T. Harv Eker – Book Review of SpeedWealth

SpeedWealth is an impressive little book that I thoroughly enjoyed reading on my flight to South Korea. It’s authored by T. Harv Eker, who also wrote Secrets of the Millionaire Mind.

The book is titled SpeedWealth, with the subtitle “How To Make A Million In Your Own Business In 3 Years Or Less.” It provides numerous specific strategies and the right mindset needed to achieve that goal.

In SpeedWealth, T. Harv Eker presents eight essential principles:

1) Cultivate a SpeedWealth Mindset

Success is a skill that can be learned. You have the potential to grow, achieve more, and accomplish greater things through continuous learning.

2) Provide Massive Value

Eker describes money as a convenient symbol that quantifies the value of goods and services exchanged. He introduces the “Law of Income,” stating that your compensation will be directly proportional to the value you create in the marketplace. If you don’t deliver value, you won’t earn much—it’s that straightforward.

3) Timing: Select the Right Business at the Right Moment

Timing plays a crucial role in business success. Learning to choose the right opportunity at the right time is a valuable skill that can be developed. You need to learn how to assess market conditions and know when to enter or exit. It’s also vital to model successful practices rather than attempting to create something from scratch.

4) Systematize

This concept is critical for all businesses, and it’s also explored in detail in Michael Gerber’s book, The E-Myth. In SpeedWealth, Eker emphasizes that a business system is a repeatable process that generates profits. The guiding principle in both SpeedWealth and The E-Myth is to focus on working ON the business, not just IN it. The system provides you with freedom, and once established, you can replicate it effectively.

5) Duplicate

Once you have a functioning system, your next step is to focus on duplicating it. This involves learning to leverage your business model so you can scale it and reach more people. Remember, establishing the system is the first priority.

6) Leverage

The important takeaway is to work smarter, not harder. One of T. Harv Eker’s business philosophies in SpeedWealth states: “If you’re not utilizing leverage, you’re working too hard and earning too little!”

It’s essential to focus on stepping back from the day-to-day operations of your business, whether that involves implementing technology, establishing systems, hiring employees, or employing virtual assistants. By leveraging your efforts, you can provide value to others and generate income even while you sleep.

He provides examples of how to leverage your time and resources, such as creating products or licensing your existing product.

7) Cashing Out

A SpeedWealth entrepreneur begins with a clear vision of the end goal. Harv emphasizes that once you’ve established your systems correctly, you have the option to maintain it as a passive income source or sell the business. However, it’s crucial that your business doesn’t rely on you; otherwise, potential buyers won’t be interested. This is why it’s essential to create systems that allow your business to operate independently.

Starting a business with the goal of “cashing out” is vital, as it encourages you to develop a systematized process that enhances the business’s value as an asset. T. Harv Eker shares the example of his company, FitnessLand, which he sold for over a million dollars to Heinz (the ketchup brand) due to this structured approach.

8) Do It Now!

Life is fleeting. If there’s something you want to accomplish, take action now. Nothing is achievable without making bold moves.

Harv advises that the three best words ever spoken about money are “Get it handled!”

Money serves as an essential TOOL. It acts like lubricant; navigating through life without it can be quite challenging. While money may not buy happiness, it certainly can buy you FREEDOM.

If you’ve been procrastinating about starting a business or a project, take action NOW!

Whatever your aspirations may be, pursue them now—this is the only moment we have.

SpeedWealth is an excellent book that distills some fundamental business principles, and I highly recommend it. Additionally, be sure to check out T. Harv Eker’s #1 bestseller, Secrets of the Millionaire Mind—it’s definitely worth your time!