If we ask a group of people that “who wants to be a millionaire?” 99% of the crowd will answer “Yes”. We mean who doesn’t like money. But it is very rightly said that everything happens twice, first in your mind and then in reality. The book “Secrets of the Millionaire Mind” by T. Harv Eker is a book that can help you on multiple fronts psychologically. In the last few months, we’ve realized how important our mindset is and how important it is to think well. This book tells you about this in the context of money and wealth. So here is the book summary of Secrets of the Millionaire Mind in 10 lessons that we learned from the book –
1. Leaving income strategies of our parents
We have seen our parents building their wealth on certain strategies. These strategies are saved permanently in our thought structures. So we are basically programmed for the level of wealth we are currently at. This is known as ‘Money Blueprint’ as explained in the book, Secrets of the Millionaire Mind. People’s income hardly diverts from the level that was set in their minds during childhood.
If you want to be a millionaire, you should learn to throw out these old strategies and adopt new ones. Basically, you should learn to change your blueprint. Only after doing this, you can be a Millionaire. Otherwise, you might become a millionaire but you won’t be able to maintain that status for long. And, you might end up where you started.
2. Believing that you create your life
If you want to be a millionaire, the first thing to do is to believe that you are in control of your financial situation. The millionaires know that they are in control of their financial situation while the financially weaker section always gives control of their income to others.
Poor people are the ones purchasing lottery tickets to get rich. But, rich people don’t depend upon lotteries to get rich. They don’t gamble their way to wealth, they work for it. A financially weaker section starts the blame game as soon as some difficult situation arises. They’ll blame anyone they can, be it the Government, their employer, or the financial situation.
3. Thinking Big
We have heard from various achievers “Dream Big”. The author mentions that when he started his retail fitness stores, he intended to have one hundred successful stores. While his competitor wanted to own one successful store. In the end, the competitor lived a decent life while the author got rich.
It is you who will decide that whether you want to play in a big-league or small, whether you want to stay in the crowd or stand out of it. The majority chooses to play it small. Because of the two reasons, first being fear of failure and the second is they feel small. They feel they are not good enough to make a difference. It is very right to say that everything happens twice, first in your mind and then in reality. You have to first think big then only you will achieve big.
Everyone has a purpose of adding value to other people’s lives. It is up to you, how many people you want to touch. You want to help a million people or just ten, it is you who will decide.
4. Focusing on opportunities
Wealthy people focus on opportunities. While middle-class people focus on obstacles. There is a clear difference between the things that grab the attention of these groups. One is focused on rewards while the other focuses on risks.
And the reason they can do so is that they have confidence in themselves and their abilities. They don’t simply take blind risks. They do their due diligence and make decisions based on the facts.
Simply put, to achieve something financially you have to “do” something; you have to take action. And to know what actions to take, in which direction to head, you have to look for opportunities.
5. Admiring the successful and rich people
The majority of the time when we look at someone rich, we say “They are so lucky”. We look at them with resentment and jealousy. But you should realize that you cannot become someone you hate. If you hate rich people then it makes no difference to their income or worth. But these thoughts are surely impacting your happiness and success.
You think so many mean things about them but believe us, they are not what you think. If you want to be rich then you have to be trustworthy. Because people will only do business with a person that can be trusted. Also, for being rich you must be positive-minded, reliable, focused, determined, and an expert in some areas. These are the qualities we all thrive for. And the rich people have all these qualities.
So instead of hating the rich, start admiring their qualities, their hard work, their passion. This lesson from the book, Secrets of the Millionaire Mind, really hit us hard.
Bless that which you want.
Huna Philosophy
6. Promoting yourself and your values
The author says that resenting promotion is one of the greatest obstacles to success. It is directly linked to your success. If you don’t promote your product you won’t reach the mass, which in turn will result in lower sales. Even if you are in a job you have to promote yourself there. You cannot just sit in a corner and expect to move up the order in your organization. You have to promote yourself there also.
People resent jobs that include sales and promotion. But it is a fact that the people in sales make the most money. Because their income is directly linked to their performance. We have always heard the term “Best selling author” but never “best writing author”. Every business in this world depends on selling.
7. Being a receiver
The author refers to it as the number one reason why people don’t achieve their full potential. We are poor receivers. And this is due to the feeling of unworthiness. We have developed this feeling over some time. We in our lives listen to 20 NO’s for every YES. This in turn settles in our mind. And when something good comes up the first thing that comes to our mind is NO.
But you have to realize that this feeling of unworthiness won’t prevent you from becoming rich. You can take it oppositely and get rich to prove your worth.
If a hundred-foot oak tree had the mind of a human, it would only grow to be ten feet tall!”
T. Harv Eker, Author of The Secrets of the Millionaire Mind Book
This feeling has only been generated by you as your story. if you start telling yourself that you are worthy then you’ll start believing in it. And this now will become your story.
We also feel giving is better than receiving. But, how will you feel if you’re giving someone something and they are not receiving it? You will feel bad obviously and from that time onwards you won’t give them anything. The same goes for when you don’t receive. This gives the universe the signal that this person doesn’t want anything so you yourself have now stopped your future supplies.
8. Get paid based on results
Rich people are rich because they get paid based on results while the poor get paid based on time. It is not like earning a paycheck is wrong but you never earn your worth. But the trap of security is such that you are ready to compromise on your worth. This security comes at a price and that price is wealth.
When you earn based on results there is no limit on your earning. Then it totally depends on you, how much you earn. Rich people actually believe in themselves and they know that they can deliver when required.
Never have a ceiling on your income.
T. Harv Eker, Author of The Secrets of the Millionaire Mind Book
The idea of getting paid based on time has been ingrained in our minds from our childhood. Because we have seen our parents doing it. If you can’t go for your own business then become a commissioned salesperson. As it was mentioned earlier also that jobs based on sales are the highest paying jobs because they are directly linked to the results you get.
9. Focusing on net worth
Have you ever heard someone asking you this question: “What is your net worth?” But, we at WealthDrift have always said that your net worth is the real indicator of your wealth. Because it is what you own that can be liquidated whenever you need it.
Net worth contains the following four elements:
- Income
- Savings
- Investment
- Simplifications
Income comes from two sources: working income (comes from your active work) and passive income (money without you being actively involved).
Working income is the important one because it acts as a way to develop the other three incomes. But you should not have only working incomes as your income. Focus on increasing it so that you can build the other three and not for increasing your spendings.
After increasing your working income, you should start saving (2nd Income) more and then invest (3rd Income) these savings to grow your money. Give your time and energy to learning the investing methods and increase your net worth.
The 4th income is Simplification. The author terms it as the dark horse among the four. Simplification is decreasing your cost of living and thereby saving more money. This leads to more money being available for investments.
10. Beat your fear
The author describes the process of manifestation as:
Thoughts lead to feelings, feelings lead to action and action leads to results.
For every action, there is a reaction therefore for a reaction to exist there must be an action. Similarly to get results action is the key ingredient. And we all want to take action to reach our goal but we don’t go for it. Because of our FEAR (False Events Appearing Real).
Feel the fear and do it anyway
Susan Jeffers
You don’t have to get rid of the feeling of fear. You have to feel it but you don’t have to let it stop you from performing actions. Every successful person at one stage or another has felt fearful but they didn’t stop. They carried on and later became our success models.
If you are willing to do only what’s easy, life will be hard. But if you are willing to do what’s hard, life will be easy. You have to be ready to be uncomfortable if you want to live the life of your dreams.
So, fellas, these were the top 10 lessons from the book “Secrets of the Millionaire Mind” by T Harv Eker. Follow these lessons and you are good to go for having a millionaire life.
You can also refer to our articles on books related to building wealth. Click here to read
Feel free to share this article amongst your friends as you won’t enjoy being a millionaire while your friends struggle financially.
