We always look forward to people around us for guidance and valuable life lessons. The author has sought the life lessons from a Millionaire known to him. This book is very interesting in the way that the Millionaire impresses the young and molding mind of the author to create a long lasting life change in him. I really liked the tenets given by the Millionaire in the book and I feel anybody could incorporate this in their daily life and be happy and wealthy.
So here are the 5 Lessons Given by Millionaire:
1. Decide to be wealthy:
It sounds strange right. Nowadays everybody craves money for having anything. The author wants to imprint this in our mind that one should intentionally decide to be wealthy and then only one can become rich. Our religious scriptures says that money is evil or root cause of evil but it is not true. Money itself is neither good nor evil. It is we human beings either good or evil who put the money for either good or evil purposes.
2. Take Responsibility of your Money:
One should be accountable about his or her money. One should do following 4 things-
a) Know your Net Worth (How much money you have?)- You should know your assets and liabilities.
b) Know from where your money comes- It could be your salary, business or side hustle or passive income.
c) Know where money goes? -You should understand your expenses and spending habits
d) Know what money is doing?- You should make conscious effort to know what your money is doing for you.
3. Keep a portion what you earn:
Robert Kiyoswaki has ingrained this thought in our mind about “Paying yourself First”. The author advocates that one should always keep 20% of whatever you earn from any source.
4. Win in the Margins (Millionaire’s Mindset):
Not everybody is a Millionaire. So what differentiates between common man and a millionaire. It is the Millionaire’s Mindset. A Millionaire would always try to increase his incoming money by increasing salary and saving more.
One more tip is to curb our expenses. It is often that we spend unnecessarily on impulse purchases . So the author urges us to consider this two questions before purchasing-
a) Is this impulse purchase or planned purchase?
b) Is this contributing to my money or taking my money out?
One more piece of advice given by the author is
“Never shop with an empty stomach”.
5. GIVE BACK:
So you dreamt to be Millionaire , you worked hard for it , you diligently earned more and saved more, you curbed yourself from impulse purchases and you achieved your desire to be WEALTHY. But would it be fulfilling journey. We human beings are conditioned such that we are social animals and unless and until we do something for somebody we would not experience the bliss of happiness. Something internally we would feel incomplete without giving some sort of contribution to the society in general. Hence the author advocates to GIVE BACK.
So these are the 5 lessons stated by the author. The author has narrated this in storyline manner under the wraps of advice given by his Millionaire Uncle. You could enjoy reading this book in the afternoon for leisure.