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CNBC’s The Millionaire Inside
By JLP | May 1, 2007
I happened to catch the very end of CNBC’s The Millionaire Inside last night. It’s a special program featuring four “financial experts” (David Bach, Barbara Corkoran, Phil Town, and Loral Langemeier) sharing their “secrets” on how to become a millionaire.
Psst… I’m gonna let you in on a little secret. Ya ready? Okay, here goes…
There are no secrets.
That’s right!
There are no secrets to becoming a millionaire. You just have to do it. Don’t expect the “gurus” to tell you this because if you know this then they wouldn’t be able to sell any books, cds, or coaching services. Sure, it’s inspiring to listen to tales of people starting with nothing and building a fortune from scratch. Phil Town supposedly turned a measely $1,000 into $1,000,000 in just five years. I might believe him if he were to offer some proof of this. I sent him an email asking him about this. He was kind enough to send me an email but offered nothing for proof. I guess I’m just suppposed to trust him.
Anyway, I wished I could have caught more of the show last night. If anything I could have gotten some great blogging material from it. I only got to see the very end of the show with each expert offering up their closing comments. The CNBC website has a few video highlights that you can check out (located on the right hand side of the CNBC website). I never realized that Phil Town was such a flirt.
Topics: Miscellaneous | 8 Comments »
May 1st, 2007 at 4:25 pm
I’m with you, I enjoying hearing Phil Town because he was the only one defending stock investing, the rest talked about Real Estate and LL with her so called cash machines. I started to write a blog about it, but I changed my mind. Phil Town annoyed me, he mentioned not to buy Mutual Funds. I cannot agree with that. Buy stocks on sale, I can agree with his theory. Turning $1K to 1 million. Hmmmmmm, he cannot back that up.
The part I enjoyed throughout the program, Phil Town said Donald Trump biggest investment when he bought a building for $100 million and made 400 million, then he said Warren Buffet turned $100 million into 3 billion. Stocks can be the winner over Real Estate.
May 1st, 2007 at 4:42 pm
David Bach’s voice annoys me. I missed most of it as well. I listened to the beginning on xm. The applause after the gurus made a point was silly.
I liked how the hostess would summarize the points just made before each break. Either she has a very acute mind for summarizing key points or someone was feeding her. I enjoyed how each summary had a mish mash of advice, of which no one could follow all. “buy a house, invest in real estate, buy stocks, be entrepreneurial”
Barbara’s advice sounded typical. “The time to invest in real estate is not a buyers market or a seller’s market, but a time like now when no one knows what the market is doing.” I wonder what she said a year ago when it was a buyers market. Was it time to buy when prices were going up?
David’s “renters are poor” BS is old. We know that he is not normalizing for income, age, inheritance or any other factors. So, a 22 year old renter is poorer than a 55 year old homeowner. So what? Wasn’t that obvious?
I liked Phil the best. I would like to see on how he picks stocks, but more specifically a verifiable track record as you alluded to.
I don’t remember a single thing Laurel said. I remember there being four people on stage, but if she spoke, it may as well not have been aloud.
May 1st, 2007 at 5:23 pm
I caught the last 10 minutes or so. Like you said, there were no secrets revealed. Probably because there are no secrets.
May 1st, 2007 at 6:01 pm
I caught about 1/2 of it. I’d like to catch the whole thing, although it annoyed me to no end.
Why? Well because I am really tired of the real estate drum that David Bach and Barbara Corkoran were beating. It’s not that I don’t think people should own houses! It’s because I think people like them have totally warped our perception on sound real estate purchase (note, I purposefully didn’t say investment).
I don’t think Loral got enough chance to talk. Previously I’d dismissed her. She seemed the second most reasonable person on the panel though, and I’d like to check out her book at the library.
DB
May 1st, 2007 at 6:03 pm
P.S. — I think we all already know the secret of being a millionaire — spend less than you save!
Oh yeah, folks don’t like that because it’s not immediately gratifying. Clearly there’s a different secret.
DB
May 2nd, 2007 at 12:24 pm
I knew a guy who was a millionaire once, it took me little investment, and a little time.
Then the police found out where he hid the money after the bank robbery. Fastest rags to riches to rags I’ve ever known… (I kid)
May 3rd, 2007 at 11:22 pm
FYI, you can download the video (podcast) through iTunes. Do a search on “Millionaire Inside”….
June 30th, 2007 at 12:31 pm
Those who made money before from real estate knows that real estate is the key to retire rich, over a period of time real estate will increase it values. Those who were burned by stock & shares knows that overtimes shares prices might not go up in value and might lost its value. No real estate property has ever lost it value to zero like stocks and shares.