In this book, Jim Rohn outlines 7 strategies for financial success and happiness. He advocates a positive attitude in all aspects of life, including wealth accumulation. Although he does not detail the strategies that follow, readers are encouraged to implement them into their own lives with some adaptations if necessary.
7 Strategies for Wealth & Happiness is a book that was written by Jim Rohn. It talks about how to create wealth and happiness in your life. The author’s main strategy is to have a positive mental attitude.
Are you looking for a book summary of 7 Strategies for Wealth & Happiness by Jim Rohn? You have come to the right place.
I completed reading this book last week and took notes on several significant points.
If you don’t have time, there’s no need to read the whole book. This book description will offer you a quick rundown of all you can learn from it.
Let’s get started without further ado.
In this 7 Strategies for Wealth & Happiness book summary, I’m going to cover the following topics:
What is 7 Strategies for Wealth & Happiness by Jim Rohn About?
In 7 Strategies for Wealth & Happiness, you’ll discover how to optimize your potential through discipline and action.
Instead of promoting get-rich-quick methods, this book reminds us that success is a direct outcome of our own work.
Furthermore, it indicates that living a meaningful lifestyle is about letting go of old habits and putting on a good mindset, not only possessing money.
Who is the Author of 7 Strategies for Wealth & Happiness?
Jim Rohn was a successful businessman, motivational speaker, educator, and author. He started offering seminars and personal development workshops all around the globe after achieving success in direct sales.
He published numerous self-help books, including The Art of Exceptional Living and The Power of Achievement.
Who is 7 Strategies for Wealth & Happiness For?
7 Strategies for Wealth & Happiness is not for everyone. If you are the following types of people, you may like the book:
- Employees who find themselves in a rut
- Goal-setters find it difficult to make progress.
- Those that want to succeed and better their life
7 Strategies for Wealth & Happiness Book Summary
Introduction
Are you often annoyed by financial difficulties? Do you feel like you can only hope to be successful? Many other folks share same sentiment.
Jim Rohn felt the same way after dropping out of college and working as a human resources manager. He was still in the same job and receiving the same income after six years of hard work.
Things started to change once he met his mentor, Earl Shoaff. Shoaff showed him how to accumulate riches via hard work and dedication. He became a billionaire at the age of 31 after implementing them.
These seven tactics can help you reach any financial goal, whether it’s becoming a billionaire or paying off your debt. So let’s get this party started.
Lesson 1: Setting clear objectives helps you stay disciplined.
When was the last time you finished a task or ticked something off your to-do list? What were your thoughts afterward? There’s always something else to do.
Regardless of how aggravating it may seem, it eventually serves a useful function. You won’t feel like you have any direction after achieving one objective since you’ll be left adrift.
After returning from their voyage to the moon, the Apollo astronauts underwent life-changing occurrences. Unfortunately, since they no longer had any aims to strive towards, numerous astronauts were depressed. As part of their mandated training, astronauts are now expected to define objectives when their missions are over.
You should also create objectives for yourself. Before you begin, set aside some time for them. Consider doing the writing exercise below to help you imagine your long-term objectives and think about how to get there.
Get a notepad and write down your objectives for the following one to 10 years to prepare yourself. Write out your objectives right away. Set a minimum of 50.
Organize each objective into one of four categories based on your timeline: one, three, five, or ten years.
Finally, don’t put too much emphasis on any one area in your list. If there are too many objectives in a category, add new goals to it.
Circle four of the most significant objectives from each category. Your list should now have 16 objectives.
Finally, in one paragraph, describe each aim. In the first part of the statement, state what the purpose is. If you want to buy anything, for example, look at the model, color, price, and any other important information. In the second part of the paragraph, write out why you’re pursuing each of your objectives. If you can’t come up with a compelling argument, you may not want to pursue this aim. In such case, you may want to consider switching it out for something else.
You may evaluate your progress and see which of your objectives are still essential to you after you’ve streamlined your list.
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Lesson 2: Wealth comes from self-directed learning.
People do not expect to be successful without years of study and practice. Consider the field of medicine. No one would examine a human heart for years before doing triple bypass surgery. How can one hope to become rich and successful without ever learning financial management or the fundamentals of company management?
You may improve your financial situation without investing a lot of money or time at a university. In reality, self-learning may help you improve your wealth.
You may learn from your everyday life experiences to get started. Take time to reflect at the end of each day to do this. Remember every key incident that occurred as precisely as possible. Anything that happened good or badly should be taken into consideration. This will guide your future decisions.
Self-led learning may also be utilized to draw on information from books, movies, and audio recordings to uncover success tactics. Look for memoirs and how-to books, such as Napoleon Hill’s Think and Grow Rich.
After reading the advice of successful individuals, you will undoubtedly have questions. What better approach to acquire solid answers to such queries than to turn to someone you can trust? Find a rich and successful individual and ask him or her out to dinner. You’ll have to pay for it, which might be rather pricey. In exchange, you may ask questions on how to raise your revenue and make better use of your time.
The more successful individuals you associate with, the better off you will be. Attend presentations or seminars to watch the conduct of someone you like. Pay attention to little details, such as how the businesswoman shakes hands. You may adapt successful people’s habits into your own life by recognizing them.
Whatever way you select, putting some time and money into gaining knowledge will pay you. Set aside a little amount of your monthly money towards studying. But why? Because you may put your knowledge to work for you in the future, and a few money here and there build up rapidly.
Lesson 3: Remove impediments to personal growth.
When was the last time you told yourself, “I can’t be on time; it’s just my personality,” or “I’m untidy, therefore I can’t help it.”?
Even if these sentiments are widespread, they harm our self-esteem and make us feel helpless in the face of our inherent impulses. You are the only one you have control over. You raise your worth as a coworker, friend, or spouse as you develop yourself.
Many individuals search for methods to better their situations without realizing that they too need to change. If you desire a raise, you may need to bargain with your supervisor or even strike. However, these techniques can only carry you so far, and you’ll soon be hungry for another raise. Isn’t it better to boost your productivity, performance, and talents in order to have a bigger influence on the company? Your manager would want to offer you a raise if you accomplished this. Furthermore, you may develop vital abilities that will be beneficial beyond your present job.
To begin, you must eliminate obstacles to your own growth in order to raise your worth.
One of the most detrimental impediments is procrastination. Finally, self-improvement entails creating and fulfilling personal objectives. However, it’s all too tempting to put off the most difficult portions of reaching your objectives until the last possible moment. As you put off things, they pile up, and you soon fall behind on your schedule.
Making excuses and blaming others are also roadblocks to personal growth. Nothing is more convenient than blaming someone else for a problem that we have. You are hindering your own advancement by doing so. Finally, accepting responsibility for your shortcomings and attempting to avoid them in the future is pointless if you are not actually accountable for them.
Keep in mind that while trying to develop yourself, it’s generally preferable to take things one step at a time. For example, to become more timely, try setting your alarm a few minutes earlier each day. It won’t be long until you can sit down and have a leisurely breakfast without having to hurry out the door!
These modest challenges may be used in any area where you want to develop. You’ll be driven to strive harder and tackle larger hurdles if you succeed.
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Lesson 4: The 70/30 rule will make you happier and more prosperous.
When the term “taxes” is uttered, many people see numerous paperwork, deductions, and computations, as well as a portion of their income vanishing. Furthermore, many individuals believe that taxes are unjust. “Why shouldn’t my money be mine?” you may wonder.
At the start of his career, the author questioned the same thing. Despite this, his mentor encouraged him to become a content taxpayer. But why? His idea was that how you spend money is equally as important as how you feel about money. You are less likely to be dissatisfied about your money if you have a more optimistic mindset. You’ll also be less inclined to blame the government for your money’s disappearance.
Consider paying taxes as a way of contributing to society and assisting the government in making life better for everyone. In return for a part of your money, you get protection, freedom, and opportunity.
Are you ready to take this mindset shift to the next level? Examine all of your costs from a favorable standpoint! Every time you buy anything, you put your money into circulation, which helps the economy. You lower your responsibilities and debts by paying your bills.
It’s time to concentrate on your net income after you’ve paid your taxes. This is when the 70/30 rule comes into play.
It’s a basic concept. The typical American spends 70% of their earnings on wants and necessities such as housing, food, and entertainment. Before you spend a single dime of this money, split the remaining 30% as follows.
To give back to the community and assist those in need, start by contributing 10% of your salary to charity. Another 10% should be set aside for savings in order to build wealth over time.
Finally, put 10% of your money towards building wealth. Real estate investment is a conventional strategy to build wealth. A pastime may also be monetized in unconventional ways.
If you follow the 70/30 rule and have a more positive mindset, you won’t have to worry about parting with your hard-earned cash.
Lesson 5: Make good use of your time.
How do you strike a balance between job and personal life? Do you consider yourself a wanderer, someone who exclusively accepts transient employment to avoid being bound by time constraints? Do you work constantly? Maybe you work 9 to 5 but are hesitant to take on greater responsibilities.
As you can expect, none of these techniques is optimal. It doesn’t have to be either success or mediocrity given adequate free time. Working hard, spending time with family, and simply doing nothing are all important aspects of your life. If you spend all of your time on one thing, your lifestyle will become unsustainable in the long term.
Consider a salesman who chooses to start his own business. Soon after realizing his vision, he learns that as a CEO, he spends more time in the office than he did as an employee. Even the janitors come to work and leave sooner and later than he does. He concludes that operating his own business isn’t worth it after a short length of time and returns to work.
What methods do you use to preserve a sense of balance and make effective use of your time? It’s critical to maintain order. To arrange your project, make a project book or a binder with tabs. With this simple tool, you can save all of your vital information in one place and avoid wasting hours hunting for it.
It’s entirely up to you how you utilize your project book. Creating a tab for each individual, for example, allows you to keep track of data such as their performance, strengths and weaknesses, and family history. You may then refer to it anytime you need it, such as in performance evaluations.
Another important aspect of time management is a planning technique. Without a master plan, it’s hard to strike a balance between your time and your deadlines. It’s critical to have a calendar with enough of room to write down your daily routine. Take some time every day to do nothing!
Maintaining a daily plan demands a great deal of discipline, particularly for persons who are sloppy with their time management. However, if you put out the effort, you’ll find that you don’t have to give up any aspects of your life.
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Lesson 6: Pick your buddies carefully.
Whether we recognize it or not, our friends have a significant impact on us. If you hang around with folks who aren’t cautious with their money, you can find yourself spending recklessly. If you go out with your pals to watch sports every weekend, you’re likely to tag along.
Even though such possibilities don’t seem to be too horrible, what if your pals have more detrimental habits? You can wind up with the same bad behaviors as they do. Your actions may become the norm if you are continuously surrounded by liars and cheats. You can find yourself lying and cheating without even realizing it.
It’s tough to realize that our friends may have a negative impact on us. However, if you’re honest with yourself about them, you’ll be able to address them before they do major damage.
Take a minute to reflect on your most significant connections and ask yourself these fundamental questions: Who do you spend the majority of your time with?
What is it that they do to you? Do you agree with their conclusions? Don’t underestimate the importance of your friends and acquaintances.
If you’ve answered these questions and discovered some less-than-ideal connections in your life, you may need to make some difficult decisions about how to continue.
If you’re dealing with harmful individuals, you may want to walk away from them completely. Try limiting association as an alternative to spending too much time with them. At the same time, you should make sure that you’re not wasting too much time on connections that don’t provide value to your life. You could like spending a few evenings a week at the pub with your buddies, but this practice depletes your vitality.
After you’ve pruned the problematic associations, you’ll need to maximize the beneficial ones. You’ll want to make additional connections here. Spend more time with individuals who are focused and driven to achieve — anybody whose mindset will help you in some manner.
Participating in your community may help you expand your circle of influence. If you join a municipal committee, for example, you could meet powerful individuals in your city.
Lesson 7: No matter how much money you make, be happy.
Despite their wealth, many of the world’s wealthiest celebrities and businesspeople have been demonstrated to be terribly unhappy. But how can their affluence cause such discontent? Despite their wealth, these individuals are unlikely to understand how to be satisfied with what they have.
Despite the fact that most individuals agree that “money can’t buy happiness,” they feel that having more money will boost their confidence, charm, and kindness. Money cannot affect your personality or your level of happiness in life. Your uncertainty and emotional dissatisfaction are unlikely to evaporate if you become rich.
Consider someone who is prone to overindulging in alcohol when socializing. What would happen if they become wealthier? The person refused to quit drinking. With the increased cash, he’d most certainly purchase infinite quantities of booze, increasing his addiction.
Fortunately, there is a positive aspect to this hypothesis. It makes no difference how much money you have in the bank if you establish a meaningful lifestyle today. Adopting a two-quarter perspective may dramatically boost your happiness.
To demonstrate this style of thinking, a mentor once instructed the author to envision having his shoes polished. You must choose whether to tip the guy who shined your shoes one quarter or two quarters. Which one is better in the long run?
While tipping one quarter can save you money, you may wind up feeling like Scrooge afterwards. Tipping two quarters will make you feel accomplished and confident.
A guy who attended a lecture by the author was inspired by the concept of being giving rather than stingy. When his girls requested for money to purchase concert tickets, dad used to say no or give it grudgingly. He was thinking like a quarter. He surprised his girls with tickets to see their favorite band the next week. Seeing his children’ delight and enthusiasm made the generous two-quarter choice worthwhile for both the girls and their father.
You’ll feel affluent without necessarily being wealthy if you adopt a two-quarters attitude. Consider what you may achieve when you’re richer and more successful if you start being more charitable now.
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Final thoughts
The quest of prosperity and pleasure is not something that happens by chance; it requires discipline and forethought. You will enjoy the benefits for the rest of your life if you put out the work required to begin achieving your objectives.
Additional Reading
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