The Secrets of the Millionaire Mind is all about changing your mindset, so you can adopt a new way of thinking and create wealth in an easy way. As the author says “Once you change your roots, you will able to see your lifestyle clearly”.
This is the smallest personal finance book I have ever read, it only has 224 pages but still, tells you everything about money that will change your perspective toward rich and wealthy people.
Let me first say thank you for reading this. This will be a weekly newsletter, hope you enjoy it. Now I will see you every Sunday at 9:00 AM (IST).
Secrets of the Millionaire Mind Summary
One of the core ideas from this book is the way your parents have raised you. Imagine your father telling you that investing money is not a good idea or that rich people are evil. Now, this will affect your mindset toward investing and rich people.
This kind of thinking will enter into the Subconscious Mind mind and eventually, your mind will start believing in that idea which is not true at all.
T. Harv Eker shared two ways to change the mindset,
- Questioning everything and trying to relearn everything.
- If some kind of incident happens in your family and you are forced to do something out of the box.
So keep in mind that everything you watch, hear, or feel won’t be true all the time. You have to question your belief otherwise, you will be stuck in a loophole, and in the end, it will be hard to adopt new things.
I’m keeping my promise, this is the mini-ebook of Secrets of the Millionaire Mind by T. Harv Eker. So download right now and read wherever you want for free. Happy Reading.
Pattern of Learning
The book has one formula and by using this, we will be able to understand how we start believing in certain things.
- T = Thoughts
- F = Feelings
- A = Action
- R = Results
Before you believe anything, you will have thoughts and once those thoughts take place, you will start feeling about that situation or belief. Later, you will take action and in the end, you will get the results.
For example, if your parents say that rich people are evil and there is no way to earn more money in a limited time, you have to work hard to earn money.
After hearing this, you will think about it and most of the time, no one tries to question this as it comes from a father or mother. So eventually, we start believing in that idea.
But what the author says is,
Before you believe in a particular idea, ask questions, do proper research, learn new things, cross-check everything, and then come to the results.
So when next time, if someone says “Hey, this is a bad idea to start a business”
Ask that person why you feel this is a bad idea “if I’m doing anything wrong, if you think I need to change anything, or if you’re just saying this because you’re afraid of losing money in business.”
Related: 15 Must-Read Books in Life
This is very common, our parents never told us that we should do business, we should rather find a stable job. They’re not wrong because their parents never taught them to do business, so they think, business is not for everyone.
So learn a new way of learning which is to start questioning the question.
Living on Pay Cheque
There is nothing wrong with doing the job, spending money on needs, or even buying things that you don’t need.
What’s wrong is spending money without realizing your lifestyle.
If you’re earning Rs 30,000 every month then it doesn’t make any sense to spend all the money and wait for PayCheck.
If your needs are worth Rs 15000 every month then it makes sense to spend Rs 5000 or even Rs 7000 on your wants because we’re earning money to live a good life.
Now the remaining Rs 8000 can be invested anywhere whether it’s the stock market, bonds, gold, silver, or even mutual funds.
Investing will ensure that you earn money while you’re sleeping. That Rs 8000 month doesn’t feel big but after 10 or 20 years, you will realize the power of being consistent.
Recently, I have shared the power of compounding in MONEY Master the Game. So take all in and understand how investing can free you from PayCheck.
Let’s say, rather than investing for 20 years, you plan to invest for 25 years, the interest rate will be at 13%.
- After 25 Years you have invested Rs 24,00,000 (Rs 24 Lakh)
- Interest after 25 years is Rs 1,57,71,480 (Rs 1.57 crore)
- Rs Rs 24,00,000 Investment + 1,57,71,480 Interest = Rs 1,81,71,480 (Rs 1.8 crore)
8000 is a small amount but it will get bigger and bigger if you stay consistent.
Now, of course, you will earn money year after year and you can also increase your investment from Rs 8000 to Rs 10000 to Rs 15000 over time.
So the point was, that you should and need to invest some amount of money whether it’s Rs 500 or even Rs 8,000. What matters is, that you’re investing.
Paid On Time
Let’s say, I’m doing a job where I’m earning Rs 50 for every hour and I plan to work for 8 hours a day. This means I will earn Rs 400 every day which is Rs 12000 in a month and Rs 140000 in a year.
Do you think I will be able to earn Rs 1 Lakh a month if I work like this? The answer is obviously NO.
So what can I do?
The T. Harv Eker says “Don’t get paid on time, get paid on results”
For example, if I’m working in a company where they’re facing a problem that no one is able to fix properly, and If I can fix that problem then yes, I will get paid more money than anyone.
I get paid for the results I have provided. I didn’t get paid for how many hours I worked to solve that problem.
Think for a second…
As per the author, this is the mindset of most of the people who are working 9 to 5 jobs. He says they need to change their mindset and do something that no one is willing to do.
So if you want to live your dream life then you have to do something out of the box. Re-invent your work and you will be able to achieve whatever you want.
Rich vs. Poor Thinking
- You’re in control, instead of at the effect.
- You focus on making money vs. not losing it.
- You commit to being rich, not “wanting it.”
- You think big, instead of limiting yourself.
- You focus on solutions & opportunities, instead of problems & obstacles.
- You admire successful people, instead of envying them
- You associate with the ambitious, instead of losers.
- You promote yourself, instead of shying away from it.
- You can solve any problem, you’re not smaller than your problems.
- You choose to get paid for results, instead of time.
- You consider all options, instead of trying only one.
- You focus on your net worth, not your salary.
- You face your fears, the instant of succumbing to them
- You constantly develop, instead of stalling
This is what T. Harv Eker has shared in the Secrets of the Millionaire Mind. I hope you will understand this well and work on it.
In my family, no one had invested a single rupee in the stock market. Everyone thought of the stock market as gambling where people lose their homes, life-saving, and life as well.
So investing wasn’t an option for me, the same goes for business as well.
Till the age of 20, I never thought of investing or starting a business because I thought “If my family is saying something is not good then it will be true till I started reading books”
This clearly changed my mindset toward people and even money.
I also understood that my family members were right in their place because no one taught them anything about business and investing and they were also trying to save me from losing money because they thought they were right.
So for me, books taught everything, for you, it could be your parents, friends, or even school.
And if you’re reading this then I Just want to say “Learn as much as you can about money, yourself and try to question your beliefs”
Sometimes our beliefs stop us from trying something new whether it’s questioning about GOD or anything else.
Secrets of the Millionaire Mind Lessons
- Never be afraid of asking questions, it doesn’t matter if you’re the only one who is asking the question.
- Your childhood beliefs might be stopping you from doing something, so do one thing, think about it, ask questions, and try to understand why you’re feeling the way you’re feeling.
- Define how much money is enough to live a comfortable life, you don’t need 100 crores to live a good life. Money will give you freedom but it might not give you the happiness that you have been looking for.
- Everyone should and needs to invest some amount of money.
- There is nothing wrong in doing the job, what’s wrong is not investing and living paycheck to paycheck.
- Try not to get paid on time, instant, get paid on results. This will open up lots of new opportunities.
Secrets of the Millionaire Mind Quotes
“The number one reason most people don’t get what they want is that they don’t know what they want.”
“The first element of change is awareness. You can’t change something unless you know it exists.”
“The second element of change is understanding. By understanding where your “way of thinking” originates, you can recognize that it has to come from outside you.”
“Nothing has meaning except for the meaning you give it.”
“Robert Allen said something quite profound: “No thought lives in your head rent-free.”
“There’s a saying that author and speaker Jim Rohn uses that makes perfect sense here: “If you keep doing what you’ve always done, you’ll keep getting what you’ve always got.”
“The deal is this: if somebody isn’t willing to receive his or her share, it must go to whoever will. The rain doesn’t care who gets it and neither does money.”
“Money is extremely important in the areas in which it works, and extremely unimportant in the areas in which it doesn’t.”
“If you want to get rich, focus on making, keeping, and investing your money. If you want to be poor, focus on spending your money.”
Secrets of the Millionaire Mind Review
The Secrets of the Millionaire Mind tells you to question your childhood beliefs which are business is for everyone, investing is not bad things, learn to ask questions, and lastly, don’t believe everything you hear, watch, and feel.
The question is, should you read The Secrets of the Millionaire Mind by T. Harv Eker? The answer is YES.
Because everyone believes in something that might not be true.
So it’s important to understand that everything you learn from your parents and loved ones needs to be questioned and this is what The Secrets of the Millionaire Mind is all about.
By the way, if you have read Rich Dad and Poor Dad then you might find lots of similarities in The Secrets of the Millionaire Mind. In this case, you can skip the Secrets of the Millionaire Mind.
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