5 Key Insights from Brian Tracy's Journey

Brian Tracy’s Dream Story

Author Brian Tracy has had a dream since childhood that he would become a millionaire before the age of 30.

At first, he used to think that his dream was unique, but the truth is, while growing up, he realized that everyone has this dream.

Almost everyone wants to be a millionaire one day and make a lot of money! You must have noticed it yourself, and it might have happened to you as a kid going to school.

Then going to college, seeing a luxurious sports car while going or seeing an expensive car, and thinking, ‘I wish, I would have this car’ and one day, I will buy this car and become rich!

Such an incident happens to almost everyone. But when this kid grows up and sees a sports car or a big bungalow, he realizes that he won’t be able to achieve this with his current income.

With this income, he would never be able to buy this. This happens to 99% of people who have this dream.

Why? The author says the biggest reason is that 99% of people don’t know how to become rich!

What is required for that, and what is not?

Always form a habit of learning.

Brian Tracy also didn’t know how to become rich or what skills and knowledge were required. But luckily, you know what happened.

When he saw a dream that he had to become rich, he started researching for many years.

He researched self-made millionaires, read a lot of books, watched interviews, attended seminars, purchased courses, and read research papers.

By doing this, he learned so many things about millionaires that, after some time, he became a millionaire.

And this is a simple trick for becoming rich! If you want to be rich, it is essential to acquire knowledge and skills like rich people do.

Learn about them! Becoming rich is not rocket science, but it is vital to make a habit of learning always because this one thing would make you a millionaire one day!

And the same thing happened to me. When I saw a dream of doing something big and becoming rich, I started reading books.

I started reading about people, and I kept reading and learning about them. Due to this, I am making more money than the majority of Indians because I always keep learning through books.

5 Secrets to Learn If You Want to Get Rich

And what should you learn specifically?

I am going to tell you five specific things you must learn if you want to be a rich person! ‘Getting rich your way’ with the help of this book, whose author is Brian Tracy.

I am going to share 5 such things that Brian Tracy learned himself by doing research that helped him get rich, and if you apply the same things, you can also become rich!

What are those five things?

Millions of Magnitude

What is the first step to becoming rich?

The first and most simple step to becoming rich is to learn a skill—any hard skill—for which people are willing to pay you.

This skill can be anything: content writing, selling skills, social media management, digital marketing, or any other skill in which you are interested.

First, learn that skill—a skill for which people are ready to give you money. Then, focus on the law called ‘The Law of Affection.’

If you want to become a millionaire or billionaire, you have to do one of two things: focus on scale or focus on magnitude.

Scale means reaching a lot of people with your service or product. For example, Steven King became a millionaire when millions of people bought his $10 book.

This is called ‘getting rich by scale.’ On the other hand, there’s ‘getting rich by magnitude.’ Here, you target fewer people but charge them a substantial amount of money.

For example, if you’re building a 100-story building and selling each room for millions of rupees, you can become a millionaire easily.

Big brands like Louis Vuitton target only a few people, provide high value, and make a lot of money. You have to choose one of these approaches.

And there’s a profit equation, according to author D.J. DeMarco: net profit = units sold (scale) x unit profit (magnitude). The larger your scale and magnitude, the more profit you can make and become rich!

Most Important Skills to Be a Millionaire

When author Brian Tracy researched millionaires and billionaires, he noticed some similarities. He noticed that most millionaires came from poor families, and some didn’t even finish college.

Some were immigrants who started from scratch. They had problems with speaking; their language skills were not excellent.

But they were still able to become millionaires because they had one common skill: selling or entrepreneurship. 80% of self-made millionaires had this skill: the ability to sell products or services well.

Selling is a critical skill, and you can become rich by selling things. 47% of billionaires are business owners, emphasizing the importance of business skills.

Learn to sell and build a business mindset. Business owners have unique skills, such as selling products, making a good product, adding value, and creating a brand.

Learn how to add value and create a brand because it’s the key to success in business.

Screw Goals, Focus on Systems

These days, many people make two mistakes when setting goals. The first mistake is linking their happiness to goals.

They think that when they achieve a particular goal, they will be happy. But living this way creates unnecessary pressure and increases the chances of failure.

The second mistake is focusing on goals over the process. People think achieving a goal will bring a permanent change to their lives, but this is a myth.

The change is momentary, and they need to keep working hard to maintain it. Goals don’t provide permanent happiness. Instead of attaching your happiness to goals, enjoy the process.

Goals should be a byproduct of enjoying what you do, not the source of happiness. Instead of focusing on the scoreboard, enjoy the game. When you enjoy the game, you perform better and achieve your goals effortlessly.

Understand the Opportunity Cost of Time

The opportunity cost is crucial. When you invest time in one thing, you could be spending that time on something else that helps you move forward.

Be aware of opportunity costs. Before you invest time in something, think about whether it’s worth it.

For example, if you spend a lot of time researching an expensive car before buying it, you’re wasting time that could be better spent elsewhere.

Consider whether the time spent on something aligns with your goals. Opportunity costs matter.

When you invest time in something, you’re also choosing not to invest that time in another potentially more beneficial activity.

Save to Invest

Making a lot of money and being wealthy are two different things. Some people make a lot of money but don’t create wealth because they spend it on luxury items.

Instead, they should focus on building assets and investing in passive income. Smart people invest their money while making money.

Don’t rush to buy expensive items; focus on building assets first. Many books can help you understand this, such as ‘Rich Dad, Poor Dad,’ ‘The Richest Man in Babylon,’ ‘The Psychology of Investing,’ and ‘The Psychology of Money.’ These books can provide valuable insights into managing your finances and building wealth.