Creating Wealth: Retire in Ten Years Using Allen's Seven Principles of Wealth, Revised and Updated

Moving beyond just real estate, Allen goes straight to the core of people's inner motivations and beliefs about money to give you all the fundamentals of wealth creation. By developing a wealthy mind-set, anyone can take off into financial self-reliance -- and Allen shows you how. He explains the ways in which most of us have been programmed to think that only saving is good and debt and risk are bad, so that in our efforts to gain security, we cheat ourselves out of getting rich. The key to changing that mind-set is Allen's unique integration of real estate with other wealth-generating investments.

In his trademark, easy-to-understand style Allen spells out all his practical applications and shows you how to:

• Take advantage of recent tax laws
• Use leverage to multiply holdings while minimizing risks
• Benefit from high-yield discount mortgages
• Acquire long-term profits in gold and silver coins
• Set up corporations and trusts to protect assets
• Find the highest rate of return with the greatest liquidity

As Robert Allen has proved in his own life -- becoming a multimillionaire well before he was thirty-five -- it doesn't matter how much or how little money you have when you start as long as you understand the right principles -- timeless principles that can make you a fortune.

In chapter 1 "We were programmed to fail from the moment we were born" Allen discusses 9 major misconceptions about money and why it prevents us from becoming successful. Interesting is that number 1 misconception is "Having a job is good and leads ultimately to wealth." That was originally written back in the 80's and certaintly no one will argue that having a job will lead to wealth is an incredible misconeception.

Another misconception that Allen covers is "Saving your money is a good investment." Is there anyone who really thinks that a savings account is an investment? Only those who are broke.

In chapter 2 Allen shows us "How to develop a wealthy mindset." This chapter includes Allens 5 steps some are familiar like affirmations, goal setting and a 30-second commercial (from Dr. Schwartz's book)

Chapter 3 "A fool and his money are soon parted." Allen offers his 7 wealth principles and where to put your money.

In chapter 4 "Launching yourself into financial self reliance", ALLEN outlines the three stages to wealth building;

1) The Pre-launch Stage
2) The liftoff or struggling stage
3) The Powerful pre orbit stage

In this section Allen discusses what to do if the economy goes bad. Where to put your money and what to do with your real estate holdings.

In chapter 5, Allen introduces the fourth stage to wealth--"the Automatic Pilot Principle." Allen then covers strategies for this fourth stage of wealth.

The next 6 chapters deal specifically with real estate (no surprise here), how to buy it, finding the bet deals, even making the deals come to you, scripts to call ads from the newspaper, real estate contracts, a property grid to help you select the best property and a property analysis form. I found this section more complete than Allen's earlier book "Nothing Down." One similiarity were the "Nothing Down" techniques which were in "Nothing Down" but were presented in a a different way here.

In section 4, chapter 12 Allen discusses Discounted Mortgages and the enormous profits from investing in that segment of real estate. He again offers scripts to use to call on mortgage holders and how to determine the yield and potential profits.

In chapter 13, Allen discusses investing in precious metals. Chapter 14 "Liquid Money and Where to Pour it" and Chapter 15 "Why the rich pay little or nothing in taxes" round out the Creating Wealth program.

Reading the book in 2003 is interesting as Allen refers to prices based on 1980's real estate. So readers will have to check local prices and not go by the prices Allen mentions. That is not a reason to knock the book.

Likewise the tax information is 1980's based but the principles haven't changed. Just get a new tax guide. Tax rules are changing constantly.

Finally Allen discusses how to avoid lawsuits, but better, newer information is in "Multiple Streams of Income."

Overall, Creating Wealth is a excellent book and a great supplement to "Nothing Down" and "Multiple Streams of Income."
I also recommend "The 1-Minute Millionaire" which is inspirational and motivational.

Disregard the negative reviewers who seem to be more concerned with nit picking on minor points, what Dr. Schwartz would call "Detailitis", stepping over dollars trying to save pennies.

Creating Wealth is a good book and a must read for anyone aspiring to create and keep wealth.


You can't beat the classics!   June 10, 2003
124 out of 127 found this review helpful

The excellent book by Robert G. Allen was originally released back in 1986, but the advice is timeless.

Although many have attempted to copy Mr. Allen, most are mere imitations. His material remains fresh, strategies are workable and his writing style is entertaining and informative.

This book had been revised and updated. I also recommend Multiple Streams of Income, Nothing Down for the 90's (still works in the new millenium) and The One Minute Millionaire.

Creating Wealth is a classic and a must read for anyone who wants to create real wealth.


Timeless advice by Bob Allen   May 30, 2003
117 out of 120 found this review helpful

While it is true that Creating Wealth was written back in 1986, the advice is timeless.

Interest rates and costs of mortgages may be different but people still want wealth; discounted mortgages abound and tax liens still are a powerful strategy.

The nothing down scripts are still effective. I used them in 1988 and I am still using them now.

Now if you want a book that is sorely out of date, read Making the Most of Your Money by Jane Bryant Quinn. Now that book was outdated before it showed up on the book shelves!


A book that will show you how to create wealth...by someone   October 18, 2003
117 out of 120 found this review helpful

who has done it!

Creating Wealth was written back in the mid 1980's, interestingly enough, a time when the economy was very similiar to the current economy, a time when a strong republican was in office and a time when tax cuts and other powerful strategies were being introduced by the administration that was in charge at that time.

However, Creating Wealth is a good book for anytime. It offers timeless advice by Robert G. Allen, a man who has helped create more millionaires and financially successful people than anyone in history.

In this book by Robert Allen, a followup to Nothing Down which was at that time a national best seller and stillselling very well today, 23 years later, you will learn how to create a wealth building program tailored to your own individual needs.

In Creating Wealth, Allen explains the fundamental ideas and principles which made him a multimillionaire before he was thrity-five.

His surprisingly simple---and effective strategies can help any investor amass and maintain a fortune starting with little or even no money, yes, even in todays volatile financial climate.

The first step to becoming wealthly, Allen tells us, is to stop thinking poor. He shows how most of us have been programmed to think that only saving is good, debt and risk taking is bad, and that in our efforts to gain security we disqualify ourselves from ever making a substantial amount of money.

By developing the "wealthy mindset" as explained by Allen, you can launch yourself into financial self reliance. Robert Allen's practical and innovative investment advice, combined with a realistic set of goals and values along with a firm committment to getting ahead, can help you achieve a level of success you never dreamed was possible.

In Creating Wealth you will learn how to:

* master the seven principles of wealth

* develop a winning wealth strategy suited to your own unique
circumstances.

* make the opportunities come to you

* organize your life and your money to avoid taxes

* perpetuate your wealth once you have it

* retire within ten years!

The key lies in Allen's unique integration of real estate with other wealth generating investments. Creating Wealth provides detailed information on how to use leverage to multiply holdings while minimizing risks; how to take the greatest advantage of the tax system; when to diversify and in what directions, including special sections on high yield discounted mortgages, numismatics, limited partnerships, money markets and more; and how to set up corporations and trusts to protect your assets.

At a time when just keeping up with the bills and hanging on to a job is difficult, bankruptcies at an all time new high, Creating Wealth offers a system to get ahead. No matter how much or how little you've got to start with, Robert Allen's proven strategies can help you build---and keep---a fortune.

The parts of the book that I found most useful were

* The Automatic Pilot Principle

* Enormous Profits in Discounted Mortgages

* Numismatics: the secret of the Midas Touch

* Liquid Money and where to pour it

* Insulating your assets from Liability and Lawyers.

* The Win/Win Philosophy; How to achieve Win/Win Wealth
in a Win/Lose World.

Creating Wealth provides a sophisticated investment strategy that will help you achieve and perhaps even more importantly, maintain wealth.

Good book and I highly recommend it.


Excellent source of information for the first-timer.   June 29, 1999
108 out of 113 found this review helpful

After having personally read over thirty books on the subject of real estate investment, I've found Robert Allen's book stands out from the rest. It is one of only a few books avialable today that actually teaches a step-by-step approach to investing. It leaves the general theories to the other authors and instead, gets down to the nitty-gritty of starting down the path to financial independence. The author doesn't self-promote his own elaborate collection of materials and seminars as so many others do, which I greatly appreciate.

As someone who is just starting to look into this fascinating subject, I can confidently tell you; don't waste your time elsewhere, buy this book, you won't be dissapointed.