1-Sentence-Summary: 7 Strategies For Wealth And Happiness is the ultimate guide to improving your wealth through self-discipline, action, and a positive attitude toward work, money, and the people around you.
Read in: 4 minutes
Favorite quote from the author:
If you had a million dollars what would you do with it? The idea of having that kind of money sounds pretty amazing and life-changing, right? Well what if you got to that kind of wealth by the age of 31?
This is just what Jim Rohn did, but it took some effort. After feeling stuck in his six-year-long job with the same salary, he met his mentor, Earl Shoaff, and everything began to change. By strategically focusing his effort and practicing self-discipline, Rohn became rich at a young age. And you can do the same as well.
That’s what Rohn taught us how to accomplish with his book 7 Strategies for Wealth and Happiness: Power Ideas from America’s Foremost Business Philosopher. These strategies are:
- Unlock the Power of Goals
- Seek Knowledge
- Learn How to Change
- Control Your Finances
- Master Time
- Surround Yourself With Winners
- Learn the Art of Living Well
Here are the 3 most powerful lessons this book gives to help you change your life:
- Get hungry for knowledge and you will soon see your life filling with intelligence, progress, and money.
- Bring money into your life by having a better attitude toward taxes and keep yourself financially fit with the 70/30 rule.
- Don’t tolerate people who bring you down in any way, instead focus on spending your time with high quality people who build you up.
Are you ready for a big change for the better? Let’s dive right in and find out how to make that happen!
Lesson 1: To put yourself on a path of progression and increasing wealth and knowledge, get in the habit of practicing self-led learning.
Let’s say you wanted to become a doctor. You wouldn’t try a triple bypass surgery without years of experience studying the heart and surgical procedures, right? Well then why would you expect to become successful and wealthy without studying financial principles?
The good news is that you don’t have to take out huge loans and spend years getting degrees for the kind of knowledge you need. To get ahead financially, you need to practice self-led learning.
One way to do this is through your experiences. Everything you go through has a lesson, but you need to reflect each day to discover these. Noticing what goes well and what doesn’t will help you decide what to keep doing and actions to stop.
Another great option for self-led learning is to study books, videos, and online courses. Look for the autobiographies of successful people or how-to books for the best life-improving content.
My favorite way that Rohn suggests we seek learning is by spending time with wealthy people. Offer to take someone to lunch who is where you want to be someday and spend that time asking them questions. You might know the habits of successful people by heart, but hearing them from wealthy people themselves is a whole different experience that will change the way you see the world. Investing the time and money this and these other techniques requires will have long-lasting effects for good in your life.
Lesson 2: Having a good attitude about taxes can help you attract wealth, and using the 70/30 rule allows you to keep your riches.
If you’re like most people, the idea of taxes makes you cringe. “There’s only two things that are certain in life, death and taxes” you might say. It’s not fair that the government takes your money away, right?
This isn’t how Rohn thinks on the subject. He used to have this same mentality toward taxes when his mentor taught him to have a better attitude. After all, he said, the better attitude you have about money the less frustrated and more in control you feel.
Start by looking at all the good that taxes do. Your contribution helps make society better for everyone by paying for things like defense, roads, and public transportation. In return, you get to enjoy freedom, safety, and opportunities.
Not only should you see your taxes in a positive light, but all your expenditures also. Be grateful that you get to put money into circulation and improve the economy when you make purchases. Also look at what you get to have for what you spend on bills to have water and keep your house warm or cool.
To manage your money wisely, spend 70% of it on your needs and wants. Then divide the remaining 30% up into three categories with 10% each for donations, savings, and investments. Setting aside a little each month for these will make a big impact on your wealth and happiness!
Lesson 3: The people you spend the most time will determine the kind of person you are, so choose wisely and intentionally!
Your friends have a big impact on what you do and who you are. The people we associate with might be bad with money and rub off on us in this way. It’s no fun to see that you’ve become a worse person after hanging around with the wrong people.
Take a look at the people you spend the most time with. Ask yourself the following questions about them:
- Who are they?
- What impact do they have on me?
- Am I okay with these associations?
You may find that you’re friends are having a bad influence on you. In this case it might be time to make a tough call and cut them out of your life. If this isn’t possible, you can use limited association and restrict your time with them to be as short as you can.
It’s not enough to turn from the bad relationships, either. To be really successful, you must look to the people you want to become like and spend more time with them. Rohn calls this expanded association. If you need to find high-quality people, get involved in your community or online forums.
Rohn is famous for this timeless quote that perfectly sums up this lesson:
“You are the average of the five people you spend the most time with.”
7 Strategies For Wealth And Happiness Review
Jim Rohn is a master of self-improvement, and his 7 Strategies For Wealth And Happiness doesn’t disappoint. I really like this book because it inspires us all to do and become better by focusing on the way we look at money, happiness, and life. Whatever position you find yourself in, applying these principles will change everything for you.
Who would I recommend the 7 Strategies For Wealth And Happiness summary to?
The 59-year-old who pays a lot of taxes and has a bad attitude about it, the 31-year-old who feels stuck at their current job and wants a better life, and anyone who is hungry for more wealth and happiness.