Steve the Owl's Blog

Recently, I had the chance to read Secrets of the Millionaire Mind by T. Harv Eker. Unlike some books that talk about wealth creation, Secrets of the Millionaire Mind was very pragmatic in its orientation. Rather than talking about different methods of specific businesses, Eker instead focuses on the reasons why some people fail even though they are doing things that should make them a success, and how some people can waste millions of dollars a year and end up bankrupt and in the newspapers as a cautionary tale.

Sabotage?

Have you ever thought about what you really think about money, wealth creation, the rich, and why you think that? One of the things that The Millionaire Mind demonstrates is the way that negative attitudes about these things will guarantee the subconscious sabotage of everything someone tries to do to get ahead in life. While we may make efforts in our conscious mind to move up the ladder, build a successful business, learn how to invest, etc., Eker argues that our subconscious mind will do battle with our conscious mind, and the subconscious will always win. For example, say you had a parent who didn’t ever want to spend any money, even if it was on a necessity. What would you do? Usually one of two things: 1) play out the exact same pattern of having all of the money in the world and letting it sit around while ignoring the needs around you, or 2) become a spendthrift and never save for the times it is necessary.

Attitude Shift

Eker argues that it is a change in attitude that is necessary to begin this transformation. While some of his suggestions are harsh and things that I would never recommend anyone do (I don’t think that looking for rich friends just because they are rich is particularly beneficial, and the thought of seeking friends based on their balance sheet makes me uneasy.), he demonstrates practical things that one can do to change attitudes, which will lead to changed results.

Another example of this is the “financial thermostat.” There are some people who will always be able to spend whatever they make at a certain level no matter what. There are others who seem to always bounce back from every setback. The reason for this, Eker argues, is that this is a level that people are comfortable with, and this means that people will always gravitate towards it. This is an idea that makes a lot of sense to me, because I have lived in places that have a very low cost of living (West Virginia) and places with a very high cost of living (Long Island and suburban Philadelphia). There are times when I would balk at paying something that people who lived there saw as a bargain.

Conclusion

As with every self-help book, there are things that seem familiar, things that seem off the wall, and things that make you wonder why you didn’t think of them first. However, I think that some of them stumble by focusing on theory. By explaining theory, as well as practical ways to apply the theory, T. Harv Eker wrote a book that will help anyone as they pursue their financial dreams.

Tags: book review, Millionaire Mind, review, T. Harv Eker

This entry was posted on Monday, May 17th, 2010 at 1:29 am and is filed under Business, Steve's Book Club. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.