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53 of 58 people found the following review helpful
4.0 out of 5 stars Take Control of Your Life
I accepted an advanced copy of this book to help me understand why so many people are terrible with their money.

The Psychology of Wealth by psychotherapist Charles Richards attempts to explain how, through consciously understanding our relationship with money, we can become prosperous. This book is written from a psychologist's point of view and puts change in...
Published on January 17, 2012 by Foodie Designer

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9 of 9 people found the following review helpful
3.0 out of 5 stars Wealth is about much more than money
For those of us who still think wealth is mostly about money and possessions, Charles Richards offers a very different perspective. Many of the ideas I've heard elsewhere, such as:

1. how life doesn't always get better once you attain a certain income level (often it gets worse)
2. how having self esteem will make you feel rich
3. why passion for...
Published on January 31, 2012 by Norman Reiss


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53 of 58 people found the following review helpful
4.0 out of 5 stars Take Control of Your Life, January 17, 2012
This review is from: The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity (Hardcover)
I accepted an advanced copy of this book to help me understand why so many people are terrible with their money.

The Psychology of Wealth by psychotherapist Charles Richards attempts to explain how, through consciously understanding our relationship with money, we can become prosperous. This book is written from a psychologist's point of view and puts change in ones behavior squarely on the individual.

Richards defines the psychology of wealth as a sense of comfort and control in ones relationship with money. How individuals spend/borrow money is a complex issue and is a result of many factors...this book illustrates how to become conscious of your spending/borrowing habits and to act accordingly.

It was the 2008 economic crises that got the author thinking about money...he interviewed many successful people in different careers to help him understand what common qualities prosperous people possess. People who possess the "Psychology of Wealth" have the following attributes:
Self esteem
Responsibility
Determination
Achievement

Furthermore, Richards blames "unconscious spending" and behaving inconsistently for getting so many people in trouble financially.

The answer, according to Richards, is that healthy people deal with money consciously. They take responsibility for their spending. (This means that back a decade or so ago, when almost anyone could get a mortgage, the responsible person would say "no" if they couldn't afford it.)

Responsible people, in short, are adults taking charge of their lives. They educate themselves and understand what they can or cannot afford.

Pretty simple stuff...but it all makes sense. In my experience with people who spend more than they can afford, they do so because they feel "entitled."

The whole issue of being "conscious" of what you are spending makes sense...as does the concept of being conscious in order to add prosperity into your life. With all the stimulus surrounding our hectic lives, being conscious of anything can be difficult. That said, I have helped my clients who want to change something in their lives--from finding love to wealth--with simple Feng Shui. The book I always recommend is HARMONIOUS ENVIRONMENT: BEAUTIFY, DETOXIFY & ENERGIZE YOUR LIFE, YOUR HOME & YOUR PLANET because it simply describes how to use a couple of objects to HELP you be conscious of bringing into your life what you desire.

Recommend.
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16 of 17 people found the following review helpful
4.0 out of 5 stars Interesting but not what the title promised, January 30, 2012
This review is from: The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity (Hardcover)
I read a review copy of Psychology of Wealth, with he request to review honestly. The book's title holds a promise to talk about the psychology of wealth and the author is a psychotherapist with a PhD. Therefore, I anticipated a framework based on psychology.

If you define "psychology" loosely, the book delivers. It's an easy read, more like a Readers Digest collection than a book about psychology. The cover promises, "Understand your relationship with money and achieve prosperity."

The book consists of a series of stories about real people who achieved if not wealth, then a trip out of poverty. The stories are loosely tied to principles that are somewhat New-Age-y, such as the importance of service in wealth creation. "Self-esteem" has become a controversial concept, yet the author simply introduces the idea.

On the plus side, a series of success stories can be inspirational and certainly fun to read. On the other hand, it's hard to draw lessons or achieve greater understanding. We know we are given a condensed, upbeat version, so it's hard to view them as case studies. Moreover, it's easy to pick the stories apart. Did these people have some qualities that brought them success or were they just lucky? Without a more scientific approach, we won't know.

To take just one example; on page 163, Richards tells the story of "Deidra," a teacher who was down to her last five dollars before her next paycheck. (Was her check due the next day? In two weeks? We aren't told.) Deidra gave her last five dollars to a raffle for a charity. She won the raffle, getting something she'd always wanted: a ride in a hot air balloon.

I'm reminded of the story (which may be legendary) of Fedex's founder Fred Smith, who earned funds to make payroll by gambling in Las Vegas when the company was new. Like Deidra's story, we can admire, but it's hard to know what to take away.

What if Deidra had spent her last five dollars on a special treat for herself? Why is she livig from paycheck to paycheck with no savings? The story's lesson seems to come right from the New Age: "The psychology of wealth requires trusting that no matter what happens we will have enough." (p. 163).

To be sure, some advice draws on common sense, and often this advice will be useful. For instance,on page 220, the author writes, "Take advantage of what is available now ... Just keep moving in the right direction." That's what I advise career changers myself. However, I'd like to see more of a rationale and clearer examples.

If I wanted to be picky (and sometimes I guess I am), I would say that psychology doesn't require anything; it's a field of study and work that's science-based. It's not unreasonable to ask for a more scientific approach; I've seen academic research articles describing the influence of serendipity on careers! Some of this research could be applied here.

That's my ultimate source of dissatisfaction. If this book had been written by a life coach, with a title like, "Think your way to wealth," I probably wouldn't have chosen to read it; if I did, I'd be less critical. However, when a psychotherapist writes a book with the title "Psychology of Wealth," a reader's expectations will be different. Surely the author has learned a great deal from his clinical practice. Surely he's got some thoughtful conclusions about why some people seem to attract wealth and some are always broke.
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35 of 42 people found the following review helpful
5.0 out of 5 stars Must- have money book, January 17, 2012
This review is from: The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity (Hardcover)
This is best money management book as I have ever read until now.I finished it cover to cover without breathing today.There are lots of good stories in it.If anyone wants to know how we came to the these days he/she must read it.There are lots of advices in it. Highly recommended book.
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9 of 9 people found the following review helpful
3.0 out of 5 stars Wealth is about much more than money, January 31, 2012
This review is from: The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity (Hardcover)
For those of us who still think wealth is mostly about money and possessions, Charles Richards offers a very different perspective. Many of the ideas I've heard elsewhere, such as:

1. how life doesn't always get better once you attain a certain income level (often it gets worse)
2. how having self esteem will make you feel rich
3. why passion for your work is critical in achieving true wealth
4. we don't choose what happens to us in life, but we do choose how we choose to respond
5. trusting that we will have enough, no matter what
6. why giving to others makes us feel wealthy
7. having a 'conscious' approach to managing your finances and debt
8. being thankful for what you already have

Even though many of us will recognize these tips, this book provides a useful reminder that there's a lot more to wealth than how much you can earn or can afford to buy.
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32 of 43 people found the following review helpful
2.0 out of 5 stars Facile, January 21, 2012
This review is from: The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity (Hardcover)
What sounds at the outset to be a scholarly treatise on the dynamics behind of wealth and it's relation to self-esteem unfortunately turns out to be corporate "speaker-for-hire" cheerleading session. Although it is true that success and failure are modulated by personal factors, attitudes and self esteem, placing the entire blame on the individual without context to social and political climate is facile and leaves a lot out of the equation. Now a days, We put an irrational demand on conspicuous consumption and status as a means to an end. Stating that the individual should know better on how they spend their money, whether it is buying a house they cannot afford, or having to look live a Kardashian life style, misses an important point; Modern consumerism and credit availability make it too easy promise a false sense of self-esteem in the process. As long as we are being blasted with ads from all directions that create an unnecessary sense of envy, we cannot be truly conscious of our spending. Blaming the individual solely for lack of economic success is a dangerous path to go down both politically and culturally. Quoting people like Thoreau out of context is laughable. Most psychologists would agree that personal happiness more complex that what Dr Richards proposes.
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2 of 2 people found the following review helpful
1.0 out of 5 stars Too plain, too shallow, July 20, 2012
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This book is nothing but a compilation of several "he had done this and that and now is a very happy and successfull man" If you believe that this kind of material would turn things better to you go ahead. But if you are trying to understand yourself, and your relation with money better, I strongly recommend to keep on searching .
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2 of 2 people found the following review helpful
4.0 out of 5 stars Poor is a State of Mind, March 17, 2012
This review is from: The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity (Hardcover)
In "The Psychology of Wealth," clinical psychologist, executive coach and trainer, and now, author Charles Richards, Ph.D., explores our desire for prosperity and our culture's message that prosperity depends on financial wealth. He points out, and I would agree, that there are a lot of wealthy people who are unhappy and do not feel prosperous. And many who are not wealthy think money will bring them happiness. The truth is "money does not solve personal problems, money solves money problems."

So then, what is "The Psychology of Wealth"? Simply, it is an understanding that money is only a tool and not the source of "wealth"(aka abundance). True "wealth" comes from honoring one's "calling"; being in touch and aligned with that which we were born to do. This is essential to our well-being and when followed, "life becomes connected and dramatically sensible...we just know, `I'm in the right place, doing the right thing. I'm where I know I was meant to be'...providing the special something that really inspires us." When discovered, we can achieve much more than we ever imagined and enjoy the real riches of a life well lived.

To help us put aside the cultural understanding of wealth and open us up to our possibilities for true "wealth," Richards explores the definition and evolution of our understanding of wealth; illustrates how unconscious living can enslave us and block us from fulfilling our calling; emphasizes the role of self-esteem (self respect + discipline) in wealth creation; helps us in the understanding of our promise and of our dreams; and inspires us to complete the circle of life with the power of giving back.

In preparation for writing this book, Richards drew on his experience as a coach and trainer of executives, and on his experience counseling people from a variety of financial circumstance. The big questions he wanted to answer were:
1. Why were many well-to-do clients not feeling the psychological benefits of their enviable position?
2. Why were those who had modest means confident, happy, and secure about their finances?
3. Are there deeper traits or habits common to the psychology of "wealth" that can they be learned? Can these help others move ahead with more hope and confidence.
He then searched for people who would offer clues and their stories are woven into the fabric of the book.

Richards, in closing: "As a youth, I certainly had little or no understanding of the principle that giving brings true prosperity. As far as I was concerned, the purpose of the money I earned was to serve my own needs. I was not a selfish person by nature, but an understanding of the benefits of giving never had been the focus of my life. It was years before I realized that achieving financial wealth is a hollow success unless it's a shared success. For me, there was no specific turning point for this realization. It emerged slowly though the years of personal seasoning and observation. I came to understand to give freely and with gratitude is also giving to oneself - for gifts cannot help but return to the giver."

Books that readers may as good companions to "The Abundance of Wealth" are:

"The Power of Story" by Jim Loehr - tools for reviewing your life and setting a new path to reach your potential.
http://www.amazon.com/s/ref=nb_sb_ss_i_2_18?url=search-alias%3Dstripbooks&field-keywords=the+power+of+story+jim+loehr&sprefix=the+power+of+story%2Cstripbooks%2C210

"The Endgame" by John Mauldin - Global and personal debt - how we got here.
http://www.amazon.com/Endgame-Debt-Supercycle-Changes-Everything/dp/1118004574/ref=sr_1_1?s=books&ie=UTF8&qid=1332016354&sr=1-1
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1 of 1 people found the following review helpful
5.0 out of 5 stars Excellent!!!!!, April 20, 2013
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This review is from: The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity (Hardcover)
Great book and great condition. A+++++++++++. What an uplifting and great read. Highly recommended! Please read this book if you would like to feel compelled to understanding what is important in life.
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1 of 1 people found the following review helpful
1.0 out of 5 stars boring to read, July 19, 2012
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This review is from: The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity (Hardcover)
It is really boring to read and I decided to quit after 56 pages.
There is nothing new and challenging. All the history of wealth is stated without deep study.
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1 of 1 people found the following review helpful
5.0 out of 5 stars The Wealthy Mindset, February 14, 2012
This review is from: The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity (Hardcover)
Charles Richards has written a book that touches on the dynamic ways people think to bring wealth into their lives. The book is not only about financial wealth but being wealthy in many other ways. Health, happiness, family, friends, career,and lifestyle all lead to a 'wealthy' life. However the author points out that there is a mindset of wealth that leads to achieving the richness people are searching for. A big part of this mind set is a powerful belief in your own intrinsic value and our capacity to achieve. Much of the wealth in our life is determined by what we will accept in our lives versus what we are willing to pay the price to achieve.

For the most part our responses to life's challenges determine our level of prosperity and the richness of our lives.

This book in a nut shell explains that personal prosperity comes from some essential qualities that we can possess. We must have a willingness to face challenges and setbacks and turn them into opportunities while finding meaning in the challenge. If we hope to be wealthy we must be willing to take responsibility and face life creatively, to find solutions while not accepting less than all we can give to make our dreams come true. It is up to us to create our lives and no one else. We must stay true to our values and have the personal courage to discover and then follow our individual dreams to the life we truly are willing to pay the price to live.

People on the path to wealth must never cease to expand and grow so they become big enough to achieve their dreams.
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The Psychology of Wealth: Understand Your Relationship with Money and Achieve Prosperity
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