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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Pillars of Wealth summary
David M. Greene
How to Make, Save, and Invest Your Way to Financial Freedom
14 mins
Table of Contents
Pillars of Wealth
Summary of 4 key ideas
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Key idea 1 of 4
Building a foundation: the right mindset and goals
Financial wealth is just one aspect of overall wealth and wellbeing, but it’s the one that gives you freedom and security, and allows you to help others and pursue your passions. Like getting healthy or learning a skill, building wealth takes practice and strategy. But it starts with two key concepts: net worth and cash flow.
Net worth is the total value of what you own minus what you owe. You can calculate it easily by tracking assets like property and investments along with liabilities like loans in a spreadsheet. Cash flow is the income you get from these assets minus related expenses. Positive cash flow is what gives you financial freedom. Pretty simple, right?
Rather than a get-rich-quick scheme requiring luck or genius, the author’s approach to building wealth is accessible to anyone who commits to three pillars of wealth: defense, offense, and investing. Defense involves protecting the money you earn by saving it and controlling your expenses. Offense increases your income, both through increasing your salary and any income from assets like rental properties. Investing means leveraging savings and income to acquire assets, especially real estate, which generate further income and opportunities.
Misconceptions about money – like seeing it as the sole source of happiness, security, evil, or mystery – can inhibit wealth building. Really, money, real estate, and other assets are simply tools for achieving life goals. Setting the right goals based on personal values provides motivation during challenging times. Building wealth may not be easy, but it’s simple with the right knowledge, habits, and the determination to follow the three pillars of wealth. Anyone willing to practice this patient approach can attain financial freedom.
Take some time to think through your motivations for building wealth, because getting clear on that is important for maintaining momentum on your financial journey. Once that’s done, we can move on to the first pillar: defense.
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What is Pillars of Wealth about?
Pillars of Wealth (2023) outlines a proven strategy for accumulating wealth through real estate. With the right mindset and the strategies included in the three pillars of wealth – defense, offense, and investing – anyone can build a multi-million-dollar net worth.
Pillars of Wealth Review
Pillars of Wealth (2022) is a book that dives into the fundamental principles of wealth creation and provides valuable insights on achieving financial success. Here's why this book is definitely worth reading:
- It offers practical strategies and actionable steps that can be implemented to build wealth and secure a prosperous future.
- The book combines real-life stories and case studies to exemplify key concepts, making it relatable and applicable.
- With its engaging storytelling and relatable anecdotes, the book manages to keep readers captivated and engaged, making it an enjoyable read.
Who should read Pillars of Wealth?
- Anyone who’s struggled to generate wealth
- People looking to build their wealth through real estate
- Those interested in realistic ways to think about property and personal finances
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Pillars of Wealth FAQs
What is the main message of Pillars of Wealth?
The main message of Pillars of Wealth is how to build and maintain wealth through practical strategies and mindset shifts.
How long does it take to read Pillars of Wealth?
The reading time for Pillars of Wealth varies depending on the reader's speed, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is Pillars of Wealth a good book? Is it worth reading?
Pillars of Wealth is worth reading as it provides valuable insights, actionable advice, and a comprehensive guide to building wealth effectively.
Who is the author of Pillars of Wealth?
The author of Pillars of Wealth is David M. Greene.
What to read after Pillars of Wealth?
If you're wondering what to read next after Pillars of Wealth, here are some recommendations we suggest:
- The Art of Influence by Chris Widener
- Finance for the People by Paco de Leon
- How Highly Effective People Speak by Peter Andrei
- Positive Influence by Tsun-Yan Hsieh & Huijin Kong
- Time Management Secrets for College Students by Dennis Stemmle
- Million Dollar Habits by Brian Tracy
- The 3.3 Rule by John Briggs
- Empire Builder by Adam E. Coffey
- 12 Rules For Life by Jordan B. Peterson
- Set for Life by Scott Trench