Pros: Sensible, practical, realistic; Very clear writing and editing
Cons: A little short
How is your personal relationship with money? It is probably not a question you have been asked lately, but how do you feel about money and wealth in general? Do you view money and wealth simply as necessities for survival or do you consider wealth a sign of one’s status and value? Answering questions like these is simple for some people, but others have a difficult time making an honest assessment. The relationship we have with money is the topic of this book, The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity, a success guide written by Dr. Charles Richards.
The Psychology of Wealth is a 243- page volume with the following chapters:
Introduction: Golden Steps
1. How Do We Define Wealth?
2. The Evolution of Wealth
3. Finding Your Dream
4. Self- Esteem and its Influence on Wealth
5. The Stream vs. the Rock
6. Value is What You Get
7. Living Consciously
8. The Power of Giving Back
9. I’m Going Through a Phase
10. Painting a New Portrait of Prosperity
11. Knowing Where to Plant Your Feet
The Psychology of Wealth begins with some words on the definition of wealth and how individuals differ in the way they define and it and what it means to them personally. The book talks about how wealth and its perception has changed over generations in the first few chapters and it shows how self- esteem and a conscious recognition of wealth can help lead to new levels of prosperity.
In the remaining chapters of the book, Dr. Richards discusses sharing ones’ wealth with others, attaching a level of consciousness to our finances, recognizing wealth phases, and approaching our money from a new and hopefully better perspective. The book ends with some final words about wealth psychology and its implications.
The Psychology of Wealth is a different type of book about wealth and the behavioral characteristics of individuals in terms of their relationship with wealth. It is a book about the mindset that produces wealth and how many individuals have found their own level of financial prosperity by adapting a new wealth psychology.
I have read many books on finance, self- help, and the like but The Psychology of Wealth takes a slightly different approach. The author, Dr. Charles Richards, is a Doctor of Clinical Psychology and a licensed psychotherapist. This may seem like an unusual background for a book about money, but when you consider that Dr. Richards makes his living training and coaching senior executives at Fortune 100 companies, his credentials for talking about money and behavior are brought to light. With a background in psychology and personal work with some of the top executives at large U.S. corporations, Dr. Richards brings a different perspective to the topic of wealth. His book isn’t just another self- help, think positive, and pay your debts off quickly type of guide. It instead investigates wealth from a behavioral standpoint, showing how we can all become wealthy in our own way by better understanding our relationship with money and then taking appropriate action.
Many people feel they have a good grasp of their personal finances, but they behave otherwise and as I read this book, the names of several people came to mind. I can think of many individuals who have good credit scores and can get credit when they want it, so what do they do? They spend like there is no tomorrow. They take advantage of every opportunity to spend, because, well, then can. In contrast, those with a healthy psychology of wealth know their relationship with money and act in a conscious and responsible way. That means, for example, not blaming others for ones’ financial condition and not taking on new debt or getting involved in any wealth- destroying schemes when one realizes that doing so would upset the delicate psychological wealth balance. It means saying no to a large purchase, regardless of whether easy approval of a loan is certain.
The Psychology of Wealth is a book full of anecdotes and the author uses all sorts of individual stories to illustrate the book’s key points. The stories help the reader to form a better understanding of the concepts and they show how different individuals have utilized their own psychology of wealth to achieve greatness. It is important to note that wealth isn’t necessarily financial in nature, either. Like Dr. Richards accurately points out, wealth can be measured by many other things, like a great family, good health, and lasting friendships. It can also be measured by having a passion for what you do, having high self esteem, and having the desire to help others. Regardless of the actual dollars that result from these and other things, wealth can still be achieved. It is all about one’s relationship with money and how it is managed.
The Psychology of Wealth is a well- written, well edited book that speaks from the heart, but is also practical, realistic, and sensible. The book doesn’t promise great financial riches by following a specific plan, guarantee a high paying job through positive thinking, etc. It doesn’t make these outlandish promises because doing so would be unrealistic. But it does assert that developing a financial consciousness and understanding of wealth will lead to a better understanding of prosperity and happiness.
Overall, I find The Psychology of Wealth a very good book and one of the more interesting books I have read on this topic. I get tired of the books that make it sound like millions of dollars of wealth await you in the next year if your just follow their formula. Thankfully, this is not one of those books and the advice it offers is sound, practical, and realistic for all.