Central Luzon State University

Science City of Muñoz, Nueva Ecija

College of Business Administration and Accountancy

8 SECRETS OF THE
TRULY RICH BY BO
SANCHEZ: A BOOK
REVIEW

SUBMITTED BY:
FERNANDO, MICA YSABELLE C.
BSAT 5-1

SUBMITTED TO:
DR. CAROLYN GONZALES- MARZAN
SUBJECT INSTRUCTOR

AY. 2019-2020
FOREWORD
People become slaves for money and eventually, they become slaves of the money itself.
We are trapped in the mind set where money is all that matters in life. This, in every way, is
incorrect. Money does provide us with better standing in life and greater capacity to help others
but it alone does not suffice. We have to focus on the things that are far beyond material wealth.
This book taught me many things that I never imagined. I understood concepts that are
merely phrases to me before and it opened my mind for a new perspective in life. The concepts
are vividly illustrated that made me imagine circumstances clearly. The scenarios are like
parables. I learned so many things in true to life situations that made it easier for me to relate it in
my own. The logic of the author also strike me and made me stop for a while in order for me to
digest it thoroughly.
I recommend it for others to read because not only did it add knowledge but it also
enhances our understanding about the world of money. We need this kind of book in times like
these when many societal problems arise and when we need to step up ourselves to solve these
matters. The lessons I learned from this book will be my shield and the actions I plan to make
will be my armour in this world full incredible things with corresponding temptations.

SECRET # 1: BE TOTALLY RESPONSIBLE FOR YOUR SUCCESS

I. LESSON LEARNED
“If you don’t want your situation, change it. If you can’t change your situation, change
your attitude towards your situation”
- There is really no such thing as going with the flow in success. People can always choose
the path to go to and it will all be dependent upon one’s self. We are not the rocks in a
riverbed nor the trees around it. We are the boat in the flowing river. We take the lead. I
cannot always say “ganito ako eh. Wala na ako magagawa don” because doing so will
hinder my personality growth and development of my overall attitude in facing life
problems.
“Blame robs you of your power to determine your life”
- As part of our culture and nature as a person, we always look for someone or something
to blame when things go bad. I realized that I will not be able to go anywhere near my
dreams if I will keep on making myself busy pointing fingers to others just because I
didn’t get what I want. At the end of the day, there is really nothing left to do but to
accept whatever happened and keep moving forward.
“Those objects that you call poison in your house are nothing compared to the poison in
your heart”
- This struck me right into my mind. I realized that I am a believer of pamahiin and
patterns in life. For example, whenever I compete in a quiz bee, I always associate my
winning to a certain pattern that if I won the last competition I joined at, then there is a
small probability that I will win again. That theory often comes true. For a long time I
thought that there were really patterns. But now, I realized that it is all in my mind set. I
lost because I thought I will. I won because I believed I will win.
“You are where you are right now because of the choices you’ve made. You become
what you repeatedly do”
- As I always say, if I was given a chance to change something I did in the past, I will
choose not to change a thing. I do not regret anything in my life because my choices
made me who I am today. Although I can’t say that I am 100% happy and contented, I
still feel a sense of achievement for what kind of person I am now. This was proven true
by the statement above.
II. ACTION PLAN
1. Get myself together and get ready for what’s coming ahead.
I am going to change my attitude towards life by always looking at things with silver
lining. I will start to motivate myself every day. I also observed that there are expiration
dates for my motivation, which is the point where it no longer works for me. So I should
strive to look for new motivation every time I feel like the old ones are no longer enough
or to even improve the old ones to make them work again.
2. Build a habit.
They sayThere are 21-day challenges where it was proven that whatever you do for at
least 21 days straight will eventually become your habit. In reference to this, I could start
to train myself to be optimistic and open for life lessons that I will encounter every day. If
I let myself be lazy for even a week, I will slowly be used to not being productive so I
will avoid being such.
SECRET # 2: ENLARGE YOU PSYCHOLOGICAL WALLET
I. LESSONS LEARNED
“Your money problems are mind problems”
- They say that you become who you thing you will. The only reason why a person cannot
achieve success is because he was defeated by his own mind. I should not let my own
negative thoughts empower me because it will only deter opportunities available for me.
Practically speaking, I will definitely have problems concerning money as I age. The
problems will really be problems if I let them bother me.
“Where there is no clarity of purpose, no great thing will be achieved”
- Conflicting desires create contradicting results. It should be clear for me what is the true
purpose of my life and why do I need to be successful. For me, I want to be successful
because I want to improve the life of my family and the family I will start in the future.
Actually, that is what most people would say. But in addition to this, I want to be a
blessing to others.
“But the moment my heart believes it can happen, then it becomes possible”
- After I adjust my psychological wallet by thinking big, I should now work BIG as well.
Thinking about possibilities is only the beginning. Once I thought about those, it becomes
a feasible goal to achieve and I must now work on it in order to see it right before my
very own eyes.
II. ACTION PLAN
1. Recreate my views in life.
I will now appreciate the all the things around me and make myself be inspired by them
so that I can also be an inspiration to others. I will strive to read more books and pay
attention when I attend lectures or seminars about financial literacy and how to make
money work. I must see success and failures in a whole new level because I admit that
my perspective about life at this point is still not that colourful. It is still full of doubts
and uncertainties that leaves me in the dark at times. I must start recreating my views in
order to cope up with the stingy kick of adulating.
2. Start working hard.
After reprogram my mind set, I will work harder now. I will start from being a better
student by studying hard in order to pass, or even to top, the upcoming board exam.
However, it is a step by step process so I will also pay attention to the last semester of my
college life which is the next sem. It is my last chance to bring back my confidence and
release the burning desire that has been kept dormant inside my chest since the time
unknown to me.
SECRET # 3: GET RID OF CRAZY RELIGIOUS BELIEFS
I. LESSONS LEARNED
“But money affects every important thing in the world. And money, if used properly,
can bless the world.”
- There is really nothing wrong with wanting to have money because it is undeniably
necessary for living. Wanting to have money doesn’t mean that we are sinful and greedy.
I cannot give what I don’t have. As long as the heart is not poisoned by the possible sting
from greed of possessing money, we should not fear having such. Instead, we should be
grateful for we are blessed. We are blessed because we are tapped to bless others as well.
“If you want the Philippines to become a firs world country, become a first world citizen
first.”
- Change should start from within. We sometimes blame the government for all the
misfortunes we experience. We vote for elections with the hope of a change in the
system. But whoever sits in Malacañang, this country will never experience change when
we, ourselves, denies it. Just like a car with a tire missing, our individual efforts complete
the recipe for success. If I will strive to be successful, my voice will become more
powerful than when I just sit here and wait for changes to happen. I can better influence
others if I build myself first.
“The rich can go to heaven if they’re truly rich. It’s not impossible, only more
difficult.”
- The most dangerous part of success does not happen in the beginning. It happens when
we reached it. Along the way, there will be so many temptations that will be much harder
to resist as we go along the ladder of success. The challenge is how we will stay humble
and committed to the reason why we want to be rich. It would be difficult to neglect
earthly things but it will be more difficult to enter the Kingdom of God with those in our
hearts.
“Unless you love yourself, you can’t love anyone else.”
- Just like what I said on the first paragraph, you cannot give what you don’t have. I can
show my love for others in many different ways. But before this, I must fix what’s within
me, face all my issues, and start making things work.
“We surrender to Him what He doesn’t want us to surrender: our stewardship.”
- I have met so many people who doesn’t work hard and still believes that God will
provide for them. God really provides. That’s why He gave us different abilities and
capacities to endure life. He laid down the ground work. It is up to us how we will utilize
those in order to build something great.
II. ACTION PLAN
1. Get things done.
I should not be lazy anymore. I will not just say bahala na when things are so
unpredictable anymore. It is up to me. I will organize my thoughts and find motivation so
that I will have the right amount of weapons to face what’s ahead of me in the war that
life has prepared.
2. Take one step forward.
I will not be afraid to take steps that would lead me closer to my dreams. I will break free
from my comfort zone.
SECRET # 4: BE COMPLETELY COMMITTED TO YOUR DREAMS
I. LESSONS LEARNED
“God wants you to be the Scriptwriter. Create the life you were meant to live.”
- There are three kind of people in the world: the moviegoer, the actor, and the scriptwriter.
It is best to be the latter because no one is responsible for all are actions but us. We could
not just blame God for what we become because we chose the wrong path and did the
wrong things. God has a plan for each one of us. Whatever journey it is, if we passed all
the obstacles, our fate will always take us to that great plan.
“But when you read what you wrote down every day, you multiply the power of that
river tenfold.”
- Just like solving problems in our accounting exams, it would be easier to solve problems
in real life if you actually see your solution right before your eyes. Thoughts and
perceptions can vary every minute or even every second! I cannot have a definite path if I
neglect the other dreams just because I forgot about them. The solution for this is to write
it down and put value in it so that it will not be lost. In comparison, I used to write
lectures in an informal piece of paper and after a few days or months, I already forgot
where I put it and eventually, forget that it actually exist! This is true and applicable to
life taken as a whole.
“The law of focus states that what you focus on grows.”
- Upon fulfilling the action plans I have stated above, another problem to solve is how I
will stay focused. I admit that I tend to be distracted and easily demotivated at times. But
in order for me to become special, I should focus and keep my eye on the price. I may
have been tired from doing so. When this happens, I should rest. BUT NEVER GIVE
UP.
II. ACTION PLAN
1. Write my dreams.
I should continue to write my dreams and actually give weights to those. I could write
simple things from writhing my name in a piece of paper stating that I will be a CPA by
2020, or do more extravagant things like make dream boards or dream scrapbooks.
2. Focus.
As the CPA board exam is fast approaching, I will continue to be focused on my dreams
in life. Continue because I believe that I have been preparing for it the moment I become
a BSAT student. Despite of this, I still have doubts in myself and I tend to feel afraid for
next year. I will find more reason to focus and motivate myself further.
SECRET # 5: RAISE YOUR FINANCIAL I.Q.
I. LESSONS LEARNED
“Financial ignorance is expensive.”
- The money you worked so hard for can be gone in just a blink of an eye if you do not
know how to use it right. It is more costly to know nothing than investing on things that
could help you learn things such as books. Ignorance of financials exempt no one from
the suffering caused by it. This, however, is curable if you are determined to do so.
“Swallow this hard pill: The proof of real financial wisdom is money.”
- Finance, in its very own sense, is the process of managing money. It is undeniably the
measure of financial wisdom. It is both a major disadvantage and advantage. It is an
advantage because it just goes to show how disciplined and persevered a person is. On
the other hand, it is a disadvantage because people use this as the basis for judging others.
People tend to think that you are not wise if you have no money. We must not be blinded
by this but instead use it to our advantage, not as a key to judge others.
“You need to know where to invest your savings.”
- Saving is good, but it is not necessarily the “best”. What’s best for everyone is when each
of us know where to put those money aside from just merely saving it. Insurance,
retirement funds, mutual funds, stocks, and other securities are some example of the
many ways one can maximize the benefits of savings.

II. ACTION PLAN

1. Do some research
Personally, even though I study about different kinds of investment and securities, I don’t
really have any idea about how to actually invest on those. I will visit the site given by
Br. Sanchez, www.icap.com.ph, and read some articles about investing. I will also seek
assistance from financial mentors in order to help me avoid decisions that I will regret
doing with my money.
2. Teach others what I will learn.
It is not enough that I quench my financial ignorance without helping others. I will start
with my family, especially my mother who have lost of debts to pay due to unfortunate
events that happened with the family years ago. Since I don’t have any money to invest
right now, I will encourage her to try securities and start saving money for future
investments.
SECRET # 6: RIDE SOMETHING TO WEALTH
I. LESSONS LEARNED
“But understand this magic: At the later part of your investing years, the bicycle
transforms into plane.”
- Riding something to wealth means that the level of benefit you would most likely to
achieve depends on the means you choose. Of course it would be faster when it’s illegal
but that doesn’t count in this context. Just like choosing different modes of transportation
in order to arrive at a certain destination, we too must have find something that would
lead us to our goals in life. We should also not stick to just one mode just because it pays
off just fine today. After realizing that we could earn more than what we are earning
through the mode we are currently taking, we should find more ways to multiply it
further.
“Earning from your core gift means asking to be paid.”
- There is no such thing as free lunch. In business, freebies are just promotional activities.
When you enter into income-generating activities, you are actually asking to be paid. The
twist is that you could earn more if you love what you are selling.
“Be an investor and start something on the side.”
- In business, polygamy is not a sin. We could have as many business as you desire. Ride
to wealth with different modes. While doing investments, you could also work as an
employee, or engaging in another investment.
“The ultimate crime is we belittle ourselves.”
- No one can ever say who you are but yourself. Just as we decide what path to take, we
also decide who we are going to be. We tend to look down on ourselves because we lack
the necessary amount of confidence. When we do that, we often let opportunities pass by
because we think that we don’t deserve that and it will never be for us.

II. ACTION PLAN

1. Find the means to get rich.
As a future accountant, my primary source of income will initially come from my office
work. My plan will be to save money, and then invest it to passive income businesses
such as rental of warehouses or boarding houses. I also plan to establish my own
accounting firm to make myself my own boss.
2. Work with passion.
I am actually contented with what I will become next year- a CPA. For me, that is my
passion. That’s what I really enjoy doing. However, I have yet to discover many things
that I would want to do. Along the way, I will try to find what kind of business I want to
pursue the most and write it down to my dream board.
SECRET # 7: HAVE A BIAS FOR ACTION

I. LESSONS LEARNED
“I just don’t think of the ideas. I make the ideas happen. And usually, I make it
happen fast.”
- Ideas with no action die easily. Nothing will happen if you don’t act on it. You could’ve
thought of something that will save the planet but if you do nothing to happen, then it
will be forever lost in your memory and a great loss to humanity. That’s how big the
impact of ideas are. We could either make or break the future. If we have an idea, we
should act on it as soon as possible to be successful as quickly as possible.

“My plan is to fail and improve along the way. I risk failure. And I risk success.”
- We should not fear failure. It is like a power up that would make us stronger for the next
opponent we would encounter. In failing, we create more space for improvements. The
most important lesson we could learn from them is that we could fix them and avoid them
next time.
“Never label anyone (yourself included) a failure”
- Failure is only an event. It is not anyone and it is definitely not yourself. When we
commit mistakes, we should forgive ourselves and act again. Just as how we should not
blame anyone for bad things that we experience, we should also not blame ourselves. It
does not necessarily mean that is a requirement to just be okay after failing. It is natural
to feel down and take a break for a while but we should not stop there. We should try
again.

II. ACTION PLAN

1. Write my ideas.
Just as I plan to write my dreams, I will also write down my ideas so I could have a
concrete overview of the possibility of making it a reality.
2. Act on it.
I will improve my written ideas and get it done. If I will decide to put up my own
accounting firm in the future, I should organize my plans well and make it happen. I will
never let this dream be just a dream. I will surely make it happen.
SECRET # 8: WIN IN ALL AREAS
I. LESSONS LEARNED
“You need balance. You need to win in the seven major areas of life.”
- There are seven major areas in life according to the book. They are as follows: (1)
Strengthen Your Relationships; (2) Grow in the Emotional Maturity; (3) Use your core
gift; (4) Get Physically Healthy; (5) Gain Wisdom; (6) Build Your Money; and (7)
Nourish your spiritual life. I just realized that these were the aspects we included in our
dream board. Life isn’t just about one thing or one aspect. It requires all of the areas in
order for us to achieve true fulfilment.
“In the end, long-term happiness can only come from consistently living by your
inner compass.”
- It could be inferred to be the “calling” from within. We sometimes forget the things that
matters in life and try to mimic other people just because they are already successful. We
do this in the hopes that their story could be ours. But we are wrong. We have different
stories and we should listen to what we are really called to do. That will make us
successful.
“Friends, we fall because we forget how wealthy we are already.”
- We fail just like tripping in the middle of a hallway because we are looking far away that
made us not see what’s in front of us. Life is never a competition. Just because others
have more wealth doesn’t mean that we have less. The only competition we have to win
is the battle among ourselves. Also, there is no point of becoming wealthy for wealth’s
sake. That path will only lead to emptiness and despair. We should also learn to give back
and be a blessing to others because that is the only thing that counts.
II. ACTION PLAN
1. Give, give and give.
Even though I am yet to be successful, I will try to give to others what I can. I will help
my family by doing chores, I will donate small amounts to the church, or give street
children food whenever they ask and I have one. I would give even through small things.
2. Be contented while improving.
The moment I become successful, my goal would be to not be greedy. I will dedicate my
success to God and let Him take my wheel so that I will not be lost in the dark. Becoming
contented doesn’t mean that I should stop improving and striving to be more. It only
means that my heart should not be poisoned to the point that I will worship money more.
That is the secret of being truly rich.