Left to me and what I used to think about finance books, I may have never developed any interest. When my brother helped me realize that this one wasn't just about numbers and tax and balance sheets like I assumed, I felt encouraged to give it a try and see for myself the wealth of wisdom in its pages. How The Psychology of Wealth turned out to be my fastest read ever, you'll see in a minute.
Wealth to some people would mean the abundance of money, properties, and whatnot—being more than just rich. But the reality of its true definition lies deeper, and is interestingly the difference between those that are wealthy and those that are not. That difference also exists between the "What would it cost me" versus the "What value do I get" mindsets.
An inspiring part I read in the book discusses the idea that you get what you pay for. While there is some truth in the fact that some things that cost a lot more may be overpriced, the reality is that more often than not, things that are cheap are usually not of great quality. Somehow, that helped me feel more at peace, understanding the value I get for spending a lot more than I usually do on a new set of books. The value lies in the investment in myself, and the quicker I'd be able to do so than trying to get them cheaper.
The idea of being in debt is hardly comfortable for most people. But as Charles explained in his book, debt can be a good thing and is in fact how many economies have been built over centuries, and even how many billionaires came to be.
Through the pages of the Psychology of Wealth, the different types of loans were explained and how they can be a ladder to amassing great wealth. Never had I ever thought so positively about loans. At the same time, the book shows just how debt can ruin people—that readily accessible credit can be a problem.
I like to think that this book ultimately teaches on responsibility and mindset refinement, from the power of taking action, being proactive about life and its contingencies, living consciously, balance and discipline, to being more knowledgeable about finance and having a better relationship with money. And it does so through the stories of other people rather than only abstract words of wisdom.
"Stories," right? You might expect to hear about successful and famous billionaires and how they became wealthy, but you would also find about the lives of people that aren't wealthy in the way most people would think. True wealth is living a life of quality, joy, service, and fulfillment.
The moment I knew I had truly gotten a good grasp of what the essence of this book truly is about was when my eight-year-old niece asked what it was about. "It is about becoming a better person at heart and mind, helping others do the same, and then being able to live a happy life," I responded after taking a moment to internalize something she could comprehend. Essentially, that really is my summary of this book.
"The psychology of wealth is a simple and pragmatic call to nurture the qualities and attitudes within ourselves that will create a prosperous life." -
Charles Richards, author of The Psychology of Wealth.
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