Hey friends! It's Steve here and today I wanted to share with you 10 money lessons I learned from the book Secrets of a Millionaire Mind by T Harv Eker. This book has changed the way I think about money and has helped me to take control of my financial future. Whether you're looking to increase your wealth or just get a better handle on your finances, these lessons are sure to be valuable.
1. Your income is determined by your mindset. Your mindset plays a huge role in your financial success. If you believe that you can't make more money, you'll never be able to increase your income. But if you have a millionaire mindset, you'll be open to new opportunities and able to take advantage of them. For me, I would say a lot of positive words of affirmation to myself in the mirror each morning, like “I can do this! I am capable. I am willing.” I learned that the biggest cheerleader in life is my inner voice.
2. Money is not the root of all evil. Many people believe that money is the root of all evil, but that's simply not true. Money is a tool that can be used for good or bad, just like anything else. It's important to have a healthy relationship with money and to use it wisely. And tying this back to the first lesson, if we think rich people are evil or money is bad, we’re never going to get much of it. Why would we subconsciously want to attract something that we think is bad? It doesn’t make sense. Right?
3. Financial success is a result of good habits. To be financially successful, you need to develop good habits. This includes things like saving and investing, spending wisely, and setting financial goals. Personally, I made it a habit to make sure I was always below my monthly budget and making more money each quarter back when I was tutoring. As for my bills and investments, I made sure I set up autopay and recurring deposits, so I had one less thing to worry about in my busy day.
4. It's important to focus on the long-term. While it's important to be mindful of your short-term financial goals, it's even more important to focus on the long-term. This means planning for your future and taking steps to ensure that you'll be financially secure for the rest of your life. For me, I made sure I was always contributing to my Roth IRA and growing my retirement account. Even though I didn’t have a lot of money when I first started as a public school teacher, I was still diligent with depositing whatever I could each month. Remember, all oak trees were once tiny acorns.
5. You need to be proactive about your finances. Don't wait for financial success to just happen to you. You need to be proactive about your finances, which means setting goals and taking action to achieve them. Do you want to open up a high yield savings account? Good. Do it today. Do you want to open up your Roth IRA? Good. Do it today. If we keep saying that we’re going to do it tomorrow, chances are, it’s never going to happen. You gotta take action today.
6. Successful people are willing to take risks. To be truly successful, you need to be willing to take risks. This doesn't mean taking reckless or irresponsible risks, but rather being willing to step out of your comfort zone and try new things. Stop thinking that success is easy. Personally, I took a lot of risks with my side hustle of tutoring, investing in the stock market, and even starting this channel and business. And with years of consistency, discipline, a lot of mistakes and tears, I reached a lot of my goals. I learned that staying in my bubble of comfort would stunt my growth and realized that being comfortable is my worst enemy.
7. You need to continuously educate yourself. The world of finance is constantly changing, which means you need to continuously educate yourself to stay up-to-date and make informed decisions. This can be as simple as reading books or articles or taking a class or seminar. Heck, when I first started this channel, I barely had any idea on how to use my camera, edit, and especially share my video to other people. I learned everything that I know today from paid courses, books from Goodwill and the Salvation Army, and my best friends, Google and YouTube.
8. Mind your own business. Successful people focus on their own financial affairs and don't worry about what others are doing. This means setting financial goals for yourself and working towards them, rather than trying to keep up with others.
9. It's important to surround yourself with successful people. The people you surround yourself with can have a big impact on your financial success. Surrounding yourself with successful people who have a positive attitude towards money can help to inspire and motivate you to achieve your own financial goals. I’m going to be real with you here. Many people have friends and even family members that may want to drag you down or keep your life the same. And yeah, I had people around me like that. I don’t think it’s because they don’t love you, but they may be projecting their fears and insecurities onto you because they think, “if I can’t do it, then neither can you.” This is why you want to surround yourself with successful people who have accomplished many things in their lives because I believe they are the ones that truly understand the path to success.
10. You need to have a clear financial vision. To be successful, you need to have a clear vision of what you want to achieve financially. This means setting specific, measurable, achievable, relevant, and time-based (SMART) goals and working towards them. Having a clear financial vision will help to keep you focused and motivated. So instead of saying, “I want to be rich,” you should say, “I want to be able to save and invest $500 each month, so I can become a millionaire by the time I retire at 60.” Do you see how this is way more specific and actionable than simply saying, “I want to be rich.” Change your script, so it can change your life.
Alright, now it's your turn. What money lesson have you learned that has had the biggest impact on your financial success? Or, which of these money lessons is your favorite and something you want to focus on this week?
Thanks for reading and have a great day!
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