book summary of “ Getting Rich Your Own Way ” by Brian Tracy
Who is Brian Tracy ?
Brian Tracy is the Chairman of the Board of Directors of Brian Tracy International . His company specializes in educating individuals and companies. He coaches topics such as leadership, sales, self-esteem, goals, strategy, creativity and the psychology of success. His goal is to help people achieve their personal and business goals more easily and quickly. Brian Tracy has advised more than 1,000 companies. He has also lectured at 5,000 seminars and lectures for over 5 million people in the United States, Canada, and 70 other countries. He has researched, written books, and lectured in economics, history, business, philosophy, and psychology for over 30 years. He is the author of more than 70 best-selling books that have been translated into several different languages. In addition, his audio and video programs reach more than 300 titles that have been translated into more than 28 living languages of the world.
Brian Tracy’s personal life
Brian Tracy was born in 1944 in Vancouver, Canada. His family was poor and troubled. They were not even able to pay their bills and living expenses. His father could not have a steady job, so he and his brothers were accustomed to donating clothes and living a poor life. His parents were respectable citizens who always had a philosophy: “We do not have enough money so we cannot buy it.” However, Brian‘s philosophy was different from his parents.
Philosophy of Brian Tracy
Brian followed a philosophy and with this idea he achieved very successful results and trained successful people all over the world. “Study, listen, always learn and develop your mind,” says his philosophy. “You can learn anything if you really want to” and in the last fifty years he has done exactly the same thing. He reads three hours a day, and has read between six and seven thousand volumes.
He always says:
“Never go anywhere unless you learn something there. Every book and seminar you need is at your disposal.”
His interest in life is to pass on his information to talented and interested people. Brian Tracy can be called the ambassador of success since of his qualities such as trial and error and hard work. To achieve this interest, he even established his own university; Brian Tracy International University in San Diego, California.
Getting Rich Your Own Way
Brian Tracy’s How to Get Rich: Strategies, Skills, and Secrets to Success was first published in 2007. In this book, Brian teaches the reader the proven formulas for starting, building, managing, and developing a successful business, and also tells the reader how to get rich in the process. If you are an employer or would like to enter the business world one day, this book is for you.
The main idea of the book
“When I was a kid, my dream was to become a millionaire before I was 30. I soon realized that there are a lot of people who have that dream.” The first thing I realized was that I knew nothing about millionaires. I had dreamed of becoming a millionaire all these years, yet I did not know how people got to this magical number. Especially since I wanted to start from scratch.
Over the next few years, I learned as much as I could about self-made millionaires. During my research, I found that many books, interviews, and research have been written about these people, and that much can be learned about these people. Finally, almost 80% of self-made millionaires start selling or entrepreneurship. Most of them come from ordinary or poor families. Many of them have not graduated from college or university. Many of these people were immigrants who started their careers without any money or relationships, without any language training or skills, and yet these people went on to become millionaires.
The only thing they have in common is a combination of ideas and courage. They had a good idea of their dream and financial success. Of course, many of these people did not know at first glance how to achieve this dream.
Most importantly, these people had the courage to step into the unknown. They spent their time and effort with no guarantee of success. There are 26 million businesses in the United States, and employers start about one million new businesses each year. Unfortunately, 95% of these employers earn less than $50,000 a year. Why? These smart and hardworking men and women, who have the right idea and the courage to start their own business, will be in financial trouble for years to come. Why does this happen?
The answer to this question is simple. People who succeed in business and become millionaires are the ones who know more about business and the market. People who become millionaires, like lasers, focus on learning the skills needed to build a successful business. Fortunately, all business skills can be learned. You can learn every skill you need to reach your goal. Of course, as long as your goal is clear. In this article by Privatemillionaire, you will learn a summary of the most important points that Brian Tracy mentions in How to Get Rich. By learning these tips, you can be sure that you know the basics of work, and with a lot of effort and perseverance, you can achieve success and wealth by running a successful business.
Excellent opportunities mentioned in the book
Many people crossed the ocean to make a better life for themselves. These immigrants told stories during the journey. They waited on the boats to catch sight of the American coast. They said that America is a land of unlimited opportunities and infinite wealth. The opportunities they said were real. Anyone could get rich, but of course, it was not easy. If you want to get rich, you do not have much luck. You need more than just dreaming to get rich. You need to be disciplined, have the right personality, and have good habits and thinking.
Brian Tracy once spoke to 1,200 people about this issue when he saw a person in a bad mood come to the fore. The man asked, “Mr. Tracy, can I succeed too?” The man added that he lives in warm municipal homes, and buys a bunch of $100 worth of securities a month. The answer was the same. A person who saves $100 a month at a 10 percent interest rate between the ages of 12 and 65 may have $1 million in retirement. That’s why Tracy could honestly tell the man that she too could succeed. And then he repeated the phrase he deeply believed in: “Anyone can succeed.”
Start from scratch
It is not only money that makes the difference between rich and poor. The rich use their best abilities and talents. Getting rich does not happen overnight. They spend their energy on getting rich. In fact, rich people use successive trials and errors to achieve their goal. That’s why you have to do what the rich do. Try again and again and you will eventually achieve the same desired result. Financial independence is not achieved by chance, nor is it a miracle. Making money is also a skill that you can learn like any other skill. Therefore, if you have never been rich, that is why you have not learned how to do it well.
Learn to get rich
Everyone wants to get rich, but not everyone achieves that goal. It is as if the poor are doing things that make them poor forever. Here are some ways you will definitely stay poor if you follow them:
- If you do not believe that you can get rich
- If you believe it is possible, but do not consider it possible for yourself.
- If you decide to improve your financial situation, but postpone things.
- If you cannot stop spending.
- If you always have short-term plans for yourself.
Now if you follow these methods, you will get rich:
- If you become an employer: Economic history tells us that the best way to get rich in America is to be an employer. 70% of the self-made rich people in America have become rich this way.
- If you make progress: Investing in the stock market allows you to make progress. One in ten American millionaires has worked hard for a company for a long time. They have been promoted and eventually bought shares.
- If you become a professional: Education is essential. 10% of wealthy Americans are professionals. They have advanced degrees in medicine, engineering, dentistry and law.
- If you enter the sales profession: 5% of wealthy people in the United States work in sales. These people are either sales consultants or salespeople.
- If you invest well: Some millionaires have also invested in the right stocks.
Learn from the best
There are only two ways to learn the skill of amassing wealth: one is to make mistakes and learn from those mistakes, and the second is to learn from the mistakes of others. One of the best ways is to find rich people and imitate their way of life. A survey conducted in the United States with the participation of more than 1,500 successful people and its results showed significant points. Successful people are in control of almost every single situation.
1- Learning from mistakes
Participants had the skill to learn from their mistakes and not repeat them.
Intelligence is not just the grades you get in school. However, many wealthy people were very curious as children. But there are two types of intelligence that are essential for success in life: social intelligence and entrepreneurial intelligence. Social intelligence means the ability to get along with people, and entrepreneurial intelligence means the ability to find revenue potential.
3- Being a professional
Successful people are in control of almost every single situation. Whatever they do, they are great at it, being mean to them does not make sense.
Successful people are in control of almost every single moment of their lives. That is why if they fail, they do not make excuses and do not blame others because they have high motivation!
5- Axial result
Successful people are in control of almost every single situation. Now that you have the mental space and preparation to get started, you should not procrastinate any longer, get started as soon as possible and start your own business. The most important thing is to systematize your business activities. Systematic means creating a step-by-step process, from beginning to end. With the help of this process, you can have the same and reliable performance in different areas. When you set up this system using trial and error, you can trust it completely. Even to the point where you leave your business to ordinary people. In the early stages of starting a business, everything only happens in the mind of the employer, but when it becomes systematic, the process becomes much easier.
What systems do you need now?
1- Leadership system
The first thing you need is a strong marketing and advertising system. This system must have reliable leaders. If you do not have this strong system, your sales, revenues will decrease, and your turnover will gradually falls down and ultimately affect the survival of your business.
2- Speech system
You need to have people in the sales department who can turn potential interested buyers into real buyers. The system starts with ready-made text for sellers. All salespeople and after-sales service staff should use this text from their first contact with the buyer until the last stage of the sale. Using a sales text system can triple your sales overnight. Because with this sales text, everyone knows exactly what to say. From someone who answers the phone to someone who calls the customer or greets customers who enter the company or store. Your sales system must also be achieved through a trial and error process. As you evaluate the sales process, you will gradually come to understand what you said was practical and what was not.
3- Product or service production system
To do this, you need a proven system, from start to finish. This proven system ensures quality stability, performance facilitation, operational efficiency, and reduced production and supply costs over time.
4- Supply system
You need a step-by-step system that prepares orders and delivers goods or services to customers on time. This system delivers the goods or services to the customers quickly and reduces the amount of delays and at the same time increases the quality of work.
5- Service system
You must have written processes and policies for after-sales service. These policies include standard methods for dealing with complaints, increasing sales, staying in touch with customers, receiving feedback and recommendations from satisfied customers and sending them to new customers, and informing customers about new products and services.
6- Accounting system
You need highly efficient accounting systems that keep track of your cash flow. Fortunately, there are many computer systems for this. Small and large businesses use these systems to control all financial matters. With these systems, you are always aware of the financial condition of your business.
7- Recruitment, training and work force systems
You should have written systems that describe each job and how it is done. In addition, you need systems for training, upgrading and manpower relationships. Everyone who works for you needs to know exactly what your job is and what quality you want. Employees should be aware of their working conditions. You need to let them know what satisfactory working conditions or termination requirements are. In addition, you must clearly tell your employees what type of insurance, sick leave, paid leave they will benefit from.
In a nutshell
Commencing today and having a goal for yourself are two main factors that Tracy has a special emphasis on it. Decide to be financially independent and see exactly how much money you want to achieve. Sit down and plan. Prioritize for yourself and then move towards achieving your goal with commitment and determination. There is no chance of success in business. You need to be able to do things correct at the right time.