expenditures. He alsohired a psychologist to take over the one-on-one therapy sessions. As Al pursued his better, bigger business, he focused on building anextended team. His next step would be to actually generate revenuefrom the new product offering, the motivational audio files. Al Cypress had done his setup work in six days and was ready togo.

That might seem fast to you, but if you commit to building, fix-ing, or buying a Cash Machine, you too can be ready to go fast.

Aldid it by devoting his first two days to digging into his real skill setand brainstorming the idea that would best utilize this skill set. Asthe idea surfaced, he made a phone call or two to find a good modelbusiness and interviewed the owners. Once he knew what he mightbe able to do, he chose his target sales number for the next year,plugged it into a Revenue Model, and drew up a Cash Machine Planto better understand the strategies that would support a successfulpursuit of that target number.

Al had taken action. Not only was he gathering infor-mation and getting knowledgeable, but he had taken real steps toturn his business into a Cash Machine that would feed his WealthCycle. The Cash Machine is no place for procrastination or perfec-tion. The idea is to use what you know so that you can own andrun a business as soon as possible. Marilyn Stanley did this increating her Cash Machine. She identified her skill set, created aviable business idea based on those skills, found a business afterwhich she could model her idea, tested its potential through rev-enue modeling, drew up a Cash Machine Plan, and gathered herteam.

She did not hold involved planning sessions or endlessmeetings. There was no big business plan document or feasibilitystudy. What she had was a business idea that was ready to open itsdoors immediately. Rosa Brackett was also ready to go. Based on her skill set of orga-nization, communication, and management, she felt that a goodbusiness to acquire would be one that could benefit from her abili-ties and she brainstormed the businesses to consider.

THE MILLIONAIRE MAKER'S GUIDE TO CREATING A CASH MACHINE FOR LIFE

She ran her Revenue Model to make sure the businesswould be worth her while and then drew up a Cash Machine Plan toget to her goal. She also found mentors from the model businessesand worked closely with the previous owner of her business, as wellas its current customers, circling the wagons of her team. Rosa wascareful and purposeful in her research, but she was also eager to getgoing. It was time to learn to earn and make more money. The oper-ation was already up and running, so she could just jump on themachine and pump the accelerator.

The Cash Machine is all about getting from idea to actionquickly so that you can make money and learn to earn as soon as With their plans and teams in place, the time had come forthe action. This meant that Marilynneeded her business to be running, Al needed his new division toget off the ground, and Rosa had to begin to uncover ways to makethe business better. What they all needed to do was. Market, market, market Click here for terms of use. Obviously, Marilyn,Al, and Rosa had learned a bit already, but most of that learning wasin the concept and organizational stages. It was time for them tolearn while they earned, and that meant generating revenue.

Revenue comes from people buying your product or service. Thesepeople find your business through your marketing and sales efforts. These initial marketing and sales efforts are the last of the start-up steps, and with these efforts, the Cash Machine should be up andrunning. Once your Cash Machine is on its way, you will delvedeeper into the main areas of your business: Engaging the CustomerIn order to develop your marketing plan, your Cash Machine teamneeds to know how you define your business: Our company uses a lot of online advertising, sothe message must stand out, be brief, and create a call to action.

Asthe company grows, the message, the target audience, and the mar-keting vehicle will most likely change too. IBM began as a manufac-turer of punch card machines. When you begin your Cash Machine, your marketing team willprobably be just you—and any good friends or colleagues who arewilling to help you out. This is all right. You, using several clever tac-tics, will be enough to get business in the door and the revenuecoming in. After calling a few independent accountants and modeling hisrevenue for the personal tax returns, Bill was ready for clients.

HisRevenue Model committed him to doing at least 20 personal tax He set his marketing plan in place. His gym, where heworked out daily, let him put up posters and flyers, but this yieldedno new customers. They were doing their own taxesthrough a computer program or filing a EZ form.

Bill decided to create a market for his product by educating hisfriends and acquaintances.

These paid off, and he found his 20 clients. The seminar sampling case study is an example of good mar-keting. First, he defined his segment of themarket—people who do their own taxes—and then he zeroed in ona specific target—young adults, ages 18 to He positioned theproduct as tax-saving advice for the middle class. In classic marketing, this is called the STP approach: Segment,Target, Position, This is a good place to start creating a marketingstrategy.

As with any marketing idea, this can be complicated orsimplified. As you can guess, I suggest you keep it simple. The ulti-mate STP strategy is niche marketing. This is the idea of narrowingin on a very specific segment of the market. Often, these segmentsare small, but because they are so specific, and because the demandsof the consumers within them are similar, the market can be pene-trated efficiently.

Given the large number of consumers on this globe, even thesmallest niche can mean big revenue. Sampling has one of the highest conversion rates i. Byeducating his consumers, Bill helped them to understand that theydid in fact have a need that could be filled by his services.

Sharon, a pharmacist, was aware that there was a large segmentof the market that was bewildered by medication. She honed in ona specific target: Then she positioned herselfas an expert who was able to provide personalized assistance withdrug information to individuals and families. Because she had no assets, she needed to make more money. Sheneeded a Cash Machine. In addition to her obvious skills of drugawareness, Sharon also had excellent interpersonal skills. Her cus-tomers often commented on how good she was at explaining the dif-ferent drugs and their indications, as well as helping them to makedecisions about their drug and insurance plans.

Sharon spoke to her employer and explained thatshe wanted to keep her job, but wanted to run this business outsideof its purview, as her own company. She hoped that the store wouldrecommend this service, and she explained to her employer how herbusiness would benefit consumers and be an attractive feature forthe store. Her boss agreed with her assessment, andSharon was on her way.

She put a sign for her service in the storewindow. Then she had an idea. Sharon wrote up several of the questionsthat her customers asked most frequently, and answered them. Shecalled it Ask Your Pharmacist and submitted it to the local newspa-per as a potential column. The editor liked it and committed toprinting the series with a byline, including a reference to her store. People will pay for expertise, especially if ithelps them to clarify a complicated situation or area. Drug plansand medication are complicated areas that everyone deals with atsome point in their life.

By using the newspaper column as a mar-keting tool, the pharmacist established herself as an expert. This kind of marketing is just oh so good. The entrepreneurs in these two examples had some hurdles toovercome in their initial marketing. The first, the accountant, neededto educate the market to understand that it needed his service. There are, however, many times that the first marketingeffort requires only that you know how to spread the word. His segment of the market was busy people withoutsupport systems, specifically small business owners and people whodid lots of charity work.

He decided to target the latter and focusedon wealthy individuals. He positioned himself as an efficiency andorganization specialist for those who have too much to do. Aware of sev-eral high-net-worth individuals who not only were overcommittedto the charity circuit, but also congregated in specific areas of town,he decided to target this audience. He knew that these people had alot of paperwork, errands, and correspondence to keep up with andno time to do it. Before Bob tried to market to these people, though, he wanted toknow what, in fact, was the best way to market to them.

He did a lit-tle research. Bob asked a few of the executives at his company howthey had hired the people who worked in their homes. Personalreferrals was the overwhelming response. Bob knew that he neededto get the word of mouth going, but that required clients. Hethought that a flyer, properly placed, would be his best vehicle forgathering those first few clients. First, he aimed for a clever hook. He added another line to narrow inon the offer and drive home the need of which his market should beaware.

Reliable, responsible, and dis-creet; confidentiality guaranteed. Many references available uponrequest. The specific areas of town where this group congregatedincluded the country clubs, the spa, and a few local restaurants. Some of the country clubs allowed him to distribute the flyers, butmany of the restaurants turned him away.

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The spa put the fly-ers on the counter. Bill, Sharon, and Bob each got customers or clients in the doortheir first week of business. Sampling, third-party endorse-ment, and flyers are three good examples of effective and efficientmarketing tools that can be used to get going. Here are some otherideas for getting your business started.

A display ad in the newspaper. If your area has a local newspaper with pervasive readership, this is an efficient means of getting Classified ads in the newspaper. The effectiveness of classified ads depends on your business. But if your target audience never turns to these pages, this is a waste of money. If you know that your business will appeal to the crowd that goes to a particular site regularly, then this might be a quick way to get customers.

If your target audience is captured by a particular station or a program on a station, this can be an effective way to bring in the initial traffic. E-mail blasts can be very effective and efficient. If you have a good list or can get access to such a list, you can hit a wide range of people very quickly.

If you live in an area where you can put up signs in local stores or town buildings, then posters and fly- ers are a good way to attract attention. Tupperware knew what it was doing when it started its parties, and many products have copied this approach. If you think your business could bene- fit from a lecture or a demonstration, arrange a social gath- ering.

Customers are drawn to these types of activities and, inevitably, to your product. If you can get another business or institution to recommend your offering, you leapfrog the introduction stage of new products and services.