Speedwealth Book Review | Speedwealth Book Summary

Leave a Comment 3946 views

Are you always looking for great books to read to enrich your life? Do you agree that those who often succeed and build and retain great wealth are voracious learners?

undefined

If that's the case, JoAnne here and in today's blog, join me as I review and summarise this little gem of a book by T. Harv Eker that I highly recommend you read.

T. Harv Eker is more well known for being the best-selling author of Secrets of the Millionaire Mind. And in some respects, this book has similar yet unique content. One of the benefits of this book compared to Secrets of the Millionaire Mind is that it's a smaller book and therefore a quicker read. I basically read this entire book in a couple hours this past weekend and my reading speed is average.

Now the full title of the book is SpeedWealth: How To Make A Million In Your Own Business In 3 Years Or Less, and it outlines the 8 essential steps to creating wealth quickly:

1. Develop a SpeedWealth Mindset

T. Harv highlights that anyone can develop a speed wealth mindset as success is learnable skills.  He recommends continuous learning thereby allowing yourself to do and be more.

2. Deliver Massive Value

T. Harv Eker highlights that money is a result and specifically is a tool that measures the value of goods and services exchanged between two parties. He shares one of the universal laws of success which is the “Law of Income”: The income your earn is in direct proportion to the value you deliver in the marketplace.

To get paid a lot, you have to deliver lots of value and vice versa, if you only deliver a little value, you should only expect to be paid a little.

3. Timing: Choose the Right Business at the Right Time

In this every changing fast-paced world, this third rule is more important than ever. As an entrepreneur, you have to stay abreast of the changes in your market/ niche and learn how to gauge the right time to get in and the right time to exist. If you are able to choose the right income vehicle at the right time you will have a rare and very profitable skill.

He also highlights that there is little need to reinvent the wheel and that we should often start with model past success and then tweak it once we have mastered it.

4. Systemize

With this SpeedWealth principle, Harv highlights that successful businesses must have systems. Having a system allows you to have a repeatable process that produces a consistent income and cash flow. In having a system you can pull yourself out of working in the business and instead work on the business which tends to give you more freedom, flexibility and better results.

5. Duplicate

Right on the heels of the fifth speed wealth principle is the principle of duplication. Once you have created a profitable net positive cash flowing system then the next and simple step to grow your income is to concentrate on duplication. In duplicating your business, it allows you to grow your income.

6. Leverage

T. Harv Eker’s shares one of his business mottoes in SpeedWealth, which is: “If you’re not using leverage, you’re working too hard, and earning too little!”

In this principle, T. Harv highlights the importance of leveraging technology, people and systems to really do more with less personal time. He stressed the importance of leveraging yourself so that you can add value to others and make money 24- 7 even while you are asleep!

7. Cashing Out

This seventh principle made me smile. I forgot where I read this before but it resonates with me that the smartest entrepreneurs always start with the end in mind. He highlighted that you often make the most money when selling your business because inevitably the person who is buying it from you always thinks they can do better than you. Which is just fine because then they pay top dollar! 

The overall point though is that you want to ensure your business can operate profitably without your direct involvement (again: the importance of systems, duplication and leverage) and in so doing, making it easy for you to sell the business and cash out!

8. Do It Now!

The last and as far as I'm concerned the most essential step is the step of taking MASSIVE action. Harv highlights that life is short and time moves quickly so to be truly build wealth quickly, you need to have a "do it NOW" mentality. Imperfect completion is much better than perfect and pending as the rewards are reaped by finishers!

So these are the eight essential steps, you need to grow your million dollar business and income rapidly.

Which ones are you already using? Which do you have to focus more on or start doing? Comment below to share with me.

Until next time, to your joy and success!

JoAnne

JoAnne Mbonigaba, Freedom Mompreneur by Design, passionate about helping moms create a viable digital business so that they can create a plan b or plan a to live a more fulfilling life with more time and options!

p.s.: I trust you found value in my review of T. Harv's book on How to make a Million in Your Own Business in 3 Years or Less. If you are a mom like myself, you may also find my blog on What does it mean to have a millionaire mom mentality to be of interest.

p.p.s: If you are looking for a great complimentary interactive live workshop that helps you acquire this speed wealth mindset, I highly recommend you attend the 3-day Millionaire Mind Intensive event that Harv recommends in this book. Check out the quick video I did on these events on my youtube channel

Finally, now, even though you have received value from my summary, I really encourage you to read the entire SpeedWealth book yourself as there will likely be some nugget that you will only receive if you digest the book directly yourself.

How to make your first 10K online!