3 September 2012

Do You Know How to Think Rich?

I read this excellent book called Secrets of Millionaire Mind by T. Harv Eker. While he tells you some basic concepts, the book still manages to blow my mind.
Here are some interesting facts he wrote:

Rich people chose to get paid based on results.
Poor people chose to get paid based on time.

It's super true. If you think about it, poor students (including me) are paid minimum wage. We know we are not experienced so when our boss offered fixed hourly wage, we are happy to grab it. A job is a job, we tend to say. The truth is that we feel secure by the term "fixed". It's safe. Who cares how the business is going or how hard I am working, I get paid a fixed amount anyway. That can be pretty detrimental to both employers and employees. As employee, you are not motivated. If you are a student and you want to break away from this cycle, go be a waiter/waitress. You get tips! What are tips? Tips are money based on your results! Not time! Woohoo! That's right! Your tips reflects how hard you work. You feel super happy when you get big tips right? So work harder! That's the spirit.
When you are an entrepreneur, your income is based on your results. If you suck at running your business, you get nothing. If you succeed, bye bye poor life and hellooooo sweet big Lamborghini!
However, if you are scared of taking risk (not confident in your own performance) then you work on fixed salary. There, safety!

"Rich people believe in themselves. They believe in their value and in their ability to deliver it. Poor people don't. That's why they need "guarantees"." ~Eker

Rich people have their money work hard for them.
Poor people work hard for their money.

It's cool that you want to work hard to earn money but you got to work smart too! Take an example of a writer John. John works super hard, crashing his brain to think of a purple cow that can appeal to his targeted audience. He wrote like chicken without head to reach the deadline...etc. Yeah, John worked endlessly hard. How will he be rich if he just writes boring story? No. He can be rich when his books spread like wild fire because of his eccentric ideas/plot/characters. That's when our John can sit back and relax. He had worked hard for this. So he is going to let the money(in this case, his bestselling book) works for him. With the money he gained from royalty, he can spend it on advertisement for example. Then the ads will bring in more clients, which will generate him more revenues...etc.
John doesn't need to work hard anymore. He had worked hard and smart so now his money works for him. And he is now filthy rich.

"You do have to work hard for your money. For rich people, however, this is a temporary situation. For poor people, it's permanent. Rich people understand that "you" work hard until "money" works hard enough to take your place." ~ Eker

Pretty neat, isn't it? I absolutely love his book. I read it before I hit university and it supposed that book changes my view of the world. I'm always seeking ways to improve my thinking. I want to be rich. Who wouldn't want to be rich? The question is how to be rich! It's easy to just blurt it out but you need action to get to your goal. You can't win a race if you bum around the starting line. You need to man up and start training like mad then go to the race and run like a horde of hellhounds are chasing after you. Then you can't just run and run (working hard) you have to find ways to outrun/hide from them (working smart) that's when you will eventually reach the finish line and shout to the world: "I HAVE SUCCEEDED!"

Wouldn't you like that? I would. So if you want me to talk more on this particular topic, comment below to let me know... otherwise I will be talking about something else next week. Or you can buy the book. Good luck in becoming rich! Remember. Think like a rich man. Work hard AND smart.

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