45 Learnings on Wealth Creation from the book “The Secrets of the Millionaire Mind”
The book “The Secrets of the Millionaire Mind” is a must read if your goal is to learn how to be a millionaire.
Why you should read this amazing book?
Financial independence is the result of your knowledge of investing your money and managing your personal finances.
And this book aims to train you on how to deal with money, and how to develep mentality to attract abundance to your life.
After reading this book, we have summarized 45 most important teachings which can be applied in your life. These findings are listed below.
Understanding the importance of money, what to do with your income, and how to invest your money, the teachings of the book “The Secrets of the Millionaire Mind” brings together everything you need to change your lifestyle and create wealth.
So here are the learnings and phrases from “The Secrets of the Millionaire Mind” –
1. Don’t complain, blame, or justify yourself
You are responsible for what happens in your life.
So, every time you’re complaining about something that happened, blaming someone for your reality, or justifying the life you’re leading, realize that you’re accepting that you’re capable of controlling your life, and that you’re just someone who lets yourself go where others want you to go.
2. Write down every day something that went right and something that went wrong.
Ask yourself, what did you do to make this situation happen, and how responsible are you for it? This small exercise, done daily, will keep you aware that you are the one who controls what happens in your life, not others, not the moment, not the situation. It’s only you.
3. Do you have financial objectives?
Encourage yourself to write down 5 goals related to your financial future that reflect your desire and conviction to achieve wealth, not comfort or financial stability. Go further and focus on abundance.
While these goals must be realistic and time-bound, you must look beyond something easy to achieve.
4. For once forget about the menu prices
Visit a restaurant, café or place that is exclusive and ask for what you want, not what your wallet is capable of. You must have a mentality of wealth creation. Otherwise you will stay in the place where you are today.
5. Wealth must be important to you.
Concretely write why wealth is important to you, and why you want to achieve it.
6. Commit to being rich
Declare that you want to be rich and commit yourself to doing it by writing:
I, _________, commit to reaching wealth and being a millionaire before ___________.
Sign it and stick it on your wall, or give it to a friend or family member who reminds you of it. After doing this, analyze how you feel…afraid? free? or just no feeling?
By not doing committing, you may not work towards achieving your financial objective, and stay where you are today.
7. Identify your talents
We are all born with talents that set us apart and allow us to stand out from the crowd. So what is yours?
Write them down and think about how you can use them more in your life, in what area and place.
8. Impact more people
Surely your job involves solving a problem, generating alternatives, or presenting opportunities. Someway or the other you influence someone else with what you do.
With this in mind, think about how you can solve this problem for 10, 20, 30 more people, think about different strategies and alternatives.
In the case of entrepreneurship, you might consider these ideas for earning money online and reaching millions of people.
9. Execute, execute and execute.
The time has come to execute that project, business idea, or situation that you have wanted to give life to for so long.
Whatever reason or excuses you’ve had in the past, whatever circumstance you find yourself in, or whatever you’re imagining…START RIGHT NOW. Execute it, with your best capabilities and make it a reality.
10. Be an optimist
Everything that happens in your life can be an opportunity and not an obstacle. It is a question of how you look at it – Seeing the glass half full or half empty. But abundance does not admit half empty glasses and pessimistic mentalities.
11. Focus on what you have
Focus on everything you have, not what you lack. Write down 15 things you have and are grateful for. And every morning you wake up, read them, and understand that if you don’t appreciate what you have, you will never have anything more.
12. Admire what you want
Instead of criticizing and judging those who have money, beautiful houses, luxury cars and other possessions, admire them and bless them.
In other words, admire those people who are successful and have full of wealth. There is a simple reason to do so: you will not get what you criticize, you will achieve everything you admire and seek.
13. Write a letter to someone you admire
Take the time to write a letter to someone you admire. You don’t have to know them, just write them why you admire them and how you appreciate their achievements.
14. Get inspired by a book
There are books about people who were extremely successful and who can inspire you.
Biographies like Steve Jobs’ and other characters can teach you the strategies and, above all, the perspective of wealth that led them to the level of success they have achieved.
15. Join a club
Surround yourself with successful people. That’s the intention to join a tennis club, a business club, a golf club, a coffee club, anything.
If you can’t afford their memberships, visit an exclusive place in your city, ask for something, and analyze how these people behave. You’ll understand that they’re no different than you.
16. Out with the negative
That negative person next to you should be away from you. All he is doing is diverting you from your objective and desire for wealth; if he is a relative of yours, however difficult it may be, you should ignore his company.
The same thing happens with that place or situation that only brings you negative thoughts and ideas. Get away from this.
17. Break up with your TV
The relationship you’re having with the TV is not healthy. And you should know that, the amount of hours you spend on it every day is taking you away from your goals.
18. Evaluate your products
What score does the product or service you are selling or about to sell deserve?
If you think it has a low rating, you should stop offering it immediately. There is no reason to sell something you don’t believe in.
19. Sales Expert
Sales person searches for books, hears from experts, attends sales courses and talks in order to learn how to sell.
There is no wealth without the ability to sell and market. You must learn to sell your skills, abilities, experiences and techniques. You must learn to sell yourself.
20. The size of your problems depends on your mind
The situations you face in your life are neither big nor small, they are not impossible or simple…they are simply situations analyzed from a certain point of view.
If you are pessimistic, all your problems will be immense and impossible to solve. If you do not consider that you are ready to face it, every situation will be difficult.
Change your perspective and be assured that you are bigger than any problem.
21. Solve a problem
Think about that difficult moment you are going through. Now write it down on paper along with 10 concrete and immediate actions that you will implement to solve it.
This little exercise will make you focus on the solution and not the problem, and will certainly help you to put an end to it.
22. Learn to receive
From now on, every time you receive a compliment, simply say thank you. Learn to practice the attitudes and behaviors you receive.
Many times when they tell you something positive, you usually respond by saying another compliment to the person who told you. While this is not bad, you must learn to receive and feel the pleasure of reward.
And when someone deserves a compliment, give it to them, and don’t expect anything in return.
The book “The Secrets of the Millionaire Mind” teaches you to value yourself, and reminds you to celebrate your goals.
23. Celebrate your money
No matter what money you earn or receive whether you find on the floor, the lottery, your salary, your taxes, a bonus… whatever it is, celebrate it and thank the universe for receiving it.
All the thoughts you harbor in your mind are reflected in reality. So every time you celebrate the money you receive, the universe will take care to put more of it in your pocket.
In fact, you could use some of these success phrases to remind yourself of the importance of thanking you for the money you have.
24. Pamper yourself
Once a month you should do something satisfying. Something like going for a walk, renting a boat, eating in a class restaurant, getting a massage, resting in a hotel for a night, being taken care of all day in bed.
The goal of this day is to make you feel like a millionaire, rich and deserving. These kinds of experiences reflect your abundance.
25. Charge for your results, not your time
If you are currently earning a fortnightly or monthly salary for going to work for certain hours, propose to your boss or company to allow you to receive part of your salary based on your results or productivity.
If you have a business, generate a strategy where your employees, partners and suppliers win based on the sales results.
Additionally, make sure your salary is not your only source of income. Try these extra income opportunities.
26. Change jobs
If you are employed and feel that you are not being well paid, or that your pay is not fair to your results, consider starting your business.
You have many ways to start, some possibilities are: part-time, advising other companies, doing consulting. Consider each of them based on a system of changing by result, and not just by time.
27. Have a mentality of abundance
Why can’t you have the two things they’re offering you? Many times they make proposals where you have to choose one of the options; try to think and analyze what you have to do to get both.
28. Money in circulation
Money works on money created within a society. It comes to you, and then it goes to other people.
So every time you spend or decide to invest your money, remember that it is generating value for the person who is receiving it, and that you are part of that process.
29. Become a role model
Practice and lead a lifestyle in which you are aware that you are a role model for others. Behave in a way that inspires others to change, being kind, humble, generous and above all rich.
30. Wealth factors
Focus on each of the elements that make up your wealth:
- Earn extra money by increasing your income
- Learn how to save your money
- Increase your return on investment
- Simplify your lifestyle by reducing unnecessary expenses
31. Calculate your wealth
Do you know how much your net worth is yet? If you want to find out, you have to add up everything you have, everything.
This is known as assets which consists of your house, apartment, car, computer, clothes…all your belongings.
Then subtract everything you owe, which is known as liability. Commit to reviewing this value every three months and decide which one you want to focus on: your assets, or your liabilities?
32. Invest in your retirement
In the book “The Secrets of the Millionaire Mind”, the author suggests that you open a bank account where you will deposit 10% of your salary and the rest of your income each month.
You must promise never to spend this money, you are only going to invest it with an objective of getting returns and income for your retirement.
33. Start a piggy bank
From today onwards take a jar from your kitchen and start depositing as much money as you can along the way.
No matter how much you save, whether it’s $1 or $10 a day, the important thing is that you understand the importance of saving and its long-term benefits. Surely this dollar in a year’s time will be hundreds.
34. Create multiple bank accounts
You have two options, open an account or start a new piggy bank. Whatever you choose, deposit 10% of your income there and you will use this money to have fun and play; spend this money on what you like.
If possible, you must try to have atleast 3 accounts:
- Long-term account: You will deposit 15% of your income there for long-term expenses.
- Basic needs account: The remaining 75% of your income will be used to live on and meet your most important needs
- Training account: 10% for all the courses, diplomas and classes you wish to attend.
35. Properly manage your money
Whether you’re earning a minimum wage or earning thousands of dollars a month, you should start managing it today.
One of the key teachings of the book “The Secrets of the Millionaire Mind” is to take care of your money by putting it to good use.
It is very important that you begin to divide your income into the respective accounts, even if it is 10 cents that you have to put into each of your accounts.
36. Inform yourself and prepare yourself
There are many ways to learn and prepare for wealth. You can attend seminars, courses, read books, subscribe to investment magazines. This does not mean that you should follow the recommendations. It is about surrounding yourself with this knowledge, understand the concepts and have some idea of where the economy is going.
The important thing is that you learn to invest.
37. Passive income
In the book, it is made very clear that you need to generate both types of income: the assets that are the product of your work and presence; and the liabilities that do not need your presence or work.
There are many ways to generate the latter, such as by investing in a stock exchange or a business.
38. Buy real estate
T. Harv Eker couldn’t have said it better in his book “The Secrets of the Millionaire Mind”:
“Don’t wait to buy real estate. Instead buy real estate and then wait.” Got it?
39. Concerns about money
Identify and write on paper what your main fears, concerns, or reservations are about money and wealth.
The best thing you can do is to ask yourself what would happen if each of these situations came true, and then to think about whether you would survive them.
Most likely you will. So stop worrying and get rich.
40. Get out of your comfort zone
Make decisions that you know will be uncomfortable for you. There is no other way to learn how to get out of the comfort zone in which you have decided to live.
Some of the situations you might experience are: talking to strangers, asking your boss for that promotion or salary increase, getting up earlier, changing your route…
41. Challenge your “can’t”.
Among the teachings you will find in the book is to practice controlling your mind and thoughts.
You must analyze each of the thoughts you harbor and determine how they affect your reality. This is known as mental discipline.
Whenever you are dominated by your “I can’t”, “I don’t want to”, “I am afraid”, remember that most of your decisions are being made on the basis of your fears and not on the basis of your desires.
Stay away from security and aspire to freedom. The best way to achieve this is that every time you feel afraid, do the same, and you will understand that your success is not limited to your fears.
42. Focus on your growth
Make a commitment to read a book every month, attend a personal finance course, an investment seminar…
Remember that you are the best asset you can invest in.
43. Make a commitment to someone
Talk to someone else about your financial goals and objectives. Commit yourself to that person close to you and ask them to evaluate you constantly.
While you need to have a commitment to yourself, it is important that someone else is aware of your process and desires. This will help you to achieve this in a faster and easier way.
44. Don’t settle for your current situation
Everyday is an opportunity to get closer to your financial goals. It’s not just about reading this book. It’s about building a lifestyle where every day you seek to improve from the day before.
The wealth, the money, and everything you have is the product of the thoughts you harbor in your mind, the conversation you have with yourself every day.
So when you learn to master your mind, you will have learned to build your wealth. This is what “The Secrets of the Millionaire Mind” is all about.
45. Read the book “The Secrets of the Millionaire Mind”
This book has changed millions of minds, and in it you will expand all your practical knowledge of this guide.
Rest assured that your life will change once you decide to read the book and implement few of the teachings. And you will understand that the mind is your main resource for building your wealth.