By in Personal Finance Luminaries, Wealth | 3 comments

Check out The Psychology of Wealth book review

Enter to WIN a free copy of the Psychology of Wealth, by signing up for my Wealth Tips Newsletter.

“I wrote The Psychology of Wealth to discover what it takes to create true abundance. The people whose stories I’ve included have a great deal to tell us about how we can prosper and achieve wealth in the fullest sense of the word. Their answers provide a roadmap for success and tremendous optimism about our prospects.”

— Dr. Charles Richards

After reading Dr. Richards outstanding Psychology of Wealth, I had to get more information about the man who penned this thought provoking book. He generously agreed to be interviewed, and what started with eight brief questions turned into one of the best one and a half hours I’vespent in quite a



Richards looks at life through a unique lens inspired by his Tai Chi practice and early study of Philosophy. But don’t think this is a “touchy feely” type of guy. He is all action, motivation, optimism, and inspiration.

Life lessons learned from a conversation with Dr. Richards

What motivated you to write the book?

As a practicing psychotherapist, I deal with relationship issues all the time. Individuals’ relationship with money repeatedly surfaced in the course of treatment and I realized there was a need for help with the psychological issues of money. The economic downturn made things worse, with high unemployment, people losing their homes, and the difficulty of finding a job. As a devotee of personal growth, I realized that what we put our attention on will be a reality in our world. I knew I had a message that needed to be heard.

How did you schedule in the time to research and write the book? Were you also working full time?

I was very fortunate to have a circle of friends and business associates who wanted to help me with this project. After offering the concept to McGraw Hill in late 2010, they offered me a contract and advance to have a publication ready manuscript by August, 2011. With less than 6 months to write the book, I hired a researcher and editor. I cleared my schedule and wrote non-stop, completing the draft in a bit over 4 months.

How can a motivated young person succeed personally and financially without positive role models in his/her family?

My parents divorced at age 8 and my grandparents didn’t talk much about money. At age 15 I started reading philosophy and metaphysics in search of answers. I had questions about life and realized I had to find my own answers and perspective.

Find Role Models

For those looking for direction to build life and wealth skills, go outside of your family of origin to get role models that engage and excite you. Find mentors that are achieving what you are aspiring to.

Start by reading biographies about people you admire and respect. Read about successful individuals and you have a window into their minds.

Establish friendships and affiliations with people who are doing things that you value and aspire to. Look around you for mentors.

If you are a student on campus, join groups and organizations. When you find one that you resonate and identify with, get involved. If you’re not in school, check online for community organizations in which to participate. The more you go out in the community, the more you can make contacts and learn from others.

 Set a Goal that is not Self Serving; Look Outside Yourself

If you just think about yourself, you are always going to be limited. If you are serving a higher ideal, whether it be environmental, political, educational, or religious a greater flow will propel you. Look beyond yourself and to experience a greater flow of money, energy, and succes

How are wealth building strategies different for people of color than for those of the majority culture?

I don’t identify with the limitations associated with being a person of color. For example, I don’t embrace the negativity of the economic downturn. It’s not that I deny that there is a problem, I just don’t let it define me. I take it as a challenge to live beyond the limiting factors of race.

Although it is a reality that there is discrimination, it doesn’t have to be my truth, if I don’t identify with it. And I don’t expect people to act racist towards me.

DWB-Driving While Black

It’s no secret that African Americans get stopped by the police for no reason, on occasion. It’s happened to me. When stopped, most folks assume there is nothing they can do and will just get a ticket.

Although I’ve been stopped, for no apparent reason, I was always let off with a warning. I just never identified with the limitations of being a person of color. I hold the belief that “you are what you believe and what you assume to be true.” I just didn’t own the limitations associated with being a person of color.

Actually, Charles identifies with the advantages of being a person of color, and he does not expect harsh treatment or a raw deal. So in fact, he is not constrained by his race.

I don’t expect the worse, but take a positive viewpoint.

My advice to people of color is this; take the advantages and don’t get caught up in the disadvantages.

Stop back next time for Part 2- Secrets of Wealth

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.

What are your wealth building secrets?

image credit; Howard Hillman


  1. One of my favorite concepts from the post is about setting non-selfish goals. I like the idea of having a little diversity in what keeps us motivated to move forward. Sometimes it can even take the pressure off. I do a bit of coaching and it’s def more than just setting goals and bench marking that make people tick. Great post!

    Nunzio Bruno

    May 2, 2012

  2. @Nunzio, It’s so helpful to look outside ourselves and have a generosity mindset. It expands our world and our wealth.


    May 3, 2012

  3. @Barb I can’t agree more! Thanks for the comment love too! I even try to get my students (I’m a college prof) to understand that there is power in real compassionate understanding – and properly allocating scarce resources 🙂

    Nunzio Bruno

    May 3, 2012


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