Brian Tracy shares six practical steps toward building wealth. Write down every idea. Set financial goals and review them regularly. Use the 20-idea method to solve problems. Save consistently: $100 a month invested at 10% from age 20 to 65 yields roughly $1.1 million.
Questions this video answers
Saving $100 per month from age 20 to 65, invested at an average 10% annual return, would be worth approximately $1,118,000 by retirement.
Chapters
How to Become a Millionaire Start thinking like one if you're worried about money, it simply means that you can and should be earning more. How are you going to do it? Brian Tracy, you probably agree with the statement that everybody wants to know how to become a millionaire and get rich. Unfortunately, some people just don't know where to start. Would you be surprised to learn that you can get rich in your own way starting today? The following tips will help you visualize the road ahead of you and enable you to set goals to make more money than you've ever dreamed. These six exercises will bring clarity into your life and help you figure out how to become a millionaire and achieve financial independence. First, start by writing your ideas down. Buy a spiral notebook, carry it with you if you possibly can, and write down every idea that comes to you throughout the day. Review this idea. Log on a regular basis. Sometimes one idea that you have while you're driving along, sitting, reading, watching television, or in a conversation may be the insight that will lead to the start of your fortune. If your goal is to make more money, write down all of the ideas as to how you will achieve this goal. The rule is catch the idea and write it down. If you don't write it down fast, you will very often lose it. Second, Goal Setting Relax and reflect on your financial goals. Take regular timeouts to relax and reflect on your goals and the obstacles that are holding you back from achieving them. During these times of relaxation, ideas will often pop into your head that can save you hours, days, and sometimes years of hard work. Third, gain financial independence by using the magic wand technique. Technique Practice the exercise of fantasizing on a regular basis. Sometimes this is called the magic wand technique. Imagine that you have a magic wand and that you can wave it over your current situation or problem. Imagine that as a result of waving this magic wand, all the obstacles are removed from between you and your financial goals. Fourth, project forward and think back on your financial goals. Imagine that your goal is to build a successful business in a particular field. Project forward three to five years and imagine that you now have a successful business in that field. What would it look like? How big would it be? What kind of people would you be working with? What kind of reputation would you have in the marketplace? What would be your level of sales and profitability? How would you be running the business? And especially, what could you start doing right now to make this future dream a reality? Fifth, practice mindstorming on every problem. Perhaps the most powerful method of stimulating creative thinking is called mindstorming or the 20 idea method. More people have become wealthy, including Brian, using this idea more than any other method of creative thinking ever discovered. In fact, this technique alone could enable you to gain financial independence. The method is simple. Take any problem or goal that you have and write it at the top of a sheet of paper in the form of a question. For example, if your goal is to double your income over the next 12 months, then you would write, how can I double my income over the next 12 months? You then discipline yourself to write at least 20 answers to that question. You can write more than 20 answers if you like, but you must use discipline and willpower to write at least 20 answers. 6. Save your money and become a millionaire. One of the easiest ways would be if you were to save $100 per month from the time you started work at the young age of 20 until the time you retired at age 65 and you invested that $100 per month in a mutual fund that yielded you an average of 10%, you would be worth approximately $1,118,000 by the time you retired. Chances are, your discipline and your resolve to continue saving at any age year in or year out would have such an effect on your character and your personality that you would end up earning far more than 10% per year. But at $100 per month, anyone can become a self made millionaire. Finally, take action. Focus questions stimulate your mind and provoke creativity. Decide on a goal and then ask yourself, why am I not at this goal already? What is the main reason? Start by practicing these exercises today to start on your path to getting rich. Now. We'd love to hear from you. So our question is how are you planning to become a millionaire? Leave a comment below and we'll be sure to follow up with you. Thanks for watching and as Brian says, if you want to change your future, take action. And take action now.
If you enjoyed this video and feel it was valuable, subscribe to my channel like this video and share this video with your friends. Don't forget to click the button on the screen for a free gift. Thanks again for watching.
