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Review: How Rich People Think by Steve Siebold

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How Rich People Think by Steve SieboldI didn’t know much about Steve Siebold before I received his book, How Rich People Think, but he’s a “mental toughness” couch who has written books about mental toughness, weight loss, and other “mind over body” type of subjects. After doing some research on him, he did have a bit of that “information product” salesman type of look, the ones you see on late night infomercials telling you that your inability to succeed was entirely mental (some of it is, but all of it?). He has a “no holds barred” type of approach in his directness and I can see why some people would be turned off by him. However, other than the lack of mainstream recognition and pedigree, he’s really not much different than Larry Winget.

That being said, how was the book? It contained a hundred ways that the thinking of the “middle class” differed from the “world class.” The basic premise is that the approach of most Americans, the non-world class category, is fundamentally different than that of the world class category. Siebold illustrates a hundred different ways this is so and then discusses how you might want to change your thinking. He follows each brief “chapter” up with a book you should read, an enlightening quote, a critical thinking question followed by an action item.

Here are a few of the chapter titles:

  • Middle class focuses on saving. World class focuses on earning.
  • Middle class operates from a fear based consciousness. World class operates in a consciousness of abundance and freedom.
  • Middle class believes money is earned through labor. World class believes money is earned through thought.

As you can see, these are all plausible. While I’m not a fan of these types of books, as they’re not really actionable, I thought that his ideas were very good. There is a fundamental difference in the way the wealth think about money and how the rest of us do. When you have millions of dollars in the bank, you can afford to take risks, focus on leveraging your wealth, and “think” differently about money. When you don’t, the calculus is different. The problem is getting from one group to the next and I don’t think this book addresses that transition.

Overall, it’s a good book if you enjoy philosophical personal finance books. Siebold is a good writer who gets his points out quickly and doesn’t waste your time filling the book up with fluff.

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11 Responses to “Review: How Rich People Think by Steve Siebold”

  1. SavingFreak says:

    I skimmed this book looking for a less philosophical read and I find you comments to be spot on. While there is not anything wrong with what he is saying it also does no help you get to the practical steps of acting this way.

    If you are looking for a how to book you may want to try other sources.

  2. billsnider says:

    When it comes to food, the three classes think of food this way…..

    Poor class…..Did you have enough?

    Middle class….. Was it nutritional?

    Rich class…. Was it presented well?

    I think this explains differances between wealthy and non wealthy people.

    Bill Snider

  3. Greg says:

    “Middle class focuses on saving”

    Is he kidding? I say the middle class focuses on spending. I suspect that is why many in the middle class stay middle class.

  4. “Middle class operates from a fear based consciousness. World class operates in a consciousness of abundance and freedom.”

    Aaah, to be totally honest, I scared myself sh*tless going from $30k in debt to $7 million in the bank in just 7 years … fear can be a mighty strong motivator.

    Agree with the other two bullet points, though :)

  5. This reminds me of the Book Rich Dad Poor Dad. To be honest, the guys writing these books are making their wealth through these high level ideas that don’t tell you squat about really making the money and wealth to be able to think Like Rich Dad vs Poor Dad. It is just a bunch of fluff without any real details on how you actually make money and build wealth or lose weight. If you are good at writing these types of books you can get rich quick though :) I like listening to some of this as I agree with the ideas, but just don’t see most give an actionable roadmap on getting to the ideas they present. Thanks for the summary. Steve

  6. CreditShout says:

    Hmm I think all the chapter titles seem plausible. Everyone should focus on spending though. I don’t really know why this book needed to be written though…shouldn’t we be focusing on how to have more money instead of learning the behaviors of the different classes? I don’t know how this helps anyone…except maybe a sociology major?

  7. Project60 says:

    Generally speaking:

    “Middle class wake up each day and plan for today”

    “World Class” “or “Wealthy” wake up each day and plan for tomorrow”

    “If the plan doesn’t work there is no others to blame”

    Good Fortune to all!
    P60

  8. Far McKon says:

    I have some friends that volunteer with community groups in California, as I do with groups here in PA. We’ve talked finances a few times, and they have pushed ‘post-scarcity’ on me. As in ‘you have a scarcity mindset, but you could get more done if you were post-scarcity.’

    The difference became clear when we talked about raising funds for starting a workspace. It took me 3 months to find enough people and money to get a studio for our group. It took the Californian’s one day (18 hours to be precise). And that’s not even mentioning how much less we had to raise, since rentals are cheaper here.

    It’s a lot easier to talk about ‘consciousness of abundance and freedom’ when you already have the resources to do so.

  9. GW says:

    I found looking back upon my life that I actually was thinking like a rich person without even knowing it. Having had the good fortune and expertise to work in a vocation that I enjoyed every day I found myself in different countries using the ideas I had developed to assist the populace in solving their problems and earning a tidy sum while doing this. Now in semi-retirement I find this book enlightening and a wakeup call to continue my entreprenurial search for ideas that help society while still enjoying the work I love.

  10. EJ Topping says:

    Jim… Thanks for your review on Steve Seibold. I also found much of his material more philosophical than actionable. (Although one action that he wants you to take is to sign up for his public speaking course.)
    However, remember Napoleon Hill, “Conceive…Believe…Achieve.” If your philosophical “head” is not in the right place, then your actions may be misdirected.
    And most speaker/trainers lean more towards self-realization and motivation than actionable advice. They are paid performers and entertainers.
    The actionable part that you feel is missing truly comes from the expertise of the attendee/reader who is inspired to change and focus.
    We, as disseminators of knowledge, cannot be an expert in every field. But in the field of human psycholgy and success advancements, we had better bring entertaining and inspiring content that affects the bottom line or we will fade.
    Thanks,
    EJ Topping


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