I was at Abids the other day with Anjali, Raja and Vinod at the second hand book market and I found this book for 100 bucks. Since I am interested in all money books, I decided to buy it. It makes a lot of sense.
The book is divided into two parts - Part I is about the financial blueprint we have and how to change it and Part II is a set of ways of how rich people think and how one can benefit by changing our thoughts, beliefs and practices. Primarily he says we all have a financial blue print which is like a thermostat and is set to a level. We have to change it, take charge, take affirmative action and commit to winning the money game to succeed (like in everything else). Somethings he says are - that we can simply copy rich people and do what they do, the key to success is to raise our energy (which attracts people), our income can only grow to the extent we do and that the outer world only reflects the inner world. He says that our mental world, emotional world and spiritual world reflect in our physical world.
Coming to the financial blueprint we are guided by our childhood programming which leads to our thought patterns which lead to our feelings and then to our actions - which result in the results we get. We are affected by three types of programming - Verbal Programming (what we heard about money), Modeling (what our parents modeled) and Specific Incidents. With Awareness, understanding and Disassociation, we can overcome these and create a new financial blueprint with clarity on what we are set to earn. We can reach our full financial potential by paying attention to our thoughts, feelings and actions and by giving new meanings to all the things we built wrong stories about. Work on yourself and build thoughts and habits as rich people do and we are on to something.
Part II contains 17 wealth files which he says we must imbibe and keep as our go to files in the ind because this is how rich people think.
1. Create your life (Instead of life happens to me)
Take responsibility and stop playing the victim. Catch yourself blaming, justifying, complaining and stop.
2. Play the money game with an intent to win (don't play it with an intent of not losing)
3. Commit to being rich (not merely 'want' to be rich)
4. Think big (don't think small, don't think survive)
5. Focus on opportunity (not on obstacles)
6. Admire those who are rich and successful (do not resent)
Bless all that which you want - Huna philosophy
7. Associate with positive and successful people (not people who are poor and in trouble)
8. Promote yourself and your value (don't hide)
9. Be bigger than any problem (don't be smaller and run away from problems)
10. Be an excellent receiver (don't be a poor receiver)
11. Get paid on results (don't get paid for time)
12. Think both and all possibilities (don't think either / or)
13. Focus on Net Worth (don't focus on Working Income)
14. Manage money well (don't mismanage)
15. Make your money work hard for you (don't work hard for your money)
16. Act inspite of fear (don't let fear stop you)
17. Keep learning and growing (don't think you know everything)
One great idea he gives about money management is this - manage your money like this. 10% to go into a Financial Freedom account and this must never be touched and only invested. 10% to go to a Play account which must be spent extravagantly on yourself every month. A freedom jar at home where you deposit some money everyday. 50% to go for your necessities account. 10% to long term savings for spending. 10% for education account. And 10% to give for charities. Brilliant.
The other thing I liked was his line - don't wait to buy real estate, instead buy real estate and wait.
The book gives many exercises and I will share a few simple ones - which are also given on his www.millionairemindbook.com - like net worth tracker and so on. Very useful and practical and we can start with the money management tool he has given to get going while we imbibe the files into our millionaire minds.