Title: A God Made Millionaire
Author: Steve Main
This is a business book written by a millionaire businessman, Steve Main. He has a Blog at www.SteveMain.com, although it doesn’t appear he has posted there since January of 2012. There is still a lot of good information there. Steve started his business career in the health and fitness arena and from there built many multimillion dollar business. When I purchased this book I thought it would be more religious in nature but in reality it’s a business book with some religious principles sprinkled throughout. In reality this probably will make it more relatable to both religious and non-religious business people. The book is divided into 3 parts. Part 1 Understanding Money; Part 2 Managing Money;and Part 3 Investing Money.
In Part 1 Steve explains what money is or how he looks at money. He says money is labor and I would agree with him. If you make $10 and hour then a $20 bill represents 2 hours of labor (actually more like 3 hours of labor if you consider the taxes). In order for money to be generated someone has to work for it, even welfare money. You see, welfare money is government money which is tax money from people who work. Their labor created or earned this money and they pay their taxes to the government who then gives it to people who may need it.
In part 1 Steve also asks and answers the question “Does God want us to be poor?” Steve believes, as I do, that no God doesn’t want us to be poor. In Chapter 1 he explains his reasoning for this and gives biblical principles that would support his beliefs. He writes “If God wanted people to be poor He would not have instructed us to help them!”
In the 2nd part of the book Main gives us he view of how to manage money. In Chapter 7 he explains how to develop a personal budget. Also in part 2 the author explains that everything is Gods. All the money you earn is his and you are only a steward or manager of His money. basically he states that we should use what God entrusts with us for Him. Steve also explains what the tithe is. The word tithe literally means “a tenth”. according to the Bible we should give 10% of our earnings to the local church. All the money we have is Gods. He entrusts us with 100% and all he wants is a 10% return on his money.
Part 3 of the book is about investing. The author gives what i think is some great advice about starting businesses and investing in stocks and bonds. However, I disagree with his views on investing in 401(k)s and IRAs. In a nutshell Steve says that investing in these types of accounts ties up your money until you are at least 59 and 1/2 years old. This is true of course but he feels that this money is Gods and we shouldn’t tie his money up because if God presents us with an opportunity that His money should be available for us to use it the way He want’s us to use it. My feeling is if we and good stewards of God’s money we should have plenty of money to do what He wants. For example, We give 10% in tithes, 10%-15% into and IRA or 401(k) that will leave 75%-80% for living expenses and savings/investing. If your living expenses are so much that you can’t invest out of that 75% then you are living way above your means and you should take a close look at your lifestyle. Also, 401(k)s are a great investment. Many companies match 50%-100% up to 6% of your income that you put into your 401(k). Let me explain what that means. Lets say you make $60,000 a year and your company will give a 100% match up to 6% of your salary that you invest. You would invest $3,600. The company would match that at 100% so they would put in another $3,600. You would also get a return on that money. Depending on the funds that you can choose from to have your money invested in you could get up to 10% or more in return. Ok so you have $7,200 ($3,600 + $3,600) in your 401(k) and you get a 10% return ($720). You have invested $3,600 and you now have $7,920. That is a return of 120%. There are very few places you can get that kind of return. You will not get rich on that but it can and should be a part of your overall wealth building strategy.
Overall I liked the book. I got some very good information about business from it. As I said earlier there are parts that I don’t agree with but I do think it is worth getting. At the time I’m writing this post it’s $7.99 on Amazon.
A God Made Millionaire [Recommended Reading]