"The 21 Success Secrets of Self-Made Millionaires" by Brian Tracy Book Review: Profile Traders
The very thought of being a self-made millionaire is reason enough for any individual to give it serious thought. What if your first step towards becoming a self-made millionaire was easier?
This book is all about that and springboarding your journey to financial independence.
Even though the book lists down the 21 success secrets, I have attempted to combine them into pockets of virtues that go hand in hand. Let’s jump in.
Are Foundations Built On?
Tracy beautifully sets the tone of the book by talking about the iron law of human destiny, the law of cause and effect.
He says, “Financial success is the result of doing certain, specific things over and over again until you achieve the financial independence that you desire.
He has explained with simplicity that self-made millionaires are made on the foundations they lay and have a clear vision of. It all starts with a dream, and the only question you need to ask yourself is, how big can I dream?
Yes, there should be no limits to dreaming big and visualizing yourself in the future 5 or 10 years from now. Just by imagining the future, you have achieved what you are dreaming of now can raise your self-esteem, self-respect, and personal happiness.
You not only dream big but also see yourself as self-employed. Self-made millionaires are known to have set themselves specific goals for the year and for the years to come. They accept responsibility and hold themselves accountable for every action that they take.
Self-made millionaires do what they love to do and what they don’t do as well. That’s what differentiates successful people from the rest. You come across several asks that you may not like but are the need of the hour. Doing what fascinates you will remove the thought that you are working. You will do things as if they were the way of life and happen naturally instead.
Your dream should be around the inborn creative side of you that you should unlock.
Time is Money
Tracy rightly says successful people value time as money. How productive you are this minute decides how successful you will be in the future. He says an average self-made millionaire works 59 hours and more every week and six days a week. He is the first person stepping into his office and the last one to leave.
He says successful people dedicate themselves to lifelong learning. The mind is a muscle that develops only with learning and implementing it as well. Successful people even turn their cars into learning machines.
They learn every detail of their business which allows them to know what to expect. They try to understand every possibility of something that can go wrong and find solutions for them.
They set priorities for themselves and their activities day in and day out. They develop a reputation for speed and dependability.
They always look to move rapidly in a way that amazes the rest. They prepare to be ready for uncertainties and are prepared to climb from peak to peak in life and career.
Self-Made Millionaires Are Givers Before Takers
Tracy says successful people dedicate themselves to serving others first. They always believe in going that extra mile when giving what their customers deserve. There are no traffic jams when you decide to go that extra mile.
He, without a sense of doubt, believes that your rewards are directly proportional to your service to other people. All self-made millionaires have an obsession with customer service and give the utmost importance to customer experience.
Customer experience is what will make your business or break it.
They get around the right people and believe in networking with optimistic and like-minded people. They stay away from negative and people who complain all the time. Tracy says you should be a go-giver than a go-getter.
The more you give without expecting returns, the more rewards will come back to you from unexpected sources.
You Are Important!
Self-made millionaires are known to be early investors. They save and invest 10% of their income throughout their working life. By investing a mere 100 dollars a month in your work, you are already creating a fortune for yourself by the time you retire.
He says if you cannot start with 10% of your income, start with smaller amounts. Learn to live without them and increase the amount you save/invest gradually.
Tracy says another successful secret of self-made people is taking excellent care of their physical health.
They set goals for self-fitness and follow proper routines every day. They know the key to success not only lies in mind but also when it is supported by the body.
Impeccable Honesty and Self-Discipline
Honesty and integrity are two virtues that successful people value the most. They are essential qualities in any business. They don’t compromise their integrity for anything. Tracy says that your word is your bond and your honor is everything when it comes to business.
Tracy highlights that self-discipline is the single most important quality that will help you stand apart. Your success is virtually guaranteed if you do what you have to do, whether you like it or not. The key to success is to have a long time perception and combine the ability to delay gratification in the short term.
Be Action-Oriented, Fearless, and Persistent
Self-made millionaires are decisive and action-oriented people. Successful people try far more things than ordinary people. They think, act quickly, and self-correct when they have gone wrong. When you are decisive, you shift your life into high gear and get far more done than an average person would do.
He does not shy away from saying that fear is the single most obstacle to success in adult life. The fact that failures make you stronger is highlighted here. Only the fear of failure paralyzes you from even trying the things to ought to do.
Tracy draws reference from a reply given by Thomas J Watson to a journalist that will make you rethink fears. He says, “If you want to be successful faster, you must double the rate of failure.”
“Failure is not an option.” This is the attitude that will most often guarantee long-term success and that you become a self-made millionaire.
Tracy says that persistence is an indispensable quality that goes hand in hand with success. It is to program your subconscious mind of the setbacks that you are going to face. You tend to work on solutions for these setbacks and learn never to give up.
The 21 secrets talked about in the book are listed below for a quick peek into the book.
Dream big dreams
Develop a clear sense of direction
See yourself as self-employed
Do what you love to do
Commit to excellence
Develop a workaholic mentality
Dedicate yourself to lifelong learning
Pay yourself first – 10% - 1% - 2% and so on till 10%
Learn every detail of your business
Dedicate yourself to serving others, no traffic jam on going the extra mile
Be impeccably honest with yourself and others
Set priorities for your activities
Develop a reputation for speed n dependability
Be prepared to climb from peak to peak in your life
Practice self-discipline in all things
Unlock your inborn creativity
Get around the right people
Take excellent care of your physical health
Be decisive and action-oriented
Never consider the possibility of failure
Be persistent in everything you do
Success is predictable. Success is not a matter of accident or luck. It is not even about being in the right place and at the right time.
Success is as predictable as the Sun rising in the east and setting in the west. Tracy does not leave us short of motivation with these final words that will influence us to get on the journey right away.
Read the book to know all the lessons in detail (Amazon Paid Link)