Thursday, August 4, 2011

On Reading: Reference to the Millionaire Mind, The Millionaire Next Door, and Stop Acting Rich..


Most people would agree that reading is fundamental. Nevertheless, it remains true that as we age, or when we are no longer actively enrolled in school, our tolerance for reading books decline. Understandably, while we are not reading books we are perhaps reading the newspapers in print or online, or we may be reading professional journals etc. For the most part, we may be reading just enough to get by. We read for work, for leisure, or as part of a community: church, or book club. If we agree reading is fundamental, then what are the actions that should necessarily follow?

Reading should not be taken for granted.  Besides the fact that historically, various minority groups were denied reading instruction, illiteracy continues to be a problem today. For example, in metro Detroit, Michigan, it is estimated that about forty percent of that population is functionally literate. It therefore means that the reality for that population has  limited access to information that is only available in writing. Let us read and share this gift where we can.

The true value of books is the positive realized change we experience as a result of our reading them. For example, many years ago one of my teachers told me about two books I must read,  ‘The Millionaire Next Door,’ and ‘The Millionaire Mind,’ both authored by Stanley, Phd. From those books I learned that I was deluded about my prospects for becoming a millionaire. First, I was not exercising financial stewardship. Instead of balancing my budget, I was raising my debt ceiling. Second, I did not have a realistic plan for accomplishing my financial goals. And even if I had discipline and a plan, after reading these I realized I had no idea who was a millionaire or how millionaires lived.

Most millionaires live well below their means, even when they appear to be splurging. Popular culture wants us to believe, however, that most millionaires live lavishly, that they are decked out with blings, live in pricy neighborhoods, drive luxury cars, and that they frequent the finest restaurants. According to Stanley, millionaires who lived extravagantly are in the minority. His research suggests that most millionaires live well below their means, even when they appear to be splurging.

When information is good, useful, and practical it activates our potential; we are empowered to act. It gives us an understanding, or a three-dimensional view of our goal, thereby effectively increasing our capacity to achieve our own goals. In other words, we receive a customized HOW for achieving the goal. Viktor Emil Frankl, father of Logos Therapy, believed that when we understand the WHY of a situation our tolerance for suffering increases and we are more likely to persevere. So, while reading ‘The Millionaire Mind,’ and the ‘Millionaire Next Door,’ did not result in me becoming a millionaire, the information empowered me to do a couple of cool things. As a result of reading these books, I have never owned a car newer than ten years. In fact the most expensive car I ever owned cost me about three thousand dollars cash. Prior to that car I had a $235 car that gave me about 25,000 miles. Also, not having car notes made it possible for me to contribute to the financial stability of my family, and to give regularly to the local church. I have summarized my impression of those books the the poem, ‘About Money.’

Reading is fundamental, but its empowerment aspect is only activated when we implement the principles presented. Let us get back to cherishing books and reading. If I were to re-title these books I would call them ‘Demystifying the Real Millionaires’ Part I, II, and III. I am currently reading ‘Stop Acting Rich and Start Living Like a Real Millionaire,’ also by Stanley and I am loving it. The practice of lifting principles from the text as we read and putting them into practice can be applied to any reading. Whenever I can, I like to read more one book by a particular author. It helps me to get in the style and intentions of the author. For these books, however, reading any one of the three will be illuminating, and empowering. Happy reading!