One Million in the Bank

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jennypenny
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Re: One Million in the Bank

Postby jennypenny » Sat Mar 18, 2017 1:17 pm

I want to +1 the recommendation to read everything you can, and point out that it's especially important in combination with networking. You might get lucky enough to talk to the right person, but if you haven't done your homework you won't get as much out of the experience. When I was learning about trading and investing, I read as much as possible about the different strategies. I didn't like most of the canned systems but being knowledgeable about them helped me understand what traders were talking about when I interacted with them. People are also more willing to give you their time if they think you've put in your time as well.

On this forum, I find it a little frustrating when jacob takes the time to answer a newbie's questions only to find out that the person hasn't even read ERE yet. Think of how much more information they would have gotten out of jacob if they'd read it beforehand and didn't waste time asking him questions he'd already answered in the book.

I've never regretted buying a book. Even if you don't like it, it's a cheap mistake.

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Fish
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Joined: Sun Jun 12, 2016 9:09 am

Re: One Million in the Bank

Postby Fish » Wed Mar 22, 2017 7:16 am

Read Gerber's E-Myth Revisited. Great book, 5/5. Worth at least 2-5 years of experience. :D

I was kind of disappointed with One Million. Would rate 3/5 and equal to 30 days in the lab, which still means it was a fair deal for the price, but I'm used to reading only classics. E-Myth is a tough act to follow.

Answering my own questions:

1) Jacob summarized the content of his chapter quite well. For me it was one of the most pleasant parts of reading One Million but Jacob's best writing by far is in the ERE book/blog/forum. I could be a lot more critical but I'll stop here because I don't really like it when I'm in range and other people are talking about me, but not at me.

2) Looking past the plain writing style, the bright light bulbs are mostly in Chapter 1. I had high expectations but the rest of the book was full of generalities and short on specifics. It really felt as if he had made an outline of business-related topics and then filled it out using personal experience, interviews, and Google search. There didn't seem to be much strategy to the book's organization. The $1 million gimmick tied the book together. :(

The book offered breadth while I was expecting depth. There's a lot of "I never tried X but here's an overview of how it works so it's in your toolbox." Since I was starting from zero, I actually benefited from it. But Google would get you just as far if you knew what keywords to search. There's very little secret sauce. Instead I would have preferred a detailed step by step model or example of how to build a tried-and-tested business from scratch. I understand such a plan is fragile but why must it always be general principles and the rest left as an "exercise for the reader?" :evil:

E-Myth killed my business dreams in the front matter even before I got to Chapter 1. However, One Million had a few words of encouragement toward the end that re-opened my mind to the possibility of starting a business. That has to be worth something.

Overall recommendation: I wouldn't consider it a classic or essential reading. If you have little business knowledge and you're looking for white hat information on getting started, it makes a nice overview. It won't lead you down the wrong road or into dark backalleys where you'll get ambushed by the sharks of the business world. However, you will certainly need other how-to books to continue. It's a summary, not a walkthrough.

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BRUTE
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Re: One Million in the Bank

Postby BRUTE » Wed Mar 22, 2017 1:34 pm

@Fish

that story about the baker is brutal :D

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Fish
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Re: One Million in the Bank

Postby Fish » Fri Mar 24, 2017 12:57 am

I'm wondering if I was unnecessarily harsh on One Million simply due to having read it in the same night as E-Myth. The euphoria of receiving a grand vision from a great teacher followed by a plain and honest description of reality from an instructor who is merely good. Would like to compare notes with others who have read the book. I still can't get over that underwhelmed feeling though.

@brute I got weeded out even earlier than that. There was a line in the introduction of E-Myth stating that the (most) successful people in business are those who have an insatiable thirst for learning. One Million includes a similar statement. I'm not that kind of person (yet?). I need to change my habits.


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