Review: "Secrets of the Millionaire Mind"

I recently checked out "Secrets of the Millionaire Mind" from the local library, partly because I want to become a Millionaire (what a vacuous goal right? Well really, I want to become financially independent) and partly because the particular branch I was in had slim pickings.

This book is primarily concerned with getting the typical middle class reader to begin to rewire their mindset on money and wealth. I felt the first half of the book was a good read with some solid observations and suggestions that I am trying to assimilate into my own life. The second half of the book was mostly a waste of space with little substance.

My overview of the first chapter is as follows:

Secrets of the Millionaire Mind

Ch.1 Your Money Blueprint

1. There are “outer” laws of money and “inner” laws of money.
2. WP: Your income can grow only to the extent that you do.
3. Most people work and think on a superficial level of life- based only on what they can see.
1. Most people live strictly in the visible world.
4. WP: If you want to change the visible you must first change the invisible.
5. What you can’t see in this world is far more powerful than anything you can see.
6. WP: We live in a world of cause and effect. Money and wealth is a result.
7. If things aren’t going well in your outer world it is because things are not right in your inner world.
8. Incorporate “declarations” to expedite you learning process of millionaire thought
9. Declaration: to state an official intention to undertake a particular course of action or adopt a particular status.
1. It’s stating that we have an intention of doing or being something.
10. Ex.: Place hand on heart “My inner world creates my outer world”; touch head “I have a millionaire mind.”
11. WP: Reality and wealth are created by T à F à A= R
1. Thoughts lead to feelings; Feelings lead to actions; actions lead to results.
12. One’s financial blueprint consists primarily of the information or “programming” you received in the past, especially as a young child.
13. Where do the “thoughts” come from?
1. It comes from past programming.
14. The Process of Manifestation is P à T à F à A= R; P= Past Programming.
15. We are conditioned/programmed in three different ways:
1. Verbal- What you heard when you were young
2. Modeling- What you saw
3. Specific Incidents- What you experienced
16. All of the statements you heard about money when you were young remain in your subconscious mind as part of the blueprint that is running your financial life.
17. WP: When the subconscious mind must choose between deeply rooted emotions and logic, emotions will almost always win.
18. There are four key elements of change, each essential for financial reprogramming:
1. Awareness- realizing what needs to be changed
2. Understanding- understanding where your way of thinking originated from
3. Disassociation- separating yourself from problematic thinking
4. Reconditioning- learning the profitable way of thinking
19. Initial steps to reprogram your financial blueprint- Verbal Reprogramming:
1. Awareness- Write down all the statements you heard about money, wealth, and rich people when you were young.

i. Mother equated my Dad as having an obsession with money as a horrible thing.

ii. Mother felt money was to be spent not saved “When you die, you can’t take it with you!” She is overly generous to a fault.

iii. Dad just liked to explain how much money he made and how taxes stole it all from him.

iv. Dad made terrible stock market and investing decisions.

1. He may have been rebelling from his lower middle class upbringing.

2. He has made a lot of money but relatively speaking, has little to show for it.

3. His drive to make money was fueled by negative roots…status, etc.

4. Entrepreneurial spirit was never discussed in my house.

v. A nun in catholic school told us we will not be as successful as our parents. I believed that.

vi. My dad at times made a point of announcing how much me made.

2. Understanding- write down how these statements have affected your life so far.

i. I have grown to believe that I have the tools to succeed but something is always missing.

1. Because of this I will never really succed.

ii. I am very fearful and insecure about my ability to accumulate wealth and create greater income.

iii. I believe I will never make as much money as my dad.

3. Disassociation- Can you see that these thoughts represent only what you learned and are not part of your anatomy and not who you are? Can you see that you have a choice in the present moment to be different?
4. Declaration: “What I have learned about money isn’t necessarily true. I choose to adopt new ways of thinking that support my happiness and success.” “I have a millionaire mind.”
19. We generally tend to be identical to one of a combination of our parents in the arena of money.
20. WP: If your motivation for acquiring money or success comes from a nonsupportive root such as fear, anger, or the need to “prove” yourself, your money will never bring you happiness.
21. Steps to reprogram your financial blueprint- Modeling
1. Awareness- Consider the ways of being and habits each of your parents had around money and wealth. Write down how you may be identical or opposite to either of them.

i. I am a combination of my parents feelings on money.

ii. I am very conscious of money and focused on how to make more, like my father.

iii. But I am very insecure on my ability to do so like my mother.

iv.

2. Understanding- Write down the effect this modeling has had on your financial life.
3. Disassociation- Can you see this way of being is only what you learned and isn’t you? Can you see you have a choice in the present moment to be different?
4. Declaration- “What I modeled around money was their way. I choose my way.” “I have a millionaire mind.”
22. SO what is YOUR money blueprint set for?
23. People are set for specific incomes.
1. I can see this in myself.
2. Making more money than I make now scares me.
24. WP: Like a temperature thermostat, the only way to change your level of financial success “permanently” is to reset your financial thermostat.
25. WP: Consciousness is observing your thoughts and actions so that you can live from true choice in the present moment rather than being run by programming from the past
26. Nothing has meaning except for the meaning you give it.

“I observe my thoughts and entertain only those that empower me.”

In the second half of the book, Eker lists seventeen ways in which the financial blueprints of the rich differ from those of the poor and the middle-class.

1. Rich people believe: “I create my life.” Poor people believe: “Life happens to me.” (This is HUGE. Every successful person I know is control of her life. Unhappy people are constantly complaining to me how this, that, or the other thing prevents them from doing something.)
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. (This is important, too — it seems to hold true among my friends.)
7. Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people. (Another important one.)
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. (This is big for me right now. I’ve accomplished most of the goals I set for myself, and need to set some new ones. But I have this nagging fear, because I’m moving into the unknown. Eker says that successful people act in spite of this fear. They move beyond worry, they “fake it til they make it”, learning as they go. Unsuccessful people do nothing at all.)
17. Rich people constantly learn and grow. Poor people think they already know.

Overall, I would give this book a C+ with respect to the time needed to read it compared to its benefits.