If you haven’t read the School of Money by Olumide Emmanuel, you probably should stop your current readings and pick this one. I was first skeptical about the book: its title and price, but my mentor recommended it to me. In his words, “unlike other books where there is just a collection of information to make the book complete, there is no single page of this book that isn’t loaded.”
So I gave it a shot! Here is my conclusion: the School of Money book by Olumide Emmanuel is worth it. It is the single biggest book I’ve read on finance that covers every aspect. Other books cover very pertinent aspects of finance like business, investment, financial intelligence, success, well-being, and so on, but the School of Money by Olumide Emmanuel combines and balances them all.
I will be providing a summary of the book here for those who haven’t read it. Of course, you should know that this summary, although detailed, is only about 10% or less of the concepts you will get from the book. I only highlight a few key concepts.
Financial Intelligence Module
Olumide Emmanuel started the book on a controversial note. He explained in this book the fact that money is not what anyone needs. And come to think of it… You don’t want money just so you can “have” money. Instead, you want money so you could give it in exchange for something else.
For example, when you need a car, you give that money away and collect a car; when you are hungry, you exchange the money for food; you exchange it for clothings and so on. That just made it obvious that those things you exchanged the money for are what you need and not the money itself. If you needed the money, you wouldn’t have given it away.
Related: Pathway To Wealth by Olumide Emmanuel Summary and Review
What this understanding should help you do is to look for other ways of getting what you want aside from money as we know it. Instead of getting money to get what you want, why not try to get what you want directly?
Secondly, it should give us a new definition of what money is
Money, therefore, is not any physical currency but a means of exchange: something you can give to get what you want. It includes your skills, energy, time, and experience, and so on. If you have something to give in exchange for what you want, then you have money.
He then goes on to explain the 10 places money hides. Money hides in people, problems, gifts and talents, opportunities, products and services, ideas, vision, work, seeds, and the Creator. Your assignment is to learn to extract money from these places which Olumide Emmanuel explained in the School of Money book.
Wealth Creation Module
According to Olumide Emmanuel, the pathway to wealth has three bus stops which are financial intelligence, financial planning, and financial discipline.
Financial Intelligence is all about developing investment mentality and understanding of the inner workings of money.
Financial intelligence does not come from a formal institution or school. It is a function of redefined education that comes by personal development and capacity building which you get by studying the mindsets and habits of millionaires.
Financial planning is simply setting up a plan of actions, structures, and strategies that would take you to your financial goals. You can have financial intelligence but if you don’t set up structures that will translate that understanding of money into results you still will not create wealth.
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Financial planning includes determining the time when certain life/financial decisions must be taken for favorable outcomes, choosing which financial vehicle (which he explained in the book) you want to use to get to your goals, and establishing how your money must be allocated for effective management and multiplication.
Financial discipline is simply executing and sticking to the plans that you have set during your planning stage till they produce results. You must understand that in the journey to wealth creation, challenges and discouragements will come and only the disciplined mind can stick to what needs to be done.
One of the key lessons taught in this module is like you will find in most books on finance. That you can only have more money available by either increasing your income or reducing your expenses. The second is easier to do. And again, if you don’t discipline yourself to cut down expenses, like Parkinson’s Law states, A MAN’S [your] EXPENSES WILL ALWAYS RISE TO MEET HIS [your] INCOME AND MAKE HIM [you] STAY THE SAME.
The Entrepreneurship Module
In this module, Olumide Emmanuel explains that the only sure way to create sustainable wealth is through entrepreneurship, and he compares it with working in a job, which he called “the golden handcuff.”
The idea is that although a job is made of gold– it is valuable and beautiful, it is still a handcuff, so it ties you down and limits what you can achieve if you’re working in your own business.
While working in any organization, your goal should be to gather the necessary resources and skills you will need to become an employer yourself. “Love your job but never fall in love with your golden handcuff.”
While working in any job these are the seven lessons you must consciously be taking:
- Learn how to sell yourself, your products and services.
- Learn communication skills both written and verbal.
- Learn how to manage people.
- Learn how to manage money and cash flow.
- Learn how to manage time.
- Learn how to manage yourself and your life/home.
- Learn how to manage projects
With these skills, when it’s time to leave your job, you can easily set up and thrive in your business. I’ve been a student of Olumide Emmanuel for years now and he always teaches that you should spend a maximum of 15 years working for others, and in that time you must have gathered the resources and experiences needed to be free.
The Success Module
In this module, Olumide Emmanuel in the same spirit of redefining, redefines success. “True success is the progressive achievement of the Creator’s goals/dreams for your life. It is not the fulfillment of just any goal but of the Creator’s goal, of worthy, positive, goals and dreams.”
There are 5 vital facts about success he explained in the book which I will only highlight
- True success is a journey not a destination
- True success begins with the discovery of life’s purpose
- Only the creator knows who is truly successful
- True success is unique to you
- All the secrets of success in life only matter when the basics are covered.
Related: 10 Keys To Personal Success ( The Laws of Success)
In getting to success, Olumide Emmanuel provided a 10 step by step process anyone can take, which involves first defining what success means to you, to committing to the actions that bring that defined end from time to time, then being aware and avoiding the dangers of success.
The last aspect of this book that I won’t cover here is the Legacy Module where he teaches how to manage your wealth to ensure that posterity after you can still benefit from it.
The School of Money is a book everyone should read. It opens up the mind to ideas and arms you for financial freedom. The information from this book will make you a millionaire “someone who can give a million or more of his currency away to help the less privileged, the world or a worthy cause without feeling it,” if implemented.
Olusegun Iyejare is a career coach and certified counselor. He helps individuals discover and maximize their potential to live satisfying lives regardless of obvious limitations holding them back.
2 thoughts on “School of Money by Olumide Emmanuel PDF Review & Summary ”
Honestly this book has become a life changer in my life.
Glad to hear, Mamud