Wealth is a Mindset by Shynna Key
One Line Summary
Master your financial life
I always try to balance spiritual / not-giving-a-fuck books with books that are concerned with much more day to day challenges you might face. Wealth is a Mindset by Shynna Key is the latter.
I do that because I understand that not everyone is into spirituality and just wants to learn some practical, well-tested tips for succeeding in life. And that’s fine. It doesn’t matter how you want to view these ideas, most of them all eventually point to the same truths if you dig deep enough.
Wealth is a Mindset is 12 chapters of solid financial advice that anyone serious about having a successful financial life will need to come to understand at some point. She covers everything from learning how credit works, the debate between homeownership / renting and the importance of teaching your kids financial literacy.
Why it’s Awesome
It’s incredible how naïve some people are when it comes to the day to day handling of their finances. I won’t claim anything near perfection in this area either (what is my credit score again?) and I’ve taken some serious financial risks to live the entrepreneurial life. But at least I was aware I was taking those gambles.
At one point in this book, Key writes that financial literacy should be taught in school. It’s hard not to see her argument. How is it that we teach kids everything but money, the one thing that is going to be hugely important for everyone?
One of my favorite parts of this book is where Key talks about owning multiple streams of income. This is one of the key differences between those who are financially successful are those and those who aren’t. Notice that rich people never just own or do one thing. They diversify their income in order to account for risks they can’t anticipate. It’s the same idea of purchasing stocks from different industries.
But most people do not view money this way. They have one job, one source of income and wonder why they always seem to be stressed out that their source of income might fail, i.e they get fired.
Of course, it’s easier said than do. Some people have a hard enough time just getting and managing that one job. But remember that this blog is about ideas for you to crush it in life, not just tread water like most people do. And if you want to crush it, this is one of those long-term goals you want to be moving towards that most people don’t think about.
Another part I loved about this book was Key’s view towards wealth and gratitude. This is one of those things that people misinterpret so let me clear up the misconceptions.
A big theme in self-development is that success in any endeavor is about who you ARE rather than what you DO. What kind of person are you? What do you believe about life?
This is why it seems like some people can do no wrong while others can do no right even if they seem like they’re trying to same thing.
Having gratitude is one of those who you ARE things. And it’s not about the person or thing you’re showing gratitude for. It’s about you.
Have you ever been around someone who complains all the time? They can’t seem to enjoy anything no matter what it is. Maybe it’s your bitchy aunt or your annoying neighbor. But either way, they’re a complete drag to be around.
I can say with almost 100% certainty that this person will never become financially successful. Why? Because unless you’re Drake, no one wants to be around someone who complains all the time and brings down the energy. People want to feel GOOD emotions (generally) and flock to people who are able to give them that experience.
If we can all agree that people skills = a major key to wealth, that person who is ungrateful is going to fail to ace job interviews, network, get clients etc.
I’m not saying you can’t find counter examples of this. For instance, Pablo Escobar doesn’t exactly strike me as a guy who had a lot of gratitude for life and he made billions of dollars. But unless you’re planning on becoming some sort of sociopath that murders people for personal gain and eventually has it all blow up in their face, I’d stick with the attitude of gratitude.
Key takes the perspective that gratitude activates The Law of Attraction. I don’t care if that’s the perspective you want to take or if you like the explanation I just gave. The point is that GENUINE gratitude works and you can actually cultivate this habit.
Researcher Brene Brown in The Power of Vulnerability talks about how what she calls “whole-hearted people” have a PRACTICE of gratitude. They don’t just try and be grateful, they actually have a time where they sit down and pro-actively generate a sense of gratitude for their current life.
Besides being a key to success, what do you think gratitude does for the emotional quality of your life? It’s incredible. Whether you want to hate or love your life, no matter where you are, the choice is entirely with you. You can always find something either way to focus on. So gratitude is also a key to HAPPINESS, provided the gratitude is actually genuine.
Why Does It Suck
Some of the advice in this book I found kind of cliché, like “living the American dream” of getting a nice job, house, kids and mortgage. There’s obviously nothing wrong with that and you should absolutely be free to pursue that if you want. But my guess is that most people actually don’t want that cliché life, even if they think they do. But it’s safe because it fits the mainstream narrative of the kind of live you should be striving for.
Maybe you want to travel. Maybe you want to be single for the rest of your life. Maybe you hate kids. Whatever. There are no rules, your life is your life to live as you want. We’re in giant amusement park, might as well enjoy it and fuck people that say you need to life any certain way.
The Wrap Up
If you want to learn about personal finance and wealth, pick up this book. It’s a great introduction and easy read for anyone new to these kind of ideas. However I say also that you can go beyond this book in terms of your financial knowledge. Make sure to also read books like Rich Dad, Poor Dad and Think and Grow Rich. This is will round out your knowledge.