Getting Rich Your Own Way: Achieve All Your Financial Goals Faster Than You Ever Thought Possible

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The United States is the land of opportunity; and that’s astrue today as it’s ever been. Even in tough times like these,getting rich doesn’t have to be a dream–you can make it areality with hard work and practical advice. In Getting Rich YourOwn Way, renowned business consultant and motivational speakerBrian Tracy offers a proven road map to financial success foranyone and everyone.

In this positive, prescriptive guide, Tracy shares provenprinciples and strategies that lead to ...

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The United States is the land of opportunity; and that’s astrue today as it’s ever been. Even in tough times like these,getting rich doesn’t have to be a dream–you can make it areality with hard work and practical advice. In Getting Rich YourOwn Way, renowned business consultant and motivational speakerBrian Tracy offers a proven road map to financial success foranyone and everyone.

In this positive, prescriptive guide, Tracy shares provenprinciples and strategies that lead to success–the sameprinciples and strategies that thousands of Americans learn in hisseminars every year. Concise and comprehensive, this bookwon’t teach you how to make a fast buck in real estate or beatthe stock market for a million dollars. Instead, it will teach youreal-world principles for achieving the financial independence youdream of–no matter what you do for a living or how little youhave in the bank.

Inside you’ll find real stories of successful people whostarted out with nothing and ended up living their financialdreams. You’ll find a wealth of creative ideas for makingmoney, as well as priceless principles that will help you succeedat any endeavor. You’ll learn how to accumulate and protectyour wealth over the long-term, how to market and sell anythingunder the sun, and even how to start your own business ifyou’re an entrepreneur at heart. But most important,you’ll learn how to develop the winning attitude and workhabits that unite all successful people in every field orprofession.

What most people don’t know is that making money is a skillyou can learn. That’s right. By paying attention to whatsuccessful people do–or don’t do–and carefullyfollowing their example, you’ll get the same results they do.After all, wealth is really all about cause and effect. If you putthe right moneymaking causes in place, the wealth effect willfollow. It may take patience and it will certainly take effort, butwith the right attitude and the simple, helpful guidanceyou’ll find here, you’ll know that nothing is beyond yourabilities–and nothing feels better than Getting Rich Your OwnWay.

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Product Details

  • ISBN-13: 9780471652649
  • Publisher: Wiley
  • Publication date: 8/30/2004
  • Edition number: 1
  • Pages: 304
  • Product dimensions: 9.00 (w) x 6.00 (h) x 0.81 (d)

Meet the Author

Brian Tracy is a successful businessman and one of the topprofessional speakers in the world. He has started, built, managed,or turned around 22 different businesses. he addresses more than250,000 people each year throughout the United States, Canada,Europe, Australia and Asia.
Brian's Keynote speeches, talks and seminars are customized andtailored for each audience. They are described as "inspiring,entertaining, informative, and motivational." He has worked withmore than 500 corporations, given more than 2,000 talks, andaddressed over 2,000,000 people.
Some of his talks and seminars include:

  • Leadership in the New Millennium - how to be a more effectiveleader in every area of business life. Learn the most powerful,practical leadership strategies ever discovered to manage,motivate, and get better results than ever before.
  • 21st Century thinking - how to outthink, outplan, andoutperform you competition. Learn how to get superior results in afast-moving, fast-changing business environment.
  • The Psychology of Peak Performance - how the top people thinkand act in every area of personal and business life. You learn aseries of practical, proven methods and strategies for maximumachievement.
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Table of Contents

Preface xiii
Introduction xv
The Difference between Success and Failure xv
Starting with Nothing xvi
You Can Do It xvii
The Difference between Rich and Poor xvii
A Real Eye Opener xviii
The Miracle of Compound Interest xviii
You Can Learn What You Need to Learn xix
1 Learn How to Become Rich 1
Why People Don't Become Rich 2
Five Ways to Stay Poor 6
Five Ways to Become Rich 7
Definition of Wealth 9
Find a Need and Fill It 10
Big Fortunes from Small Ideas 10
One Idea Is All You Need 11
Maximize Your Assets 12
Become a No-Limit Person 19
2 Become a Money Magnet 21
Change Your Thinking, Change Your Life 22
All Causation Is Mental 22
Expect the Best 22
Become a Living Magnet 23
As Within, So Without 23
The Laws Are Neutral 25
What You Put In Determines What You Get Back 25
Negative Thinking Drives Money Away 26
Think Like the Rich Think 26
Settle In for the Long Haul 26
Learn What You Need to Learn 27
The Great Truth 30
You Will See It When You Believe It 31
Resolve to Pay the Price 32
Not for Everyone 32
Get Serious 33
Take Charge of Yourself 33
You Must Want It Badly Enough 34
Your Reasons Why 35
Make Your Goals Specific 36
Think Long-Term 36
Give Yourself a Raise 37
The Magic of Visualization 38
Control Your Inner Dialogue 40
Practice Affirmations 41
You Can Do It 41
Feed Your Mind with Mental Protein 43
Get Around the Right People 44
Sleep On It 45
Imagine Your Ideal Life 45
The Golden Hour 46
Million-Dollar Habits 46
The Rudder of the Day 48
3 Invest for Success 51
The Financial Planning Stool 51
Invest the Way the Wealthy Invest 53
Your Own Business 53
Income-Producing Real Estate 54
Land Held for Development 61
Liquid Investments 62
Stocks and Bonds 62
Investment Alternatives Available to You 62
Where to Put Your Money Conservatively 62
Investing in the Stock Market 63
Mutual Fund Investing 73
Different Ways to Invest 75
Guard Your Money Carefully 76
4 Start with Nothing 79
The Golden Chains 80
The Statistics Are Dreadful 80
Four Steps to Financial Success 81
Five Ways to Become Wealthy 82
The Starting Point of Riches 84
Pay Yourself First 84
Work Hard and Save Your Money 85
Attract the Money You Want 85
Starting with Nothing 86
Pleasure and Pain 86
The Wedge Strategy for Financial Success 87
Don't Lose Money 88
Strategies of the Wealthy 89
Change Your Personality 90
The Truth about Entrepreneurship 90
Reasons for Business Failure 92
Business Success Is Predictable 93
Get On-the-Job Experience 93
Learn While You Earn 94
Five Keys to Business Success 94
Use Your Job as a Springboard 99
Do Your Research 100
Practice the 10/90 Rule 100
Study Successful Companies 101
Five Rules for Entrepreneurship 101
Network Marketing Opportunities 105
Money in Your Mailbox 110
Get Wired 111
Start Small 113
Trade Time for Experience 113
Seven Steps to Business Success 114
Be Action-Oriented 117
Take a Chance 117
Seven Steps to Financial Independence 118
5 Build Your Own Business 121
The Failure Rate Is High 122
Seven Principles for Business Success 122
The Factor of Three 128
Questions You Must Ask and Answer to Succeed in Business 129
The Great Marketing Questions 131
Getting into the Game 132
Test Your Idea Before You Invest 141
Fast, Cheap Market Research 141
Test-Market Your Product or Service 148
How to Build a Profitable Business 151
Business Opportunities Are Everywhere 152
6 Market and Sell Anything 155
Marketing and Sales Defined 155
The Marketing Mix 156
Five Rules for Selling Anything, Anywhere 157
Five Questions You Must Answer 158
Selling Your Product or Service 160
Multiple Ways to Sell 160
Start Small, Grow Slowly 169
Master the Art of Selling 170
Control the Revenues 171
Opportunity Gap Analysis 172
Getting Free Publicity 173
Opportunities Everywhere 177
Just Do It! 177
7 Get the Money You Need 179
Ignorance Holds You Back 179
Lack of Money 180
Money Is Available Everywhere 180
Determinants of Credit 192
Choosing the Ideal Business for You 192
You Can Start Today 195
8 Think and Grow Rich 197
You Are a Potential Genius 198
Why Creativity Is So Important 198
Use More of Your Intelligence 199
Multiply Your Results 199
As Within, So Without 199
Stimulate Your Thinking 200
The Qualities of Genius 205
Thinking More Creatively 209
Ways to Get Rich Your Own Way 210
Clarity Is Essential 215
Evaluating Your Ideas 216
9 Learn from the Best 221
Copy the Best in Your Business 221
Qualities of the Great Ones 222
Think Like a Champion 229
Follow the Leaders 229
The Qualities of Leadership 230
Find Your Own "Acres of Diamonds" 234
Become an Apprentice 237
Rent or Buy the Knowledge You Need 238
Ask for Advice 238
Study Successful Companies 239
Learn by Trial and Error 243
10 Lead the Field 245
Three Pathways 245
The Common Denominators 247
Secrets of Health, Wealth, and Happiness 247
Put Your Career onto the Fast Track 250
Become a No-Limit Person 273
Focal Point Advanced Coaching and Mentoring Program 275
Index 277
About the Author 283
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First Chapter

Getting Rich Your Own Way

Achieve All Your Financial Goals Faster Than You Ever Thought Possible
By Brian Tracy

John Wiley & Sons

ISBN: 0-471-65264-4

Chapter One

Learn How to Become Rich

"When your desires are strong enough, you will appear to possess superhuman powers to achieve." -Napoleon Hill

If someone with limited abilities can become rich, why is it that so few people become wealthy? Even though we live in the most affluent country in the world, where most people earn and spend a fortune in the course of their working lifetimes, why is it that the majority end up dependent on Social Security, pensions and relatives when they retire?

If a person earning $25,000 per year would just save $2,500 per year, 10 percent of his income, and invest it carefully to earn a return of 10 percent compounded over the course of his working lifetime-the years from age 21 to age 65 (44 years)-it would grow to $1,794,762 through the miracle of compound interest.

If a mentally retarded young man without a single advantage in the world can become wealthy (see Introduction), and a person earning $25,000 a year, saving 10 percent of his income, can become a millionaire or a multimillionaire, then almost anyone can become rich who wants it badly enough.

Why People Don't Become Rich

The question I began to ask was, "Why is it that people don't become wealthy?" In a country like ours, with the opportunities that we have, why is it thatso few people retire financially independent? And I eventually found the answers. Here are what I consider to be the five reasons why people don't become wealthy.

Who, Me?

First, at the top of the list, is that it never occurs to them. The average person has grown up in a family where he has never met or known anyone who was wealthy. He goes to school and socializes with people who are not wealthy. He works with people who are not wealthy. He has a reference group or a social circle outside of work who are not wealthy. He has no role models who are wealthy. If this has happened to you throughout your formative years, up to the age of 20, you can grow up and become a fully mature adult in our society without it ever occurring to you that it's just as possible for you to become wealthy as for anyone else.

This is why people who grow up in homes where their parents are wealthy are much more likely to become wealthy as adults than people who grew up in homes where their parents are not wealthy. Wealth achievement is part of the worldview of children of wealthy parents.

Therefore, the first reason why people don't become wealthy is it never occurs to them that it is possible for them. And of course, if it never occurs to them, then they will never take any of the steps necessary to make it a reality.

Make a Decision!

Another reason that people don't become wealthy is that they never decide to. Even if a person reads a book, attends a seminar, or associates with people who are financially successful, nothing changes until she makes a decision to do something different. Even if it occurs to a person that she could become wealthy if she just did certain things in a specific way, if she doesn't decide to take the first step, she ends up staying as she is. If you continue to do what you've always done, you'll continue to get what you've always got.

The primary reason for underachievement and failure is that the great majority of people don't decide to be successful. They never make a firm, unequivocal commitment or definite decision that they are going to become wealthy. They mean to, and they intend to, and they hope to, and they're going to, someday. They wish and hope and pray that they will make a lot of money, but they never decide, "I am going to do it!" This decision is an essential first step to becoming financially independent.

Maybe Tomorrow

Procrastination can prevent people from becoming wealthy. People always have a good reason not to begin doing what they know they need to do to achieve financial independence. It is always the wrong month, the wrong season, or the wrong year. Business conditions in their industry are no good, or they may be too good. The market isn't right. They may have to take a risk, or give up their security. Maybe next year.

There always seems to be a reason to procrastinate. As a result, they keep putting it off, month by month, year by year, until it's too late. Even if it has occurred to a person that he can become wealthy, and he has made a decision to change, procrastination will push all his plans into the indefinite future. Procrastination is the thief of time, and of life.

Pay the Price

What economists refer to as the inability to delay gratification is another reason that people retire poor. The great majority of people have an irresistible compulsion to spend every single penny they make and whatever else they can borrow or buy on credit. If you cannot delay gratification and discipline yourself to refrain from spending everything you make, you cannot become wealthy. If you cannot practice frugality as a lifelong habit, it will be impossible for you to achieve financial independence. As W. Clement Stone, founder of Combined Insurance Company of America and one of the richest men in the world, said, "If you cannot save money, the seeds of greatness are not in you."

Take the Long View

The last reason that people retire poor is perhaps as important as, if not more important than, all the others. It is lack of time perspective. In a longitudinal study conducted in the 1950s and published in 1964 as The Unheavenly City, Dr. Edward Banfield of Harvard University studied the reasons for upward socioeconomic mobility in the United States. He wanted to know how you could predict whether an individual or a family was going to move upward one or more socioeconomic groupings and be wealthier in the next generation than they were this generation.

Banfield studied and compared his findings against the most common explanations for economic success in the United States and in other countries. Was it education? No. Many people with good educations actually moved down economically. Was it intelligence? No. A lot of very intelligent people were poor and unable to earn a living. Was it being born into the right family? No. Many people born into affluent families did poorly as adults, while many people with poor educations became very successful. Was it being in the right part of the country? Was it being in the right industry? Was it luck? What factors were best at predicting that a person would move up economically over the years?

Project into the Future

All Banfield's research brought him to a single factor that he concluded was more accurate than any other in predicting success in the United States-time perspective, defined as "the amount of time that you take into consideration when planning your day-to-day activities, and when making important decisions in your life." Time perspective referred to how far you projected into the future when you decided what you were going to do or not do in the present.

An example of a long time perspective is the common habit of upper class families in England to register their children at Oxford or Cambridge as soon as the children are born, even though the youngsters will not be attending for 18 or 19 years. This long-term thinking is what causes parents to open savings accounts for their young children to assure that they will be able to attend good colleges when they graduate from high school.

Saving and planning for the future is long time perspective in action. The young couple who begins putting $50 a month aside in an education fund so that their newborn child can go to the college or university of his or her choice is a couple with long time perspective. They are willing to sacrifice in the short term to assure better results and outcomes in the long term. People with long time perspectives almost invariably move up economically in the course of their lifetimes.

Pay the Price in Advance

A person who graduates from high school, goes on to university, attends medical school, earns an M.D. degree, perseveres through internship and residency, and then after 10 or more years of training becomes a licensed physician, has a long time perspective. He has earned the right, through years of sacrifice and delayed gratification, to prestige, status, and a high standard of living. That 10 to 12 years of work and study is an investment in his career for the rest of his life. His long time perspective will also assure a higher standard of living for his children, as well as better schools, and more opportunities for them. His children will very likely marry better, have higher social and economic aspirations, and live better lives.

The time perspective of a doctor investing 10 or more years in education at the beginning of his career may be the lifetimes of one or two generations, 50 to 70 years. We intuitively sense that a doctor, someone who has dedicated so many years to learn his craft so that he can attend to us and our families when he is most needed, is a person who has earned our respect and esteem. This appreciation for long-term thinking may be why the family doctor is usually at the top when surveys of the most respected people in society are compiled.

Attitude Is Everything

Time perspective is an essential measure of social class. A wealthy family or a good education will help, but ultimately your level of status and prestige will be determined by how far you think and plan into the future as you go about your day-to-day work and life.

If an immigrant couple comes to the United States with nothing and goes to work at menial jobs, sacrificing so that their children can go to school and attend university, that immigrant couple is demonstrating class, no matter how well or poorly they are doing in the present. They are virtually guaranteeing upward social mobility for themselves and their offspring.

The opposite of a long time perspective is no time perspective at all. The average professional person has a time perspective of 10, 15, or 20 years, perhaps longer. The average laborer has a time perspective of about two pay periods. The derelict, the hopeless drug addict, or the alcoholic at the bottom of the social pyramid has a time perspective of hours, or even minutes. He does not think about the future at all, only the next drink or shot. Each person's position and direction in life, from the top to the bottom of society, are determined by the length of their time perspective.

Think about the Future

The very act of lengthening your time perspective, of thinking far into the future, changes your attitude and your personality. You begin the process of getting rich your own way by thinking ahead 10 or 20 years. As you do, you become more capable of setting bigger, longer-term goals and making long-term plans for their accomplishment. You become more thoughtful about your decisions, and more sensitive to the long-term consequences of the ways that you invest your time or money. You develop greater patience and perseverance. You actually become a better and more positive person.

From this day forward, practice lengthening your time perspective. Begin to see that everything that you are doing today is part of a long process that is moving you inexorably toward becoming financially independent, if not rich, over the course of your career. This is the mind-set of people who move continually upward and onward throughout their lives.

Commit to Your Career

Many people begin work or start careers and it never occurs to them they may be doing the same job for 20 or 25 years. It doesn't occur to them that they should invest any amount of time, money, and energy to learn how to do their jobs very, very well.

You should be prepared to make any sacrifice to excel at what you do. This enables you to earn the very most that it is possible to earn in that field. Even if it takes years of hard work to get to the top, with a long time perspective you will persevere. You will realize that the time is going to pass anyway. The only question is, how much will you be earning five years from today?

Five Ways to Stay Poor

Once again, here are the five reasons why people retire poor: One, it never occurs to them that they, too, can become wealthy. Two, if it does occur to them, they never decide to become wealthy. Three, if they do decide to do something to improve their financial lives, they procrastinate, sometimes all their lives. Four, they cannot discipline themselves to delay gratification, to resist spending everything they earn and a little bit more besides. Five, they operate with a short time perspective. They think and act day to day and month to month instead of planning 10 and 20 years into the future.

Five Ways to Become Rich

If you are really serious about becoming wealthy, there are five primary ways that fortunes are made.

Become an Entrepreneur

The number one road to riches, at the head of the list and on the top of the hit parade throughout U.S. history, is entrepreneurship, starting and building a successful business. Entrepreneurship includes every kind of business, from farming and trucking to real estate and computers.

Seventy-four percent of self-made millionaires in the United States, going back 200 years, come from self-owned businesses. An individual starts with an idea for a product or service, turns it into a business, builds it up from the ground floor, and as a result becomes wealthy. Henry Ford, Andrew Carnegie, John Jacob Astor, Cornelius Vanderbilt, Ross Perot, Sam Walton, Bill Gates, Michael Dell, and Larry Ellison are all people who started with little or nothing and built their own successful businesses. And there are millions of others.

Work Your Way Up

Another way to become rich is as a highly paid executive of a successful company, or as an employee of a company that awards stock options that become valuable. Ten percent of self-made millionaires in the United States are men or women who have joined large corporations, or companies that became large, and worked for these companies for many years. They usually worked hard; were promoted and paid well; earned stock options, bonuses, and profit sharing; and as a result of holding on to that money, became millionaires and multimillionaires.

Paul Allen started Microsoft with Bill Gates, sold out when he became ill, took much of his share of the company in stock, and is now a multibillionaire.


Excerpted from Getting Rich Your Own Way by Brian Tracy Excerpted by permission.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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  • Anonymous

    Posted April 11, 2005

    Highly Recommended!

    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, we recommend Tracy's application of upbeat philosophy to the goal of accumulating wealth.

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