Secrets+of+the+Millionaire+Mind

Secrets of the Millionaire Mind

Ryan Gula Period: 3 AP Macroeconomics Book Review 12/12/08  T. Harv Eker’s book, ‘__Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth__’ is a book consisting of ‘good’ optimistic advice in some chapters, while it was unrealistic and vague in others. The book is essentially in three parts. The first is Eker’s ‘Millionaire Blueprint’. In this section, he blames our financial shortcomings on our failure to recognize our past mistakes. He says the first step to becoming a millionaire is straying away from these past habits and learning from our mistakes. By doing this, we are able to develop a ‘Millionaire Blueprint’ from which we are able to become financially successful. This blueprint should outline the mistakes we have made and how the outcomes of those negative situations hurt us and how making a different choice would have made us better off. In the second portion of the book, Harv tells of Millionaire’s trait’s. He also lists seventeen examples of how a Millionaire’s blueprint matches up against another’s. They are listed below: 1. Rich people believe "I create my life." Poor people believe, "Life happens to me." 2. Rich people play the money game to win. Poor people play the money game to not lose. 3. Rich people are committed to being rich. Poor people want to be rich. 4. Rich people think big. Poor people think small. 5. Rich people focus on opportunities. Poor people focus on obstacles. 6. Rich people admire other rich and successful people. Poor people resent rich and successful people. 7. Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people. 8. Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion. 9. Rich people are bigger than their problems. Poor people are smaller than their problems. 10. Rich people are excellent receivers. Poor people are poor receivers. 11. Rich people choose to get paid based on results. Poor people choose to get paid based on time. 12. Rich people think "both." Poor people think "either/or." 13. Rich people focus on their net worth. Poor people focus on their working income. 14. Rich people manage their money well. Poor people mismanage their money well. 15. Rich people have their money work hard for them. Poor people work hard for their money. 16. Rich people act in spite of fear. Poor people let fear stop them. 17. Rich people constantly learn and grow. Poor people think they already know.  I personally can disagree with all seventeen of these ‘beliefs’, but you can develop your own opinion. In the third portion of the book, T. Harv Eker tells of the many talks and seminars that he has given and the many stories that he has heard, all of which he used in the development and writing of this book. He also gives his support and praise to fellow author’s Kiyosaki and Robert Allen. He praises their wisdom and explains that their books are similar to his in that they believe in the same principals he does and basically uses their similar advice to help back up his own tips on becoming rich. The book seemed to be very vague in it’s descriptions of how to be rich and I believe that if one were to follow his directions exactly, they would find them self taken advantage of and still poor. He gives no proof that any of his advice works and offers no example of anyone who successfully followed his steps and now walks among the rich. Although he does provide seemingly real-world examples that logically make sense on paper, would never work in the real world. He seems to suggest that those who are poor want to be and don’t want to improve. This is certainly not the case, as I am unaware of any poor person who would not do whatever they felt necessary to become more prosperous and wealthy. He does however directly say that he is making the differences he references the rich and poor in as extreme as possible and he also says that he thinks no less of the poor and middle classes than he does of the wealthy. He also claims to have sympathy for the lower classes position in society and their desperate needs. Although what I have said may seem negative, I have only addressed the seemingly unrealistic view he presents. There is however, another, more appreciative view of his article. He presents examples from his own life which happen to be similar to my own. He says that our childhood ambitions helped to worsen our financial situation and make our financial limitations appear to be unimportant and skewed. He presents real example of how we tend to not see the entire picture, but only the successful points in our life. This can be both good and bad. One the one side, these ambitions have some truth to them and seeing the success is vital to financial success, however, we must remain realistic and set goals, in doing so we check our dreams with reality and make place ourselves in a better position for success. He claim that everyone has what it take to be rich. All we need to do is work hard, and not be all that self-centered. He says that those who have achieved success did so by not being jealous of those who are already rich, but by learning from the paths they took to get there and the mistakes they made, how they recovered from them, and ultimately became millionaires. He says how the rich focus on achievements while the poor see the obstacles in their way. He also points out that the rich see two things and go for both while the poor see two things and try to decide which one they want more. He also praises the way rich let their money work hard for them through the use of CD’s and other high-interest yielding investments. In doing this, many are able to live simple off of the interest that they get for keeping their money in a bank for a set amount of time. The downside to this is obviously the fact that poor people don’t have the ability to let their little money work hard for them since they depend on what little money they have for survival and necessities, therefore preventing them from storing it in the bank and letting it collect interest. This brings about the idea that you need to have a lot of money to make a lot of money. All in all, the book presents many different and controversial viewpoints, all relating back to the seventeen main points he makes in regards to what the rich do compare to what the lower classes do. Some of these happenings can be explained while others cannot. It is obvious that if one did follow his steps and recommendations, they probably won’t be a millionaire, but they will definitely make money. His examples are good in the aspect that they mimic reality but false in that some of his recommendations are not easily achieved, especially for those who really read this book, the poor hard working individuals who want to get rich. I respect the author for his views and hope that you will draw your own opinion of his book, ‘__Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth__’.