When Building Wealth by Russ Whitney was first released in 1994, it was hailed as a cutting-edge, comprehensive book that offered a step-by-step plan to reach financial independence and build long-term wealth. Even today, readers praise the strategies Whitney offered. But while the strategies still work, much has changed in the world of business, finance, and investing. That’s why last year, Simon & Schuster and Whitney agreed it was time for a second edition of Building Wealth.

Whitney says there were two primary motivations for the new version. “First, our world has changed so much that the book is no longer complete. It doesn’t discuss things like the technology that was in its infancy then but is now commonplace—things like the internet, e-mail, and affordable cell phones,” he says. “Second, while the strategies I wrote about in the first book still work, I have learned so much since then about real estate and investing, and I wanted to share that information as well.”

Why not just write a whole new book? After all, Whitney has had other bestsellers since Building Wealth, including Millionaire Real Estate Mentor and The Millionaire Real Estate Mindset. Revising the existing book makes an important point, Whitney says. “The basic techniques that I have been practicing and teaching for the past 30 years are proven and effective. They worked then, they’ll work now. There was no reason to toss the entire Building Wealth book; it just needed to be updated and expanded with current information.”

Building Wealth remains very autobiographical. Whitney tells his story of how he evolved from a troubled youngster with a bad attitude to a multimillionaire real estate investor and then how he moved on to create one of the world’s leading financial training companies. But he does more than just explain how he did it; he offers advice and instruction on how the reader can apply the same techniques. He is also extraordinarily candid, sharing details of his mistakes as well as his successes, and demonstrating how to turn what others may consider failure into a stepping stone for greater success.

For example, the first version ignored opportunities in land development. “I wasn’t investing in raw land because the people I learned from advised against it,” Whitney says. “A few years ago, someone brought me a deal on vacant land and it made sense. Since then, I have made millions of dollars investing in raw land, so I added an entire chapter explaining the land investment strategies I’ve developed. Some people might say that the fact that I didn’t invest in raw land for so long and probably missed plenty of opportunities to make money was a failure. I disagree. I learned something and that’s what counts. And I’d rather focus on the future than dwell on the past. We all miss opportunities for various reasons. It doesn’t make us failures. The key is to learn from everything that happens and keep moving forward.”

The new Building Wealth: Worth reading even if you’ve read the first edition—and essential if you haven’t

Even if you’ve read the original Building Wealth, you’ll find plenty of new information in the second edition to make it worth reading. Updates include:

- How to use the internet and other technologies to maximize your profits.

- How to decide when it’s time to move from residential to commercial real estate investments.

- How to invest in raw land.

- How to become a real estate developer.

- New ways to raise money to fund your investments.

- How to improve your credit rating and how you can benefit from a high credit score.

- How to diversify your portfolio by investing in the stock market.

- How to get government sources to help fund your real estate purchases and pay for property improvements.

- How to start the business you’ve always dreamed of owning.

If you haven’t read the original, now is the time to learn about Russ Whitney’s inspiring story and to apply his wisdom to your own wealth-building plan.