Monthly Archives: November 2016

Book Review: Secrets of the Millionaire Mind by T. Harv Eker

Secrets of the millionaire mind

It’s all about the mindset

Our financial success or failure depends mostly on our mindset. Two different persons could have the same capital and the same training but one person will struggle financially while the other will flourish.

T. Harv Eker helps us develop a Millionaire Mind, he helps us develop a mindset to become better persons and to increase our net worth.

The love of money is the root of all evil
Mascaraed party
Mascaraed party

In some cultures, wealth is seen as something evil, something that you want to avoid in order to conform to your environment. If you become too well off, you will stand out and other people will either look at you with scorn or try to take advantage of you. Many times we prefer to stay poor in order to continue being part of the herd. T. Harv Eker helps us to think differently, he teach us how to break the fear of standing out, the fear of being different, the fear of being better off.

Same recycled ideas

There is nothing new in this book. In fact, there is nothing new in any of the self-help books I have read in the past few years. They all cover the same recycled ideas of taking responsibility of your life, setting goals, serving others, etc. However, as a person with a desire to improve my life, I need to continue reading the same message, from many sources, over and over again. It makes me feel motivated and energized. It helps me  set new goals and bring them to fruition. I need to hear the same message from  different messengers. Think of it as a religion, even if you are already a believer, you still want to continue listening to the weekly sermon.

There are two things which I didn’t like about this book.

    • Many of these self-help authors use their books as a promotional pamphlet to sell their workshops and/or seminars for which they charge thousands of dollars.  Another author who uses his own books to promote his seminar is Tony Robbins. At given moment you start feeling disgusted with so much self-promotion. Yes, the material is good but if you are going to push your product so hard the book should be free.

At given moment you start feeling disgusted with so much self-promotion

    • The second thing I didn’t like is that the author promotes the idea or desire to be wealthy by putting down people who don’t have the same ambitions. He displays an “us-vs-them” mentality. Let’s face it, to become rich is not everyone’s priority. Some people want to focus their lives on other things which are more important to them. The same message -to become rich- can be given without putting down people who don’t prioritize wealth.

All that being said, these are T. Harv Eker’s 17 principles for building wealth.

1. Rich people believe “I create my life.” Poor people believe, “Life happens to me.”
2. Rich people play the money game to win. Poor people play the money game to not lose.
3. Rich people are committed to being rich. Poor people want to be rich.
4. Rich people think big. Poor people think small.
5. Rich people focus on opportunities. Poor people focus on obstacles.
6. Rich people admire other rich and successful people. Poor people resent rich and successful people.
7. Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people.
8. Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion.
9. Rich people are bigger than their problems. Poor people are smaller than their problems.
10. Rich people are excellent receivers. Poor people are poor receivers.
11. Rich people choose to get paid based on results. Poor people choose to get paid based on time.
12. Rich people think “both.” Poor people think “either/or.”
13. Rich people focus on their net worth. Poor people focus on their working income.
14. Rich people manage their money well. Poor people mismanage their money well.
15. Rich people have their money work hard for them. Poor people work hard for their money.
16. Rich people act in spite of fear. Poor people let fear stop them.
17. Rich people constantly learn and grow. Poor people think they already know.


Overall, I give this book 3.5 stars over 5. It’s a good read and you will learn a lot, but you have to endure all the self-promotion and the idea that rich people a better than poor people. Rich people are not better that poor people, they just have different priorities.

Coaching services

I am a money coach, don’t hesitate to write me if you want to talk about money or anything else that is going on in your life.

How to deal with financial setbacks

Another speech at Toastmasters
Another speech at Toastmasters

A few days ago I had to confront a few financial problems at once. I felt cornered and I didn’t know how to react.

This is what happened:

  • One of my clients asked me for some of his money back: $5,000. Instead of selling $5,000 in stocks, I paid him out of my pocket and kept the stocks invested.
  • I rented one more apartment to grow my Airbnb business: one month deposit $1,500 and one month rent $1,500.
  • One of my apartment rentals was infested with bedbugs: $2,000
  • I was under the impression that one of my Airbnb properties had bedbugs (it turned out that it had little spiders that looked like bedbugs) the lost revenue and the expenses: $1,000
  • I had car repair expenses of $1,500

In total, in a matter of two weeks, my bank account was shrinking by $12,500. I felt that the whole world was about to swallow me. I am not a stranger to setbacks. I face small setbacks regularly, but I was not ready to face numerous problems coming at me in such a rapid succession.

I read somewhere that in cases of stress, our reptilian brain takes over and we have one of two reactions: fight or flight.

When I was confronting my problems, my reptilian brain suggested flight. I wanted to throw money at the problem and get out of everything I was doing.

I felt afraid; it took me a few days to get my bearings and to realize that all my difficulties were only financial, that my situation was not catastrophic. Once I put my problems in perspective, I took the following steps:

Steps to overcome setbacks
  1. Seek inspiration from leaders who have overcome difficult times. I love reading biographies of businessmen and political leaders. Some examples are Rockefeller, Gandhi, and Mandela. But they are back there in history, way in the past, they feel more like mythological figures than real human beings. The US just went through the most amazing presidential election. They elected a person that I (and everyone around me) loves to hate, a person who is a sexist, a bigot, a racist, a bully, and so much more. Yet this person, against all odds, went on to become the president of the US. Even if I see him as an asshole, this person has one trait which I admire – his willingness to fight. Each time someone put him down, he stood up and fought.  I want to have that fighting spirit.
  2. Think of the worst case scenario and put it in perspective with the rest of your life. I was facing a significant loss, but when I put it in perspective with my net worth and with other problems I have faced in the past, I realized that my problems were not big at all.
  3. Share your problems with friends and family. For days I complained to my friends, to my mother and then I went big by announcing my difficulties on my Facebook profile. Just by expressing my problems to those around me, they became bearable.
  4. Get a good night sleep. This is more difficult than it sounds. My sleeping was cut from 6 hours to 5 hours, but as the days passed my problems seemed more distant and I felt stronger.
  5. Exercise. Exercise is a wonderful drug. It releases endorphins from your brain which makes you feel good, it increases body temperature, which has a calming effect and finally, it helps you sleep better. I never abandoned my daily exercise routine.

As I dealt with each one of my challenges, I became stronger and wiser. I will replenish my bank account and prepare myself for the next wave of setbacks (they will never stop). Next time I will be ready for bigger challenges.

Please feel free to add in the comment section how you deal with financial or emotional setbacks.

I am a money coach, don’t hesitate to write me if you want to talk about money or anything else that is going on in your life.

Developing a wealth mindset

Money Coach
developing a positive minset
developing a positive mindset

About two years ago I started a money coaching business.  During that time I noticed that most people’s financial success or failure depended on their mindset. In general, if they had a mindset of wealth, most likely they were wealthy. If they had a mindset of scarcity, most likely they struggled.

Throughout my years of reading and asking questions I have become convinced that our mindset is developed in our of childhood. One simple incident could be the tipping point that swayed us from one mindset to the other.

For example, make believe you are a 7 year old kid and you lived one of these moments:

  • You are best friends with the kid next door. His father gets evicted because he is constantly late with the rent. Your mom says that the landlord is a rich asshole who only cares about money. You associate being rich with being an asshole. You feel contempt towards rich people. You will never want to be like one of them.
  • Your rich uncle gave you some cool video game for Christmas plus two concert tickets to see your favorite music band. How cool is that? One day you would want to be as cool as your uncle, make a lot of money and give to other people.

These are simplistic general examples. Many times a child is exposed for years to similar incidents before his personality is formed.

If you end up being like the kid with the negative experience, you might have a psychological barrier towards building wealth. You would say to yourself “money is not important, what is important is developing houses for the poor.” and maybe, even if opportunities fall in your lap, you pass because you will always have the association of money and rich assholes. Even if you have a job with a high paying salary, you might get rid of your money as soon as you get it and might experience the magic of compounding interest.

Being rich and helping others are not mutually exclussive

If you are like that kid, you have to realize that being rich and helping others are not mutually exclusive options. If fact, if you are rich, you are in a better position to help others. If you feel guilt because you are better off than many others, you can volunteer some of your time to cause you care about or donate part of your salary to your favorite charity organization.

If you are tired of living a life of scarcity, it is of extreme importance to understand what is holding you back. Go back, deep into your subconscious and try to understand  the series of events which led you to develop your current mindset.

Money is not evil

Your financial life could be in jeopardy only because during your childhood someone said “money is evil” or “rich people become rich by taking advantage of the poor.” Yes, there is some truth to that, some people abuse their wealth. But money is also a tool to create good. People like Bill Gates are out there, using their money to save lives in Africa. There are millions of honest business people building small businesses which create jobs in their communities.

The sooner you realize the source of your self defeating thoughts,  the sooner you might address the problem and the sooner you will be able to create wealth for you, your family and your community.

Book Review: American Dream by Jason Navallo

americanA few weeks ago author Jason Navallo asked me to review his latest book,  American Dream. I was delighted and grateful for the opportunity and here is my review.

The book is composed of six interviews of people who have had amazing success in business, people who, from nothing, have created an unbelievable amount of wealth.

The book is only 79 pages long, so anyone can get through it within a couple of hours.

If you are an entrepreneur, you have to constantly motivate yourself by reading books, listening to podcasts, and spending time with people who have a similar desire to succeed in life and in business. I find that the secret of the entrepreneur game is to constantly stay motivated. Without motivation people tend to gravitate towards their couches. This book acts as a great motivator.

I am living the Canadian dream with my friends
I am living the Canadian dream with my friends

What impressed me the most was the magnitude of the achievement of the people interviewed and the diversity of the industries in which they operate,  industries such as real estate, wealth management, healthcare, etc…

The one lesson that I got from this book – and from my day-to-day observations – is that wealth is abundant to anyone who dares to take it, but it is not for the faint of heart. If your dream is to be an entrepreneur, the sky’s the limit.The amount of wealth available is only limited by your own ambitions, but you have to pay the price. The price of success could be long hours, courage, determination, frugality, wit, and so on. If you don’t pay the price, it is unlikely that success will fall into your lap. For example, I found it amazing how Shelly Sun went from $0 to over 300 million dollars in assets by helping people at the last stage of their life. Or how Ben Cabello, whose family immigrated from Cuba, started with nothing to create a real estate empire in Texas.

In the book we don’t discover much about the author and what motivated him to write these interviews. Does he like entrepreneurship? what makes him the perfect person to write this book?

Another thing that I found lacking was that although the interviews were amazing and the success extraordinary, the people interviewed spoke mostly about their lives and their businesses. They didn’t turn around to tell us (the readers) how we might take some of their experiences and apply them to our lives so that we too can be successful.

The last question of each interview was: “Is the American dream alive?” and the answer was a resounding Yes! It is alive to anyone who is willing to make that dream a reality.

Overall, it is a good book, an easy read. It is inspirational, motivating and I give it a four out of five stars.

I have the feeling that Jason Navallo will write many more books; I wish him success in his career as an author.