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Overview
In Secrets of the Millionaire Mind (2005), author Harv Eker argues that it’s possible to substantially increase one’s net worth by studying the financial habits and attitudes of wealthy people. He claims that rich people have a few key beliefs in common, which naturally lead them to take actions that increase their fortunes. Lower- and middle-class workers often hold negative preconceptions about money, but they can change those misconceptions through education and adopt strategies used by wealthy people to become prosperous.
By the time they reach adulthood, people have subconscious patterns that help them determine their income. This is known as a financial blueprint and it can limit how much money they make. If one has a financial blueprint of $40,000 in annual income, for example, he or she may earn $10,000 less one year but $20,000 more the next year but over time will always return to that average of $40,000. To increase this amount of income people need to unlearn bad habits and attitudes that hold them back from earning more money. They should start by examining how their financial blueprint was formed in the first place.
The three major factors that shape a person’s financial blueprint are what they hear about money, how they see adults interact with money, and any unusual experiences associated with money. These factors can lead to harmful financial beliefs that may be difficult to unlearn. However, anyone can learn new ways of thinking when it comes to finances by changing their mindset over time.
People will never be able to save money or grow their net worth unless they examine and revise their financial blueprint. Even if people study investing and entrepreneurship, they won’t be able to retain wealth without changing fundamental attitudes toward money. Financial blueprints explain why contest winners quickly lose the prize money, and why successful business owners can lose their initial fortunes before accumulating that wealth again in a new endeavor. People’s ideas about money are so profound that they influence thoughts, feelings, and results.
People who want to change their financial situation should study the thoughts and beliefs of wealthy people. They can then craft affirming statements that they say out loud every day, as well as kick bad habits in order to improve their finances.
Key Point 1: Rich people take responsibility for their financial situation.
Instead of blaming financial failures on outside forces, like the economy, rich people recognize that their net worth directly reflects their actions and attitudes. Therefore, taking responsibility for past mistakes will help them avoid future financial pitfalls.
People who become millionaires tend to take responsibility for their mistakes. They can help others by showing them that they don’t have to blame other people or circumstances for their problems, because if they do so, then they won’t be able to solve those problems. People will get complacent and not work hard if someone else is always taking the blame for things going wrong. However, it’s important to remember that most people are used to blaming others or circumstances when something goes wrong, as a way of avoiding having to change anything about themselves or how they do things; therefore, accepting responsibility is often difficult at first. By doing this over time though, one can develop confidence in oneself by demonstrating that most mistakes can be overcome with effort and determination.
