1-Sentence-Summary: Secrets Of The Millionaire Mind shows you that your financial success is predetermined and hardwired into your brain since birth, and what you can then do to break through the barriers in your mind and adopt the habits and thinking of millionaires.
Read in: 4 minutes
Favorite quote from the author:
I first read T. Harv Eker’s name in Hal Elrod’s book, The Miracle Morning, because he was his mentor. Hal sometimes talks about living a “level 10 life” where you’re successful in all areas, not just one, and Harv is who he learned that from.
After riding an emotional and financial rollercoaster in the process of building, selling and losing over a dozen businesses, going from broke to millions and back, Harv started analyzing his own relationship with money and his habits.
As it turns out, there are some habits of the rich, which make or break whether you’ll become financially independent. Secrets Of The Millionaire Mind explains what’s going on.
Here are 3 lessons to get you started on changing your own financial mindset:
- You naturally tend to replicate your parents’ income strategies.
- If you want to control your finances, you first have to realize you’re the one at the wheel.
- Don’t despise rich people.
Ready to flip the switch from pennies to profits? Let’s go!
Lesson 1: You probably try to make money the same way your parents do.
Imagine your Mum makes an awesome chocolate cake (I hope she does!) and you wanted to bake one yourself. You’d probably turn to her for advice and ask: “Hey Mum, how are you making that chocolate cake?”
Your mum would then tell you the recipe and help you get it right. But when you ask her why you’re doing things in a certain way, her answer might be: “Well, that’s the way I’ve learned to do it from your grandma, it’s the way we’ve always made chocolate cake.”
If that sounds familiar, then you’re in for a treat: Now look at how you make your money. Does it maybe also resemble almost exactly what your parents have done for years?
Not only is it very common for sons of doctors to become doctors, daughters of lawyers to become lawyers, but also for us to just take the same approach to our careers overall, that we’ve seen our parents take our entire life. If your dad has a regular job, you’ll probably also get a regular job. If your parents own a business, you’re likely to start one at a young age, and so on.
While entirely natural, replicating the income habits of our parents won’t work for most of us – we strive for more, after all – but what can you do to break old thought patterns?
Lesson 2: Realize you’re the one in charge, to start taking control of your money.
Let’s paint a mental picture. At the beginning of the month, your paycheck arrives. Now imagine every single dollar bill is a passenger on a bus, and over the course of the month, that bus drives along, and everyone gets off at a different stop. Some dollars leave at the rent stop, some leave at the grocery stop, some get off at the dry cleaner’s, and so on.
When you think of this metaphor, do you see yourself sitting in the very last row, just watching all of your precious dollar bills leave the bus, with someone else in the driver’s seat? It’s not uncommon for us to wonder at the end of the month “Where did it all go?” and feeling like a victim, because so many others have taken all of our money.
But the truth is, you’re the one in the driver’s seat, and have been all along. Realizing you’re the one who’s in control of all of your finances is the first step to making a change. Instead of sitting in the backseat, watching your money disappear, while blaming the government, your employer or the economy, step up to your job as a bus driver – you decide who gets off at which stop, no one else!
Stop complaining, analyze where you’re spending too much money and adjust accordingly.
Lesson 3: Don’t despise rich people.
This one struck me, because it was subtle, yet I could see the truth in it. If you hate rich people, you will never get rich.
Having a positive attitude towards wealth and money is a prerequisite of attracting it. That doesn’t mean you should show off all the time, but you can’t envy or mistrust current millionaires, while hoping to become one yourself. Thinking with such a scarcity mindset will block you from engaging with millionaires, learning from their material and truly embracing what they have to teach you.
I’ve done this before. I’d think of problems I’d have once I got rich, such as friends only wanting my money, or that being rich might make me a bad person – this is nuts. First of all, it’s not a problem you and I currently have, so don’t waste time and energy trying to solve it. Second, it’s very unlikely to happen.
So quit the complaints and start objectively looking at what you have to do, then take those steps, so you can start learning from the right people.
My personal take-aways
At first skim the summary of this book seemed a bit fluffy, but it actually has some really good insights, like lesson 3, which makes a lot of sense once you catch on, but is not something you’d think of yourself.
I can definitely relate to the predisposition part, we just adapt what our parents do in every facet of life, it’s natural, so if we want something different, we have to change our thought patterns.
I know the book has 17 “Wealth Files” which describe the habits and mindsets of millionaires in a lot more detail, I’m really interested in picking up a copy now!
What else can you learn from the blinks?
- Where and when our financial hard drive programs are shaped
- What your money blueprint is and how it’s imprinted with a few single sentences
- How to take inventory of your current mindset and financial status
- What you can do to break the patterns, using affirmations
- The kind of commitment it takes to get rich and where to start
- Why you can’t become a millionaire by thinking about a steady income first
- How to allocate your money each month in exact percentages
- Why future millionaires have to be a bit cocky to succeed
Who would I recommend Secrets Of The Millionaire Mind summary to?
The 21 year old, who’s been working for 5 years, and always scrambles to meet ends meet at the end of the month, the 39 year old who realized she exactly modeled her parents’ financial behavior, and anyone who keeps pointing fingers at the government, their boss or the economy.