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Sunday, October 6, 2013
Secrets of a Millionaire Mind
Sometime back I happened upon a book by T.Harv Eker
called ‘Secrets of the Millionaire Mind’. The book is
basically about how your thoughts can affect the amount of money or abundance
you receive in your life, and in my personal opinion, it is an excellent read. He
was here in Singapore in March 2013 for Millionaire Mind Intensive seminar and
is coming again in November 2013.
I know there are a lot of skeptics who debunk
the idea that we create our own world by our thoughts, but I am interested
enough in what Harv Eker wrote
to want to attend the Millionaire Mind Intensive this coming November.
This is one of those free seminars where they teach you a heap of stuff but
they probably will also promote the hell out of their products….so it’s almost
like attending a 3 day infomercial. But if you can put
the promotional stuff aside, the stuff he teaches is really worth taking
in and the book is excellent.
Apart from wanting to hear just what Harv Eker had to say, I
am really interested in finding out more about his 7 jars money system.
Financial freedom is so important and when you start receiving large amounts of
money it is very easy to just blow it, and this is something we don’t want to
Below are some points I’ve learnt from reading the book:
·Pay yourself 10% first.
This is a fundamental concept and is also
mentioned in “The Richest Man in Babylon”. Unfortunately, most folks never put
this into actions. The worse of the kind
are those who already know it but never put any concrete actions into the
doing. Personally, I have been putting 10% of my active income every month into
my company’s stock purchase plan. I also planned to participate in a regular
investment plan, POSB Invest-Saver where it buys into Nikko AM Singapore STI
ETF. This simple and fool-proof strategy allows me to average up and down regardless
of market conditions.
·Clarity Is Power. Thoughts –> Emotions –> Actions = Results
There are many people who dreams of being a millionaire one
day but all these dreams can only come true with action. With a clear mindset
and goal, it will empower one with the ability to act. By simply knowing
absolutely how much is enough and by when, your financial path is all set once
clarity is formed. The rest is finding
your way towards that clear goal. For example,
“$120,000 pa residual income in 10 years’ time”.
·Financial jars – a
consistent and proven money management system. It forms the basis of your
Personally, I think the jars are very useful
principles that can be easily applied by just about anyone regardless of their
income. Here’s how it works:
(Note: The percentages shown are purely
suggestive figures. You are free to
adjust them to your needs.)
freedom jar 15% –. You never ever spend this money until you’re
financially free. Preferably, the money is invested, either by participating in
a passive investment plan such as POSB Invest-Saver or active stock picking by purchasing
jar 5% – Pay for your
continuous financial education such as reading investment books, attending
term savings jar 10% - Typically for buying
large ticket items such as car
jars 55% – Used for paying all
your bills and living expenses.
jar 10% – For treating
yourself well, such as going on a holiday
jar 5% – Excellent money
receivers are also excellent giver. If
you cannot afford $, then give your time.
The book itself is well worth reading if you
want to change your thoughts about money. Eker uses lots of comparisons between
the rich and the poor. For example:
·Rich people associate
with positive people, poor people associate with negative people.
·Rich people are
excellent receivers, poor people are poor receivers.
·Rich people believe ‘I
create my life’. Poor people believe, ‘Life happens to me’.
·Rich people act in
spite of fear. Poor people let fear stop them.
·Rich people focus on
opportunities, poor people focus on obstacles.
I do recommend that you read “The Secrets of a Millionaire
Mind” or attend the Millionaire Mind Intensive (I know I will try to
attend by registering for the free tickets). However knowing that some people
might get swept up in the hype of the seminar and sign up for courses, I would
recommend leaving your checkbook at home so that you don’t rush into signing up
for something you may not need. Reflect on the usefulness of the courses before
deciding to sign up
§Secrets of the Millionaire Mind –
this is a must read if you want to change your money mindset. However, don’t be
put off by the promotional stuff in the book. Just look past that because this
book is invaluable for changing your money blueprint.