Today, Norm Goldman Publisher and Editor of Bookpleasures.com is excited to have as our guest, Paul S. Damazo author of 80 Proven Ways to become a Millionaire.
Paul is a retired Board Chairman and CEO of Versitron Industries. Paul is also a consultant, philanthropist, and a Wealth Creation Specialist. For 21 years, he taught part-time in the graduate schools of Loma Linda University and UCLA, both in Southern California. He started investing at the age of 15 and for 50 years his proven investment strategies have earned him an annual average return of 15% or more.
Good day Paul and thanks for participating in our interview.
Why and how did you become interested in investment planning?
I started my first business at age 11, and within one month I was earning as much per day as a man working full time. I sold peanuts, nuts, and candy bars on a regular route on the way to school and another route on the way home from my $2.00 used bike with a large wire basket. After giving my mother money to purchase my clothes, I had money left over and started a bank savings account. I woke up at age 15 and said, “There has to be a way to make more money than a bank passbook savings account.” That is when I launched my investment career.
It is often said that it is not how much an individual earns that is important but rather how he or she manages his or her money. Would you care to comment?
You are so correct. In my seminars I see this all the time. Two families with the same education, number of children, earning the same salary, and living in the same subdivision. One family will be two paychecks from bankruptcy while the other couple is flourishing financially. It boils down to two factors; First, get your money working hard for you rather than you working hard for your money; Second, distinguish between needs verses wants or instant gratification. Remember wealth is not a matter of chance, it is a matter of choice - your choice.
If you were to give us 5 elements of sound investing strategies, what would they be and why?
You can have all the sound investing strategies but unless you have money to invest you have nothing. I like to remind people that successful investing strategies begin before you start investing.
·Get an education so you have a saleable trade, skill or profession for life. Update as needed.
·Select the right mate. Eighty percent of your success or failure depends on whom you marry.
·Never pay interest except for investment interest. Why make other people millionaires instead of yourself?
·Reduce or eliminate income taxes. Most people can become a millionaire doing this one item alone.
My investing strategies are simple:
More millionaires have been made in real estate than all other investment combined. I take it one step further, except for my first real estate investment. I never used my money again to purchase real estate.
·Look for high-paying dividend stock, with good appreciation with a long-track record.
·Select high quality stocks and hold. Avoid constant buying and selling.
·Avoid bonds and mutual funds. Over time stocks always do better.
·Subscribe to a financial newsletter that has a long term history of producing 15-25% annual return and follow their computer model monthly. Buy, sell, or hold as they tell you. Very simple for a beginner or someone short of time to do research. It is already done.
What distinguishes your book 80 Proven Ways to become a Millionaire from the others that have been written about the same subject matter? Why would we purchase your book?
My book has already won two national prestigious awards - Finalist in Personal Finance. There isn't another book like it in the U.S. today, as it covers finances womb-to-tomb. One chapter lists 80 ways to become a millionaire AND all you need is 2 or 3. It has 20 eye-popping chapters, some of which have never been seen in other books. The reader will learn:
·How you can retire 20 years from your wedding date worth $15 million dollars following four simple items.
·How to have your child graduate from a university with a B.S. Degree, 100% debt free, with zero help from the parents, and have $300,000 invested by graduation, ready to start your working career.
Why selecting the right mate is your best financial decision
How to average 15% per year on all your investments
This book will make it easier for you to make more money while enjoying living than any other similar book on the market.
Dr. Leo Schreven, founder and speaker of all Powers Seminars, draws 1000s for his weekend seminars called me out of the blue and said a friend had given him my book and said it was a must-read. He told me he had read over 400 books on personal finance and he ranked my book in the top 3.
Do you feel that most investors don't use their imagination when it comes to savings and investing?
No question. Believe me when I say it takes very little effort to become wealthy. The biggest obstacle is procrastination.
What have been your most successful investments and worst investments?
My best investment was a farm I purchased in Vermont, where my wife was from. I paid $110,000 and sold it for more than $1 million.
My worst financial mistake was to give $11 million to charity between ages 40-45. If I had kept it invested at 15% compounded per year, today I could give $11 million each to 293 different charities. That's the power of compound interest.
How did you decide you were ready to write 80 Proven Ways to become a Millionaire?
The fact is the majority of Americans are 2 paychecks from bankruptcy. I love to help people and gave Wealth Creation and Wealth Preservation seminars for 20 years. The workbooks and videos I created for the seminars needed to be updated and I wanted to help more people than I could reach in my seminars. The original plan was to produce the seminar on DVDs as I'm not getting any younger <smile>. As the project unfolded, it made more sense to put the information in book form so more people could be helped.
What was the most difficult thing about writing your book?
I really enjoyed writing the book knowing the motive—to help people.
Once I was “done” with the writing part, I was a bit frustrated when the chapter proofs did not come back in numerical order. You can read the story on pg 43.
Can you tell us how you found representation for your book? Did you pitch it to an agent, or query publishers who would most likely publish this type of book? Any rejections? Did you self-publish?
SG&A Productions, Inc. published the book for me. Renee, the president, was the one who convinced me that the information in my seminars needed to be captured. She asked me to “do a brain dump” and 80 Proven Ways to Become a Millionaire which covers personal finances – womb to tomb, was created.
Can you explain some of your research techniques, and how you found sources for your book?
I have been professionally involved in business and finance my entire life.
For years I’ve subscribed and reviewed over 30 financial publications per month. With the Wealth Creation and Wealth Preservation seminars, I was always updating the information. AND at the same time, many concepts in the book are completely my own.
As there does not seem to be any authoritative standards that exist for the type of book you have authored, how do you know these books are up to par? How do you check out their authorial competence?
I can tell from a lifetime of experience including 21 years of teaching. Your second question I don't have time, with my schedule, to check authorial competence of very many personal finance books per years.
Are you working on any books/projects that you would like to share with us? (We would love to hear all about them!)
Since completing 80 Proven Ways to Become a Millionaire, I have authored a 32 page beautiful booklet entitled 20 Proven Ways to Give to Charity While Making Money for Yourself. This is to help charities raise large sums of money because it is a totally new paradigm in giving. Most of the 20 examples given enables the donor to give to charity without costing them a penny and in several examples the donor gets back up to three times his original gift. I have personally used only 10 of the examples and in the past 8 years alone have raised almost $250,000,000 for charities without me taking or making a penny for myself.
How can our readers find out more about you and is there anything else you wish to add that we have not covered?
Yes, I plead with all of your readers to get a copy of the book. It will change their financial life as long as they live. It covers finances from the womb to the tomb. I can assure you they will never be the same after reading and applying the information.
Many professionals have praised my book. One of my favorites is a quote from Dr. George O. Ogum, Professor of Finance, La Sierra University. He said, “This book is probably the best book on personal finance in existence today! It takes the theory of personal finance and makes it easy to understand and follow with achievable results.”
To order 80 Proven Ways, call 800-310-5389, or go to www.80ProvenWays.com
Thank you kindly, Paul S. Damazo
Thank you and good luck with all of your future endeavors
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