Brian Tracy on Becoming Wealthy

This article is published with permission from Brian Tracy...As a follower of his philosophies, I thought I'd pass on some of his wisdom. There is one part of this article that I do disagree with (the fourth way - I share my thoughts in italics), but overall he offers some sound advice.

MoneyFive Ways to Become Wealthy
By: Brian Tracy


There are basically five ways that you can become wealthy starting with nothing in America based on over 25 years of research into American millionaires.

The Five Roads to Financial Success in America and How to Choose Your Own

There are basically five ways that you can become wealthy starting with nothing in America based on over 25 years of research into American millionaires. Number one, you can inherit it. Less than 10 percent of wealthy Americans inherited any of their money, and it's less and less every single year.

The Second Way

The second way that you can become wealthy is you can achieve it professionally. You can become a doctor or a lawyer or an architect or an accountant. You can become extremely good at what you do, be paid very well, and hold on to the money.

The Third Way

The third way you can achieve it is you can become a senior executive of a large corporation. You can be highly paid; you can have stock options and bonuses. And if you stay with the company long enough, for enough years, you can be paid enough to become wealthy.

The Fourth Way

You can win it. But only a tiny fraction of one percent of wealthy Americans got that way by winning their money some way or another. As a matter of fact, the odds against you winning the lottery are the equivalent of lightning striking twice in the same place. They're millions and millions to one. But if you really believe you can win money, you don't think about the odds.

The Best Way

The fifth way that you can become wealthy is you can start your own business and earn it all by yourself. Starting your own business has been and will always be the high road to becoming wealthy for most self-made millionaires. Entrepreneurship in America offers more opportunities and opens more doors than all other possibilities put together. This is why it has been said that if you have the ability to start your own business and you don't do it, you are a fool. I'll repeat that. If you have the ability to start your own business and you don't do it, you're a fool.

Where do you start?

You start by getting your finances under control. The very first thing you do is you make a decision to get your finances under control. Some years ago, a man named George Classon wrote a book called The Richest Man in Babylon. It's a classic on financial success and what Classon said in that book was that the key to becoming wealthy is to pay yourself first. Take ten percent off your earnings, off your gross income every month and put it aside. Learn to live on ninety percent or less of your gross income. So the very first thing that you do is you begin to save your money.

Getting Rich Your Own Way Plus Bonuses
Action Exercises

Now, here are two things you can do immediately to put yourself onto the high road to personal wealth:

First, resolve today to begin saving your money a little bit at a time. Set a goal to save 10% of your earnings, to put it away and to never touch it. This will change your life.

Second, immediately register your own business or sole proprietorship. Open a bank account, get business cards and letterhead and create the corporate entity under which you can do business. Your business opportunities will appear far sooner than you think. If you build it, they will come.

Photo Credit: Andrew Magill

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