Brian Tracy outlines seven habits for building wealth and happiness. Self-made billionaires make up 56% of the world's billionaires. He recommends writing SMART financial goals daily, planning each night before, and using 500 to 1,000 driving hours yearly to learn through audio programs.
Questions this video answers
56%
500 to 1,000 hours per year
Study/listen one hour per day (or one audio program per week) to become an expert within five years
Save 10% off the top of your paycheck and live on the other 90%
Chapters
Hello, I'm Brian Tracy and today I want to talk to you about my formula for happiness and wealth. As you become aware of procrastinating, you can overcome it and then turn it into execution. One goal that nearly every person on earth shares is the desire to make more money. We, we call this mmm. When we make more money, we tend to be more content with our lives and less burdened by the stress of the unknown. So to help you improve your personal finances, I'm sharing a seven point formula that you can use to help accumulate wealth, become happier, and achieve financial freedom in the months and years ahead. Let's begin. First, it's important to begin thinking positively about money. Money and your own personal mindset go hand in hand, so understanding and focusing on ways to view it positively is crucial for lifelong success. Thinking negatively about money is an emotional obstacle that you must eliminate in order to achieve financial freedom. 56% of the world's more than 2,600 billionaires are self made. That means they stood where you are today and didn't let negative thoughts about finances slow them down. So if you're stuck, surround yourself with people who live by these values and actively pursue a positive money mindset. When you begin thinking positively about money, you will attract opportunities and open up more doors than you ever thought possible. Next, rewrite your major goals for financial freedom every single day. Rewrite and review your goals on paper each day and think of how you could accomplish them. This simple task will take you between 5 and 10 minutes each morning and will shave years and years off your journey to financial freedom. Don't forget to make your goals smart, specific, measurable, achievable, relevant and time bounded. And if you're not up to speed on smart goals, simply search for another one of my Smart Goals videos. When you're finished with this one, it could be one of the best decisions you've made all week. So get writing. The very act of writing and rewriting your goals and thinking about them each morning before you start off will increase your productivity and catapult you into bigger and bolder financial goals. You also want to begin planning your days in advance. The best time to plan out a day is the night before. People tend to be dreamers at night, thinking about their biggest and boldest goals. And planning at night can help you. The very act of planning each day, each week and each month in advance will make you far sharper and more precise at everything you do. You will find yourself with better focus and greater sense of self control and personal power. When you work from a list. When you plan every day in advance, you will be better able to control and track your spending habits as well. Plan how much you have to spend for the week, the month, the year, and decide where you'll be able to save next. Begin applying the principle of concentration in your life. Concentrate single mindedly every hour of every day on the most valuable use of your time. This is one of the greatest secrets of time management and financial success ever discovered. Single minded concentration on one thing at a time. So if you're not sure where to start, list out all of the tasks you have on your list today and and rank them by order of importance. How much more impactful would you be at work or at home if you only focused on the most important tasks? Ask this question if I was to be called out of town for a month, what one goal would I want to be sure to accomplish before I left? Once you've identified your high priority tasks, you can apply the principle of concentration. Virtually everything you do in terms of goal setting and financial planning is aimed at enabling you to focus on what's important and not waste time on what's not going to move the needle. Your ability to develop the habit of concentration will do more to ensure your personal financial success than perhaps any other skill or habit that you can acquire. The things you focus the most on and spend the most time doing should be in direct alignment with your financial goals. Keep asking does this help me to increase my income or to increase my financial value? In other words, concentrate fully on what will make you the most money and spend as little time as possible on tasks that pull you away from your financial goals. My next tip is for you to always be investing in yourself. Listening to audio programs in your car can supercharge your ability to learn and grow, and the average person spends a whopping 500 to 1,000 hours per year behind the wheel of their car. And if you commit yourself to learning at least one hour a day, focusing on one audio program per week, you will be an expert in your field within five years. Countless people have written to me even today and said that my audio programs and the audio programs of others have made them rich. When they began to listen between calls and listen while they're moving around, they're absolutely astonished at how fast and how much they began to learn and how quickly they practiced those ideas and increased their income. By turning your car into a university on wheels, you can become one of the most knowledgeable and most skilled people in your profession and launch yourself to the top of your field. If you study courses on money management or read books on personal finance and find articles online about money, you will know more than the average person in just a matter of weeks and months. Very soon you'll have so much knowledge in the area of money that people will come to you for advice. My next tip is to ask yourself what I call the two magic questions. Ask yourself these magic questions after every major financial decision. The first question is what did I do right? And the second question is what would I do differently next time? If you have clear financial goals, then asking these magic questions will ensure that every step you take is moving you closer and closer to your goals. Human beings are creatures of habit and we very quickly adapt to almost any external condition or circumstance. For example, if you save 10% off the top of your paycheck and discipline yourself to live on the other 90%, you will soon adjust your lifestyle downward slightly so that you are quite comfortable on the lesser amount. If you've made a decision that is taking you away from the goal of saving 10% of your income, then just ask yourself, what did I do right and what would I do differently next time? By asking these magic questions, you will program your mind and develop the habits you need to achieve your next big financial milestone. Lastly, and this is really important, always be generous to others. Treat everyone you meet like a million dollar customer. Treat every single person at home and at work as if they were the most important person in the world. It's a proven fact that being a more generous person will help you attract more wealth and become a happier person as well. We've often heard it said that money doesn't buy happiness, but the truth is that money is essential to happiness. Wealth builds stability and safety and the more economic status you achieve, the more you will be satisfied with your life. Not only do our measurement of happiness rise as income rises, so does our sense of well being and life satisfaction. So by choosing to focus on money goals that motivate you while also embedding a positive mindset toward money and towards yourself and life in general, you will help to achieve both increased wealth and happiness. And when you get there, evidence clearly shows that being generous with our money makes us happier and richer. The more you give away, the more you get back. It's the most amazing darn thing. Now I'd love to hear from you. So my question today is how will you achieve happiness and financial freedom in your life? What exactly are you going to start doing today to become more financially successful? Leave a comment below and I'LL be sure to follow up with you. Thanks for watching. And remember, if you want to change your future, take action. And take action now. If you enjoyed this video and feel it was valuable in teaching you about my formula for happiness and wealth, subscribe to my channel like this video with your friends and don't forget to click the button on the screen for a free gift. Thanks again for watching.
