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I call these universal wealth principles for two reasons. First, as The Money Coach, I've had direct contact with tens of thousands of consumers across the country and, based on these dealings, discovered that these wealth principles can be used by anyone -- no matter what age, income, race, marital status, or job standing. Second, as a former financial journalist for Dow Jones and a CNBC business news reporter, I have interviewed hundreds of millionaires and thousands of money management experts -- everyone from certified financial planners and stockbrokers to CEOs -- all of whom either followed these principles to amass wealth or used them with their clients.

The potent combination of implementing all seven principles and the strategies for executing them simultaneously will turn you into a financial powerhouse and enable you to create your own Millionaire Success Formula. Putting these principles into action will help you develop and stick to a concrete, personal plan for creating and maintaining long-term wealth. With this formula, your 1 in 13 chance of becoming a millionaire will improve dramatically. Readers at all levels of personal finance knowledge will deploy each principle one at a time, ultimately combining all seven to become what I like to call a "Millionaire-in-Training."

How To Use This Book

'The Money Coach's Guide To Your First Million' is divided into seven chapters that mirror the universal wealth principles I describe above; each chapter corresponds to a single step. While I think you'll get the most out of this book by reading it from cover to cover, if there is a certain subject you find of particular interest, you can flip right to that chapter and learn the related strategies, tactics, and ideas that drive that piece of the Millionaire Success Formula.

As your personal Money Coach, I'll share the tips, tricks, and techniques that millionaires have known and practiced for years. In Chapter 1 you'll learn why millionaires love budgets -- and how they use them to get even richer. This chapter goes on to explain four simple ways to stop blowing your budget by using proper planning and control. Chapter 2 details a number of little-known methods for creating a stellar credit record that ultimately improves your net worth. I call this The PERFECT CREDIT™ seven-step system. For those of you trying to overcome debt problems, Chapter 3 introduces debt-busting strategies that can wipe out credit card bills, such as sending debt verification letters to collection agents. These letters often legally eliminate debts in their entirety. And if you're one of the 115 million Americans with credit cards, Chapter 3 gives you the low down on how banks and other financial institutions operate. After reading this chapter, you'll be convinced that you need to switch roles and start acting more like a lender than a borrower.

But more importantly, 'The Money Coach's Guide To Your First Million' takes you beyond the basics of budgeting, credit, and debt management. With the activity in the housing market, many of you will no doubt be interested in Chapter 4, which describes how to get 30 percent returns without becoming a landlord as well as atypical methods for making money in real estate. And for those of you interested in the stock market, Chapter 5 details the dos and don'ts of investing; in particular, how to avoid losing your shirt on Wall Street. You might be surprised to learn what the top 10 investment scams are today.

Finally, it's not enough to tell you how you're going to get rich. You need to know how to stay that way. So 'The Money Coach's Guide To Your First Million' also reveals the most common ways that millionaires lose their fortunes. You'll want to pay close attention to the six Dreaded Ds: divorce, disability, downsizing, disease, death in the family, and disasters, which include business failures, lawsuits, and money-wasting addictions to drugs or gambling. In Chapters 6 and 7, you'll learn how to safeguard yourself financially against all the Dreaded Ds, and how to creatively use trusts and insurance to avoid these and other pitfalls once you become a millionaire. Chapter 7 also provides you with a vision for the future, explaining why forward-thinking people, who plan not just for years but for generations, are often the richest of all.

Again, my goal as your Money Coach is to explain the crucial steps you must take to build enduring wealth, reach millionaire status, and make sure your fortune isn't squandered. Let me emphasize up front that these seven steps are all equally important, and you must tackle each one if them if you want your riches to last a lifetime.

No Get-Rich-Quick Schemes

Some of you may be saying: "Can't I just do one thing to become a millionaire?" I wish it were that simple. The reality is that you have to take a multi-pronged approach in order to gain lasting material comfort and wealth. Just taking one or two steps -- or even four or five -- won't get you there and keep you there. It's the combination of this seven-phase process, all phases working together and guiding you toward your ultimate destination that catapults you to a life of financial freedom.

In case you still need convincing that you absolutely have to work on all seven steps to permanently achieve millionaire status, picture a star basketball player at the height of his game. He's a pro -- but he's also a veteran. And, with new players entering the league each year, he knows that he'll probably be around for only a few more seasons at best. For this player, his ultimate dream is to be inducted into the NBA Hall of Fame. To reach that goal, this individual works relentlessly.

He's constantly tweaking his defensive and offensive games. He practices free throws for hours at a time, works on his dribbling skills, learns to post up well against bigger competitors, knows when to pass the ball for that all-important assist, and he shoots well from the top of the court too. Ultimately, this player does get into the Hall of Fame.

Do you think this would have happened if the player only shot the ball well? Not a chance. It's the merging of all his skills and abilities that helped him reach his goal.