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Friday, August 4, 2017

Friday Feature Book Review: Think Rich to Get Rich by Larry John リッチを取得するために、豊富な人のように考えて(億万長者の考え方) : ラリー・ジョン

As the 5 word book title implies, you need to prepare for true wealth. This book states that it is very much a mental game you have to train and get ready for. There is no magic pill that you can suddenly take that will avoid this action. You really have to "Think Rich to Get Rich" that much faster in a more focused way. If wealth is your goal, this book is for you. The real difficulty though is, can you clearly face your own real goals towards wealth? An even more difficult challenge is can you actually pin down what wealth as a concept means to you?

Curiously, the author challenges you right at the beginning to define what "Rich" really is. To every person it may be a different thing, but at least it needs to be defined. How do you define something that is intangible? Lifestyle is a starting point. The author makes a good case for what a rich person is. How he or she lives, within what means, and how that can be represented. Strangely, it is not a number. This was amy first surprise, and I was in for many more. It got my brain stimulated as I got surprised by what the author had to say.

I was expecting a more basic attitude of X amount can be reached of you do Y by time Z. I was wrong. If your lifestyle is without spending control, any large fortune will run out, making the owner go broke. A large amount of celebrities have been in this situation. Even second or third generation business owners have struggled with this hard reality. Within private banking or family offices, there is a clear fear. Going back to the Dutch fortunes of Amsterdam around 1600, poor children could only afford wooden clogs, not leather shoes. Formerly wealthy families who went bust, were often said to go "clogs to clogs in 3 generations". It remains a financial challenge even in this day.

There is sadly no solid short cut. Even a billionaire can go broke. Donald Trump went broke in the USA, recently Brazilian billionaire Eike Batista went broke. It can happen, and the challenge is why. Spending, leverage, and preparing for your investments, this is what the author explains very well. However, it all must start with a clear plan. Thinking is never easy, especially when it concerns your own future. Given a few days to absorb, any reader starts to understand the point, and how to take personal action. The real test is can you then think of and then define your own wealth plan.

You learn in a very easy way to understand the basics. What you want, what you need, and what you work for, all have to be in sync. Without a plan, you go broke no matter how much money you make. You have to imagine your dreams, goals and desires clearly, in order to recognize them when they appear or walk by. If you think that an amount of cash will create this level of satisfaction, you may find yourself trapped on a rat race ride without end, or worse, one that will end badly.

The Top 3 Takeaways from this book that really impact any reader are:

1) There is no limit to being prepared about your own life. It you can figure out where you want to go, then you can recognize all of the signs of how to get there. It is a mindset that you learn to trust and act upon.

2) By having a destination, everything else around you become a simple choice of being helpful or not to your plan. Do you want A? yes, but will it help you get to your destination? if not, then put it off and consider it later. Focus on what you really need to get where you really want to go.

3) The long history failure in many both rich and poor proves that no plan leads to a failed destination. Every person needs to think for themselves and define where they want to go. It is a classic case of, "if you do not know where you are going, you will never get there." You will also not know when you pick up what you need, even when it is right in front of you.

All core rules are worth building any career and wealth goals around. They are foundations that help define why you work, for what purpose, and for what return and satisfaction personally. If you wonder about how to be happy or how to find personal satisfaction, this may help in a small way. Very much worth while as a read. This book stretched my mind and challenged my own values both financially and personally, two ways that I never expected. Highly Recommended.

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click here. Thank you for reading and learning more about how money is made in finance!

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