“Secrets of the Millionaire Mind” Summary by T. Harv Eker

17 Ways Rich People Think & Act Differently from The Poor (with practical exercises)

Quick Intro

• This is a book summary of Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker.
• This book is based on the premise that “If you want to change the fruits, you will first have to change the roots. If you want to change the visible, you must first change the invisible.”
• This is a summary of the 17 mindsets of the Rich. Go through each of them and follow the action steps. You will see a dramatic change in your wealth.

Mindset #1: “I’m the creator of my life”

• You take full responsibility for your life. Stop complaining about your life. Stop blaming others.
• Have the self-imposed discipline to create a better life for yourself.
• Have a “Why Not Me?” attitude. “Why can’t I be successful?” But actually, YOU CAN if you put in the hard work.
• Money can be important and useful if it’s being used properly. There’s nothing evil about money.

Action Steps:

1. Affirmation: “I create the exact amount of my financial success!”
2. Whenever you complain or say something negative, slightly tap your throat to remind yourself to stop complaining.
3. Evaluate yourself every night. Write down: What did you do right? What can you improve? What’s the reason you did something wrong today?

Mindset #2: “I play the money game because I expect to win”

• You are NOT aiming for comfort, you are aiming for the BIG reward in the end.

Action Steps:

1. Affirmation: “My goal is to become a millionaire and more!”
2. Set 2 realistic yet ambitious financial goals. They have to reflect the rich life that you’ve ever wanted. Write down the ideal annual income, and net profit. Then set a realistic timeline for achieving your goal.
3. Go to a high-class restaurant. Order a meal, and don’t ask about the price.

Mindset #3: “Rich people work hard to make themselves rich”

• Rich people are willing to sacrifice anything for money. They devote their time and energy, and they work their ass off. They are extremely resilient.
• Taking action is the only way to create value.
• Use your time wisely on what’s best for you every single day.
• Follow your plan consistently.

Action Steps:

1. Affirmation: “I commit to being rich.”
2. Write down in detail- why is creating wealth important to you.
3. Find a trustworthy friend or family member. Look into his/her eyes and say the vow below. “I, ____(Your Name)___, promise here, that I’m devoted to being a millionaire, and achieve before ___________.” Let them reply, “I believe you”.

Mindset #4: “Rich people think big and play big”

• The amount of money you make = “Quality of value you put out” x “ The number of people impacted by you”
• It’s all about adding value to more people.
• Unleash your potential and share it with the world. Give your talent and value to the world. Rise and shine.

Action Steps:

1. Affirmation: “ I think big! I choose to help thousands and thousands of people!”
2. What gifts do you believe you have? Something that you can do effortlessly. Write them down.
3. How can you use your gifts? In what areas? Write them down.
4. How can you help 10 times the people that you and your company are helping now? How can you help solve their pain points? Write down at least 3 solutions.

Mindset #5: “Rich people just focus on opportunities, actions, and thoughts, over obstacles”

• Rich people see opportunities, potential, and rewards, instead of focusing on the consequences of failure.
• Rich people are optimistic. They expect success and are confident in their ability and creativity to resolve problems.
• Rich people have faith in turning crises into opportunities. They have an “I’m going to make it work” mindset. They identify barriers and come up with the right strategies to tackle them.
• “Action is always better than no action. There is no wealth to be found in an idea. There is only wealth by acting on an idea.”
• Take calculated risks in return for an opportunity. Rewards only come from taking risks.

Action Steps:

1. Affirmation: “ I focus on opportunities, over obstacles.”
2. Join the game. Start from zero. Think of a field that you’re interested in. Take a step into the field, the circle, the network. Work for/with someone in the field, learn whatever skills required.
3. Learn to be optimistic. See every challenge as an opportunity in disguise.
4. Make a list of 10 things you’re grateful for. Say it out loud. Do this every day for a month.

Mindset #6: “Rich people appreciate other rich & successful people”

• Be aware of your negative thoughts towards the rich. Change it into an appreciative attitude.
• Always have a positive paradigm towards the things that you want to attract. Otherwise, it’s contradicting to your brain.
• Rich people are positive, reliable, focused, determined, hardworking, energetic, smart, knowledgeable in multiple areas.

Action Steps:

1. Affirmation: “ I appreciate rich people. I bless rich people. I love rich people. I will be one of the wealthiest people.”
2. Read rich people’s biography and stories through books and magazines.
3. Whenever you see something you want, appreciate it. Bless the person who has it as well.
4. Write an email or message to a successful person. Tell them how much you appreciate and admire their achievements.

Mindset #7: “Rich people stick with positive people.”

• Rich people see other successful people as a learning model. They model their strategies for success.
• Don’t just admire the rich. If they can do it, so can you.
• Improve your life, and be a role model for others.

Action Steps:

1. Affirmation: “ I treat rich and successful people as role models.” “I communicate with rich and successful people.” “If wealthy people can do it, I can too.”
2. Read the biographies of successful people- e.g. Andrew Carnegie, John D. Rockefeller, Mary Kay, Donald Trump, Warren Buffett, Jack Welch, Bill Gates, Ted Turner. Look for insights.
3. Join a high-class club, with golf, tennis, and gym facilities. Social with others. If you cannot afford a membership, go to a high-class hotel to have an afternoon tea. Observe how other customers act differently from you.
4. Remove negative people from your network. Don’t read negative news or useless TV programs.

Mindset #8: “Rich people love to promote themselves and their value”

• If you don’t like selling, you’re lowering your odds of success.
• If you are a leader, you need to be good at selling, inspiring, and encourage people to believe in your point of view.
• Rich people listen and promote their products, values, and benefits to people with who they want to have business with.
• You have to believe that you and your creation have a very high value.

Action Steps:

1. Affirmation: “ I promote my value to others with passion and enthusiasm.”
2. What is the real value of the products and services that you are providing? Rank it from 1 to 10. For those that are between 7 to 9, think about how to modify and improve the quality. Abolish those that are between 1 to 6.
3. Read books and courses on selling and promotion. Use 100% of sincerity to promote your products. Products that you trust.

Mindset #9: “Rich people are bigger than their problems”

• Don’t escape from problems. Be bigger than your obstacles.
• The bigger the problem you can solve, the richer you are.
• Focus on improving yourself. Stop focusing on the size of your problems and start focusing on the size of you. Focus on finding a solution and improving your skillsets.

Action Steps:

1. Affirmation: “ I’m bigger than any problems.” “I can solve any problems.”
2. When facing a big problem, take a deep breath, and say to yourself, “ I can handle it. I’m bigger than any problems.”
3. Write down the problem, list 10 possible actions to solve or minimize the problem. You have taken the first step in solving the problem.

Mindset #10: “Rich people are great receivers”

• Rich people accept great things to happen to them.
• Being willing to receive. It’s a reward for people who give value. And being rich allows you to help more people.
• Whether you think you have value or you don’t, either way, you’re right. The reality is simply a reflection of the story that you keep telling yourself. So starting creating a new motivating story of yourself.

Action Steps:

1. Affirmation: “ I am an excellent receiver. I am open and willing to receive massive amounts of money into my life.”
2. Invest in stuff that makes you feel like a millionaire every month, and accept them wholeheartedly. Examples include booking a boat trip, a house, a massage, or an expensive dinner.
3. Every time you receive or earn money, feel the excitement and say “Thank you! ___(For the person you’re grateful for)___.” And don’t praise back.
4. Be thankful for everything.

Mindset #11: “Rich people earn money according to results, not the time”

• All or part of your income should be proportional to the result of your work, but not time.
• If this isn’t the case, spend side-hustle time to be an entrepreneur, coach, or consultant. All the earnings are in accordance with your effort.

Action Steps:

1. Affirmation: “ I choose to get paid based on my results.”
2. Have all or part of your income based on your result. If you have your own business, create a system for your employees or suppliers that rewards them according to their accomplishments.
3. If this is not the case, be a coach, a teacher, or join a sales company, part of your income must be proportional to your accomplishments.

Mindset #12: “Rich people want “both”, instead of “either one””

• Rich people ask “How can I have both?”. Money and happiness. Wealth and kindness. Work and play.
• If you are rich, every dollar that you spend provides value for others. They can use the money to improve their lives. You’re benefiting others by spending money.

Action Steps:

1. Affirmation: “ I always think both.”
2. Always ask yourself, “How can I have both?”
3. Whenever you’re spending money, tell yourself “This money will pass through millions of people, and create value for every one of them.”
4. Treat yourself as a role model, show your kindness, generosity, friendliness, and wealth for others.

Mindset #13: “Rich people focus on net worth!”

• Rich people focus on net worth over active income.
• Net income = Income (Working Income & Passive Income) + Savings + Investments + Simplification -Liabilities
• Working income needs you to put in your own time and labor to make money. e.g. paycheck from the day-to-day job
• Passive Income is money earned without you actively working.
• Simplification means Minimize unnecessary spendings to increase your savings and investments.

Action Steps:

1. Affirmation: “ I focus on building my net worth.”
2. Keep track of your net worth. Add up all your income, savings, and investments, then subtract with all your liabilities.
3. Hire a financial planner.

Mindset # 14: “Rich people love to manage their money”

• Managing your money isn’t about limiting your freedom, it’s creating long-term freedom.
• You must start managing your money, regardless of how much income you have. As a result, you’ll start having more money.
• Study tax and other financial knowledge.
• Have a spending plan, instead of budgeting. Also, have a bi-monthly saving goal.
• The best way to not spending money is not being able to reach it.

Action Step:

1. Affirmation: “I am an excellent money manager.”
2. Jars Money Management System- Allocate your income into 6 categories:

• 1. Necessities account: 55% (rent, food, electricity, bills)
• 2. Long-term saving account: 10% (big purchases, rainy day fund, unexpected medical expense)
• 3. Financial freedom account: 10% (stocks, mutual funds, passive income vehicles, real estate investing, any other investments)
• 4. Education account: 10% (Mentoring, coaching, books, courses)
• 5. Play account: 10% (Spoiling yourself and your family, leisurely expense)
• 6. Give account: 5% (Charitable donations that give people a better life)

Mindset #15: “Rich people make money work for them”

• Working for money is only short-term, rich people leverage on assets to get money “work” for them.
• Being financially free means earning passive income, and allowing your investment to grow through compound interest.
• Examples of passive income: investing in the financial market (stocks, bonds, funds), investing in real estate, copyrights from books/music, selling software, vending machine, owning a business that runs by itself.

Action steps:

1. Affirmation: “ My money works hard for me and makes me more and more money.”
2. List 3 passive income streams that you are interested in. Study on it, take action and invest in it.

Mindset #16: “Rich people take actions, despite fear, self-doubt, discomfort, pressure, and inconvenience”

• Action is what turns ideas into reality.
• Practice embracing fear and take action anyway. You can still succeed without eliminating fear, as long as you continue to put in work.
• The Comfort Zone is the Wealthy Zone. Get out of your comfort zone, face the fear and pressure. You will grow and become bigger than your challenges.
• Train yourself to take control of your thoughts. Focus on constructive and positive thoughts, and eliminate negative ones.

Action steps:

1. Affirmation: “I will take action despite fear, self-doubt, and discomfort.”
2. Write down your 3 biggest fear of taking action towards your goal. What are the worst things that could happen? If the worst happens, how can I fix it? Will you die from it? Can you start all over again?
3. Train yourself to step out of your comfort zone every day. Here are some examples: Talk to a stranger, ask for a raise in salary, get up one hour earlier.
4. Keep taking action, despite your inner critic.

Mindset #17: “Rich people constantly learn!”

• If you are not where you want to be, it means there are still a lot more you need to learn.
• You will be exactly where you’re now unless you starting learning and doing something different.
• Invest in yourself to reach a higher level of competency.
• Find experts who have achieved what you desire, to coach you.

Action Steps:

1. Affirmation: “ I’m committed to constantly growing and learning.”
2. Read a book every week. Attend lessons related to money, business, and personal growth.
3. Hire a personal coach, someone to hold you accountable.

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