No secret

By Randell Tiongson on May 23rd, 2010

I recently subscribed to a cool thing I at the web which I learned from my good friend David Bonifacio – Formspring. It’s basically a site where you can ask questions from someone who is subscribed there and the inquirer can be anonymous. I didn’t really think there would be that many who would ask me questions but  I was surprised there were quite a few. Some questions were silly like what flavor ice cream I like or what my favorite dance is. My friend David had a plethora of questions on love and how to date him – I guess the questions you will get there is according to your perceived personality or image. Fortunately, most of my questions were about personal finance – those are the only questions I can give sensible answers to anyway.

There was one question posted there that I want to discuss in this blog, a question I have been asked many times – “what is the secret to being rich?” Ever since I went public (as a personal finance speaker / writer), answering that proverbial question seems to be the bane of my existence, so to speak. Well, I don’t really get annoyed answering that question but I am a bit disturbed that people actually think there is some sort of secret to being wealthy. My answer? There is none – never was, never will.

Let us not fool ourselves that there is a magic formula that will answer our question. Achieving financial freedom is a process and that process requires something so simple, yet so difficult to many – discipline. There is a reason why I recommend books like Total Money Make Over (Dave Ramsey) or Millionaire Next Door (Thomas J. Stanley & William D. Danko ) over more popular books like Rich Dad Poor Dad (Robert Kiyosaki) and Secrets of the Millionaire Mind (Harv T. Ecker).  Read those books and you’ll know why. I subscribe to Dave Ramsey’s podcasts because they are very practical, easy to apply and well, I like his ‘no-nonsense’ approach. I read Rich Dad Poor Dad and I must say there’s some value particularly on awakening our mind to the alternatives. I glanced through the book Millionaire Mind and didn’t even read much anymore because it’s full of mind tricks and lacking of real principles that will work. Unlike Total Money Make Over and Next Door Millionaire, they are direct to the point and you can actually apply it and see real measurable results.

There are no secrets; there are no short-cuts. To believe so is the markings of a fool and no one wants to be a fool right? If there’s one book that will really change you and make you not just achieve success but significance… it’s the Bible. One more thing, as you desire great wealth, pay more attention to the why rather than the how.  For where your treasure is, there your heart will be also. – Matthew 6:21

If you want to ask me a question on Formspring, visit Sensible questions only ok? Questions on love, marriage, dating, hair, good looks and all that, ask my friend David Bonifacio.


2 thoughts on “No secret”

  • I’ve read Dave Ramsey’s ‘Total Money Makeover’ book and watched many of his TV shows, but he has a very narrow lesson plan and I can’t honestly say that I’ve learned a single thing from him. His teachings are more geared toward high school aged kids, and maybe college as well. It’s geared toward people who know nothing about finance, and perhaps older folks who need to be bullied in to spending less and saving more.

    I suppose I am a ‘millionaire next door’, but I didn’t use Dave’s methods to get here. I had a 30 year mortgage, have always (and still) use credit cards extensively, never had a budget, etc. Really there’s one rule to becoming wealthy, assuming that the person has a decent income. “If you don’t need it, don’t buy it.” Very simple.

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No secret