Today I will share 3 important life lessons I learned after reading the book 8 Habits of The Happy Millionaire book by Bo Sanchez. When I discovered my passion in personal success and personal finance, I started digging the internet for all of the available resources that could help me in my journey.
Of course, I prioritized those made by a Filipino since they are most aware and experienced on the settings here in our country.
And one of my favorite Filipino author is Bo Sanchez. Although I’m not a member of their ministry, I followed his blog, watched his videos and read almost everything he writes. He’s not only a preacher but he’s also giving advise and tips on how to become rich and successful.
In fact he’s my top #1 in my 8 Filipino personal finance blog that could change your life.
To be wealthy or to get rich is one of the ultimate dream among Filipinos. Many of us are working hard and sacrificing our lives just to get a better life and provide better future for our family. After reading the 8 habits of the happy millionaire book, I learned that it should start with in ourselves.
That’s why my first article in this blog is called “The best investment that could give us more than 1000% return. We should change our old habits that stop us in achieving our goals and start creating habits that can lead us to success.
By reading this book, I was humbled and reminded again that being wealthy or rich alone is not enough to become fulfilled as an individual.
I learned that as we strive to be wealthy and rich, we MUST also strive to be HAPPY.
Being happy with ourselves, our love ones and making other people happy is the real wealth we can have that can make us truly rich.
Here are the 3 important life lessons from 8 Habits of The Happy Millionaire:
Lesson#1 Ask Yourself
On the first 3 habits in the 8 Habits of The Happy Millionaire book, brother Bo emphasized that the real wealth is defined and created first in our selves.
Habit#1 Define Your Wealth
Habit#2 Find Your Emotional Why
Habit#3 Create Your Wealth Beliefs
On these 3 habits, I learned that brother Bo has his own definition of wealth. And that is his relationship with God, his family and his ministry. Plus all of the community group he leads. He want to be rich to help more people.
We should also have our own definition of wealth. On this 1st 3 habits he also stress the importance of a wealthy mindset. As we know, wealth starts within our thinking. If we think rich and positive there is no way we cannot be rich. He advised to work on our subconscious mind and create a wealthy mindset.
He also mentioned some of the beliefs we had that stopping us in achieving our full potential to be rich. Those objections in our mind like it’s our fate to be poor, wrong belief of desiring more, losing our friends if we became rich and others.
We should stop those negative thoughts on our mind and focus on the positive vibes that can lead us to success. I also learned that we need to find our EMOTIONAL WHY. Why do we want to be rich? What is our emotional hunger that being wealthy and rich can fulfilled?
We should exactly know the answer to these questions. Solidly knowing our emotional why will serve as our fuel in our journey to become successful and happy millionaire.
Additionally, we should start creating our wealthy beliefs and start working on them. We should harness the power or our subconscious mind.
Feed all positive beliefs we can have and fully believe in ourselves that we can achieve all of our dreams and become a truly happy millionaire.
Lesson#2 Start and Don’t Give Up
On the following 4 habits in 8 Habits of The Happy Millionaire book, Bo started to give advise on how we can start making our dream a reality.
Habit#4 Be Consistently Aggressive
Habit#5 Create Money Machines
Habit#6 Control Your Cash
Habit#7 Stick to Your Game
On these habits, I learned how we need to be to consistently aggressive on achieving our dream to be wealthy. We should be committed in our goals and stick to it whatever happens. I also learned the 7 laws of aggressiveness which are:
The Law of Clarity – Knowing exactly what we want. Clear and Precise!
The Law of Focus – We should be laser-focused and single-minded on our goal.
The Law of Intensity – We should be on FIRE doing our passion which can lead to achieving our dream
The Law of Action – Take action and leap off. Not just decided to be rich but actively taking action for that dream!
The Law of Hustle – Not giving up when we failed. Trying everything to succeed and if failed, trying again.
The Law of Gestation – Finding the right timing. Having patience that everything will happen in their right time.
The Law of Integrity – Remembering that you are a great person and you’re doing things with great love.
Creating money machines or having multiple source of income was also one of the lessons I learned on this book. We should not depend on a single source of income. Create as many as we can.
He also suggested to invest or create automatic money machines. Those investments that don’t need physical attention to generate money for us over the long term. If we can be creative, we can use our free time to create more money machines and have streams of income that can help us achieving our financial goals.
On the 6th habit, Bo discussed that we need to control our cash. This is so true. Along with our journey of being rich and wealthy and journey in creating multiple sources of income we should also be aware and be in control of our cash. We should know how to budget on the first place.
Here are the 4 steps Bo suggested on controlling our cash:
Step 1: Stop Borrowing
Step 2: Protect Your Assets
Step 3: Live on 70% of Your Income
Step 4: Invest 30% of Your Income.
You can also read my previous article here about insurance 101 and investing 101. On the 7th habit in the 8 habit of happy millionaire, which is sticking to your game, Bo advised that we should stick and find our way to riches on the things we are passionate about.
We should use our skills and talents in achieving our dreams. If we follow and use our passion in our journey to riches, it will be like we are playing in the game of life. I mean we should be enjoying our journey since we love what we are doing.
We must stick in our game!
Lesson#3 Share the blessings
On the last habit in the 8 Habits of the Happy Millionaire which I believe one of the most important, he advised to share our wealth.
Habit#8 Share Your Wealth
After all, this is the most important thing we can do when we became rich. Sharing our blessings and helping other people.
This is the true meaning of wealthy and rich. This last habit is the one that can make us fulfilled as a person and can really make us true happy millionaire. That’s why we should aim high and do more to achieve our goals and be successful and wealthy.
Not only because to provide for ourselves and our family but more importantly, to give and help many other people who are in need. If we are rich, we can use the wealth we have to solve other people’s problem and give them hope and inspiration in their lives.
That’s the true meaning of a happy millionaire.
That’s it! I hope you enjoy reading this article and of course I hope you also learned the lessons I shared from 8 Habits of the Happy Millionaire.
Reading books like this is one of the best investment we could ever have. This will lead us closer to our goals. Let’s practice these 8 habits of the happy millionaire and apply them in our own lives.
Remember that each small step we take will bring us near in achieving success.
Let’s all take one step forward to be a future happy millionaire.