BONO 2 Businesses That Can Make You Millions

Copyright 2008 by Paul B.
McCormick
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Busting Those Money Myths Paul McCormick The Formula For Millionaires Series
Table Of CONTENTS
Introduction: Money Myths ~ The Lies That Blind7
Money Myth #1: You have to have money to make money....19
Money Myth #2: To get rich, you have to be extremely intelligent
or educated (or both).....23
Money Myth #3: Getting rich is mostly a matter of luck...28
Money Myth #4: You can save your way to wealth ~
so put every penny you can in the bank....32
Money Myth #5: Put all the money you can into
your retirement plan(s).37
Money Myth #6: Leave investing to the experts.......41
Money Myth #7: A strong work ethic will make you rich..44
Money Myth #8: You need a steady to make money (and get rich)...48
Money Myth #9: Your home is your best investment...52
Money Myth #10: You cant make money in a bad economy..55
Final Thoughts: Breaking Free From Those
Money Myths....59
Meet The Author...64
Resources...66
Copyright 2008 by Miracle Writers LLC Publishing Company Page 3
DEDICATION
I dedicate this work to
everyone who searches for the truth ~
not just about money and wealth,
but about everything in life.
The search for truth
is a lifelong quest,
a lifelong adventure,
and our deepest responsibility.
And, as always,
I dedicate this to
my wife Nicole and my son Brandon.
Thank you for your loving support
throughout the years.
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Myth [ mith ] noun

[Mid-19th century. Directly or via French mythe< modern
Latin mythus< Greek muthos "speech, myth"]
false belief: a widely held
but mistaken belief
~~
There is only one cause of unhappiness: the false beliefs you
have in your head, beliefs so widespread, so commonly held,
that it never occurs to you to question them.
~ Anthony de Mello, Jesuit priest and psychotherapist
(1931-1987)
INTRODUCTION
MONEY MYTHS: The Lies That Blind
How many of these ideas about money and

wealth are true?
You have to have money to make money. True/False
To get rich, you have to be super-intelligent or super-educated (or
both). True/False
Getting rich is mostly a matter of luck such as being born to
wealth, or simply being at the right place at the right time.
True/False
A penny saved is a penny earnedso you should put every penny
you can in a savings account. True/False
Your retirement plan is your best investment, so put every dollar
you can into that. True/False
When it comes to investing your money, youre better of if you leave
that to the experts. True/False
A strong work ethic will make you rich. True/False
You need a steady job in order to make money (and get rich).
True/False
Buying a home is your best investment. True/False
You cant make money in a bad economy. True/False
f you answered False to everything on the preceding list, youre

one step closer to becoming a millionaire. Believe it or not, everything
on that list is false. If youre like most people, however, you actually
think all or most of those things are true. Thats understandable, because
these truths have been pounded into you from a very young age.
Ill tell you something that is true: just about everything you have ever
been taught about money and wealth is a lie. Whats more, these lies are
keeping you poor.
Just about everything youve ever been

taught about money and wealth is a lie.
And these lies are keeping you poor.
As a self-made millionaire who wasnt born wealthy, and who once embraced most of those blatant falsehoods myself, Im here to expose them for
what they are: myths, misconceptions, and downright lies. And theyre not
just lies, but harmful lies.
I have a very good reason for wanting to bust these myths once and for
all. First of all, I strongly believe that if I could become rich, just about anyone can. Moreover, I know that a lot of people want to be rich, but I also
know that most people arent. To me thats a shame, because I happen to
think that everyone who truly wants to be wealthy should be wealthy.
Thats why I have made it one of my missions in life to show people
how they can become incredibly wealthy, making millions and millions of
dollars by providing value to the world while doing only the things they
truly love to do.
As a self-made millionaire who wasnt

born rich, Im here to expose these
money myths for what they really are.
Does that sound too good to be true? Its not, and Im living proof. But I
dont expect anyone to take my word for it without elaboration. Thats why
I am devoting much of my time these days to writing books, e-books and
special reports, conducting teleseminars and workshops, and speaking to
people all over the country about how they too can become rich and not
just rich, but happy. That last part is very important, because wealth without happiness isnt really wealth, in my view.
In my second book, Secrets Of The Millionaire Inside, I introduce what I
call my Formula For Becoming A Millionaire. The Formula is just what it
sounds like: If you use it correctly you will become a millionaire and a
happy one, at that. The Formula isnt some pie-in-the-sky, hocus-pocus,
magical-thinking stuff, but a compendium of real-world wisdom I learned
over many years of working with very wealthy entrepreneurs. I used this
wisdom not only to help these millionaires become even richer, but to become a millionaire myself.
The Formula consists of seven steps, principles or points you need to
know in order to become a millionaire or billionaire. If you apply these
principles if you work The Formula you can become incredibly
wealthy. Although theres no space in this brief e-book to elaborate on
these seven principles, I will list them here.
The seven steps in The Formula For Becoming A Millionaire:

1. STOP loving money. Paradoxically, the more you love it, the more it
will elude you.
2. REALIZE money is just an idea. Its not an object to be pursued, or a
finite resource to be hoarded.
3. FOCUS your desire. Put your attention and energy into what you
WANT, not what you dont want (or dont have).
4. IMAGINE & FEEL the possibilities. Never underestimate the power
of imagination, fueled by emotion.
5. BELIEVE at a bold new level. Hope and faith are just the beginning;
only the right type of belief will spur you to the right type of action.
6. EXCHANGE VALUE on a large scale. Think big: the more value you
provide, the more youll receive.
7. TAKE ACTION. Wishing and hoping and making vision boards
wont make you a millionaire; ACTION will.
As I said, I cant really do justice to these steps in the space of this ebook. I only list them here because Im going to be referring to some of
them in my discussion of money myths. To truly understand these principles in order to apply them, you should read Secrets Of The Millionaire Inside
if
you
havent
done
so
already.
invite
you
to
go
to
www.FormulaForMillionaires.com for information on how to purchase this

book.
So you want to be richwhats stopping you?

If you want to be rich and Im guessing you do, or you wouldnt be
reading this book one of the most important things you can do is to become aware of the factors that are keeping you from being rich. I am firmly con-
vinced that it is not bad luck, bad karma or a bad economy that prevent
most people from having the life they desire (and deserve). I think that
most folks are preventing themselves from getting rich. Quite without realizing it, they are their own worst enemies. They engage in self-sabotage in
dozens of ways every day. One way they sabotage their efforts to become
rich is by continuing to believe those money myths I listed above the
myths we were all taught.
As mentioned earlier, these arent harmless beliefs, and heres why:
Beliefs of any kind generally lead to action in accordance with those beliefs. And
what is the result of the actions people take, or dont take, as a result of believing those money myths? You guessed it: endless frustration, rather than
fulfillment of their dreams.
So the bad news is that if youre not rich, the problem is really within
you. The good news is that the solution is within you too.
If youre not rich, but you want to be,

the problem lies within you.
The good news is that the solution does too.
I think its nearly impossible to overstate the importance of your
thoughts, feelings and beliefs in your quest to become wealthy. If you look
at the seven steps in The Formula mentioned above, youll see that not one,
not two, not three, but five of those seven principles have to do with your
thoughts and feelings and beliefs. These are powerful forces because, as I
noted above, they determine your actions. If you believe something is true,
you will act in accordance with that belief. In many cases, the belief is so
ingrained, and the resulting action so automatic, that you arent even
aware of what youre doing.
Thats what makes these money myths so insidious.
Visit www.FormulaforMillionaires.com
for free reports, exciting special offers, and information on my next wealth-building teleseminar.
What everybody knows just isnt so!

If youre like most people, everything you ever learned about money is
whats stopping you from having it. If you feel poor, more than likely you
are poor. And if you are poor, that is in large part because of the things you
were taught to believe about money.
If most people knew the truth about money, then most people would be
rich but theyre not. If schools and education systems taught the truth
about money, then most educated people would be rich but theyre not. If
society as a whole knew the truth about money, then society as a whole
would be rich but thats not the case. And if the religions of the world
knew the truth about money, then the followers of those religions would be
rich but the vast majority are not, although many of the worlds religious
institutions themselves are excessively wealthy.
(As an aside, I think theres a bit of irony in the fact that many organized
religious institutions seem to be teaching about the evils of wealth on one
hand, and on the other hand they spend a lot of time and energy persuading their followers to give them boatloads of money. And some of these institutions are accountable neither to the government nor to their members.
But I guess thats a topic for another book.)
The point is that most people are not rich. In fact, only four percent of
the population is wealthy. Few of the other 96 percent understand the truth
about money how to get it, where it comes from and how to create the
money you need when you want it.
The plain truth is that even though nearly everyone

wants to be rich, a scant FOUR PERCENT of the
population is wealthy. Why is this?
Its not that people are hiding the truth; its not that there is some evil
conspiracy of secrecy. It is simply that not many people know the truth because there has never really been a concerted effort to teach it to the
masses. Instead, most people cling to money myths as if to a life raft, when
what they are doing is more akin to clinging to a sinking ship.
Many people, for example, still believe that the secret to wealth is getting a good college education. You and I know that a lot of people have a
college education, and many of them are unemployed or underemployed,
and have little to show for their education except a lovely framed certificate
(and, perhaps, a not-so-lovely student-loan debt). Others have jobs and
make a comfortable living, but thats a lot different from being rich.
I want to teach you how to be rich.
Still, the myth about education as the main key to success persists.
Youre told to grow up, get an education, and then get the best job you can
find with the best benefits. Youre told to work hard, and when you can afford it, to buy a home. After all, a home is your best investment, right?
Hey, thats what everyone says.
Do you see what I see in the headlines these days? Every week I read
about the foreclosure crisis; as I write this, about two million people are
facing the loss of their homes to foreclosure. The banks that hold the loans
for those people are failing. The federal government has repeatedly
stepped in and taken emergency actions around this crisis but it just
seems to be getting worse.
Why is there a crisis? Its because millions of people did just what they
were told to do. They were taught that the best thing they could do to improve their financial situation was to buy a home. They worked hard and
when they finally qualified to buy a home, they bought one.
Why is there a mortgage crisis? Its because

millions of people believed the money myths
and did just what they were told to do.
Now what do they get for it? Theyre going bankrupt. Their homes are
being foreclosed. Their credit will be destroyed, and why? Its because they
believed the lies and the money myths that society teaches us. Millions of
people, maybe even someone you know maybe even you are experiencing that crisis right now.
Clearly, the truth about money and how to get rich is something entirely
different from what we are all being taught. You go to college, get an education, land a good paying joband in return, what do you get? You get
the privilege of working every day of your life until the age of 65, and then
you hope you can retire. When you stop working, you stop getting paid
well, except for whatever pittance you may get from Social Security and
your companys retirement plan (if youre lucky enough to have one of
those).
Yes, thats what society teaches you to do: be a good little drone for
forty-plus yearsand thats the reward you get for it.
Society teaches you to be a good little drone

for forty-plus yearsand when you retire,
what do you have to show for it? Not much!
More people than ever are having to go back into the work force after
retirement just to be able to have enough money to live on. Why? Because
they believed in the lies; they believed in the money myths that were
taught. They believed that the company they worked for would take care
of them to a great extent, and that the government would take up the slack.
How can you avoid this fate? How can you discover the truth that will
make you rich? How can you retire when youre young, or relatively
young, and keep getting paid long after you stop working? Does it all lie in
getting the right education, or having the right job, or working hard?
Its none of those things. In fact, its the opposite of everything you were
taught.
If your parents were middle-class people with constant financial struggles, then they more than likely taught you everything you know about
money and youll wind up being just like them: middle class with financial struggles.
If you work with financial advisors who teach you how to invest your
money and do the things they would do, I suggest that you take a look at
their lives. Do they have to have their jobs in order to make a living? They
probably do; theyre working for an hourly wage and youre paying them.
If they didnt have that job, they probably wouldnt be making any money.
So if you follow their advice youll wind up being just like them: having to
work every day of your life to make a living.
If your parents are middle-class with financial

struggles, and if your financial advisors have to
have jobs in order to make a living, these folks are
not your best source of advice for getting rich.
As Ive said, I see the money myths for what they are: lies. Ive busted
through the myths and have discovered the truths about money how to
create it, and, more importantly, how to change your life so you can make
all the money you need whenever you want it. Ive learned the true secrets
about money: where it comes from, how to make it without needing a job,
how to make it without even needing a lot of formal education, and without financial advisors or retirement plans.
I dont have a job, and I make more money now than I ever did when I had a job.
I dont wonder whether Ill be able to retire when Im 62, or whether Ill
have to work until Im 65 or 68. I dont wonder about that, because I
stopped having a regular job when I was in my 30s and now I get paid
more than ever before. And I dont ever want to go back to that daily grind.
In my book, Secrets Of The Millionaire Inside, I focus on many of the truths
about money and the creation of wealth. I take quite a lot of time to elaborate on how you begin creating a desire within yourself for whatever it is
you want in your life, and then how to go about getting it.
I dont have a job, and I make more money now

than I ever did when I had a job.
And Im having a lot more fun as well.
You can do what I did, and I can show you how.
One of the most important lessons I teach in that book, as well as in my

classes, is that you must dare to imagine what everyone else tells you isn't possible. You must dare to imagine how you can get what you want, how you
can do something you love and at the same time bring value to hundreds,
thousands or even millions of people. You must then cultivate a belief in
yourself that is powerful enough to make you take action to get there.
That may sound like something that is much easier said than done, but
it really is much easier than you might imagine and it takes only a little
while. Granted, it also takes a lot of persistence, but its much easier than the
alternative of working every day of your life for a small income, and then retiring
on a fixed income.
But none of it can even begin to happen if you still believe in the lies that
society teaches us.
Now that you know these things arent truewhat

are you gonna do?
I could stop right here, having listed the big 10 money myths and having
told you theyre not true. Then I could spend the rest of the e-book telling
you why you need to buy Secrets Of The Millionaire Inside. Im not going to
pretend I dont want you to buy Millionaire; of course I do. But I believe in
practicing what I teach, and one of the most important parts of The Formula I teach is that in everything you do, you should provide as much value as
possible. So I dont just want to leave you hanging; I want to give you some
real value in this little e-book. Thats why Im going to go into detail about
those myths, misconceptions and downright lies I listed earlier. I want to
take some time to expose and dissect these destructive lies, so youll wash
them from your mind forever.
Ive said it before and will say it again: You will never become truly wealthy
as long as you live by these beliefs. However, youve spent a lifetime learning
them, and it will probably take a little work to unlearn them. I dont expect
you to be able to toss this e-book aside and go out and become a millionaire
overnight. You need to take the time and make the effort to
1. Rid yourself of the beliefs and ideas that have kept you back.
2. Develop new beliefs and ideas that will propel you forward.
I promise to do my very best to help you do both.
So for now, the answer to the question above What are you gonna
do? is simply this: keep reading.
Are you ready? Then lets get to busting some myths!
MONEY MYTH # 1:
You have to have money to make money.
hy do people believe that? Its simply not true! I know its

easy to think that, because you see some people making a
lot of money, and they have a lot of money already. Its easy
to believe that the only reason theyre making more money is because
they started with money, but its not true. Most of the people who are
making money didnt start with money. Theyre making lots of money,
and maybe have been for some time, because they understand the process of creating wealth. To put it another way, they understand The Formula For Millionaires mentioned in the Introduction to this e-book.
Most wealthy people werent born rich.

They got rich and are staying rich by using
The Formula For Millionaires (even if theyre
not consciously aware that theyre using it).
Of course, they may not refer to it as The Formula. In fact, most of
them are probably unaware that theyre using any sort of formula at all,
but the truth is that most of them became wealthy and are staying
wealthy by consistently believing and doing certain things the very

things that make up The Formula.
They have been focusing their desires, applying their imaginations,
believing in themselves, believing it would happen and, most importantly, they have been taking action for a long time. Youre seeing the
outward results manifest in their lives repeatedly, but youre not seeing
what goes on behind the scenes. It might appear that the people who are
making money are doing so because they were rich to begin with, but for
most of them that just isnt the case. So I repeat: Most people are making
money because they used The Formula, not because they had money to begin with.
Conversely, money doesnt necessarily breed money. Just because
you have money, that doesnt automatically mean youre going to continue
to have it, or to get more of it. Look at the people who win the lottery, for
example. Statistically, lottery winners as a whole are notorious for not
holding on to their money. Three to five years after winning, most lottery
winners have lost every cent, and many are worse off than they were before.
Most lottery winners are notorious for NOT

holding on to their money. Three to five years
after winning, theyre broke again. Many are
worse off than they were before winning.
In my opinion, this happens for the very reason that their windfall is
a fluke a stroke of luck and they didnt have to apply The Formula to
get it. They didnt have to do anything at all except purchase a lottery
ticket. The sad truth is that most lottery winners have no idea how to manage money or how to make more of it. They go a little crazy with their new
millions, perhaps driven by an unconscious belief that if God or the universe or fate was good to them once, theres surely more where that came
from. Actually, there is more where that came from, but they arent going
to get more by continuing to play the lottery. Unlike people who practice
The Formula, many lottery winners idea of an abundant universe or a
generous God leads them to believe at least on a subconscious level that
they can simply spend like crazy and do nothing else, and at some point
the fates will smile on them again. Or maybe theyre just in denial and
think their money will last forever. All too often, it doesnt even last five
years.
So having money doesnt mean youre going to have the ability to
make more money.
Some of the wealthiest people in the world started

out with little or no money. They got rich because
they had something of great value to offer the world
and they received great value in return.
On the other hand, look at some of the truly wealthy people we all
hear about, such as computer magnates Bill Gates and Michael Dell. These
people didnt get rich because they started out with money. They got rich
because they had great ideas, and used many of the principles in The Formula to turn those ideas into something of value for other people not just
a few folks, but for millions and millions of people. In exchange, they received millions and then billions of dollars.
I speak in my teleseminars about how you can start buying millions
of dollars of real estate without spending a dime of your own money. Besides the practical how-to tips offered in these teleseminars, the major les-
son I teach is that having money has nothing to do with making more money.
Making money has to do with having good ideas and bringing those ideas
to reality. It also has to do with understanding the truth about money, as
opposed to believing the myths weve all been taught.
In my teleseminars I teach you how you can begin buying millions of
dollars of real estate, creating value for people through apartments and office buildings: places to live and places to work. In exchange for that, you
can make yourself into a millionaire.
Visit www.FormulaforMillionaires.com
for information on my next
wealth-building teleseminar.
Of course, there are numerous other ways to make millions of dollars

if real estate doesnt particularly interest you. I have several reports and ebooks on these very topics, and I am in the process of creating more. Visit
my web site for updates.
The important point I want to make here is this: The myth that you
have to have money to make money is one that deserves to be put to rest
once and for all. If you continue to believe it, you will never be rich. If, on
the other hand, you understand that money is created out of your imagination when you come up with an idea and then take action to turn that
idea into reality, youre that much closer to becoming wealthy.
MONEY MYTH # 2:
To get rich, you have to be extremely
intelligent or educated (or both).
o you believe you have to go to the best schools and get an

advanced degree, and/or that you have to have a super-high
IQ, in order to become wealthy? Many people do seem to be-
lieve this, but its just another one of those myths that deserves to be retired for good.
Lets consider the education myth first. Once again, I ask you to
look at some of extremely wealthy people Ive mentioned, such as Bill
Gates and Michael Dell. These guys dropped out of college, because they
realized that the educational system was keeping them back, and they
wanted to turn their ideas into something of value. I believe they also
sensed the system had nothing to do with creating wealth. They knew
that the educational system is good at teaching people to be smart, and
that it is geared towards teaching people how to obtain and hold jobs
but it has little to do with teaching people how to create value in a big
way, so they can reap big rewards.
Having a job certainly enables you to make a comfortable living for
yourself, if thats what you want to do but thats a lot different from
creating wealth. Conversely, creating wealth has nothing to do with
having a job; it has everything to do with imagination, ideas and the

right kind of action.
What can you imagine for yourself? What value can you imagine
bringing to other people? Bill Gates and Michael Dell imagined a way to
create value for the world. They had imagination, and they dropped out
of school to take action, turning their imagination into reality.
One of my favorite quotations of all time is from a guy who wasnt a
billionaire but who certainly knew about the power of imagination, Albert
Einstein:
Imagination is more important than knowledge.

~ Albert Einstein
Now, please dont think I am knocking formal education. A good

education can provide you with a foundation for, and basic literacy in,
various disciplines and bodies of knowledge science, history, mathematics, the arts. Theres no doubt that our school systems are very good at
teaching us facts, figures and information, some of which may even come
in handy in our day-to-day existence once we get out of school. But the
whole system is geared towards teaching us how to live ordinary lives
how to get a job, how to hold a job, how to be an accountant, architect, engineer, teacher, doctor, lawyer or whatever, and, of course, a good citizen
and a responsible human being.
Well, I certainly want to be a good citizen and a responsible human
being, and I try my best to be both but I dont want a job. I dont want
you to have a job. I want you to have imagination. I want you to bring value
to the world. I want you to know how to create something that you love to
do and share it with the world so that thousands and even millions of
other people can enjoy it too, and can want it so much that they will be
willing to pay you for it.
When you share what you love to do with the world, and thousands
or millions of other people benefit, receiving value from whatever it is
youre giving to the world, then they will give you thousands, millions and
even billions of dollars in exchange for it. Thats what I want you to do. I
dont want you to have a job where you have to get up every day to go to
work and get paid $100 a day or whatever it is you make. I dont care what
it is; all I know is that its not wealth.
I dont want you to just have a job and a

comfortable life. I want you to have an
extraordinary life that doesnt require a job.
I also want you to have fun in your life. I want you to discover the joy of
getting rich by doing what you love to do, even if that means dropping out
of college to go follow your passion. Again, Im not trying to promote the
idea that education is useless, and Im not trying to create a generation of
dropouts. I would never suggest that you drop out just for the sake of
dropping out. After all, I went to college, and I finished and got a degree.
Im glad I did that for my own personal enrichment, but I have to be honest
and tell you that this is not what made me wealthy.
The truth about wealth creation is that it really has nothing to do
with formal education. There may be some other intangible benefits to
filling your mind with knowledge, but education has nothing to do with
wealth or creating wealth.
It also has nothing to do with being smart by most peoples definition, or with intellectual ability. Granted, Bill Gates and Michael Dell are
extremely intelligent guys intelligent to the point of being geeks by
many peoples standards but since theyre in the computer business,

that only makes sense. However, many others who became fabulously
wealthy in other industries havent exactly been geniuses. Some of the
richest people in the world have only average or slightly above average
intelligence.
Many people who became fabulously

wealthy arent exactly geniuses; in fact,
many have average intelligence.
A 2007 study by Jay Zagorsky, a research scientist at Ohio State
Universitys Center for Human Resource Research, seems to reinforce

my point about the relative unimportance of IQ. Zagorskys study
showed that while there is an apparent relationship between a high IQ
and a higher income, there isnt a relationship between a high IQ and real
wealth. Said Zagorsky, Intelligence is not a factor for explaining wealth.
Those with low intelligence should not believe they are handicapped,
and those with high intelligence should not believe they have an advantage.
If youre interested, here is a link to an article about this study:
http://researchnews.osu.edu/archive/intlwlth.htm.
I find this study very illuminating for several reasons. First, it validates my point that having a big income is not the same as being
wealthy. Equally if not more important, it gives credence to my conviction that people of average intelligence are just as capable of becoming
incredibly rich as are the genius types perhaps even more so.
Commenting on Zagorskys study, finance columnist Laura
Rowley, author of the book, Money and Happiness: A Guide To Living The
Good Life, suggested a few theories on how (and why) people with average IQ scores end up rich:
They make their own rules.
They get knocked down, but they get up again.
They succeed through social intelligence.
They may take more risks, and consequently reap more rewards.
Come to think of it, these points are pretty much in sync with my
Formula. And the way I see it, Jay Zagorskys study supports my very
strong belief that creating wealth has much more to do with understanding The Formula than it does with possessing a genius IQ. If you
understand The Formula, if you are willing to use your imagination to
cultivate ideas for making money, if you believe passionately in yourself
and your ideas, and if you take action to make those ideas a reality, it
doesnt matter if youre a genius or not.
Conversely, if you have a genius IQ but you continue to believe the
money myths (including the mistaken notion that your superior intelligence somehow entitles you to great wealth and success), youll
probably always be poor.
You can make millions of dollars from a single ingenious idea but
you dont have to be an Einstein for that. As you begin applying The
Formula to your life, you may find you have more and more brilliant
moneymaking ideas.
But first, you need to stop believing that you have to possess a
Harvard degree or an IQ of 200 in order to get anywhere. It simply isnt
so.
MONEY MYTH # 3:
Getting rich is mostly a matter of luck.
ow many times have you read or heard about someone who

became incredibly wealthy, seemingly overnight and apparently without much effort? He (or she) was just in the right
place at the right time, and got lucky, is a common response
to such a persons astounding success. Sometimes you can really hear the
sour grapes in that response.
All too many people believe that getting rich is almost always a
matter of luck. And I say thats bunk. Frankly, I think its also one of the
most common (and lamest) excuses people use for not being successful.
Im just not lucky, they lament.
I say thats nonsense.
For that matter, even the idea of an overnight success is a gross
misconception. In October of 2007, I was invited to participate in a corporate retreat in New Orleans; the theme was the Law Of Attraction,
which was popularized in the hit DVD and book, The Secret. I was invited to promote my book, Secrets Of The Miracle Inside, in which I wrote
about the Law Of Attraction and related matters. I also got the opportunity to do a book signing alongside the other celebrity authors speaking
at that event, James Arthur Ray and John Assaraf, who both starred in
The Secret. James Ray mentioned that he is now sometimes recognized in

public because of his appearance in The Secret or his recent appearance
on The Oprah Winfrey Show. He said people often ask him what its like to
become famous overnight. He tells them that he wrote books, conducted
seminars and classes, and traveled all over the country coaching and
speaking for sixteen years in order to obtain overnight success. The
same is true not only of all of teachers in The Secret, but of virtually anyone who makes it big in the self-help field. They definitely pay their
dues, sometimes for many years.
Even the idea of an overnight success is

mostly a myth. Most successful people work
for years to achieve their success.
Of course in some cases luck, or at the very least an accident of birth,

does play a part. We all know of those who are rich because they were
lucky enough to be born into a wealthy family. More than likely, however, the family wasnt always wealthy. At some point, perhaps generations ago, someone in the family had to do something to become rich.
And they, or other family members, had to do things over the years to
remain rich. Moreover, being born rich is no guarantee that a person will
remain wealthy for life.
The most blatant and dramatic example of wealth via luck is the
lottery winner. As we discussed earlier, though, most lottery winners
dont hang on to their wealth, and many end up worse off than they
were before their big windfall. At any rate, I certainly would never recommend the lottery as a wealth-building tool.
If you are using your own perceived lack of luck as an excuse for
not being rich or even if youre simply holding on to some vague belief
that luck is the major ingredient in wealth building I want you to stop it
right now. Sure, there are forces beyond your control, and these forces
can work for you or against you. But many things are within your control, and the more you apply The Formula, the more you will see this is
true.
Most people who are rich got that way

by using The Formula.
Luck had little or nothing to do with it.
Ill concede that being in the right place at the right time is often an
essential ingredient to becoming, and staying, wealthy. But this is rarely
a matter of luck; much more often, its a matter of knowing what you
want, making sure youre prepared for opportunities that come along
and then taking action to place yourself in positions where you will be in
the right place at the right time. In other words, you can use The Formula to
1. Decide exactly what you want and how you are going to do it,
and
2. Take action to make it happen, prepare yourself for when the opportunity comes along and then place yourself as near as possible
to every possible opportunity.
Remember, its all about providing value and the more value you
provide, the more youll receive in return.
If, however, you stay stuck in the belief that you have to rely on luck
to get rich, you will almost surely miss amazing opportunities right in
front of your nose. Youll see other people getting rich, seemingly without effort, by being in the right place at the right time and youll
grumble, Well, they were just lucky.
Luck may be a lady (as the old song goes), but she really doesnt
have all that much power over whether or not you become wealthy. That
power is in your hands.
MONEY MYTH # 4:
You can save your way to wealth so
put every penny you can in the bank.
veryone has heard the saying, A penny saved is a penny

earned. That gem is often attributed to the all-time champion
of witty aphorisms, Benjamin Franklin. What Franklin really
said was, A penny saved is twopence dear. In other words, a penny

saved is worth two pennies. This would seem to strengthen the argument
that you can save your way to wealth if not literally one penny at a
time, then at least by putting every bit of money you can spare into the
bank in an interest-bearing savings or other type of account. Millions of
us have been taught that this is a guaranteed way to get wealthy if we
just keep at it for a long period of time.
Well, you have probably already guessed that Im going to tell you
that this one is a myth too. Franklin was a very wise man to be sure, and
saving money can keep you out of poverty, but it cannot make you
wealthy; you can never save your way to making millions and millions
of dollars.
My late grandmother, whom I wrote about in my book, Secrets Of
The Millionaire Inside, was a huge believer in the savings myth. I loved
her dearly, but she had a number of habits and beliefs that kept her poor
all of her life. One of these beliefs was that socking every penny you can
into a savings account is an excellent way to grow your wealth.
Grandma taught me a lot of things, and I took many of them to heart, but
not this piece of conventional wisdom. In fact, I rarely listened to my
grandmother when it came to money, because she lived her entire life
poor (or struggling in the lower middle class, which I consider to be the
same thing). And I didnt want to live that sort of life.
Grandma tried her best to get me to be as big a believer in savings
accounts as she was. Save it and it will grow, Paul! she would say.
Youll get one to three percent interest; its amazing how it grows over
the years. I started out with $2,000 and now its grown to over $2,300!
I wasnt impressed.
The truth is that you cant save enough money to

really do anything these days not even to buy a
house or put your kids through college.
Many people think you can save your way to being wealthy. But
lets be honest: You cant save enough money to really do anything these
days not even to acquire the basic components of the American Dream,
let alone to actually get rich. You cant save enough money to buy a
house, because even in a lackluster economy, houses are appreciating
faster than you can save. With skyrocketing tuition, you cant save
enough to put your kids through college either. If you cant even save
enough money for a home or your childs college education, how is saving your money going to create millions and millions of dollars?
Youre not going to make millions by keeping your money in a

savings account, and youre not going to do it by storing it away in any
sort of fund. You do it by using The Formula: creating value for the
world, providing products, services, information or any combination
thereof in large quantities. When you bring value to millions of people,
you will make millions and possibly even billions of dollars. Your kids
will have no problem having enough money to go through college, and
you will be able to buy any home you want more than one, if you wish.
But if you take all of your money and try to hoard it away into savings
plans and mutual funds, you are going to be faced with a lifelong financial struggle. Youll never have much spending money along the way.
If you continue to believe the savings myth,

and put all of your money into savings plans and
mutual funds, youre setting yourself up
for a lifelong financial struggle.
Furthermore, youll have to keep working until your kids get
through college, and maybe even long after they graduate. At the time of
this writing, my son is 13 years old, and his father doesnt have a job.
One reason I quit that job was to be sure that I have enough time to create millions and millions of dollars so my son will have money to go to
any college he wants to. If I had stayed at my job, I would have had to
keep working and working, trying to save money so I could ensure I had
enough to put him through college.
About a year ago I met with one of my attorneys, who told me he
planned to retire while in his mid-fifties, which at that time was about
four years away. Two weeks ago when I met with him again, I men-
tioned that he has only three years left until retirement. He asked me
why I thought he could do that in only three years. Then I reminded him
of what he had told me the previous year. As he recalled the conversations, he conceded that his plans have now changed since his then eightyear-old daughter has her sights on an expensive college. Never mind
that she might change her mind a dozen times between now and the
time shes actually ready to start applying for colleges. The point is that
Dad is going to have to work many more years.
The truth is that you can never save enough unless you want to
live the sort of lifestyle where you work every day of your life just to
barely survive. Thats the kind of lifestyle where you squirrel away everything you can, putting it in a savings account and/or some sort of fund,
so your kid can go to college and so youll have a little something extra
for your retirement, if youre lucky. Its the kind of lifestyle where you
work all the way through your childs college years, as well as many
years after, continuing to pay off college and other debts.
You can never save enough unless you want to

live the sort of lifestyle where you work every day
of your life in order to barely survive.
Thats not the life I want you to live!
But thats not the life I want you to live.
You can never save your way to wealth, so dont even try. Its a total
waste, because when youre saving money youre not following the part
of The Formula Step 6, to be exact that says, Exchange value on a
large scale. You have to create value for a lot of people. When you stick
your money in a savings account or mutual fund or, for that matter,
when you invest it in any kind of fund like a retirement plan (see Money
Myth #5, next), how much value are you bringing to the world?
None.
Sure, youre taking care of yourself, and perhaps your family but
you could be doing so much more for them if you were bringing more
value to the world. For all practical purposes, then, putting your money
in a savings account, mutual fund or retirement account is a selfish act.
Youre not bringing value to anybody except the broker whos working
for you or the bank that holds your account and thats a very limited
way of bringing value. Youre not bringing value to hundreds or millions
of people. Youre not following The Formula and therefore you cant
possibly become rich.
So rid yourself of the notion that you can save your way to wealth
and youll be that much closer to becoming truly wealthy.
MONEY MYTH # 5:
Put all the money you can into
your retirement plan(s).
verybody knows that your retirement plan your IRA or 401(k)

plan is your best investment, so you should sock away every
dollar you can into those plans, especially when youre young.
Thats what were all told, so it must be trueright? Nope, wrong again.
I consider myself fortunate because I never fell for this one, but mil-
lions of other people believe it, to their detriment. Most of us are taught
from the time we get our first job that we need to start putting a little bit
of our paycheck into that 401(k) plan or IRA. And many of us do just
that.
I remember when I first started working right after college. I was
required to sit down and meet with the firms retirement advisor. This
gentleman was about ten years older than I was and did not work for the
company; he was just a paid consultant. He showed me some graphs illustrating how much money I would make if I began putting my earnings immediately into my 401(k) plan. He showed me how much money
I would have by the time I was 65 with the compounded interest. He
demonstrated that by putting in this much money, it would grow to that
much moneyand on and on.
I have to tell you that I wasnt impressed. At that time, I already

had big visions. I didnt want to work until I was 65; I planned to retire
long before that. I was already purchasing my first home when I was 22,
and I planned to do big things. I didnt want to stick a dollar into a retirement plan, because to me that was one of the worst things I could do
with my money.
Granted, IRAs and 401(k) plans are a nice secure investment if you
want to be merely comfortable. If you want to be comfortable and sock
away your money and have a nice pile of money to retire on when
youre 61 or 65 or 68 years old, thats fine. Its better than wasting it on
lottery tickets or on a bunch of things you dont need. There are lots of
worse things you could do with your money. So Im not trying to discourage you from using these retirement plans if you want to live a normal American life and work until youre 65, and then have a little pile of
money when you retire. If thats what you want to do, then go ahead and
use the retirement plans available to you.
IRAs and 401 (k) plans are a nice secure

investment if you want to be merely comfortable.
But they wont make you rich.
But if you want to retire (or at least quit having to go to a job every
day) in your 20s, 30s or 40s and you want to have millions of dollars
an IRA or 401(k) wont get you there. I write and teach about how to become incredibly rich, extravagantly wealthy. If thats what youre aiming
for, a conventional retirement plan just wont do the trick.
I wasnt persuaded by the retirement advisors dog-and-pony

show, so I said, No, I understand the plan, but I dont want to participate at all. Im doing much bigger and better things with real estate.
He replied that real estate appreciates about seven percent, about
the same as my mutual funds appreciate so theyre actually the same.
He tried to persuade me that his plan was better, because I could do it
with pre-tax dollars.
I responded, You dont understand. I dont get a seven percent
return on my real estate. I can get a 100%, 200%, 400% or 500% return on
my real estate. I can put money in, and in a year, I can have double, triple, quadruple or five times what I started with.
I told the financial advisor that I didnt get a mere

7% return on my real estate investments; I got a
100%, 200%, 400% or even 500% return.
He still didnt understand.
He still didnt understand the principles, and he certainly did not
understand The Formula. Needless to say, I didnt participate in that
plan. And not too many years later, while I was still in my 30s, I retired
not in the old-fashioned sense of whiling away my time in a rocking
chair grumbling about the weather, but in the sense of walking away
from my job and into a much more exciting life. By then I was the CEO
of a multimillion dollar company, and I was making very good money at
it. But I was also doing many other things to earn money by then, and I
quit my CEO position to concentrate on those things.
Im quite sure that even today that gentleman is still working, still
doing what he was doing nearly twenty years ago, telling people how to
sock away money in their retirement plans. Im also sure that if he just
walked away from doing that he would stop being paid but he wont
walk away because he cant afford to do it.
So if you want to live a comfortable but humdrum lifestyle, go
ahead and do what they say, and invest in a 401(k) or similar plan.
But if you want to be rich, do something different. Follow The
Formula.
MONEY MYTH # 6:
Leave investing to the experts.
have to admit that this particular myth bugs me in a very big way.
Theres a commercial running on TV now whose basic message is
how stupid you are if you even think of investing your own money.
After all, you would never try to perform surgery on yourself; you
would leave that to the experts surgeons. The clear message is that like
surgery, you should leave investment to the experts.
I hate that commercial, because its message is totally false. This is
one of the myths that will guarantee that you will stay poor. I never let
somebody else invest my money. I never let people make the ultimate
decision about my money, my investments or anything else I do to create
wealth.
Sure, I get advice. I work with my accountants, my real estate brokers and my bankers. I use the advice they give me to help me decide
what Im going to do, and I do it. But I never, ever turn my money over
to somebody and say, Invest my money for me.
Why? The simple answer is that if you do this, you are not following The Formula. When you turn your money over to a stockbroker and
say, Here, invest my money, youre not providing value to the world.
Youre not even providing that much extra value to yourself. Youre
providing value to one person: that stockbroker, because he or she is
going to make money off you. You may get lucky and make a lot of
money, but you may not and you could lose a lot of money. If the broker is conservative, youll probably realize about the same increase as
you would in a savings account. At most, youll get a five or ten percent
return on your money but thats not what wealth is about.
Wealth is about doubling, tripling or getting ten times your money
every year, so you can make millions of dollars in the next two or three
years. Thats the kind of return that will make you independently
wealthy. Those are the sorts of numbers that will give you true financial
freedom. The principles in The Formula were designed to enable you to
become independently wealthy within a two-year or three-year period,
so you can spend the rest of your life doing the things you want to do.
You cant get there if youre going to turn your money over to an expert
whos a financial advisor or investor.
Wealth is not about getting a 5% or 10% return on

your money. Its about doubling, tripling or getting
ten times your money every year, so you can
make millions in the next two or three years.
As I suggested earlier in this e-book, when youre working with a
financial advisor, look at their lives. Look at the lifestyle they live. Are
they independently wealthy? Did they retire when they were in their
thirties? Do they have financial freedom? Do they know how to make
more money without a job than with a job? Those are the questions to
ask of your financial advisors. If they invest your money, more than
likely theyre going to invest it the same way they invest their own
money.
The truth is that they cant teach you anything they dont already
know. Thats why its important that you look at their lifestyle. Whatever
they know, theyre probably already applying it to their own lives. If
they live a comfortable lifestyle where they can work until theyre 62,
and then retire and have a nice little mutual fund, and go golfing every
Wednesday its very possible that if they invest your money youll
wind up in a similar situation. Well, to be honest, your situation probably wont be quite as good as theirs. Theyre going to take a little fee out
of what they make for you, so your lifestyle might become similar to
theirs, but not quite as good.
Look at the lives of your own investment advisors.

If theyre not independently wealthy, if they cant
teach you how to make more money without a job
than with one, they cant make you rich.
I would never turn my money over to somebody else, but thats

what society teaches you to do: turn your money over to the experts and
let them invest for you. Well, thats not only a myth and a lie; its just
plain bad advice if you want to become independently wealthy.
Again, Im not saying you shouldnt listen to advice. I said I listen
to my advisors, and I do. I seek professional counsel, and then I decide
what I want to do.
I want you to make your own decisions too. Most of all, I want you
to get educated about The Formula, because that will make you far richer
than any investment advisor ever could.
MONEY MYTH # 7:
A strong work ethic will make you rich.
o many people think wealth and success have everything to do

with working hard. From childhood, weve had it drummed into
our heads that America was built on a strong work ethic.
We Americans do work hard. We work longer hours than almost
every other industrialized country. In 2001, a report by the United Nations International Labor Organization (ILO) showed that Americans
worked 500 hours per year more than our German counterparts did. We
worked about 260 hours a year more than British workers and 137 hours
per year more than our counterparts in Japan. In the years since that report came out, the disparity has grown even more. Americans have this
ingrained idea that our country was built on hard work and that if
youre not working your buns off, youre a slacker. As a result of this
misguided work ethic, were working harder and harder and longer and
longer and only a very small percentage of people are becoming
wealthy. And guess what? Theyre not doing it by working harder and
longer.
Who are the hardest working people in the country? Id have to say
that title goes to the manual laborers, mechanics, construction workers,
and the like. Think of the construction crews, road workers, and the union workers you see all over the place painters, carpenters, steel workers and welders. These people work hard, all right: hard physical labor.
Are most of them wealthy? Can most of them retire when theyre
in their thirties? No. They could probably tell you better than anyone
could that hard work has nothing to do with wealth.
Ill go one step further and say that working a job whether its
manual labor or not has nothing to do with wealth. Look at the professional-level, white-collar workers: teachers, lawyers, doctors, attorneys,
architects. Are they wealthy?
Granted, for the most part they live a comfortable life, and some of
them make pretty impressive incomes but are they wealthy? No, not
according to my definition of wealth, where you can retire young, make
more money after you stop working than while you were working, make
money while you sleep and while youre on vacation, make millions of
dollars by bringing value to the world. Most doctors, attorneys and accountants are not rich by that definition; theyre comfortable. As Ive said
before, I dont want you to be comfortable; I want you to be wealthy
and wealth has nothing to do with hard work.
As a whole, even the most highly paid professionals doctors, attorneys, architects and the like
are not wealthy by my definition of wealth.
Wealth has everything to do with following The Formula. Part of

that formula is taking action and being persistent. It takes a lot of action
continuous and persistent action but if you are taking action on
something you love to do, its not at all the same as working hard. In Secrets Of The Millionaire Inside, I wrote about two people, Pat and Linda
Parelli (http://www.parelli.com), who are into horses in a big way. Pat
and Linda have created a multi-million dollar international business
training horses and teaching others to work with horses. I am sure that if
you asked them, they would say they were persistent. They would say
that it took an incredible amount of action years and years of action
for them to have built the business they did. For them, however, this was
not work. It was play, it was fun, because working with horses is what
they love to do. They could have decided a long time ago to stop doing it
when it was no longer about the money. But they were and are doing
what they love to do more than anything else, and at the same time they
are bringing value to the world, and the world is willing to pay for what
they have to offer.
Getting rich does require persistent action,

but if youre doing something you really love to do,
its not like work at all its like play.
Working hard has nothing to do with providing or receiving value.

Yet people continue to work their lives away, believing theyre getting
somewhere. I know a lot of people who dont particularly like their
jobs, but theyre trying to get somewhere in life. Theyre trying to
move up the corporate ladder, perhaps get a supervisory position to
make more money and theyre working hard. Many of these people
have vague expectations that eventually their efforts will pay off in a big
way, and theyll get rich. They think they have to work hard to reach that
goal, but thats not how you get rich.
You know what? I think its high time we revamp the American
work ethic, because it no longer serves us. But myths are persistent, so I
dont expect this one will go away any time soon. That doesnt mean that
you as an individual cant abandon the old work-ethic myth. The sooner
you do, the closer you will be to enjoying a magnificently abundant life
doing only the things you love to do, and bringing value to many people, rather than just your employer.
MONEY MYTH # 8:
You need a steady job to make money
(and get rich).
f all the money myths, this is one of the most difficult to debunk, simply because saying that it is a myth seems to fly in
the face of common sense and everyday experience. Most
people truly cant imagine any legitimate way of earning money except
by having a steady job. Well, okay, theres always the possibility of winning a lottery or sweepstakes, or marrying well, or getting a large inheritance, or getting a settlement in a lawsuitbut thats not very realistic for most people. For most of us who werent born rich, the old nineto-five routine is the only way we can imagine making money.
If you buy into this myth as most people do, then the very thought
of quitting your job, although exhilarating, is probably also quite frightening. At the very least, it would seem to be the height of irresponsibility. You may hate your job, you may dread getting up and going to work
every day, you may daydream of the time when you can tell your boss
where to get off but at least, you rationalize, that job affords you security, in the form of a regular paycheck and, if youre lucky, good benefits
and maybe even a retirement plan. Perhaps you think its a fair trade-off.
When you think about it, however, that security may not be all
that secure. In fact, given todays climate of corporate restructuring,
downsizing, outsourcing, permanent layoffs, and so forth, the term job
security is almost a contradiction in terms. These days its very rare for
a person to stay with one company for his or her entire working life.
Gone are the days when the company took care of you for forty-odd
years, and then sent you off to happy retirement with a gold watch and a
handsome monthly pension check which, along with your Social Security check, ensured a comfortable living for the rest of your days.
Today that comfortable living is anything but guaranteed, but you
know what? I dont think thats any big loss at least to people who use
The Formula. To the millions who buy into the myth of job security,
though, it can be devastating. Besides, in regard to that comfortable
living, as Ive said repeatedly here, I dont want you to be merely comfortable. I want you to be independently wealthy, to the point where you can
have anything you want, live anywhere you want, and enjoy your life,
instead of having to work your life away merely to make ends meet.
Job security is almost a contradiction in terms,

given todays climate of corporate restructuring,
downsizing, and so forth.
And so, even though many people might lament the loss of traditional job-related safety nets, that loss could very well be a blessing in
disguise.
Frankly, Ive long thought that having a job is vastly overrated, especially if your goal is to get rich. Heres a fact: No matter how far you
climb up the corporate ladder, having a job will not make you rich. Well,
maybe if youre one of those grossly overpaid CEOs of a multi-billion

dollar mega-corporation, youll do all right. If youre like most folks,
however, having a job will only get in the way becoming wealthy. Why?
Its simple: if youre spending all of your waking hours working at your
job, you have no time and energy left to do the things you need to do to
become rich.
Thats the bad news.
The good news is that, contrary to the myth, you dont have to have a
job to make money. Im living proof, because, as I told you earlier, I walked
away from my job. Granted, I made good money at that job, but now Im
making more money than I ever did before. And if I can do it, you can do
it.
Im not suggesting that you simply quit your job with no plan of action in mind, especially if you have a family depending upon your income. That would be irresponsible. However, if you begin right now to
apply The Formula, and make up your mind that you can and will make
it on your own, without a job, youll be able to walk away from the daily
grind before you know it.
Visit www.FormulaForMillionaires.com
for information on my teleseminars,
special reports, and other tools that will
help you become wealthy .
There are so many ways to make lots and lots of money, and these
methods have nothing to do with having a job. I specialize in teaching
about making money in real estate, but, as I noted earlier, there are nu-
merous other ways too, and I have some good information about those
as well. A lot of this information is free, or available at a minimal cost.
I invite you to visit my website, www.FormulaForMillionaires.com,
to find out more about my teleseminars, special reports, and other tools
that will help you become wealthy.
The days of the corporation being like a benevolent parent are gone.
For some this is distressing news. For me and, I hope, for you it is
anything but distressing. I believe that for every loss there is a gain, and
that with the loss of the old concept of job security comes the gain of
endless new opportunities to make more money than you ever could
when you had a job. So I invite you to finally become the boss of your
own life. And the first thing I want you to do is issue a pink slip to the
myth that you have to have a job to make money.
MONEY MYTH # 9:
Your home is your best investment.
any people believe this myth, and it continues to be a problem today, causing a crisis in the economy right now as I
write this book. Were all taught that our home is the best
investment we will ever make. Almost everything were taught about

getting an education, finding a job and saving up money is targeted towards investing in a home. Owning a home is not just an investment,
however; its a symbol. Ever since the end of the Depression, home ownership has been a hallmark of the American Dream, to the point where
people who dont own a home are somehow considered to be losers or at
best, underachievers.
The whole home ownership myth is so deeply ingrained in our national psyche that most of us seem to think of owning a home almost as a
divine right rather than merely a privilege for those who can afford it. It
could be argued that it was really this mindset that prompted our government to create the Federal National Mortgage Association (nicknamed Fannie Mae) in 1938, and the Federal Home Mortgage Corporation (Freddie Mac) in 1970. The purpose of these two federally chartered,
but stockholder-owned, mortgage finance companies (also called government-sponsored enterprises, or GSEs) was to enable middle- and
lower-income people to acquire their piece of the American Dream.
For many years, it all worked out pretty well. These days, however, Fannie Mae and Freddie Mac are in trouble. Unfortunately, they are
the only two Fortune 500 companies that are not required to inform the
public about their financial status. Were there to be a financial collapse
within either of these companies, U.S. taxpayers could potentially be
held responsible for hundreds of billions of dollars in outstanding debts.
To put it another way, in the words of economics professor and New
York Times columnist Paul Krugman, profits are privatized but losses
are socialized.
The problems of Fannie and Freddie are worrisome enough,
but theyre really just the tip of the iceberg in the current mortgage crisis.
The lions share of the problem stems from the billions of dollars in subprime mortgages underwritten by other institutions.
Why is there a mortgage crisis? As I said in the Introduction to this
e-book, the major underlying reason is that too many people have
bought into the myth that your home is your greatest investment. Add to
this the greed of unscrupulous lenders, and you have a problem of unprecedented proportions.
For most people, home ownership represents

more than an investment; it represents a crucial
part of the American Dream. Thats what makes
losing a home especially traumatic for many.
As I mentioned, its all over the news that two million people are
facing foreclosures. And that number is likely to rise dramatically. They
are dealing with the crisis of losing their home and possibly becoming
bankrupt, not to mention the stigma that comes from being stripped of
their home ownership. These people followed what everybody told them
to do; they bought a home because they wanted their piece of the American Dream. In many cases they really couldnt afford it, but they took
advantage of those variable interest rates that were so absurdly low they
felt they couldnt afford not to buy a home. They jumped right in with no
thought of what they would do when those rates went up, as they inevitably must. Now the rates have skyrocketed, and to make things
worse many people are facing job layoffs. Now they are losing their
homes to foreclosure, and those who are still able to file bankruptcy under the stricter new laws that favor creditors are doing so.
So many people took advantage of interest rates

that were so absurdly low, with no thought of what
they would do when those rates went up,
as they inevitably must.
So much for a home being their greatest investment!
Dont get me wrong. You can make millions of dollars buying
homes, but not in the way that the victims of the foreclosure crisis did it.
Buying a home doesnt make you rich. Buying a home doesnt mean you
have made a good investment. Ive said it before and will say it again:
The way to wealth is by using The Formula: everything I teach about,
from desire to imagination, from belief to taking action and bringing
value to the world. Thats how you become rich.
If you want to use houses as a way to become rich, you can do that.
But theres a right way and a wrong way. Weve discussed the wrong
way. Now, by way of exploding the tenth and final big money myth,
lets discuss the right way.
MONEY MYTH # 10:

You cant make money in a bad economy.
n this moment of economic crisis our country is going through right

now, there are some people who will become extremely wealthy by
buying homes. And they will do it because they use The Formula.
The two million people who are facing foreclosures, on the other hand,
didnt understand The Formula. They followed the myth and did what
society told them to do. If they had understood The Formula, they
wouldnt be in the trouble theyre in right now.
There are small numbers of people now who do understand The
Formula. They will make money when the economy is strong and when
it is weak. Some of them will make more money when the economy is
weak. Why?
When the economy is weak, a lot of people are struggling, and they
need help. Some of the wealthiest people understand that the secrets to
creating wealth is to bring value to other people. So in a time of crisis, these
wealthy people will come to the aid of everybody else and provide
value. They will be giving society what society needs to help it weather
the crisis.
At a time when millions are facing foreclosure, financial disaster,
loss of their homes, and destruction of their credit, a few wealthy people
who understand The Formula that I teach will come to the aid of thousands. They will rescue them by purchasing homes from these people so
they wont have to go through foreclosure. Of course they will pay a discounted price, but that will leave the sellers better off than if they had
not sold their homes, and had faced foreclosure and all that entails.
These wealthy few will pick up homes for cheap prices, but in the
process they will be rescuing the sellers by saving their credit. Then perhaps theyll turn around and offer these people the chance to rent the
homes from them, so they dont have to move. Of course these wealthy
people are not doing it totally out of the goodness of their hearts, and Im
not pretending that is the case. Their main motivation is to make money,
to become wealthy (or wealthier) from these purchases. But if, in the
process, they help to save someones credit and prevent a family from
being uprooted from their home, then Id say these rich folks are giving a
lot of value to the world. Id say they understand The Formula pretty
well, even if they dont refer to it in those terms.
Wealthy people are not necessarily providing

value out of the goodness of their hearts, but if the
result is that a family can avoid being uprooted,
who cares about the motive?
The Formula stipulates that you have to have a strong desire, e.g.,
the desire to become wealthy. You have to imagine a way to do it by
bringing value to people. In this case, you bring value to people by purchasing their homes so theyre safe from foreclosure. You might be buying a house at a 25%, 50% or even greater discount; then you turn it
around and rent it to them. But you structure it in a way so that you
make money as well. You rent the home at a price that is sure to pay the
mortgage you will now owe on that home.
You may decide to hold on to it for a couple of years, knowing that

eventually the economy will get strong again. Prices of real estate will go
back up, and then you will sell the home for twice or three times what
you paid for it. If you have bought enough homes, you will make millions of dollars doing it. Why will you make millions of dollars when
you sell? Once again, you will be providing value to society. You will be
providing just what people want at that time.
Right now, were going through a time where hundreds of thousands of people are not able to afford homes. Many homeowners are
losing their homes and will need to have a place to rent. In a few years,
however, the economy will have turned around. People will be back on
their feet, and theyll be flocking by the hundreds of thousands to buy
homes again. And you, of course, will be willing to sell these homes
back.
It doesnt matter whether the economy is going up

or down; the wealthy will always make money.
Thats because the creation of true wealth has
nothing to do with the state of the economy.
Naturally, youll sell them at a fair market value whatever that
may be but it may be two or three times what you paid now, so youll
make millions of dollars. And you are doing it because you followed The
Formula, which means that no matter whether the economy is weak or
strong, youre always providing value to the world. Youre not taking from
people; you are giving to people. The important point is to always be giving what the world needs at the time it needs it.
When people need you to buy their homes you buy them. When
they need you to sell them back, you sell them back. You make money
both times.
The wealthy are getting richer and richer because they understand
this very point. It doesnt matter whether the economy is going up or
down; the wealthy will always make money, because the creation of true
wealth has nothing to do with the state of the economy, any more than it
has to do with education. It only has to do with following The Formula.
Its not buying the house that makes you wealthy its using The
Formula. If you use The Formula and buy a house, it can make you
wealthy. If you buy a house and you dont know anything about The
Formula, you could very well end up like those two million other folks
and be faced with foreclosure. Your credit could be destroyed and you
could go bankrupt.
Buying a house (or houses) can make you wealthy

if you use The Formula.
For more information, visit
www.FormulaForMillionaires.com.
As you know by now, that whole myth about a home being your
best investment is not only false, it could be hazardous to your wealth.
Equally hazardous, however, is the myth that you cant make money in a
bad economy. A home, or better yet many houses, can be one of your
best investments, no matter what the economy is like if you understand
The Formula first. If you do, you can make millions of dollars.
FINAL THOUGHTS
Breaking Free From Those Money Myths
used to work a job, and I know what its like. I also know what its
like to be poor. I know what its like to drive 20-year old (and
older) cars that broke down on me every other week. Ive been
there and I dont ever want to be there again. But I was there because I
believed most of the myths that I have just spent nearly 70 pages deconstructing for you.
I followed the myth that you have to get educated, so I went to
college. I followed the myth that you have to get a job after college, so I
got a job and started doing all the things that society taught me to do
and I was poor. Fortunately, I realized pretty early on that these are
myths. They dont work. The rich people are doing something else besides following the myths. Theyre not necessarily getting the education
that everybody thinks you have to get, theyre not getting the jobs that
everyone thinks you have to get. Instead, theyre following The Formula.
Now think about yourself. Think about where you grew up and
the people who surrounded you in your life. If you went to church, you
had people around you. When you went to school, you had people
around you. Then you graduated and either went to college, where you
had more people around you, or you went straight to work. When you
started working, you had co-workers around you.
You have family, friends and workers who surround you all the
time. Typically, you take on the characteristics and beliefs that those
people around you possess. The ways the people around us talk and behave sink in, and we start to believe and emulate them. A lot of this
emulation is unconscious; we do it without thinking about it or realizing
what is happening.
So its hardly surprising that the things the people around you believe about money are probably the things you believe about money.
Of the people you know and the people who have surrounded you
throughout your life, how many of those folks have retired while they
were in their thirties? How many of them know how to make way more
money without a job than with one? How many of the people you know
can go to bed at night and know theyre making money while they sleep
or when theyre on vacation?
Since we all tend to emulate the beliefs and behavior of the people around us, its hardly surprising that the things others believe about money
are the things we end up believing.
How many of your friends understand the truth about money
how to create money any time they need it, so they never have to think
about how much something costs? How many can even think seriously
about buying whatever they want whether its a $100,000 piece of
property or a $500,000 house? How many can look at an expensive piece
of property or a fancy sports car and say, I guess I need to create more
money for this and they know exactly how to do that?
My guess is that not too many people around you fit that description.
If youre hanging around a group of people who dont know how
to do all those things I described above, youre going to pick up the same
beliefs they have. Youre going to believe that the scenarios I outlined
above are impossible. After all, we dont typically believe its possible for
an ordinary person to become independently wealthy, to become a millionaire or to become financially free and be able to retire when theyre in
their thirties. We think thats the stuff of magazine stories or TV shows,
but not the stuff of everyday life. We dont think it can be reality for me
right here and for you right now. But it is possible for all of us, and all
we need to do is understand The Formula.
Most of us grow up believing that it isnt possible

for an ordinary person to become independently
wealthy and financially free. But it is possible for
every one of us if we use The Formula.
How many people around you in your life friends, family, coworkers how many of them are still working hard every day? Most of
them, I bet. With the exception of those who are retired (and struggling
along on a fixed income), most of them are getting up and going to work
every day and wondering why they never seem to get ahead, to say
nothing of getting rich.
Why dont they make more money? Why dont they get a lucky
break occasionally?
How many of them dont buy the things they wish they could, because theyre struggling financially just to make ends meet? Im guessing
a lot of the people you know fit into this category. How many of your
family members are in their 60s and still need to work just to make ends
meet? How many people do you know who were already retired and
then found they had to go back to work just to make a living? That
situation is extremely common, and its getting more common all the
time.
I think you get my point, and Id be willing to bet that you know a
lot more people who fit this last description than the first description of
being financially free.
The big lesson I want you to take from this e-book is that if you
want to break free from that common lifestyle, you absolutely have to
change the beliefs you have. You have to stop thinking about money according to all the myths weve discussed.
If you want to break free from the common lifestyle of work and worry, you absolutely have to
stop believing in the money myths.
Visit www.FormulaForMillionaires.com.
Everything Ive talked about: the myths of needing a great education, needing to be super-intelligent, the need to put money away in a
savings plan or 401(k) plan, the need to get a job, work hard, and try to
buy a houseif you continue to believe these myths, and to do all of
those things, youll be just like most people. Youll be struggling, working hard, still needing a job at 68 or even 78, because you cant make
ends meet without one. Youll be working hard your whole life and have
nothing to show for it.
Thats what you get when you follow the money myths.
The ideas society teaches about money, the things our parents
taught us, the things school teaches us, are wrong on so many levels.
What Im sharing with you is how to bust the myths, break out of the
mold, and change your life. Im trying to teach you to become something
different, something better, to be able to create for yourself financial
freedom the freedom to buy whatever you want and at the same time
to be able to help hundreds and thousands of other people by bringing
value to them.
And its not that hard. In fact, its easy.
It takes persistence, but mostly it takes believing that its possible.
Thats what this e-book and all of my work is all about: teaching you
how to believe in yourself and to believe that The Formula works, so that
you will dare to put it into action in your own life.
And in that way, you will create an extraordinary life, a better life
than you may have ever dreamed was possible.
So say goodbye to those money mythsand say hello to a joyful
and abundant future.
I hope youve enjoyed this e-book.

For much more information about my
Formula For Becoming A Millionaire,
read my book, Secrets Of The Millionaire Inside.
For information about this book, as well as my other books,
products, workshops and teleseminars,
please visit my web site:
www.FormulaForMillionaires.com.
~ Paul McCormick
Meet the AUTHOR
AUL MCCORMICK
began his career working with
multi-millionaire investors and
entrepreneurs and soon discovered

something amazing: there is a formula
to becoming a millionaire, and all the
wealthiest people use it. No one has
ever spoken about this Formula
until now.
Paul used The Formula to become
the owner of a multi-million dollar
company at age twenty-seven and CEO
by twenty-nine. But while in his thirties Paul walked away from his career, realizing jobs are not needed to create massive amounts of money.
In his book, Secrets Of The Millionaire Inside, Paul shares the 7-Step
Formula For Becoming A Millionaire and tells you exactly how to make
millions and millions of dollars doing only what you love doing.
Paul was certainly not born into money. His parents and grandparent
knew nothing about money, other than how to work at jobs, collect a
paycheck and spend it, just like most people do.
Paul is proud of his familys blue-collar, working-class background

and the wonderful experiences it offered him, the skills he learned, the
value of work it taught him, and the perspective he gained of people in
that position. While he acknowledges that having no money is nothing to
be ashamed of, he also knows that having wealth is nothing to be
ashamed of, either. And we all have the choice to decide which life we
want.
Once dirt poor, eating corn flakes with water and driving a 24 yearold Toyota that broke down regularly, Paul knew there had to be a better
way, and set himself on the path to find it. Over many years, he constantly sought the knowledge of those who appeared to know something
different from everyone else about wealth. His search brought him in
contact with hundreds of wealthy entrepreneurs, and he discovered that
although each had a different story, there was a common element to
virtually all of their successes an amazing Formula for achieving
wealth.
Once he figured out The Formula and applied it to his own life, the
results amazed him. He no longer works at jobs he hates, and is financially free, beyond even his earlier dreams. He gets up every day and
says its like those days when you wake up wishing you didnt have to
go to work, only to realize that it is Saturday and you dont.
Every day of his life is a Saturday now not the kind where he sits
around in his pajamas all day, but rather the kind where he has fun doing what he loves to do, and amassing incredible wealth doing it. Having
created a way to get paid to have fun, he now spends his time teaching
others how to do the same.
Besides Secrets Of The Millionaire Inside, Paul is also the author of Secrets Of The Miracle Inside, as well as numerous e-books.
RESOURCES
FREE BONUS GIFTS!

Visit www.FormulaForMillionaires.com
I want to give you as much free information as possible,
so you have the tools you need to become financially free as I did.
Glance at the next few pages
to see the benefits youll receive
by downloading these FREE bonus items.
I urge you now to go to
www.FormulaForMillionaires.com
You will have instant access to the FREE
videos, audios, and reports.
Sincerely,
Paul
Free Bonus #1
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REPORT #1
The Shocking Things

We Do
That Stop Us From
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the simple things that keep us poor?
If I showed you 10 things you do every day
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would you stop doing them?
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Paul McCormick
Video & Audio
A wealth of tips
to help make YOU wealthy!
Informative Entertaining Invaluable
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Additional books by Paul McCormick

Learn Pauls 7-step Formula For Becoming A Millionaire!
Purchase this book at any bookstore, or online (Amazon.com, etc.), or at
SECRETS of the
MILLIONAIRE INSIDE
You are just seven steps away from
the adventure of a lifetime
For seventeen years Paul McCormick worked with
hundreds of multimillionaire investors and entrepreneurs, and he discovered their secrets. These secrets have
made him richer and happier than he has ever been, and
they can do the same for you. He has brought them all
together for the first time in this exciting new book.
Youll learn
Why loving money will keep you from ever getting rich
What the rich value much more than money
Why imagination and belief are more important than education and connections
How to make money with million dollar ideas
The importance of bringing value to the world the more, the better
How to be rich and happy
and much, much more!
Theres a millionaire inside you longing to be free of the prison of an ordinary existence.
Learn these seven secrets, and free yourself finally
to live the truly amazing life you were meant to have.
ISBN-13: 978-0-9794338-4-9
MIRACLE WRITERS, LLC PUBLISHING COMPANY
WWW.THESECRETSINSIDE.COM
Additional books by Paul McCormick

Did you miss Pauls first book? Heres your chance to catch up on your reading. Purchase this
book at any bookstore, or online (Amazon.com, etc.), or at
www.TheSecretsInside.com
SECRETS of the
MIRACLE INSIDE
Find whats missing to make your life incredibly good.
You searched for answers, but didnt know
where to look or what to look for.
Perhaps youve lost hope that an answer exists.
An answer does exist. It remains a secret to most people.
This book shows where and how to find that secret
the miracle that will transform your life forever.
YOU WILL DISCOVER:

HAPPINESS FREEDOM GOOD HEALTH PURPOSE PROSPERITY PEACE
ISBN-13: 978-9794338-3-2
MIRACLE WRITERS, LLC PUBLISHING COMPANY
WWW.THESECRETSINSIDE.COM
This book will evoke the power of the soul and the spirit of the power within you
to reach for the stars and live the life you desire.
You will be hearing lots about this book and Paul McCormick.
Take the journey and change your life for Good.
~ Dr. Patricia A. Baccili, host of The Dr. Pat Show (Seattle, Washington)

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Ron Kaye & Connie L. Schmidt

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HOW TO USE AND PRINT THIS E-BOOK

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Myth [ mith ] noun

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How many of these ideas about money and

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f you answered False to everything on the preceding list, youre

Just about everything youve ever been

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As a self-made millionaire who wasnt

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The seven steps in The Formula For Becoming A Millionaire:

www.FormulaForMillionaires.com for information on how to purchase this

So you want to be richwhats stopping you?

Copyright 2008 by Miracle Writers LLC Publishing Company Page 10

If youre not rich, but you want to be,

I think its nearly impossible to overstate the importance of your

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What everybody knows just isnt so!

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The plain truth is that even though nearly everyone

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Why is there a mortgage crisis? Its because

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Society teaches you to be a good little drone

Copyright 2008 by Miracle Writers LLC Publishing Company Page 15

If your parents are middle-class with financial

I dont have a job, and I make more money now

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One of the most important lessons I teach in that book, as well as in my

Now that you know these things arent truewhat

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hy do people believe that? Its simply not true! I know its

Most wealthy people werent born rich.

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wealthy by consistently believing and doing certain things the very

Most lottery winners are notorious for NOT

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Some of the wealthiest people in the world started

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Of course, there are numerous other ways to make millions of dollars

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o you believe you have to go to the best schools and get an

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having a job; it has everything to do with imagination, ideas and the

Imagination is more important than knowledge.

Now, please dont think I am knocking formal education. A good

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I dont want you to just have a job and a

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many peoples standards but since theyre in the computer business,

Many people who became fabulously

A 2007 study by Jay Zagorsky, a research scientist at Ohio State

Universitys Center for Human Resource Research, seems to reinforce

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ow many times have you read or heard about someone who

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