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THE PSYCHOLOGY OF WEALTH by Charles Richards, Ph.D. & PRIZE

By in Debt, Personal Finance, Wealth | 14 comments

Put The Psychology of Wealth on Your Reading List Immediately

& ENTER TO WIN A COPY OF THE PSYCHOLOGY OF WEALTH HERE. Contest ends May 15.

Action is a great restorer and builder of confidence. Inaction is not only the result, but the cause, of fear. Perhaps the action you take will be successful; perhaps different action or adjustments will have to follow. But any action is better than no action at all.” by Norman Vincent Peale as quoted in the Psychology of Wealth

At the risk of sounding self aggrandizing, when I was contacted by the marketing department at McGraw Hill Publishing to review this book, I assumed it would be a boring rehash of everything I already knew. Having read a multitude of finance, personal finance, and psychology texts, I thought I knew pretty much everything on the subject.

Charles Richards, PhD, author of The Psychology of Wealth

I WAS WRONG

Quick Recap of The Psychology of Wealth

Based on research, anecdotes, and and personal experience, Dr. Richards accomplished a very difficult task. He took the breadth of wealth, psychology, mindfulness,  and money management fields and integrated them into an inspiring and informative book. Richards starts out with a definition of wealth, and it’s integration with self esteem.

Wealth has less to do with money and more to do with personal responsibility, risk taking, achievement, and determination.

Don’t let me suggest that this book has a pollyannaish approach. On the contrary, the role of debt and wealth is front and center, yet there is so much more.

The central concept of The Psychology of Wealth is that wealth and poverty are both states of mind. This singular statement reifies both the simplicity and complexity coexisting in this book.

How Your Life Will Improve from Reading The Psychology of Wealth

If you really consume this book and take the messages to heart, here are some outcomes you can expect;

An awareness of how your family operating system programs your beliefs, attitudes, skills, anxieties and expectations and contributes to your life satisfaction.

How to get beyond the awareness of your background, and use it to overcome any negative messages about wealth, success, and prosperity. Get inspired by real life stories of people from difficult backgrounds who transcended lack of financial wealth and prospered.

For example, Leticia manifested a sense of abundance which led to great personal success, in spite of an impoverished upbringing. Her family had little money, yet her father ingrained a sense of value by focusing not on Leticia’s appearance but upon her accomplishments and intelligence. He helped her to understand that the tiny size of their family home did not define her.

Learn the true meaning of money. Currency, another word for money, represents transferring cash for services or work. In and of itself, money is without value. So many folks focus on the magic “number” to signify their financial status. It is a fact that money is only a means of barter to help you buy goods and services.

According to Dr. Richards, “Price is what you pay. Value is what you get.”

Giving back is another familiar concept in the wealth literature, but Richards take on this subject can be summarized by one quote,

“The psychology of wealth requires trusting that, no matter what happens, we will have enough.”

The story of Donald Trump stopping his limousine on the way to a speaking engagement to give advice and encouragement to a bevy of young people clamoring for his attention is a perfect example of the types of stories Richard’s interweaves to enliven his prose.

Chapter 7, “Living Consciously” discusses the popular living in the moment concept. Have you considered this concept in relation to debt? The book links conscious living to conscious debt and offers a rich rubric for the debt decision-making process. Carry the living consciously concept into every corner of your life and you will master the psychology of wealth.

The book is so rich with anecdotes, advice, and action steps, I want to savor every page. It’s not often that a money book is so satisfying.

It’s difficult to find a criticism with the book, but in order to be evenhanded, following is my one complaint; the seamless integration of money and life fulfillment concepts makes me sorry that I didn’t write the book myself :).

Enter to WIN a free copy of the Psychology of Wealth, by signing up for my Wealth Tips Newsletter. Let me know that you signed up for the newsletter in the comments section please.

You’ll even get a free bonus eBook of my award winning 20 Minute Guide to Investing, just for signing up. The winner will be chosen on May 15 and will be selected at random.

Don’t believe my review? Read what other personal finance bloggers are saying about The Psychology of Wealth

Stop by next time and read The Secrets of Wealth an inspiring 2 part interview with the author, Dr. Charles Richards.

How does your mind impact your feelings of wealth or lack thereof?

    14 Comments

  1. It was a great recap. Thanks for sharing these knowledgeable post with us.

    Liz

    April 30, 2012

  2. Thanks for sharing these wonderful recap with us. Looking forward for more usable post.

    Ella

    April 30, 2012

  3. I find psychology and staying positive affects everything I do. Changing your state of mind will lead to better results.

    krantcents

    April 30, 2012

  4. I agree with Krant. State of mind can have huge influences on your success. Working on my outlook and being positive has been a recent project of mine. It is a work in progress for sure.

    • @kRANTs and Miss T, Keeping optimistic, putting in effort, and continuing to learn from others goes a long way building wealth and life success.

      Barb

      April 30, 2012

  5. I always believe that our state of mind affects our lives. Hence, every morning when I wake up, I think about All the riches I have in life, whether they are material wealth or not. Positive vibes invite positive energy. Positive attitude in life towards a healthier life.

  6. thought provoking — I’d like to read this book
    (I’m a current subscriber to your newsletter)

    petra

    May 1, 2012

  7. I knew you were going to throw your wit in the end. I have a question. How do you think, after reading it, you will be different in your approach to money and or the view of it?

    Jai Catalano

    May 1, 2012

  8. @Cherleen-I love your attitude. Clearly, you are already wealthy.
    @Petra- I’ll be sure to include you in the contest.
    @Jai- The statement from the book that most impacted me is “every problem has a solution.” Really really powerful. Transcends money!

    Barb

    May 1, 2012

  9. @Robert and Thad, It’s quite unique and inspiring. I highly recommend it.

    Barb

    May 7, 2012

  10. Awesome review Barb! Love his concepts of “we will have enough”, money is only a way to barter for goods and services, and we shouldn’t be defined by the size of our home. I am a subscriber!

    Buck Inspire

    May 8, 2012

  11. @Buck-That one really hit home for me too. By nature, I’m a bit of a worrier so switching my thinking to believe I will have enough is uplifting.

    Barb

    May 8, 2012

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  2. HOW TO GET OUT OF DEBT; TAKE THE FIRST STEP | Barbara Friedberg - […] that you don’t have the money for! If a man or a woman is in debt, as Emerson stated,…

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