Mike’s book resonated with me on so many levels that I don’t know where to begin. His journey and mine have taken similar paths, from going to college, to getting a job in the corporate world, to feeling unfulfilled and leaving the grind to open his own business, to selling his business and jumping headfirst into real estate.
Mike starts out the book by portraying the bleak picture that most Americans face and how we can’t depend on corporate America to take care of our needs. He lists such ills as the failing public school system, the rising costs of basic necessities, the poor job market with low paying jobs, and the enormous chasm between the rich and the poor. The statistics that shocked me the most: 146.4 million Americans classified as “poor” or “working poor” (48% of the population) and the top 20% of wealthy Americans now own 84% of all the country’s wealth.
The book then transitions quickly into what opportunities to focus on in the coming years. Mike defines Main Street Millionaires as An entrepreneur who wants to control his/her own financial future by owning small to medium sized businesses in his/her community that focus on providing quality, affordable, and ethical services to the largest and fastest consumer segment in the U.S.-the working poor.He lays out five industries that he thinks will flourish in this rapidly growing consumer segment:
1. Finance, more specifically pawn shops.
2. Affordable rental housing.
3. Fast food. Chick-fil-A and Panera are two brands that come to mind.
4. Retail. Dollar Store, Rent-A-Center and used car dealers are now taking over the landscape.
5. Senior Care.
Mike goes on to share with the reader how to create a foundation to become a Main Street Millionaire (M$M). After finishing the book, I felt as if I had become a M$M. Jake and I focus primarily on C assets that cater to blue-collar workers. We provide safe, clean affordable housing to this growing segment, and we have been able to offer a quality product and service while expanding our business.
His strategy of focusing on affordable housing is key to avoiding huge losses in real estate over the next few years as the market witnesses brand new complexes being built to cater to a wealthier demographic. Unfortunately, the market is nearing a point where these new units will not be absorbed by the supply coming online, and prices and rents will ultimately begin to fall. The book has only reinforced why our strategy is sound going forward, with “Cashflow” as the primary reason to invest in any asset.
I would recommend Mike’s book to any investor who is unsure of how to make money in real estate. Mike shares his trials and tribulations with the hope of the reader not committing the same blunders. The ultimate goal is to become financially free so you can win back your time and choose to do whatever it is that will bring you passion and joy.
Thanks Mike for writing a book for all of us who chose a different path that was different than what society expected of us. I hope others who are stuck in the corporate world will read your book and strive to become M$Ms.