The Five Lessons a Millionaire Taught Me About Life and Wealth
The Five Lessons a Millionaire Taught Me About Life and Wealth book cover

The Five Lessons a Millionaire Taught Me About Life and Wealth

by
Price
$15.21
Format
Hardcover
Pages
160
Publisher
Touchstone
Publication Date
ISBN-13
978-0743287005
Dimensions
5.5 x 0.7 x 7.5 inches
Weight
8.8 ounces

Description

From Publishers Weekly Originally self-published, as was his bestselling fable, The Christmas Box , Evans's pithy little financial guide lays out the five principles common to many self-made fortunes. While seemingly simple—decide to be wealthy; take responsibility for your money; keep a portion of everything you earn; win in the margins; and give back—the lessons require discipline and commitment from their practitioners. They also require curtailing spending and eliminating debt. Evans shares his lessons through poignant personal stories, a few well-placed statistics and philosophical observations such as: "freely giving of our wealth is also the only way to fully protect ourselves from our wealth." The slim book even manages to squeeze in lists of sidelines for boosting income, family budget saving tips, two financial planning forms and dozens of inspirational quotations. Thankfully, Evans forgoes the cloying, self-aggrandizing prose common to how-to-be-rich-like-me books and refrains from padding the volume with ads for tie-in ventures. Instead his friendly advice brings the secrets of wealth accumulation to common readers. (Jan.) Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. From Booklist In 1993, best-selling novelist Evans wrote The Christmas Box, a popular, self-published inspirational book. His new book was also self-published, but it has been picked up by a big publisher and is now being given wider exposure. By his words here, he would like readers to learn what he learned from a millionaire whom he met as a teenager; this man taught Evans, even at that tender age, how to manage a dollar or two, with the intended goal of financial independence. Evans is concerned that people accrue big bucks responsibly--that is, mindful of self-improvement and social good. To that end, he shares what the millionaire he knew years ago taught him. The first thing required is realizing that superior intelligence is not a prerequisite for being a millionaire; nor is wealth, generally speaking, the result of the luck of inheritance. The real requirement, Evans posits, is putting into practice five principles of wealth accumulation, which Evans explains and illustrates in cogent, lively terms: "Decide to Be Wealthy," "Take Responsibility for Your Money," "Keep a Portion of Everything You Earn," "Win in the Margins," and "Give Back." Librarians should be aware that the book contains several pages of blank forms for readers to fill out to keep track of their personal financial situations. Brad Hooper Copyright © American Library Association. All rights reserved "Oliver Wendell Holmes taught, 'I would give a fig for the simplicity on this side of complexity, but I would give my right arm for the simplicity on the far side of complexity.' These five lessons represent that simplicity with a larger sublime context." -- Dr. Stephen R. Covey, author of The 7 Habits of Highly Effective People "Richard Paul Evans not only teaches the prudent acquisition of wealth but the proper way to use it. I would as readily recommend this book to the young, cash-strapped newlywed couple as to the manager of a multibillion-dollar enterprise." -- Robert C. Gay, managing director, Bain Capital"In The Five Lessons a Millionaire Taught Me About Life and Wealth, RichardPaul Evans explains in a concise and, therefore, powerful way the principles of wealth. You, who are willing to put the five lessons into practice, will become wealthy. And in doing so, you will increase your powers of opportunity and your ability to be generous in a faltering world." -- Hyrum Smith, cofounder, Franklin Covey"As president of the American Medical Association, I saw firsthand the health risk imposed by debt and poverty....I personally recommend this book to anyone wishing for better health, a happier marriage, or a better life." -- Dr. John Nelson, former president, American Medical Association Richard Paul Evans is the #1 New York Times and USA TODAY bestselling author of more than forty novels. There are currently more than thirty-five million copies of his books in print worldwide, translated into more than twenty-four languages. Richard is the recipient of numerous awards, including two first place Storytelling World Awards, the Romantic Times Best Women’s Novel of the Year Award, and is a five-time recipient of the Religion Communicators Council’s Wilbur Awards. Seven of Richard’s books have been produced as television movies. His first feature film, The Noel Diary , starring Justin Hartley ( This Is Us ) and acclaimed film director, Charles Shyer ( Private Benjamin , Father of the Bride ), will debut in 2022. In 2011 Richard began writing Michael Vey, a #1 New York Times bestselling young adult series which has won more than a dozen awards. Richard is the founder of The Christmas Box International, an organization devoted to maintaining emergency children’s shelters and providing services and resources for abused, neglected, or homeless children and young adults. To date, more than 125,000 youths have been helped by the charity. For his humanitarian work, Richard has received the Washington Times Humanitarian of the Century Award and the Volunteers of America National Empathy Award. Richard lives in Salt Lake City, Utah, with his wife, Keri, and their five children and two grandchildren. You can learn more about Richard on his website RichardPaulEvans.com. Read more

Features & Highlights

  • Easy to understand and simple to apply,
  • The Five Lessons a Millionaire Taught Me About Life and Wealth
  • is one of the most powerful books ever written about money. This book will change your life.
  • When Richard Paul Evans was twelve, his father, a building contractor, shattered both his legs. With no insurance, no income, and eight children, the family was destitute. At that difficult time young Evans was introduced to a kind multimillionaire who taught him the five secrets of wealth. Today, Evans credits those lessons not just with bringing him wealth and success but with bringing him freedom and opportunity in a world where financial slavery is ubiquitous. In his signature motivational voice, Evans interweaves those influential lessons with personal stories from everyday people. He explains that money should not be the preoccupation of our lives. Rather, if we follow the five principles, we will be free to focus on God, family, and relationships—the true nourishments of life. Wise and compelling,
  • The Five Lessons a Millionaire Taught Me About Life and Wealth
  • can be read in a single sitting and will leave you with a new view of what it means to be rich—and convinced that you, too, can build wealth.
  • The Five Lessons a Millionaire Taught Me About Life and Wealth
  • is endorsed by financial consultants, churches, schools, and marriage counselors. You cannot afford to be without this book.

Customer Reviews

Rating Breakdown

★★★★★
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(209)
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15%
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7%
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Most Helpful Reviews

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Great book that is a quick read!

The Five Lessons a Millionaire Taught Me About Life and Wealth was a book that I thoroughly enjoyed. Sure it had a lot of common sense information, but it was very informative. Even so, you'd think handling money would be more common sense than what it is, but we still screw up. I thought his five keys were great. His way of conveying the information through stories and chart examples hit the nail on the head. My favorite chapter was "Winning in the margins". This chapter is so true. I underlined, highlighted and read with a vigor that I hadn't seen with many books. I'm not much of a reader unfortunately, but this book drew me in and I just had to read all that I could. I finished it in 3 hours, but I plan to re-read many times. After reading the book, I'll bet you'll ask "Is that the best you can do" as much as possible. Enjoy this fantastic book!
13 people found this helpful
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Good, Common Sense, that almost nobody follows

I really enjoyed this book.....eventually. Some of the other reviews state that there isn't the fluff about how many people got rich using the 'system' like other books. Actually, there is some of this at the beginning, which almost caused me to give up on it. After you get past that, however, you find five lessons that are good common sense that many of us have probably thought of, but never truly believed in. Having it set out, in a form to practice and re-affirm, can help you to make it a habit in your life. It is a good, concise book that you should read or listen to over and over.
5 people found this helpful
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Sometimes Simple is best

This is a fast and simple book to read. I found the ideas obvious and simple and I realize I have followed them to a large extent in my life.

Worth reading. More important - worth doing.
5 people found this helpful
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Basic, Simple, Correct

This is a quick read and one may feel cheated since the lessons are fairly simple and obvious. The problem is few people follow them. The author throws in a few stories to make the lessons more meaningful and demonstrates how life is not only about money, per se, but about achieving wealth in life. There is no question that if followed, the 5 lessons will result in wealth over the long term. This book is a good place to start for those who aren't saving for the future.
4 people found this helpful
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Great Basic Lessons About Money

Richard Paul Evans is best known as the author of [[ASIN:0684814994 The Christmas Box]], a book he initially self-published in 1993. [[ASIN:0684814994 The Christmas Box]] was such a success that Simon & Schuster eventually bought the rights for several million dollars. Since then, Evans has written several other books including this one.

In the preface, Evans answers why an author of inspirational novels would write a book about money.

"If the intent of my efforts as a writer has been to leave the world a better place, then at no time in history has the message of this book been more relevant or needed.

I believe one of the gravest dangers plaguing modern American culture is fiscal irresponsibility. Never before have so many had so much stuff and so little freedom. Debt is forcing us to work more and more, stealing from us our precious time as well as our happiness."

Amen to that.

The premise of the book is that Evans, when a boy, was taught five secrets of wealth by a multimillionaire. The millionaire taught Evans five lessons:

Lesson 1 - Decide to Be Wealthy.

The first step to accomplishing anything is to set the goal and make the commitment.

Lesson 2 - Take Responsibility for Your Money

Do you know how much money you have or how much is coming into your life? What do you spend it on? Grab the reins and take control!

Lesson 3 - Keep a Portion of Everything You Earn

There's an adage that says, "It's not how much you make but how much you keep". In this chapter, Evans describes some simple methods for creating and building your nest egg.

Lesson 4 - Win in the Margins

Often, what you do outside of your day job is what will make you wealthy. Evans encourages us to constantly look for ways to increase our income. He illustrates this concept with several good examples.

Lesson 5 - Give Back

This chapter focuses on an interesting concept that I've discovered in other personal finance books such as [[ASIN:1411643437 Money...It's Not Just for Rich People!]] by Janine Bolon - giving away your wealth through philanthropy can actually contribute to building your wealth.

One of the best parts of the book is where Evans describes four aspects of what he calls "The Millionaire Mentality" that are essential for building wealth. The book also includes a "Resources" section that gives suggestions on how to "win in the margin" and some useful forms for recording your net worth and cash flow.

Evans credits his personal financial success to implementing these lessons in his life. In fact, he attributes the creation and success of [[ASIN:0684814994 The Christmas Box]] to the idea of "winning in the margins".

The Five Lessons is a short book (the main section is only 84 pages long, the appendix is 22 and there are 12 pages of forms) but the book's brevity is an advantage because it makes it a quick and enjoyable read. All of Evans' lessons are sound and will benefit anyone seeking to improve their financial position.

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Michael Mihalik is the author of [[ASIN:0978545702 Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money]]. Learn how to gain control of your finances, pay off your debt, and create financial security!
3 people found this helpful
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Really Really Really Good!

After I read my copy, I decided to purchase this for my nephews, my young teenage employees. These simple lessons teach how to become a millionaire doing simple steps. The younger you are when you start the better although its never too late. This is a real easy read. Get and you will want to buy it for everyone that you know.
2 people found this helpful
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Quick Read with Broad Overview of How To Get Rich

This review was also posted on the White Coat Investor blog.

This is a review of a very quick read (106 double-spaced pages in a 7 inch book) by Richard Paul Evans called The Five Lessons a Millionaire Taught Me. Mr. Evans is best known for his more literary pursuits such as The Christmas Box, but for some reason decided to dive into the personal finance literature world and share some of the secrets of his success.

The foreword is by Robert Gay, who apparently worked with Mitt Romney at Bain Capital, and has made all of his staff read it. Mr. Evan's personal story is quite compelling. His father was disabled without insurance when he was 12, leaving the family impoverished. A local millionaire gave a presentation to his local youth group and had a dramatic impact on his life. By the age of 31, he had a paid-off house and several million in the bank, no small task for a writer.

He emphasizes that wealth is not luck. "Only 2 percent of today's millionaires inherited all or any part of their homes or property. Fewer than 20 percent inherited even a small portion of their wealth." Nor does it come from intelligence: "It is common knowledge among financial consultants that America's most educated citizens--doctors and lawyers--are notoriously bad at handling their money." Instead he says that "the wealthy understand the principles of accumulating wealth and live them."

So what are the 5 lessons? Easy.

1) Decide to be wealthy. It's so simple, but so true. Once you've made the commitment to be wealthy, it'll work on you subconsciously to boost your earnings, increase your savings rate, and improve your investing prowess.

2) Take responsibility for your money. Know how much you have, where it comes from, where it is going, and what it is doing. You need to track your net worth, spend your time on the most profitable activities, track your spending, and understand investing.

3) Keep a portion of everything you earn. Build a nest egg by saving and taking advantage of compound interest. He suggests 10% for wealth accumulation and 10% for debt reduction, adding that 10% into the wealth accumulation pile when you pay off your debt.

4) Win in the margins. Develop a mindset to carefully consider each expenditure, believe that freedom and power are better than momentary pleasure, don't equate spending with happiness, and protect the nest egg.

5) Give back. Money isn't life. As a wealthy person you have a responsibility to give not only of your money, but of your expertise to help others. "The sin of the desert is knowing where the water is and not telling anyone."

In short, the book is great for inspiration and changing the way you think, while being a little short on providing practical, actionable advice. There was one piece of advice I've never seen anywhere else that you might find interesting, if not a bit odd. He recommends STARTING your nest egg not with an emergency fund, but with actual precious metal coins in a jar before going to a financial advisor to begin with "other investments" (presumably stocks and bonds.) He sees two advantages to doing this:

First, it's harder to spend the coins than cash. And second, you can actually see yourself growing richer each day as you look at the jar. Mr. Evans actually moved on after the jars to a pirate treasure chest he filled with silver. I'm not going to lie, that's a little weird, but it worked for him, and perhaps it'll work for you. If you do decide to go this route, please email me your address so I can stop in and visit some time...late at night....wearing a ski mask.

But aside from that little oddity, the book deserves a few minutes of your time and perhaps even a few of your dollars. If you're already saving 20% of your income, you may not get a lot of practical stuff out of it. But if not, this might just be the inspiration you need to get where you want to be.
1 people found this helpful
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Nothing Original

I would call this a good "reminder." There is nothing new or particularly fascinating about his book. I'm glad I read it because we all need occasional reminders to these true principles but I was disappointed that he didn't add even one insight to the subject.
1 people found this helpful
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Lesson 2 was the best for me

Out of the 5 lessons, I got really excited about how the author explained lesson number 2 - Take Responsibility of Your Money. Within this lesson, he says that people should know how much money they have, where the money comes from, where the money is going, and what the money is doing.

I particularly like the part - what the money is doing. The reason why I got excited about this part is because of the excellent metaphors. We all go to school so that we can get an education, which, in turn, will help us get a job that will allow us to EARN money. Earning is good, but little emphasis is placed on learning how to get our money to EARN for us. The author says that taking care of money is like parenting where we cannot leave control of our children to someone else and just hope that they will turn out alright.

The author says that money can earn a lot more per year than our salaries. If we had an employee who sat around and did nothing, we would quickly fire him or her. But do we ever evaluate our money in terms of how it is doing? Few of us do. Instead we say that we don't have time to manage it and outsource the management of our money to someone else. It is a big mistake. We spend so many hours earning it and refuse to spend a few more hours parenting our money.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
1 people found this helpful
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The Five Lessons a Millionaire Taught Me About Life and Wealth

I bought this as a gift for my husband. I have not been able to read it myself yet. The Five Lessons a Millionaire Taught Me About Life and Wealth by Richard Paul Evans. I have enjoyed all of his other books.
1 people found this helpful

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