Book Review: The Psychology Of Wealth By Dr. Charles Richards

by Hank Coleman

The Psychology Of Wealth By Dr. Charles RichardsDr. Charles Richards, Ph.D. has written, The Psychology of Wealth, about how we think and feel about our money and how we interact with it

Why can you find a wealthy couple that has a net worth of over $1 million who still live paycheck to paycheck with no savings? Why are there middle class Americans earning $30,000 who have a fully funded emergency fund, taking family vacations, saving for an early retirement, and living their lives carefree of money worries?

What is the difference between these types of people and how they handle their money? Why do we all think and feel differently about our money and how we interact with it? Dr. Charles Richards, Ph.D. has tried to tackle these issues in his new book, The Psychology of Wealth.

Charles Richards Is Not Your Typical Finance Writer

The Psychology of Wealth kind of reminds me of the excellent book, The Millionaire Next Door, by Thomas Stanley and William Danko which dissects the traits that make millionaires so successful with their money. One thing that will strike you right away with The Psychology Of Wealth is that Charles Richards is not a financial planner or money expert that you would expect.

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Instead he is a psychotherapist that has taken his decades of experience counseling people from all walks of life in their issues and added excellent research and interviews to his observations.

Interesting Observations From The Psychology Of Wealth

One of the underlying themes of The Psychology of Wealth that continue to materialize in the stories that were told was that you are not confined to the same financial life that you grew up with. You can make a better life for yourself than the one you grew up with.

It is okay to look at your parents and realize that you do not want the same financial life that they struggled through. Maybe your parents were horrible with money. Maybe their priorities were obviously in the wrong place which was evident by their actions and the things that they bought. Your life is not defined by how you grew up or where you grew up.

Is Wealth A Function Of Nature Or Nurture?

The age old challenge of nature versus nurture is alive and well in our finances as well. The Psychology of Wealth discusses that anyone can change their financial life with the right attitude. Through dedication, education, finding the right mentors, and other factors, you can change your financial future.

The Psychology Of Wealth looks at what makes up the real sources of wealth in our lives besides solely money. There are so many other ways to measure wealth than strictly monetarily, and they are discussed in detail in Dr. Richards’ book.

The Psychology Of Wealth is full of stories from Charles Richards’ own life and the lives of others that he has interacted with throughout life and in his practice as a psychotherapist as well. Each story shares interesting tidbits about how individuals have succeeded with their money.

If life is all about the relationships we have, it also includes our relationship with money as well. How you think, how you interact, and your attitude towards money can dramatically influence your success, the accomplishment of your dreams, and your financial dreams. Discovering yourself, what is truly important to you, your hopes and dreams has a dramatic effect on our relationship with money.

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About Hank Coleman

Hank Coleman is the founder of Money Q&A, an Iraq combat veteran, a Dr. Pepper addict, and a self-proclaimed investing junkie. He has written extensively for many nationally known financial websites and publications. Hank holds a Master’s Degree in Finance and a graduate certificate in personal financial planning. Email him directly at Hank[at]MoneyQandA.com.


Hank Coleman has written 592 articles on Money Q&A. Learn more about Money Q&A on Twitter @MoneyQandA and @HankColeman.


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{ 5 comments… read them below or add one }

SB @ One Cent At A Time

What’s the conclusion should I read or skip?

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Jackie

That sounds like a really interesting book. Here’s hoping I win your contest tomorrow 🙂

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Mary

Great book. Good review. This book is worthy of its bestseller status! A must read ~ and read again.

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Hunter - Financially Consumed

I like the look of this book. I just purchased a couple of new books last night, so I’ll put this on the shopping list for next time.

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Smith@chiropractors new jersey

Thank you for another valuable post. I travel to a developing country every 2-3 years and that has always been a ‘self-relfected vacation’ for me.

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