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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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We Should All Be Millionaires summary
Rachel Rodgers
Change Your Thinking, Build Bank, and Claim Your Independence
20 mins
Table of Contents
We Should All Be Millionaires
Summary of 7 key ideas
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Key idea 1 of 7
Women often tell themselves stories that prevent them from becoming wealthy.
Does just talking about your financial situation fill you with dread? Many women visibly cringe at just the thought of the subject. Even the notion of becoming financially secure, let alone wealthy, can seem like an impossible dream – something for other people.
Women often feel like this because they’ve bought into damaging narratives that permeate society. These narratives stop them from believing that they’re capable of making money and managing their finances themselves.
This is the key message: Women often tell themselves stories that prevent them from becoming wealthy.
One of the most common stories women tell themselves is that they need to work really hard in order to make a lot of money. If you do this, maybe it’s because you watched your parents work long hours and overtime and yet still struggle to make ends meet. Maybe, as they worked themselves ragged, you felt neglected and decided that, unlike them, you’d rather have time for your family and friends.
Well, luckily for you, working yourself to death isn’t necessary if you want to build wealth. In fact, the very rich let their money work for them instead. How? They invest in the stock market, index funds, and real estate, then sit back and earn money while they sleep. You can do exactly the same.
Another dangerous story women tell themselves is that they aren’t good with money. The truth is, nobody is born good with money – it's a skill that’s learned. You need to stop believing the societal narratives that tell you that you’d be hopeless at running a business, investing, and managing your money.
After all, there are countless studies that prove the exact opposite. One of these, conducted by the investment firm Fidelity in 2017, found that women investors had been outperforming men for over a decade. So, rather than throwing your hands in the air and telling yourself that you’re no good with money, brush up on finance. Chances are, you’ll be just fine.
The last pernicious myth is that you don’t need money. Believing this is like being in denial, as capitalist societies do require money for things like food, shelter, and clothing. And whether or not you covet money in and of itself, you’d probably like to spend more time with your family and friends, doing the things you want to do. That, too, requires money.
Now that you’ve identified these obstacles, learn to remove them by paying close attention to your thoughts. Notice each time one of these narratives pops into your head. When it does, replace it with something more useful.
The next time you think to yourself, for instance, “I’m no good with money,” be sure to follow that up by telling yourself, “I’m perfectly capable of becoming the smartest investor in the world!”
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What is We Should All Be Millionaires about?
We Should All Be Millionaires (2021) shows how women can attain financial success by casting off impostor syndrome and demanding that they be paid what they’re really worth. Here, you’ll learn how the ability to earn, save, and manage money has been denied to women – and why that’s a bad thing for the world as a whole.
Who should read We Should All Be Millionaires?
- Women looking to empower themselves with wealth
- Those looking to found companies of their own
- Any woman who has been underpaid and overworked
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