Book Reviews Business/Personal Finance

The 10 Pillars Of Wealth: Mind-sets Of The World’s Richest People


The 10 Pillars Of Wealth: Mind-Sets Of The World’s Richest People

 

Author: Alex Becker

 

 

This book has arguably changed my life more than any other book I have read. I say that because this book is the book that officially got me started in my quest for true entrepreneurship. I did not know who Alex Becker was before reading this, even though I had studied entrepreneurship and successful entrepreneurs for quite some time. So, I wasn’t expecting it to be too useful. I have very seldom been so wrong. He really puts an easy-to-see perspective on what it takes to just get started on your journey towards entrepreneurship. He doesn’t just offer ideas like most business books do. He offers real-world steps on how to execute. I read the entire book in one sitting, granted it is only 191 pages, I still don’t typically read more than 50-70 pages in one sitting. I was completely enthralled. The day after I finished reading “The 10 Pillars Of Wealth” is the day I started building this blog, and it went live about 10 days later. To say I’m thankful for the information I learned from the book is quite literally an understatement.

 

For anybody who does not know (which I believe would be most people who do not have their own website,) SEO stands for Search Engine Optimization. It’s the process, better yet, skill of increasing your site’s ranking on search engines. It makes you more visible when people search certain keywords on Google, for instance. An example of how that would be beneficial is with Hummy’s World. If someone searches Google for something like “best book reviews,” I would like my blog to show up not only on the first page of the results but also in the top few sites Google presents. I myself am still learning how to properly use SEO for my blog and am definitely nowhere near perfecting it yet. I am going to be hiring an acquaintance of mine, who works for a company that exclusively improves SEO on more established websites, as a freelancer to work with me on mine. Becker brings up SEO in the opening pages of the book because that is how he generated the first chunk of his wealth. He was working in the military for a while and hated it, so when it came time to reenlist or leave, he left. With no jobs lined up and no desire to go to college, he spent almost all of his time studying SEO and how it works. Once he perfected it he started using it as a tool and started his own business where he sold his SEO services to websites for a very solid income.

The Biggest Thing Holding People Back Is Believing They Are Not Good Enough

 

There will always be excuses. Your mind will always be able to come up with a reason as to why you can’t or why you shouldn’t do something. I think the biggest reason most people don’t take action on their ideas is the fear of what others might think of them. So many people are worried about what the grapevine will have to say about their new idea or business. If you are one of those people, what you need to do is let go of that mentality almost entirely. I once heard someone say, “Other people’s opinions don’t pay your bills.” That really sunk in my mind. I used to be very, very concerned with how other people viewed me. I desperately wanted to be liked. After years of learning from mentors and reading plenty of books, I lost that need to be liked. I can now honestly say that I do not care what others’ opinions of me are. I’m not saying you should go out and do bad things regardless of what people say or think, I’m saying that you should take action on your goals and ideas no matter what anybody says. If certain people don’t see what you see, so what? Other people will. Becker explains the 2 things most people do when the thought of becoming extremely successful with their own ideas comes to mind:

  1. They stop themselves before they even begin. They don’t believe they are worthy of the wealth or that they deserve it.
  2. They try to become rich while being average. They don’t take risks, they do not accept new challenges, they just play it safe and penny pinch.

Actions are controlled by beliefs and if you believe you don’t deserve greatness or that you aren’t good enough to achieve greatness, you will only make actions that point in the opposite direction. The belief that you are great, however, will result in you taking great action.

How Multimillionaires Plan Their Goals

You have to plan for your success. It’s not just going to come to you in a single day. Nobody else is going to do the work for you. You’re most likely not going to win the lottery. You have to make a plan and execute. The way Becker breaks down goal setting and creating plans of attack really made sense to me and that’s what made this book so valuable to me.

What is your big goal? What is your desired income? How are you going to get to the point of making that amount of money? To answer these questions, write down a list of things you want. Be specific. What kind of car? Location and size of home? Travel destinations? Once you have your list, hit up Google and figure out how much it will cost to acquire every item. Now you have a number to work with. Next, you need to define how you will reach this number. What business are you going to create? Nutrition supplements? Publishing books? Think about something that excites you. Then, once you figure out the vehicle you are going to use, you need to get the details in order. How much are you going to sell your product or service for? Who is your target market? Do a little more research to find the answers to these questions.
What are five smaller goals you must achieve to reach your big goal? Look at the business model you chose for creating your set income level and decide what the five biggest factors are in making it happen. A vague example would be first developing the product (if your business is based on a product.) Second, creating the system for selling the product. Third, figure out how you can get enough advertisement to get one hundred thousand sales. Fourth, create an iconic brand. Fifth, sell the product to major stores.
Break down these five goals into even smaller tasks. Look at goal number one, developing the product. How can you do that? By creating a smaller action list. Research similar products, ask people who have done it, call manufacturers and get pricing quotes, etc.
I have been studying business for almost 5 years now and have never used any of the information I’ve learned. I kept filling my brain up with knowledge of business systems, asset allocation, investing, side hustles, etc. I have a list of about 40 different business ideas that I have been adding to for the past 2 years just pinned to my mastermind board in my bedroom. I was hesitant on taking action on any of them not due to fear, but more due to the fact that I did not know how to. One of my business ideas on the list, of course, is blogging. This is the exact plan I followed when I set up Hummy’s World. I sat down, wrote out all of my dreams and goals, figured out the little details, and went to work.

 

Once you get your business up and running, you will need to start assigning tasks to other people. It is the only way to scale a business and take it from providing only a livable income to providing millions of dollars. You can really only work 80-100 hours a week before the quality of your work starts to decline. Now, imagine you hire 10 employees all putting in 40 hours a week. Your productivity time just went from 80-100 hours weekly to 450+. Just think about how much can get done with that much time being spent on your business. You could even spend less time working and focus only on the most important tasks and assign your employees the tasks you don’t want or need to handle. Realistically, you could rid yourself of your workload entirely. Like I mentioned before, I am planning on hiring someone else to improve my SEO, but I am also currently hunting for fellow bloggers to guest post for me on Hummy’s World. It’s not exactly hiring an employee, but it does delegate at least one blog post to someone else and allows me to either free up some time for myself or use the guest post as an additional post. The more content the better, and as much as I love reading, I can only read so many books each week which in turn allows me to only post so many reviews each week. Finding people to guest post for me is the best way I can get more content in less time, so that is what I intend on making happen.

Final Thought

Anybody reading this review who wants to start a business, but is not sure where to start, should begin with this book. I am greatly appreciative of Alex Becker and the information he shared in it. He also has a few online classes on his website that go into more detail on how to start niche specific businesses as well.

Have you read this one? Any experience with Alex Becker or his work? What businesses are you thinking of starting? Let’s talk!

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Hummy

Avid book reader obsessed with self-improvement and learning. I read an average of one book a week on topics like personal finance, health, character building, and so on.

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