Getting Rich Your Own Way Summary: Brian Tracy
If your goal is wealth, you must heed the advice of Brian Tracy. He has some useful sayings, examples and general words of wisdom. These will encourage you to get better at what you’re doing, getting more prosperous. Tracy is a living vision of motivation. If your dream to get rich looks far, read the information he offers. Tracy is a master of self-help writing. And, he provides practical advice, motivation, and sound tips for self-improvement. In his book Getting Rich Your Own Way, he explains how to help yourself to get money.
“MAKING MONEY IS A BASIC SKILL. IT TAKES KNOWLEDGE AND PRACTICE TO MASTER, BUT SINCE HUNDREDS OF THOUSANDS, AND EVEN MILLIONS, OF MEN AND WOMEN HAVE LEARNED HOW TO MAKE MONEY OVER THE YEARS, IT IS OBVIOUSLY A LEARNABLE SKILL.”
This Summary Will Help You Learn
- How to walk on the specific roads to wealth;
- Why getting wealthy isn’t an accident; rather a matter of habit;
- How to notice what rich people do and copy it; and
- Why you must try becoming a “no bounds” person.
- The chances of you becoming wealthy are 1 in 19. So, go for it.
- Wealthy people have prosperity perception. This means they have habits and awareness to help them become wealthy.
- Building a prosperity mindset is the key to financial success.
- Getting rich relies on developing the correct habits and doing the right things. It’s not by accident.
- People who become wealthy have a focus on results. This means they focus on actions which leads to results they want. And, they aren’t distracted.
- Pick one of the five time-tested roads to becoming wealthy. These are sound investing, entrepreneurship, working your way up, being a salesperson or becoming professional.
- Good working habits and work ethics are crucial to being wealthy.
- Save $100 a month from age 21 to 65. Then invest and earn 10% interest on it. This amount will be more than $1mn when you retire.
- Protect your integrity. Try becoming someone others can have faith in.
- Become a “no bounds” person. Don’t heed to people tell you what you can’t do.
Getting Rich Your Own Way Summary
Many people crossed the ocean for a better life. These immigrants told stories during the journey. On the boats, they waited for the American coast to appear. And in the meantime, they told stories of streets of gold. They said America’s wealth was limitless. And that it had endless potential.
The opportunities they talked about are real. Anyone can be successful. But, that doesn’t mean it’s going to be easy. The chances are not in your favor if you want to be rich. Hence, to get to that level, you need to do more than just dream. You should discipline yourself, your behavior, habits, and attitudes. But, if you do the correct things time and again, you’ll reach your goal.
Once, Brian Tracy was giving this message to 1200 people. He noticed a mentally-unsound man come to the front. This man asked loudly, “Mr. Tracy, can I be successful too?” All of a sudden, Tracy felt on the spot. The man added that he was living in a group home. Also, he bought a $100 savings bond every month.
And there was the answer. A person saves $100pm from age 21-65 and invests at 10% interest. In this case, he may own $1mn when he retires. Hence, Tracy could honestly tell the man that he too can be successful. And then he repeated what he believed, “Anyone can be a success.”
Begin at the Beginning
It’s not just the money which makes rich and poor different. Preferably, the wealthy use their full potential and talents. It doesn’t happen overnight. Instead, they focus their energies on gaining wealth. They use a string of trial and errors to get to their goals finally. Hence, do what other successful people did. And do it over and over. You’ll also get the same outcome finally. Financial freedom doesn’t happen by accident. Nor is it any miracle. It’s just the result of cause and effect. Making money is a skill which you can master just like other skills. So, you’re not rich yet because you didn’t learn how to get rich.
Learn to Become Rich
Everyone wants to be rich, but not all get there. Their poor status shows that they’re doing things which keep them poor forever. Below are five proven ways to continue being poor:
- Don’t believe or imagine you can be rich. Think of it as an unlikely goal.
- Accept it to be possible, but don’t make it real for yourself. Focus on things other than being rich.
- Decide you’ll better shape your economic life. But, delay taking any actions. Today you’re tired or busy. So, maybe you’ll begin tomorrow.
- Unable to delay spending and gratification. Don’t save today so you can invest tomorrow.
- Continually operating with a short-run mindset. Living on a day-to-day basis. Not planning for retirement or taking control of life.
Instead, follow the five proven ways to become wealthy. They are:
- Become an entrepreneur– Economic past tells this is the best path to getting wealthy in America. 74% of all self-made wealthy people in the US have their businesses.
- Work your way up– Stock options now make it possible to work your way up. 1 in 10 of the American millionaires worked for big firms for a long time. They were hard workers who got promoted and earned stock options. These people took part in profit sharing plans and stuck by that money. Hence, eventually, they became millionaires. For example, the Seattle area is famous for its Microsoft millionaires. These people worked in the 1970s-80s as programmers and secretaries. And, they earned riches via stock options.
- Become a professional– Education is essential. 10% of American rich people are professionals. They’ve high-level degrees like engineers, doctors, dentists, lawyers, etc. Their services are always in demand, and they charge high for these services.
- Enter the sales profession– 5% of American millionaires are in the sales profession. They’re either sales consultants or salespeople. Great salespersons may never have their businesses. But, they’re well versed with selling a product/service. And, they make large sums of money by doing this. In this case, the 80/20 rule holds. That is, the top 20% of sales professionals make 80% of the money.
- Invest well– Then some millionaires invested wisely in the share market.
To become wealthy, become a “no-bounds” person. This means no outside factor must affect you.
Learn from the Best
You only have two ways to learn how to gain riches. Either, make mistakes and learn from them. Or, learn from other people’s mistakes.
One of the ideal ways is to find successful people and adopt their behavior. The Gallup Organization poll of 1,500 people has some interesting findings. These people were registered in Who’s Who in America. It shows the top 5 traits in leading people in any area:
- Uncommon common sense– The participants had the skill to learn from their past. They didn’t repeat their mistakes. These people found out what did and didn’t work. Then they chased what worked.
- Intelligence– This is more than the marks you got in school. Some of the people polled didn’t perform very well during their college. Some didn’t even graduate. Many successful people have the curious mind of a child. There are two main types of intelligence key to succeeding in life. These include social intelligence and entrepreneurial intelligence. The former is the skill to get along with people. While the latter is the ability to spot the potential for money-making, these two types of intelligence aren’t included in regular IQ tests. Sadly, these are also not tested in schools.
- Job excellence – Successful people are excellent at their jobs. They’re expert at whatever they do. An above average performance is not needed. Instead, you should aim for excellence. Dedicate yourself to become excellent. And after seven years you’ll be among the top 1-2% in your area.
- Self-reliance– Best performers see themselves as the primary motivating force in their lives. As per them, they alone are responsible for their success. Hence, they don’t blame others or make excuses.
- Result orientation– Successful people’s primary focus is to get results. They’ve a single-minded focus.
Other Techniques of Successful People
Different ways to put your life on the fast track to wealth are:
- Be fully committed to excellence.
- Don’t forget to save at least 10% of your earnings.
- Toil harder than others.
- Try working during lunch hours or start an hour earlier.
- Knowledge is power in today’s age. Hence, build specialized knowledge.
- Never allow fears or worries grip you.
- Find your weaknesses. And then strive to improve them.
- Get a suitable job. And then give your 100% to that job. This advice may sound simple. But, 10% of US self-made millionaires worked their whole lives for their firms. They gained riches by reaching excellence in what they did.
- Successful people tend to love their jobs. Ask yourself what you like the most? And then do it.
- What things are you great at? Answer this question. And then focus your life around these competencies.
- Be committed to lifelong learning.
- Motivate others.
- Don’t waste time on useless activities.
- Assume full responsibility for your actions and results.
- Have your priorities straight.
- Don’t be content, instead ask for more. Ask your boos to give you more responsibilities.
- Try doing things quicker. So much so that others can depend on you to do a job fast.
- Becoming a sound manager needs getting promotions. And, many times this relies on the people you know. Hence, think of joining some professional group.
- Find out the main areas of your job. Each job has some main responsibilities. Hence, find these aspects and focus on how to achieve them efficiently.
“YOU, TOO, CAN BECOME WEALTHY OVER THE COURSE OF YOUR WORKING LIFETIME.”
Some More Suggestions
- Build great work habits to increase your productivity.
- Develop a power base in your community and firm. Create personal power in relations, expert power in job and position power from rank. Make the most of your abilities in these positions.
- Trust is the core of every relationship. Hence, protect and integrity and become someone whom others trust.
- Your past doesn’t matter much. Instead what matters is where you’ll be in the future. Hence, focus on your future, and keep your mind on results.
- Don’t stress over what you’re not. Instead, focus on what you are and try making yourself better.
- Write down your goals time and again. And, see yourself as a rich person under training.
- Become a no-bounds person. It’s as tough to stay poor as it’s to make sacrifices to be rich. If you work hard at the start, it’ll pay back later.
Your success entirely depends on you. So, begin this process, persevere and don’t ever give up. Think that the roads you daily walk on are paved with gold. All you need to do is open your eyes to see them.
Getting Rich Your Own Way Quotes
“Making money is a basic skill. It takes knowledge and practice to master, but since hundreds of thousands, and even millions, of men and women have learned how to make money over the years, it is obviously a learnable skill.”
“You, too, can become wealthy over the course of your working lifetime.”
“You must become a financial success in your thinking long before you achieve it in your reality.”
“Until you move out of your comfort zone and make the mistakes that give you the experience you need to succeed, it is not possible for you to grow and become capable of earning the kind of money you desire.”
“First, make a decision to be the best at what you do. Pay any price. Make any sacrifice. Go any distance to become excellent in your field.”
“Self-mastery is hard at first, but with practice you can reach the point where you can keep your thinking on your goals and desires most of the time.”
“The wealthy are not very different from you and me. They have simply used more of their God-given talents and done things in a different way from the majority.”
“Only one person in 100 becomes wealthy in the course of their lifetimes. Only 5% achieve financial independence, in that they have enough money to support their lifestyles without ever having to work again. This means that the odds against you ending your financial life successfully are 19 to 1.”
“Wealth is cash flow from other sources. You may earn a lot of money, but you are wealthy only when your money works for you.”
“The good news is that focus and concentration are learnable skills. They are habits you can develop with willpower and practice.”
“It is only when you can get your finances under control at a low level that you demonstrate that you have the ability to manage and grow your money at a higher level. You have to walk before you run.”
“The starting point of all financial success is for you to develop a prosperity consciousness. Think of yourself as a wealthy person in training, as a work in progress.”