Author: T. Harv Eker
|Secrets of The Millionaire Mind (2005) can be summed up as follows: self-made millionaires did not reach this point in life by chance. They possessed certain traits that helped them become wealthy. This book also introduces us to the wealth killers and the steps to wealth. The author goes on to suggest we should live our lives in 3 different states: the poverty mentality, the middle-class mentality, and the billionaire mentality. The myths covered in this book are just myths. Facts are presented to counter each myth.|
Detailed Summary of Secrets of The Millionaire Mind
You always hear about the power of positive thinking or the law of attraction, but what about the mental aspects that make wealth a reality for certain people? The law of attraction is a natural law that works whether you believe in it.
It attracts your emotions. This is the reason why you must learn how to control your emotions. This is the secret of the law of attraction. Once you learn to control your emotions, you can put the law of attraction to work for you.
The other element for wealth building is having a positive mindset. You must believe that you deserve success if you wish to be rich. This simply means that your thoughts should reflect your desired outcome rather than dwelling on things preventing you from being rich.
Most people assume “money” is something you either have or don’t, and they don’t know where they fall into this spectrum. They think they don’t know anything about money if they’re not earning millions of dollars a year. If they’re earning $20,000 a month and their expenses are $19,000 a month, they assume that because they’re “making money,” they must be one of those people with a special knack for managing money.
In reality, everyone fits somewhere on the continuum between total ignorance of money and the Midas touch. The fact that some are closer to one end or the other doesn’t mean that anyone has a special edge or advantage in money management.
Secrets of The Millionaire Mind Summary Key Points
What are your beliefs about making money? In your opinion, how can a person learn money management skills for growing wealth? The following key points will unwrap the reality of how to make money by adopting a positive attitude and focused mindset.
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We mostly Tend to make Money the way our Parents do
Our parents’ generation was able to lean on several different endocrine glands for their livelihoods. For instance, an actor could make money as an actor, a writer as a scriptwriter, a teacher as a lecturer, and so on. Nowadays, most of us need to pick one source of income and stick to it. I often see younger people trying to replicate the same income approach that our parents did.
We talk about breaking the cycle of poverty, but we often settle for what our parents think is best for us when it comes to how we view work. This is why I believe that most people in their 20s who have not started their businesses have simply not thought about what a business looks like to them.
The reason is simple: we always look for ways to improve what we see or are taught. It’s human nature to accept the status quo and strive to improve. Your parents, who were most likely able to provide a better life for you than their parents could, want to see the same for you.
So when you’re coming up with ways to make money, it might be helpful to remember these old familiar methods won’t work for everyone. For instance, while it was wonderful that your dad could put food on the table through a steady, reliable job, not every job is steady or reliable anymore, and not every company is as good as your dad’s.
You are the One who takes Control of your Money, don’t Blame others
You know that feeling when you see your bank account dwindling at the end of every month? And then you keep asking yourself how you’ll be able to pay all your bills, and you start feeling nervous. The money that should have been there just disappears.
In your mind, you can explain what happened – the rent needs to be paid, the car has to be filled with gas, and a bill needs to be paid, but you still can’t figure out why there isn’t enough money. You want to blame someone – either the government, the economy, or your job taking all your money. But the truth is – it’s your fault.
You’re the one who’s in control of all of your finances, and it’s time to start taking control and stop complaining.
- Understand where your money goes, like really understand it.
- Make a budget and set goals to achieve financial freedom.
- Pay yourself first into a savings account that works for you!
- Find your weaknesses and strengths and apply them to your finances.
- Stay committed to changing your financial habits for the better.
- Invest in yourself and make sure you’re financially literate!
- Surround yourself with like-minded people who are focused on creating wealth too!
Hating rich People will not make you Rich
We are all affected to some degree by the current economic situation. A certain amount of tension and stress comes with the feeling that we don’t have enough of the things we need to feel comfortable and confident.
For most people, this stress comes when they see other people who appear to have more money than they do and feel jealous. These emotions create a tendency to disdain rich people, but this reaction can be harmful. It blocks you from attracting more wealth.
Don’t despise rich people. It’s easy to hate people who have more than you do but don’t forget that those people didn’t get rich by sitting around being sad about how poor they were or resentful of others. They got rich because they made themselves better off than others.
I know it’s really hard not to resent your employer when he earns more than you do, but if you want a raise, you’re going to have to do something that makes you more valuable to your company.
A negative attitude towards money and wealthy people leads to an environment without room for wealth and abundance. This attitude came from childhood when we learned that you deserve to be punished if you’re arrogant and show off. The worst thing about this is that the punishment will be getting less money and power, which goes against the very concept of this book.
Secrets Of The Millionaire Mind Quotes
“If you want to change the fruits, you will first have to change the roots. If you want to change the visible, you must first change the invisible.” –T. Harv Eker
“If your motivation for acquiring money or success comes from a nonsupportive root such as fear, anger, or the need to “prove” yourself, your money will never bring you happiness.” –T. Harv Eker
Secrets Of The Millionaire Mind Review
This book has very useful insights into daily life. Many things you would probably know don’t know. There are wealth-making tips and strategies other than those explained in the Secrets Of Millionaire Life Summary that would help you in making money. If you want to read something unique that will have an impact on you, then this is the one!
To whom would I recommend Secrets Of The Millionaire Mind Summary?
- Anyone who is working hard but is not able to meet all his expenses.
- Any person who blames others, either the economy or his boss, for his financial crisis.
- Is anyone interested in learning about the natural mediators in ourselves?