Books have been one of the most cost effective method in acquiring knowledge and wisdom, from those who took the time and effort to capture their greatest lessons in a written form.
In this article, I want to share a book summary on one of my favorite books, "Secrets of the Millionaire Mind".
The Three Key Takeaways
Here are three key takeaways from reading the book, Secrets of the Millionaire Mind:
- If you want to move to a higher level of life, you have to be willing to let go of some of your old ways of thinking and being and adopt new ones”.
- “Having top-of-the-line tools is imperative, but being the top-notch carpenter who masterfully uses those tools is even more critical”.
- “A lack of money is never, ever, ever a problem. A lack of money is merely a symptom of what is going on underneath”.
My favorite takeaway is "A lack of money is never the problem, but the symptom of an underlying problem that has yet to be addressed."
The underlying problem is typically, a lack of skill set. A skill set to save money, a skill set to make money or even a skill set to grow money.
With that said, a typical education system has never taught us these skill sets - all of these had to be learned through self-education. I am sure you know as well as I do, that my degree in Engineering did not teach me anything about investing or options selling.
I am not saying that formal education is bad, after all, it did help me to secure a pretty decent paying job. But what I am saying is that, if you want to be different from the rest, it goes without saying that you would require a different type of education - an education which you will never get from formal education such as Universities.
The 17 Wealth Principles By T. Harv Eker
The book actually has a neat summary of the wealth principles. There are 17 principles in total for amassing wealth:
- Rich people believe “I create my life.” Poor people believe “Life happens to me.“
Whenever we find ourselves blaming, complaining, or justifying, we need to be aware of it immediately, and take personal responsibility to improve my results. - Rich people play the money game to win. Poor people play the money game to not lose. This is not about optimism, this is about increasing your sense of deserving and understanding that you were born to win.
- Rich people are committed to being rich. Poor people want to be rich. If you want something, you must put in the time, effort, and energy to bring it to fruition. I have no doubt that I want a wealth of abundance in my life.
- Rich people think big. Poor people think small. Think bigger and don't listen to the people who are small minded thinking that financial freedom is only possible at 65. It can very well happen in your 30s.
- Rich people focus on opportunities. Poor people focus on obstacles. Obstacles are great - they filter out the weak who don't deserve to be successful.
- Rich people admire other rich and successful people. Poor people resent rich and successful people. You cannot attract what you detract. If you judge wealthy people, it is very unlikely that wealth will come to you.
- Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people. We need to be very particular with the people we spend our time with. After all, we are the average of the five people we hang around with.
- Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion. Selling is serving and there is no transformation without a transaction. Not selling or promoting is selfish!
- Rich people are bigger than their problems. Poor people are smaller than their problems. We are all bigger than our problems and we must be willing to ask, believe, and receive.
- Rich people are excellent receivers. Poor people are poor receivers. Receiving is an act of humility (to the self), honor (to the giver), and respect to the laws and principles of reciprocation.
- Rich people choose to get paid based on results. Poor people choose to get paid based on time. I don't believe in being hardworking with no needle-shifting results. There is a big difference between being busy and being productive.
- Rich people think “both”. Poor people think “either/or”. Live life in abundance – in all areas of life! Just because you want great wealth or a successful career, does not mean you need to sacrifice your health or relationships.
- Rich people focus on their net worth. Poor people focus on their working income. If your focus is to exchange time/energy for money - think about what is going to happen as you get older and do not have the luxury of time and energy anymore.
- Rich people manage their money well. Poor people mismanage their money well. Being wealthy requires discipline, time, and skill, and thankfully, you either have these or have the ability develop them. You’ve got this!
- Rich people have their money work hard for them. Poor people work hard for their money. This is exactly why self-education to learn how to manage your own money is so important!
- Rich people act in spite of fear. Poor people let fear stop them. The courage to execute is to feel the fear and to do it anyways. If you are not fearful, you are probably in your comfort zone.
- Rich people constantly learn and grow. Poor people think “they already know.” People who stay stuck often refuse to consider a new perspective. They are not willing to drop their story or to unlearn their ways. Being rich takes humility.
The Bottom Line
This is a summary of one of the best books that I can find on creating a wealth mindset. Very often, if we do not train our mind, it is very hard for our body to execute to create wealth in our lives.
Let me know in the comments which is your favorite principles of building wealth and if you have a book recommendation - do let me know below as well.