8 Secrets of the Truly Rich - A Review

Since I was in first year college, I’ve longed to read a book that could somehow teach me or could give me some enlightenment about money, that being rich is not bad at all, having a business mind is not evil, that if I will have lots of money won’t make me a greedy person at all, that I will not be like those businessmen whom they called fraudster people. Because I am a born again Christian and happened to be an Entrepreneurial Marketing student thus I ought to be a good influence to everyone. And I thanked God for he gave me an answer with regards to this present problem of mine through reading this book entitled 8 Secrets of the Truly Rich authored by Bo Sanchez, a Filipino brilliant writer. I’m impressed with his book and I would like to share my insights and some sort of personal reviews about his book. This book 8 Secrets of the Truly Rich is divided into 60 chapters but I will just focus on each of the 8 secrets that this book taught me. SECRET #1. BE TOTALLY RESPONSIBLE FOR YOUR SUCCESS Life is a matter of choice indeed. And it is up to us on what choices and chances we should right take for us to prosper in the future. Mr. Sanchez (the author), mentioned that weourselves are responsible to our success and our failures.The failures and problems that we are facing right now should not be blamed to anybody, i.e. blaming the government, our family background, bad lucks, and most of all to God. According to Mr. Sanchez, we are the product of our thoughts, choices and habits. We should stop blaming others, because if we would keep on doing this, we would end up living our lives by just blaming and blaming and will end up being frustrated. My idea that although the past and incumbent government, our families, the evil things, and many others are factors of what we are today but I would like to emphasize that these things are just spices or testing’s and it is up to us how we would respond to these things, either we chose to persevere and overcome by finding ways to succeed or to let them drag us down and stop us from having the chance to a better life.There are many people that are known for being rich and successful and yet they have almost the same past and childhoods as ours, there areeven some that had a worst past than what we have.What happened to them? What they did? It’s because they are responsible and they chose not to remain being poor or destitute instead of depending or blaming to anybody. We are given the same time, 24 hours a day 7 days a week, we have the same government and almost the same level of status in the society and it is up to us how well we manage ourselves in using such time. Look for much better ways,be responsible to start creating and thinking means to succeedgiven the trials that surrounds us, and choose between what is good or better not between good or bad. SECRET #2. ENLARGE YOUR PSYCHOLOGICAL WALLET According to the author, most people don’t get rich because they think that being rich doesn’t suite them. More often with regards to our money problems Bo said that they are just mind problems, and having this thingsin mind could surely affect ussimply becauseour mind is our core beliefs about us. It is important for us to search and know ourselves and feelings so that we understand why are we earning? Or to whom are we working for? Some people if given a chance to have a huge amount of bucks in their wallets, a thing that they do not expect frequently doesn’t know what they are going to do with it. More often they would immediately buy a brand new phone, clothes, shoes and the likes and will belong to those people whom are commonly labeled as “one day millionaire”. They feel that this money would immediately be gone those I must take the chance to spend it for my wants, some would feel uncomfortable and guilty thus they want to get rid of it immediately. But the author’s advice for you to become truly rich is that you have to increase your psychological wallet, in other words to increase your money comfort zone. But we must not also forget what the primary motive of Mr. Sanchez is, why he enlarged his psychological wallet and wants to earn more and more, first thing and foremost he loves his family and second is that he wanted to bless and help the needy. How you see yourself in the future and who you think you are determine your success. Unless you imagine it then it will never become a reality. And of course you can’t achieve your dreams inlife if you would just imagine and sit and sit and sit. You need to maximize your skills as well in order to match your psychological wallet and not ending up being frustrated and a pitiful merely ambitious man who doesn’t work. SECRET #3. GET RID OF CRAZY RELIGIUOS BELIEFS The reason why the author mentioned about religious beliefs in his book it’s because according to him (to wit) “your religious beliefs determine your wealth more than you think”. Some individuals have often misinterpreted of what the scripture in Holy Bible said about being poor. In Luke 6:20 it says “Blessed is the poor”, thus some are just contented to remain being poor and needy. I affirm of what the author said about the mentioned passage, that indeed God blesses the poor in way that he accompanies them in their difficult journey so that they can rise from poverty and not to remain in their poverty. The principle is that you need to get rid of poverty from your life so that you can be used by God to get rid of the poverty in lives of others. I just imagine if these would be the principle that most people would adopt, perhaps there would be no more poverty. And even in some passages in Bible proved that being rich is not a hinder for someone to enter heaven, Jesus only said that it is not impossible (with God all things are possible Matthew 19:25-26) it is just more difficult because to whom that is much given much more will be re required (Luke 12:48). If you’re rich much help and services will be required for you to give to the poor.The author said “God needs godly people to run a business, give jobs, and bless the world with great products and services. Most doesn’t have the hope that they could be free from poverty because they think they are being punished by God, but this is wrong. God wants the best of us. It’s only the man’s silly thinking and excuse reason that he is being punished by God thus he is poor, and sometimes they even started to hate their self for whatever sin they did. Saying “Bahalana” is a very common phrase that we often hear every day (by the way Bo said that the word Bahala is rooted from the word Bathala a taglog term for God). Often people would disguise their laziness as their faith and are obsessed with purely miraculous things. But God doesn’t want us to do this; instead he wanted us to do our part and to be a good steward because God designed us towork and trust-not just to trust. SECRET #4. BE COMPLETELY COMMITTED TO YOUR DREAMS There are two (2) big reasons why often an individual fails to get what he wanted. First because he really doesn’t know what he wanted and second which is the biggest reason is that he don’t want it bad enough. Bo said that there are 3 levels of desire that a person has. The first desire is called the Wish Level. In these level usually nothings happens, like for example a man would say “I wish I was rich”. Take note that he just merely “wish” it and doesn’t look for ways in getting it. The other level is the Want Level, in heresomehow something happen.A person would say “I want to be rich”. A little action, but usually this level of desire is just for a short period of time. The next level of desire is the “Commitment Level”, an individual would say “I am committed to be rich”, thus in here he is starting to picture himself what would he be in the future and since it is a long time desire right now he started to do things and committed to it in order for him to succeed in his commitment. We can choose what we want to dream and it is up to us at which level of desire that we have in order to accomplish such dream. We have the power to create and choose the life we want as what the author said. And in order for us to achieve our dreams we should first know and write down what really are our dreams and second to read or be reminded of our dreams every day. For it to become a reality is that we need to focus in it and be committed to it. SECRET # 5.RAISE YOUR FINANCIAL I.Q. Having a good background about how money works and will work is an advantageous thing to someone for him to become truly rich. He needs to be financially literate and increase his knowledge about it. “Financial ignorance is expensive” Bo said. And in order to acquire further financial knowledge you need to look for mentors, read books, attend seminars and lectures and of course you need to put into practice what you’ve learned. As much as possible you need to avoid bad debt (it is when you buy things that takes money away from your pocket, in short not necessary things but you loaned in order to have it like expensive appliances and other luxuries). Instead, invest on things that are of great use to you and to your family’s day-to-day concern and so with their future. Accidents will happen, and the thing is that we don’t know when will it come, thus we need to be prepare for it, not just preparing for oneself but also to our beloved ones. The author advised that you must build your retirement fund right now, save and invest as early as you can, so that you and your love ones or family will have a secured future. SECRET# 6. RIDE SOMETHING TO WEALTH In this secret, the author said that “If you want to become truly rich, you need to create multiple income streams”. Instead of merely walking towards wealth (I mean getting rich in a slower or one way), ride something on to wealth as many vehicles and as many rackets as you can. Own many assets and let your money expand and grow such like investing in mutual funds, equity funds and stocks. You need an income that is called “passive or exponential income”, an income that you earn and will grow while you sleep or do something else. Bo’s principle: “If you want to be Rich, use your core gift with passion”. Know what your core gift or your passion or the things that you loved to do, and then learn to earn from it. In earning an income, the principle is that profits are better than wages or salaries. In profits, it is not just merely limited to money, but also it could be what you’ve gained, learned and experienced at the end of the day after you’ve worked and did your job.In expanding your source of income, you need to replicate yourself to do the business that you might have now so that whenever you might get sick or want to have another business or whether you’re planning for expansion of it, there is someone or others who could do your part and by that you can multiply your source of income. SECRET # 7. HAVE A BIAS FOR ACTION Taking initiative is a necessary step also to do for someone to become truly rich. Helping yourself is an important factor so that you could also help others. God wants us to help ourselves, to grow and be mature, as what the previous chapter mentioned that “Faith requires action”. And in order for this to become possible, we need to take responsibilities, look for natural (factual or ordinary) signs and opportunities and of course make things happen, not just plan, plan, plan, and plan to perfect your dreams. As for pioneers, perfectionism is never a good strategy. Eloise Ristad said “When we give ourselves permission to fail, we at the same time give ourselves to permission to excel”. There are many successful persons who don’t reach their dreams and status right now without committing failures. In fact these people committed more mistakes and failures than the unsuccessful ones, because in failure we will learn and improve ourselves and strategies as we go and pursue our dreams. If you really want to succeed, don’t take timid, tepid, tentative steps. Give all you’ve got. Do not hesitate to take risks in reaching what you wanted in life. Trials will always come and it is uncertain when will it come but it would surely come, thus don’t be shocked whenever you will face it. And whenever we fail, we must learn to forgive ourselves and act again, don’t blame yourself. Never ever label anyone (including you) a failure because it can never lift up your confidence and interest. Instead, spend your time, energy and other resources on acting again and try one more time. SECRET # 8. WIN IN ALL AREAS It’s useless having millions and luxuries in life if you do not have a good relationship with your family, with God, and friends. Bucks would be in vain if you are not mentally and physically well and if you are not yet matured enough. You need to win or cultivate and maintain these aspects in your life for you to be completely called a “truly rich” person. “Long term happiness can only come from consistently living by our inner compass” as what the author said and our compass is God. To know where you are right now and which level are you now in carrying out your dreams, you need first to define and set your own standard what really is “success” for you. As what John Wooden’s Dad said “You are the only one who knows whether you have won or not. Don’t try to be better than someone else. Just be the best that you can be” The harvest that you will have will be determined how you gave to the needy, especially to your loyalty and faith in giving to God what is due to him. Even me, personally as a student who received a limited allowance a month often struggled in budgeting my allowance like in giving tithes and the likes. But we should practice giving to God as early as now, because as what Paul Washer said “If you don’t want it now then you won’t want it then”. Sacrificing your wealth to the poor is a very great thing for someone to do. Help others and gave as many as you can. I have once read a newspaper stating that a certain study found out that many people who have gave constantly to the poor as well as helping them makes them happy and have received more. As what Bo Sanchez said “We receive blessings to bless others. We receive wealth so that we can give it away”.