Here’s the 8 Secrets of the Truly Rich Summary. Learn how to become truly rich, achieve your goals, gain financial health, and more.
Bestselling author Bo Sanchez explains how to gain material wealth and spiritual abundance at the same time. He also reveals the secrets to becoming wealthy by changing your beliefs and mindset.
About the Author
Brother Bo Sanchez is a bestselling author, entrepreneur, and preacher. He was one of the The Outstanding Young Men Community Service awardees in 2006.
He has founded various organizations, wrote several books, and started several businesses. He knows that one can be financially rich while still being spiritually healthy.
Main takeaways: 8 Secrets of the Truly Rich Summary
Let’s discuss the key takeaways from his book:
- Be totally responsible for your success.
- Raise your financial IQ.
- Win in all areas.
Be totally responsible for your success
We must stop blaming the government, our family, and God for what we are today. We always have the power to make choices.
If we always blame others, we lose control. If we feel like we’re losing control, we won’t take action. We would just let others’ actions lead our own.
But if we’re aware that we can change our “destiny,” we are more likely to take action for ourselves. We will create strategies to create wealth. We will feel unstoppable.
If there are obstacles ahead, we know we’re in control. We can just create a new path or adjust course.
Raise your financial IQ
You need a clear path to riches. That’s why you need to raise your financial IQ.
Rich people know something about money. They know how to manage it. They know how to make money work for them.
They understand investments, businesses, and other tools to earn more money. Instead of trading their time for money, they know how to use money to give them free time and more money.
To raise your financial IQ, you need to look for financial mentors. Read more books written by Bo Sanchez and other mentors. Attend seminars. Learn how money works.
You should also avoid bad debts. Don’t borrow money to buy things that show your “luxurious living.” Escaping debt is hard. You will be trapped in paying the monthly credit card bills.
You should also prioritize saving money. Set aside a certain percentage of what you earn before buying anything. With your savings, you will have the capital to start your first business.
With your savings, you can also use that as an emergency fund in case of unemployment. It’s also a good habit to save money. You will remain frugal and know what are the unnecessary things.
Win in all areas
Becoming truly rich is much more than having all the material things you want. You also want to gain spiritual abundance.
Yes money can’t buy happiness. But life gets much easier if you have money to buy food for your family, take some vacations, and never worry about money ever again.
If you’re not worrying about money, you will have more time and energy developing your talents. You will also focus more on serving others. You will also discover other ways to earn more money and help other people.
Keep in mind that gaining material wealth is just a means to becoming a better person. Because you have more, you can give more. You can also develop the capacity to attract more wealth and share it to others.
Aside from being responsible for your success, raising your financial IQ, and winning in all areas, you will also learn the following from the 8 Secrets of the Truly Rich book:
- Getting rid of crazy religious beliefs
- Enlarging your psychological wallet
- Getting your subconscious to work for you
- Setting goals and increasing your awareness of the opportunities around you
- Spending more time in marketing your goods and services
My personal takeaways
This book is a good reminder to be totally responsible for our success. I should just stop blaming and do the work.
It’s full of practical tips you can use right now. It’s not just about fixing your mindset and giving you the motivation. It also provides the next steps you should take to start your journey to financial wellness.
If you want to read the whole 8 Secrets of the Truly Rich book, you can find one at National Bookstore branches nationwide. I prefer reading the hard copy because it’s much more friendly to the eyes.
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