Getting rich your_own_way_tracy


Published on

  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Getting rich your_own_way_tracy

  1. 1. Getting Rich Your Own Way Achieve All Your Financial Goals Faster Than You Ever Thought Possible by Brian Tracy John Wiley & Sons © 2004 284 pages Focus Leadership & Mgt. Strategy Sales & Marketing Take-Aways • The odds that you will become financially successful are one in 19. Go for it. • Wealthy people possess prosperity consciousness, that is, they have perspectives and habits that help make them rich. Corporate Finance Human Resources Technology & Production Small Business Economics & Politics Industries & Regions Career Development Personal Finance Concepts & Trends • Developing that prosperity consciousness is the first step to financial independence. • Becoming rich depends on shaping the right habits and taking the correct steps over and over again. It is no accident. • People who attain excellence (and money) have a “result orientation.” That is, they focus on behavior that gets the outcome they desire, and they don’t get distracted. • Choose one of the five specific, time-proven paths to getting rich: entrepreneurship, working your way up, investing well, becoming a professional or being a salesperson. • A good work ethic and good work habits are essential ingredients to prosperity. • Anyone who saves $100 a month from age 21 to age 65, and invests the money to earn 10% interest, will be worth more than $1 million upon retirement. • Guard your integrity and become a person others can trust. • Become a “no limits” person. Don’t listen to those who tell you what you cannot do. Rating (10 is best) Overall Applicability Innovation Style 8 10 6 8 To purchase individual abstracts, personal subscriptions or corporate solutions, visit our Web site at or call us at our U.S. office (954-359-4070) or Switzerland office (+41-41-367-5151). getAbstract is an Internet-based knowledge rating service and publisher of book abstracts. getAbstract maintains complete editorial responsibility for all parts of this abstract. The respective copyrights of authors and publishers are acknowledged. All rights reserved. No part of this abstract may be reproduced or transmitted in any form or by any means, electronic, photocopying, or otherwise, without prior written permission of getAbstract Ltd (Switzerland). This summary is restricted to the personal use of Sheldon Bixby (
  2. 2. Relevance What You Will Learn In this Abstract, you will learn: 1) How to follow the specific paths to wealth; 2) Why becoming wealthy is a matter of habit, not accident; 3) How to observe what wealthy people do, and copy it repeatedly, so you can be wealthy, too; and 4) Why you should strive to become a “no limits” person. Recommendation If you go around humming, “If I were a rich man” from Fiddler on the Roof, it might be time to stop fiddling and go around reading instead. If wealth is your goal, man or woman, help yourself to a serving of some vintage Brian Tracy advice. He offers a tasty stew of maxims, aphorisms, anecdotes and general words of wisdom that will motivate you to become better at what you do, in order to become richer. Tracy is a walking oracle of motivation. If your desire to be wealthy seems like a pipe dream, wake up to the blend of information he has assembled. As the master of self-help books, Tracy offers practical advice, encouragement, motivation and effective techniques for self-improvement. In this book, he tells you how to help yourself to money. That’s as good an invitation as we’ve seen anywhere. Now let’s see if it works. In high hopes, recommends Tracy’s application of upbeat philosophy to the goal of accumulating wealth. Abstract “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.” Golden Opportunities Old world immigrants who crowded aboard creaky boats to cross the ocean to a better life used to tell stories during the voyage. As they waited for the coast of America to appear like a mirage of hope on the horizon, they repeated yarns about streets that were paved with gold. America’s wealth, they said, was boundless and its opportunities were endless. In many ways, the opportunities they imagined generations ago are real. Anyone can become a success. Anyone. That’s not to say it will be easy. In fact, the odds are against you if you intend to become rich. To attain a higher level of prosperity, you have to do more than merely wish for it. You must discipline yourself, your attitudes, your habits and your behavior. But, if you feel, think and do the right things over and over, you will achieve your ambition. Once, while presenting that message to 1,200 people, author Brian Tracy watched as a mentally-challenged young man pushed to the front of the audience and demanded in a loud voice, “Mister Tracy, Mister Tracy, can I be a success too?” Suddenly Tracy felt he was on the spot. While he wondered what to say, the young fellow added that he lived in a group home and bought a $100 savings bond each month with his savings. That was the answer. Tracy knew that someone who saves $100 a month from age 21 to age 65, and invests it at a 10% rate of return, will be worth more than a million dollars at retirement. In front of everyone, he was honestly able to tell the man, that he, too, could become a success. And he repeated his contention, “Anyone can do it.” Getting Rich Your Own Way © Copyright 2005 getAbstract 2 of 5
  3. 3. “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.” Begin at the Beginning The biggest difference between the wealthy and the poor, other than money, is that prosperous people have used more of their talents and fulfilled more of their potential. It is not magic. They focused their energies on earning wealth, and through a process of trial and error, they achieved their goal. If you do what other successful people have done, and do it repeatedly, you will eventually get the same result. Financial success is no accident and no miracle. It is simply the outcome of cause and effect. Making money is essentially a skill that can be mastered like any other skill. In essence, you aren’t rich yet because, so far, you haven’t learned how to become rich. Learn to Become Rich Most people want to become rich but instead they continue to be poor. Their economic position reflects the fact that they do the things you need to do if you want to remain poor. There are five proven ways to stay poor: 1. Don’t imagine or believe you can become wealthy. Consider it an impossible goal fit only for dreamers. 2. Accept that it’s possible, but don’t decide to make it true in your own life. Focus on other things beside becoming wealthy. 3. Decide that you will improve your financial life, but procrastinate and put off the journey. Today you’re busy or tired or whatever. Maybe you’ll start tomorrow. 4. Fail to delay gratification and spending. Don’t worry about your budget, don’t save today so that you can invest tomorrow. 5. Continuously operate with a short-term perspective, living day to day. Don’t try to plan your retirement or take control of your own life. Instead, follow the five proven ways to become wealthy. They are: “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.” 1. Become an entrepreneur – Economic history suggests this is the number one path to new found riches in America. For the past 200 years, 74% of all self-made millionaires in the U.S. have owned their own businesses. 2. Work your way up – With the advent of stock options, it is also possible to work your way to wealth. About one in 10 of the millionaires in the U.S. worked for large corporations for many years. They worked hard, were promoted, earned stock options, participated in profit sharing plans and held onto that money to become millionaires. The Seattle area, for example, is famous for its Microsoft millionaires who went to work in the 1970s and 1980s as secretaries and programmers. They became millionaires through stock options. 3. Become a professional – Education pays. Ten percent of U.S. millionaires are professionals with advanced degrees, such as dentists, doctors, lawyers, architects and engineers, whose services are in demand and who charge well for what they do. “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.” 4. Enter the sales profession – Some 5% of U.S. millionaires, one in 20, got that way by being top salespeople and sales consultants. Great salespeople may never have started a business, but they know how to sell a product or service and they get paid handsomely for doing it. Here the 80/20 rule proves true: the top 20% of salespeople earn 80% of the money. 5. Invest well – Some millionaires invested well in the stock market, created an invention or authored some creative product or service. Getting Rich Your Own Way © Copyright 2005 getAbstract 3 of 5
  4. 4. “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.” To learn to get rich, become a “no-limit person.” That is, you must decide that no external factor, nothing outside yourself, can prevent you from accomplishing your goals. Stop putting limits on yourself and do not allow others to place limits on you either. Learn from the Best You have two ways, and only two ways, to learn how to become wealthy. You can make your own mistakes and learn from them. Or, you can learn from the mistakes of others. The latter is, by far, preferable to the former. One of the best techniques is to simply seek out successful people and follow their behavior as a model. According to a Gallup Organization poll of 1,500 men and women registered in Who’s Who In America, the top individuals in any field possess five qualities: “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.” 1. Uncommon common sense – The respondents had the ability to learn from their experiences and not repeat their mistakes. They determined what worked and what didn’t, and pursued what worked. 2. Intelligence – This is more than IQ, or what grades you received in school. Some of those polled didn’t do particularly well in college, if they graduated at all. Many successful entrepreneurs display the same traits of impatient curiosity exhibited by children with attention deficit disorder. The two key forms of intelligence needed to succeed in life are social intelligence, which is the ability to get along well with a large variety of people, and entrepreneurial intelligence, defined as the ability to see opportunities for profit that others might miss. These two forms of intelligence are not covered by standard IQ tests, and are rarely tested in school. Perhaps intelligence is best revealed by the behavior it exhibits. Intelligence is as intelligence does. 3. Job excellence – Successful people do their jobs well. They are expert at what they do and become recognized as top performers. Above average performance isn’t enough; you must achieve excellence. If you dedicate yourself to pursuing excellence, after seven years of putting your whole heart into it, you will be in the top 1-2% of your field, and you will earn 20 to 30 times more than those performing at average levels. 4. Self reliance – Top performers consider themselves the primary motivating, creative force in their own lives. In their minds, they are responsible for their own success. Thus, they refuse to make excuses or blame others. If you’re a top producer, you think of yourself as the leading actor on the stage of your life. 5. Result orientation – People who have attained excellence focus continually on getting results. They are single-minded, intent on doing what it takes to get the job done. If you find people who exhibit these qualities and model your behavior after theirs, before long, the odds are you’ll be on your way to a prosperous future. Other suggestions that will put you on the fast track to riches include: • Find a good job – And then work hard on doing the job well. If that advice sounds simplistic, consider that 10% of self-made millionaires in the U.S. have worked all their lives for their companies. They became very wealthy by becoming very good at what they did. • Do what you love to do – Successful people virtually always love what they do for a living. Ask yourself if you could only do one thing all day long, what would it be? • Determine your core competencies – What jobs or tasks do you do really well? Answer that question, and then organize your life around those endeavors. • Live with passion – Make a total commitment to be excellent. Getting Rich Your Own Way © Copyright 2005 getAbstract 4 of 5
  5. 5. “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.” • • • • • Be a good student – Commit to lifelong learning. Save your money – Always save 10% of what you earn. Boost others – Make yourself critical to other people’s success. Be diligent – Work harder than everyone else. Use your time efficiently – Don’t do anything that takes you away from your work. Don’t drink coffee, read irrelevant e-mails or visit with your pals at the water cooler. Expand your workday – Try starting an hour earlier or working through lunch. Accept total responsibility for your results – Tell yourself, “I am responsible.” Examine your priorities – Check with your boss to make sure your priorities match what you are expected to accomplish. Take over tasks from your boss – Learn what your boss dislikes doing and then do it better. Refuse to be satisfied – Always ask for more. Ask for more responsibility from your boss and for more productivity from those working under you. Develop specialized knowledge – In the information economy, knowledge is power. Learn to do things faster – Become known as the one others rely on to do a job fast. Network continually – Being a successful manager means getting promoted, and often that depends on whom you know. Consider joining a professional association, Dale Carnegie or Toastmasters. Being able to think and speak on your feet is a big plus. Refuse to let fear hold you back – Don’t let worries or fears get in your way. Determine your job’s critical aspects – Every job has crucial responsibilities. Identify those areas and focus on being excellent in accomplishing them. Determine where you are weakest – Commit to improving any lagging skills. Develop excellent work habits – Maximize your productivity. Become more efficient. Nurture a power base – Build power in your company and your community. Establish personal power in relationships, expert power due to job knowledge and abilities, and position power from rank and title. Make the most of your status in these areas. Guard your integrity – Trust is the basis for all relationships; be the one others trust. Focus on the future – Where you came from doesn’t matter as much as where you are headed. Become a results-oriented, future-oriented person. Start where you are – Don’t pine over what you are not. Instead, focus on what you are and make yourself better. Develop prosperity consciousness – Write and rewrite your goals, and believe in your future prosperity. Become a no-limit person – It is just as difficult to remain poor as it is to make the necessary sacrifices to become successful and wealthy. Working harder at the beginning will pay off handsomely later. Your success is 100% up to you. Start the process, continue and never give up. Believe that the streets you walk daily really are paved with golden opportunities. You only have to open your eyes and see them. Always remember that you can get rich. About The Author Brian Tracy, chairman and CEO of Brian Tracy International, is a trainer, consultant, motivator and author of the best-selling Create Your Own Future, among many other books. He makes presentations to approximately 450,000 people a year. Getting Rich Your Own Way © Copyright 2005 getAbstract 5 of 5