Poh Heng

I bought Adam Khoo’s Secrets of The Self-Made Millionaires early this year and would like to write a review for this product.

Adam started off by giving a background on himself, how he transformed himself from a school dropout to straight As student, topping his cohort and finally earning his first million by the age of 26.

In the next part, Adam wants you write down the reasons “Why you aren’t RICH yet?”. Through this list, you will be able to know whether you are in control of your life. The simple fact is if you are not even in control of your life, chances are you will never get rich.

Then he talks about the mindset that most people adopted - the victim mindset. For instance, some excuses people always give are they are not smart enough, it is harder to make money nowadays etc.

I particularly like what he said on being not smart enough - allow me to quote a sentence from the program exactly “If intelligence was what it took to make money, then anyone, who joined MENSA would be a millionaire. Now you know that it’s not true. Everyone who had a PhD would be a millionaire. But instead a lot of PhDs work for millionaires who never finished school”

This statement makes me believe firmly that being smart does not equal being rich.

He then shares 3 main reasons why people are not wealthy

1. Not having the mindset for wealth
2. Low Financial Intelligence
3. Not spending enough time creating wealth

Of these three reasons, I think not spending enough time creating wealth is the most common reason why most people are not wealthy. In my view, many people worked hard in their work - working overtime but hey, working overtime alone will not get you rich.

In addition, many of my friends go home after work every night to watch television, play computer games or chat on msn. They spend negligible time doing wealth building activities except to pay their bills and then they complain they are not rich or HOPE that they will be rich. Sad to say, the chances are as negligible as the time they spend on creating wealth.

On the other hand, I have friends who are more financially sound and spend lots of their time growing their wealth and seeking investment opportunities everytime. This makes the difference between people who are financial successful vs financial failures.

In the final part of CD1, Adam gives an overview of The 7 Steps to Financial Freedom

Step 1: Set effective financial targets
Step 2: Make your own financial decisions - create your financial plan
Step 3: Increase your primary income stream and creating more streams of income
Step 4: Manage and control your money
Step 5: Invest and Grow your money
Step 6: Protect your money
Step 7: Have the right mindset - beliefs and habits

These 7 steps to financial freedom form the backbone of the Secrets of The Self-Made Millionaires. The rest of the 11 CDs will revolve around these 7 Steps to Financial Freedom.

For the next post, I’ll be reviewing CD#2 which is on Developing the Million Dollar Mindset.