Secrets of the Millionaire Mind — Summary

Thought patterns define wealth

Not knowledge, but unconscious thought patterns which we adopt through childhood experiences and role models are what mostly define our future success and level of wealth.

People’s wealth mindset is like a thermostat if it’s set on high, their wealth grows, if it’s set on low, their subconscious makes them throw their money around as soon as they get some extra cash.

Self-made billionaires think differently than normal people, they don’t necessarily possess more potential than most people, but they are able to gain and regain wealth in case something goes wrong. They see opportunities where other people see obstacles. Anyone striving to become a millionaire should rewire their thinking to a millionaire thinking.

The role of our parents

In our childhood, our minds are programmed by our parent’s impressions. We absorb whatever they repeatedly say about money. Even if we don’t accept ideas and statements like “Money is the root of all evil,” even if we resist them, we often end up with the wrong mindset. People who grow up with such influence often want to prove their parents wrong, showing them that they can make money. But this rebellion doesn’t represent a true money blueprint.

Those who learn that anything is possible with money from a young age, in contrast, will have a much easier time making money.

Not only words but also our parent’s behavior patterns have a big impact on us. For example, the way they save, spend and earn money. If they went through a crisis where they experienced scarcity, those patterns would influence you.

To break free of the habits from our parents we first have to become conscious of them, and then deliberately changing and replacing them with new patterns.

Two steps to change your programming

First, you have to perform a deep introspection to find your own programming. Did your parents program you to believe that you can never afford something? That you always will have to work just to make the bare minimum to buy a house and live?

Once you’ve performed the self-examination, you have to change yourself. Adopt another way of thinking. This time one geared towards wealth.

Think highly of yourself

Only if you believe in yourself, can you lead others to believe in you. Most of us are brought up with the belief that tooting our own horn is rude. But Millionaires think differently. They think: “If I don’t toot my horn, who will?” Self-promotion is important. But you also have to be convinced of your own value. One trait which separates wealthy people from the rest is that they are convinced to deserve to be rich.

Be fully committed to becoming wealthy

Gathering information about how to change unfortunately isn’t sufficient. We have to replace old habits with new ones. Replace old patterns with new ones. Catchy affirmations can help with this, for example, repeat to yourself every day phrases like: “I have enough money to buy everything I want!” or “My money works for me!” By repeating these every day you will slowly change your conventional thinking with a millionaire way of thinking.

You have to be ready to make the sacrifices necessary to become wealthy. If that means working 16 hours per day for a certain period, then commit to it.

You have to constantly grow. Wealth grows only if you grow. Make learning a daily habit. Constantly push yourself to do whatever necessary to become a better version of yourself. Study, attend seminars, learn from other people, keep a strong curiosity, and keep doing introspections regularily.

Learn to take fate into your own hands

You have to put yourself on the wheel. Don’t do what poor people tend to do, yielding control over their income to others or throwing their money out of the window for gambling, hoping to get a lucky hit. Take control over your situation. Instead of complaining, make the necessary changes which will lead you towards prosperity.

Think positively about money

If you want to become wealthy, you have to like and admire wealthy people. If you despise rich people, thinking that they are ruthless and have no values, then you will prevent yourself from becoming wealthy. Have a positive attitude towards money. Money empowers you to do whatever you want. If your goal is to do good things, then money will enable you to do more so.

Set high goals & associate with the right people

“If you want to fly with the eagles, don’t swim with the ducks!”
You must learn to think on a big scale! Millionaires set the bar high. They don’t conform themselves with a secure and sufficient income like most people. Millionaires set their sights on lots of money.

Big thinking leads to big actions. Weak thinking leads to weak actions.

Don’t set a limit to your income

Whenever you make your income dependent on your time, you are limiting your income. You only have 24 hours per day, so once your time is used up, you won’t grow your income any longer. Luckily this problem can be solved.

Rich people are rewarded in proportion to the quality of their results. Instead of searching for a good paying job, or producing goods which depend directly on your time, strive to make an automated business instead. Once you take yourself out of the equation, your income can grow independently of your time. You simply hire more people or automate more processes if necessary.

It is useful to surround yourself with people who are also thinking big. Your close friends and people you surround yourself with have a big influence on you. So chose them carefully. Meet people who have the same goals than you or people who have what you want to have.

Saving is just as important as income

If you squander your resources, you won’t get far. Saving is just as important as amassing money. Choose carefully where to invest your money in. Also, keep your living cost at a minimum.

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