Friday, March 26, 2010

Secrets of the Millionaire Mind - Mastering the Inner Game of Wealth

Title: Secrets of the Millionaire Mind - Mastering the Inner Game of Wealth
Author: T. Harv Eker
Publisher: Harper

I received this book as a gift from one of my generous colleagues, as part of his give-back-to-society action after being a very successful investor.

This book does not emphasize on the exact strategy or tactics to get you rich, rather, it deals with the psychology size of how to get rich - Think Rich to Get Rich.

Part I of the book introduces the concept of your Financial Blueprint.  Have you ever wondered why whatever you do, you soon hit a bottle neck?  Or whatever you do, you can never achieve beyond the same level?  The answer lies in the blueprint in your mind.  If your blue print is to build a 5-story building, then no matter how hard you work, you will never end up with a 100-story skyscraper, because you didn't intend to build it in the first place. 

Eker acutely pointed out human's most common fallacy: People tend to focus on the fruits, but never the roots!  If the roots are not deep and strong, how do you expect the plant to have beautiful flower and good fruits? 

Part II of the book elaborates on 17 wealth files.  These 17 wealth files point out the different way of thinking between rich and poor people. 

One interesting concept is creating different accounts.  It is common knowledge to have a "savings' account" to save for your enjoyable days ahead, but Eker also suggested to have a 'play' account where you draw, say 10% of your monthly savings, for you to pamper yourself, to play in life.  The purpose of this 'play' account is to entice yourself how enjoyable life will be once you achieve financial freedom.  This concept is new and I think it is very useful.  It differentiates one from the over-stingy, over frugal way of life, which makes achieving financial freedom sound more like a pain than a joy. 

These are just a few interesting points in the book.  There are other useful and awakening points in the book that I have not mentioned in this blog entry.  I strongly suggest you read this book if you are serious about changing your life to a more successful, more wealthy and happier life. 

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