8 Secrets of the Truly Rich - Bo Sanchez

In this book, Bo corrects the false belief of equating materialism with being rich. This is a sticking point with many Christians who seek to give of themselves and be 'poor in spirit'. It is actually good to be rich as we can give more if we are. And God will always want the best for us and give us abundance in life. Money is crucial if we want to do much for God and ourselves, most aptly summarise in quoting him here:

"Money is not the most important thing in the world but it affects every important thing in the world".

People don't get rich because (1) they don't want to subconsciously, (2) they are financially stupid and/or (3) they don't ride something to wealth.

Bo shares his 8 secrets in bite-sized chapters summarised below:

1) Be totally responsible for your success

Where we are now is due to our choices, thoughts and habits. We can change this by creating a new pattern of success. But first we must take ownership of our life and stop the blame on (1) the government, (2) our family background, (3) the devil and (4) God.

2) Enlarge our psychological wallet

- Changing our core beliefs about self and money

- Increasing our money comfort zone by being more comfortable with larger amounts of money

- Imagining earning more

- Slef-image attracts your level of success

- Solve contradicting desires by being clear on our purpose

- Remove negative family labels

- Train when we are young (it is ok to have money; we have to work for the things we want; it is easy to earn if we focus on it, we must focus on profits, we ought to learn to sell)

- Increasing skill sets to match our psychological wallet

3) Get rid of crazy religious beliefs

- Don't romanticize poverty

- Recognist that the rich can get into Heaven

- Don't hate yourself or indulge in suffering because we so-called 'deserve it'

- Don't over-rely on God; God gave us stewardship for a reason

- Don't disguise laziness as faith

- Don't be obsessed with miracles like striking the lottery

- Don't be fatalistic; we must work and trust, not doing the latter only.

4) Be completely committed to your dreams

- For dreams, there are the Wish level, Want level and the Committed Level - be at the Commited level because it shows you want it bad enough.

- Be the scriptwritter of your life

- Write your dreams down and read it daily

- Apply the power of attraction/focus to increase the awareness of opportunities and to change predominant thoughts

5) Raise your financial IQ

Like ohter types of IQ, this can be learned and developed in time.

- Look for financial mentors

- Avoid bad debt by (1) writing a deadline for financial freedom day (2) creating new ways of cheap pleasure (3) scheduling steps to financial freedom (4) not borrowing if you cannot afford it (5) negotiating with your creditors

- Get insurance at 10 times your annual expenses

- Build your retirement fund NOW by compounding in investments

- Save 20% of your income

- Invest young

- Read (books and news), Listen (seminars) and Practice (via financial mentors, volunteer in small businesses, do your own small one)

6) Ride something to wealth

- Diversify in multiple streams of income

- Compounding

- Utilize your core gift to earn (Be good at it; Enjoy doing it; Be paid for it)

- Learn to sell

- Have a entreprenuer mindset (Profits are better than wages); if you cannot handle the growth of a business, grow yourself first

- Expand territories and do more

- Have passive income (developing a replicable system)

- Have exponential income by leveraging

- Build a dream team and having synergy

- Spend 80% in marketing and 20% in developing

7) Have a bias for action

- Don't feel self-sufficient (by relying on God too much)

- Look for natural signs and not supernatural

- Make things happen (perfection is never a good strategy)

- Fail your way to success (the more you do, the more success you get)

- Take bold massive action (not small steps always)

- Hustle - always be on the ball for solutions

8) Win in all areas

Areas like relationships, maturity and emotional level, using your core gift, health, wisdom, money, spiritual

- Follow your inner compass (which is God's voice and love)

- Define your own success and don't compare

- Give our best and to compete with self only

- Give more so you receive more

- Sacrifice wealth for others- to see the poor as family and not charity

- Have God as your champion partner because He takes care of all your miss shots.