Are you looking for a book summary of Secrets of the Millionaire Mind by T. Harv Eker? You have come to the right place.
I finished reading this book last week and have jotted down some key insights from T. Harv Eker to share with you.
No worries if you don’t have time to read the whole book. The book summary will cover everything you may learn from this book.
Without further ado, let’s get started.
In this Secrets of the Millionaire Mind book summary, I’m going to cover the following topics:
Synopsis of Secrets of the Millionaire Mind
Secrets of the Millionaire Mind shows you the key principles and thought patterns of millionaires that you should adopt to get rich. It also explains how people unconsciously develop wrong attitudes towards money that they learned from parents.
Who is it for?
- Anyone who wants to know the secrets of wealth
- Anyone who wants to make a fortune in the long run
What’s in it for you?
In this book, you’ll understand how your thought patterns shaped by your parents determines your wealth level. And how you can overwrite the poor mindset with new principles and behaviour of a millionaire.
Secrets of the Millionaire Mind Summary
1. Your thought patterns will determine your wealth
In this world, some people seem to have the midas touch to turn everything into money. Some people make some money, but then get cocky and lose it all in awful investments. Others don’t invest a penny and go broke easily in their lifetime.
Many people think as long as they acquire financial management knowledge, they will automatically become rich. However, the reality is their wealth depends not so much on sills or hard knowledge but their unconscious thought patterns deep-rooted in their mind.
We all have a specific thought structure in our internal “hard drive”. Millionaires’ hard drives are programmed for wealth. Our childhood experience or role models like our parents will shape our thought patterns, which will in turn affect our behaviour. And our behavioral pattern will influence our wealth level later in life.
Most people are programmed to make a low income. That means while many people have the potential skill to get rich, only a few people can get rich at the end of the day. This is because of the poor mindset. Therefore, if you want to become rich, you have to overwrite the old thought patterns with the millionaire thinking.
2. Your thought patterns about money are shaped by what your parents taught you
Think about your mind like a computer. The most important softwares were installed in childhood. That includes what our parents told us about money, which is permanently saved in our mind.
You should have probably heard of your parents or teachers saying something like “Money is the root of all evil”, “You can’t buy happiness”, “Money doesn’t grow on trees” etc. All these sayings are ingrained in our minds and become our money blueprint.
You can either accept these ideas or reject them. Most people accept them whereas some rebel against the ideas. However, those who rebel them don’t actually want to get rich. They just want to feel superior to their poor parents. And their behavioural patterns are still greatly influenced by their parents. Without going through the right transformation process, they will lose the money quickly even if they work hard to earn some.
On the contrary, those who are lucky to learn that “anything is possible with money” at a young age will make money much easier. Because they have the motivation to be free and independent through money.
3. You unconsciously copy your parents’ way of making money
Our attitude towards money is not just based on what our parents say, but also on the behaviour of our parents. The way your parents make money and handle it will have a subconscious impact on you.
For example, when you were a kid and asked your mum for money, your mum would ask you to find your dad. So you would get the impression that man is in charge of finance and women cannot manage money.
Our experience of observing our parents’ behaviour in childhood would store in our subconscious mind. And when we become adults, we would subconsciously imitate the behavioral pattern of our parents in making money.
The author told us his own story as an example. The author’s father was a builder and made money by buying and selling houses. But then his father would invest the profit into new projects and lose all the money. Subconsciously, the author emulated his father in his early business endeavors and failed as a result. At that time, he didn’t understand the root of his failure.
Human beings are creatures of habit. It’s hard to change our behaviour after we learn it. We can only get rid of our parental thought structures by making ourselves aware of it and consciously changing it.
4. Before changing your thought patterns, perform a self-examination
If you are now not at the level of affluence you desire, it’s never too late to change it. Very likely, it is because you have a bad unconscious inner setting.
To become more financially successful, the first step is to recognise you have a thought pattern that keeps you from getting rich. To break the pattern, the next step to do is to recognise where this thought pattern comes from. Ask yourself these questions:
- What habits and behavioral patterns did you learn from your parents? What impact did they have on you?
- What thought patterns do you follow?
- What’s the level of affluence are you programmed to achieve?
- What unconscious strategies do you use to maintain your bank account?
Then, you should write down how your role models such as your parents handle their money. And ask yourself what are the sayings or words of your parents rooted in your mind? For example, did your parents always say “we can’t afford it”? Do these words affect your behaviour in life?
After that, you should analyse your current financial situation. The money you have right now shows the level of wealth you’re programmed to achieve. That enlightens you what programs you have in your mind.
With this thorough self-examination, you should have a good idea of how you’ve been programmed about money. Now you have to believe that you have the option to change the inner settings by flipping the switch in your brain. You have to replace the old thought patterns with the new ones that would guide you towards wealth.
5. Break your thought patterns with new principles and behaviour
Knowing the theories of wealth creation is not enough. You have to overwrite the old program about money in your mind, not just save or add new information into it.
To remove the old ideas ingrained in our mind, we have to find new and better principles about money and spell them out like a mantra. When you speak the principles of rich people out loud to yourself every evening, these will gradually imprint in your mind.
And finally, you would be able to exchange your old way of thinking into the millionaire way of thinking.
In addition, you have to make conscious behavioral changes. Human beings are creatures of habit. You have to change your habit if you want to make money work for you. You have to train yourself to behave in the right way.
For example, when you see a handbag on sale, you would be programmed to think you should get it. But if you use your new program, you will stop it and be aware that you’re in debt and hence shouldn’t spend money on luxury for the moment.
By affirming your thoughts verbally and taking actions on a regular basis, you will be able to unlearn the poor thinking patterns and learn to think and act like a millionaire.
6. Take full control of your fate if you want to get rich
To be financially successful, you have to be in full control of your financial life. Poor people yield their control of income to others while rich people always retain the power in their own hands.
It’s weird that many poor people like gambling. They like using their salary to buy lottery tickets and hope to become rich by luck. If you want to be rich, you shouldn’t gamble like the poor.
Poor people like to play victim and blame others such as the government, the employer or the economic environment. You’ll remain poor if you don’t realise the one who decides your financial success is yourself.
So if you find yourself complaining and putting the blame of financial distress on others, you should remind yourself that you should be responsible for your success.
And to break this thinking pattern, you should regularly do some analysis on your transactions. You should question if you should do more research before making any investment or if you should spend less on luxury.
To make a change, stop complaining and focus on what you can make changes to become wealthy.
7. Millionaires have a positive attitude about money
Poor people always have the notion that virtue and wealth cannot coexist. In fact, to get rich, you have to like money.
Poor people have too many negative thoughts about money. They are afraid that somebody will like them just because of their money. Some even think money will make a person become bad. They also fear the work and responsibility come alongside wealth. All these thoughts will block their way to wealth.
In contrast, rich people always look for good opportunities for profits. They are always optimistic that they can make the money back despite risk. Your wealth will grow if you don’t fear obstacles and actively seize opportunities.
Another important thing is that you have to like rich people in order to get rich. Many poor people envy and despise rich people. In that way, they will never become one of them. They don’t understand rich people can give them valuable advice to get rich.
So to become a millionaire, you need to adopt a millionaire’s way of thinking. Think positively about money. Admire rich people and learn from them.
8. Make unconditional commitment to get rich
Poor people always put limits on how much they can commit or sacrifice to get rich, so they always stay poor. Rich people are always committed to wealth that they’re willing to work 14 – 16 hours a day and sacrifice freedom during the process.
Remember, wealth will only grow if you yourself grow. Rich people always challenge themselves and stay out of the comfort zone. They keep studying, attending seminars and reading books to improve their wealth strategies.
To begin with making money, you can get a job in the industry you are passionate about. Learn everything about the industry before you can start your own business. For example, work in a restaurant and learn from your manager before you open up a restaurant chain.
9. Think big if you want to become a millionaire
Poor people just wish to have a secure income while rich people don’t set a limit on that. The universe will fulfill your wishes. So the limit you set for yourself matters.
If you want to become a millionaire, you have to think big. Big thinking means big actions, which will lead to big money.
So if you want to get rich in business, ask yourself, “how many people can you reach or serve with what you’re doing?” To get rich, you have to consciously decide the size of audience you want to reach.
If your business is personally rendered service like a hairdresser, you will at most make a sufficient amount of income to sustain your life.
Millionaires don’t like to set limits for their businesses. And they know time is a limiting factor. So they don’t like the idea of being paid based on the amount of working time. In other words, they don’t make money by selling time. Rather they like to be paid based on the quality of result. Therefore, instead of working as a hairdresser, they would aim to become the owner of a chain of hair salons.
So you should learn to think big. If not, you should surround yourself with ambitious people. They will influence your thinking and show you how to become successful.
10. Handle your money properly and make it grow
To become wealthy, you have to manage your money in a disciplined way. Many people think a high salary is the way to become rich. But the wealth should include the cash value of all possessions. So your savings and investment gains are also important elements of your wealth.
You need to have a long-term financial plan that strikes a good balance between income, expenses and savings.
You also need to have a passive income stream such as returns from stocks or funds. You’re recommended to split up your income into different bank accounts. 50% of income should be set aside for overhead cost. 10% of income should be reserved for investments in order to earn passive income. Moreover, 10% should be used for entertainment or enjoying your life.
To accumulate wealth, you have to keep your cost of living down. If you keep buying luxuries, you cannot become rich. You have to think about the long term and forgo immediate satisfaction.
11. Believe in your value if you want to become rich
Rich people know their value and think they deserve to be rich. Poor people always don’t believe in themselves. They tend to think that they are unworthy.
Rich people know how to promote themselves and their business because they are convinced of their value.
Many people are told that it’s not right to “toot your own horn. But in the world of money, if you don’t toot your own horn, who will? There is nothing wrong to promote yourself.
Think highly of yourself and treat yourself to something you deserve, such as dining in an expensive restaurant or going to a high-end gym. To become a millionaire, you have to feel like a millionaire. That way, you will believe in yourself and persuade others to believe in you and hence your business.
Secrets of the Millionaire Mind Summary: Final Words
Our wealth level is limited by our thought and behavioural patterns formed during childhood.
We can only change it by consciously recognising it and actively adopting new principles or attitudes of a millionaire.
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