The 21 Success Secrets of Self-Made Millionaires Summary: Brian Tracy

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The 21 Success Secrets of Self-Made Millionaires Summary

The 21 Success Secrets of Self-Made Millionaires Summary provides a free full summary, key takeaways, quotes and author biography of Brian Tracy’s book.

In his book The 21 Success Secrets of Self-Made Millionaires, Brian Tracy writes his recent list of success precepts. He presents these principles in brief, clear sections. In fact, he also adds some action steps to every principle. Though Tracy does oversimplify and overstate, we recommend this book heartily. Any professional who believes his/her career can use some energy and focus, this’s a great read.

“All self-made mil­lion­aires work, hard, hard, hard. They start earlier, they work harder and they stay later.”

This Summary Will Help You Learn

  • The typical qualities in people who became millionaires from humble starts.
  • How to achieve, develop and maintain such qualities in professional life.

Take-Aways

  • If you follow in the footsteps of successful people, you’ll attain similar outcomes.
  • Follow the strategies of self-made millionaires, if you want to become one.
  • See big dreams. This way you have a long-term idea of what you desire.
  • Always think about your goals.
  • Think of yourself as self-employed. Do the things you love. Commit to excellence.
  • Be ready to work harder and longer. Commit to lifelong learning. Try becoming an expert in what you do.
  • Serve others because all self-made millionaires dedicate themselves to excellent customer service.
  • Create a reputation for complete honesty.
  • Focus on your top priorities and work on them quickly.
  • Practice continuous improvement and self-discipline.

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The 21 Success Secrets of Self-Made Millionaires Summary

The Qualities of Success

This book The 21 Success Secrets of Self-Made Millionaires covers 15 years of teachings and research on the practices of self-made millionaires. It shows that most self-made millionaires were successful because of their perseverance. But, the most crucial element in their accomplishment of success wasn’t money. Instead, it was their traits which allowed them to make money and maintain it.

This book studied over 9 million millionaires in the US. Their percentage is increasing yearly by 15-20%. Most of these people earned their money on their own.

In fact, most millionaires were broke when they started out. These people faced complete or near bankruptcy again and again. An average of almost 3.2 times for everyone. They failed before they could find the right chance and then succeeded. As per the Law of Cause and Effect, one can be successful by following the lines of successful people. And what do these successful people do?

Success Secret One: Dream Big Dreams

Allow yourself to dream and imagine the type of life you want to live. How much you need to earn to live your dream lifestyle. Envision yourself five years from now and think that you’re living your ideal life. Observe what it feels like.

Building such long-range vision will keep you motivated, positive and determined. Note down all that you’d do if success were sure. Pick one action and do that now. 

Success Secret Two: Develop a Clear Sense of Direction

Two elements are essential in determining what happens with you. These include what you think of the most and how you feel about it. Always think of your goals. This way you’ll move toward them. Decide what you desire in every aspect of your life. This mainly concerns your financial life. List down the specific objectives. Create a deadline for every goal. Note down the things you need to do to attain them. Then, organize this list into an action plan. And, act on it. Now! Do a little bit each day. This way, you’ll start moving closer to your primary goal.

Success Secret Three: See Yourself as Self-Employed

What happens to you is your responsibility. Hence, if you’re unhappy with something, you should change it. It’s you who’s in charge of your life. Don’t think that you’re working for someone else, even if you have an employer. You’re in charge of your service company, regardless of where you work. Think that you’re self-employed. This way you’ll cultivate the mindset of a responsible and independent entrepreneur.

Success Secret Four: Do What You Love to Do

Find out your calling. Determine what it is that you love doing and have the inherent talent for. Then, immerse yourself completely into that thing. When you love what you do, then you’ll not see it as work.

Success Secret Five: Commit to Excellence

Anything you decide to do, try to be the best at it. Strive to be among the top 10% in your domain. You ought to be very talented. Because every successful person is exceptionally competent. Find out the one skill, if you nurture it, will make the most significant impact. Plan to become better in that.

Success Secret Six: Work Longer and Harder

As every self-made millionaire works hard, you must too. This means you should start early, stay later and work with more intensity.

The key is to be productive and not wasting time. Don’t run personal errands in between your work. Also avoid calling friends, reading magazines or socializing when working. Be focused while working. This way you’ll build a reputation as a hard-working individual. You’ll come in people’s notice.

Success Secret Seven: Dedicate Yourself to Lifelong Learning

Keep on learning and improving in the field you choose. See your brain as a muscle, which builds more and more with use. Like when you use your body muscles, you need to stretch your mental muscles too to grow them.

There are three keys to continual learning:

  1. Devote at least an hour every day reading about things in your field.
  2. Listen to podcasts while driving or commuting.
  3. Be part of as many workshops and courses in your area as possible.

Success Secret Eight: Pay Yourself First

Plan saving and investing a minimum 10% of your income. Keep aside 10% from every month’s salary and deposit in a particular account.

Be very careful and wise with your funds. Question every expenditure. Defer delaying each buying decision for a month or a week. The more you delay, the better you can decide. Also, it’s likely you’ll get a better price when you wait. Impulse buying is the primary cause of why people don’t have enough money after they retire. Resolve to save the maximum possible amount from your income. If you’re unable to save 10%, then begin by saving just 1%. 

Success Secret Nine: Learn Every Detail of Your Business

Learn how to become better at what you do. Try becoming a specialist in your area. By doing this, you’re likely to reach the top. Keep yourself updated with the latest books and resources in your field. The law of Integrative Complexity claims that people who can absorb vast amounts of knowledge will lead.

Success Secret Ten: Dedicate Yourself to Customer Service

The more you help others, the more will you get back. Customer service holds high importance. Most self-made millionaires serve their customers correctly. They continuously think and seek a better way of serving them. Each day thinks of ways in which you can enhance your service value. 

Success Secret Eleven: Be Absolutely Honest

Reaching the top demands a reputation of complete honesty. This is because every successful business is created by trust.

The more trust you develop with people, the more they’re ready to:

  • Recognize you.
  • Work for you.
  • Give you money.
  • Buy your services/products.

To gain such honesty, be true to your own-self. Then, be true to others. Try doing the correct thing always, even though it may have a high cost.

Success Secret Twelve: Focus on Your Priorities

Learn to set priorities on a regular basis. And then, focus on attaining them. Such single-minded devotion could be hard to develop. But you’ll need willpower, character, and discipline to focus on your main priority until you achieve it.

The key to prioritizing is to enlist things you’ve to do to attain your goal. From this list outline the highest value activities. What actions do you need to take to bring about some difference? Use time wisely and do one thing at a time.

Success Secret Thirteen: Develop a Reputation for Speed and Dependability

Today people don’t have the patience. They want everything fast. Hence, you must build a reputation for speed with a focus on action.

Move fast when you think something ought to be done. Do things so quickly that you surprise everyone with your pace. To get better opportunities, create a reputation for moving fast.

Success Secret Fourteen: Climb from Peak to Peak

Try being like a mountain climber. A climber rallies up the peak and goes down before going up the next one. You’ll face both ups and downs in your career and life. This is because everything is cyclical. Build a long-range vision. Plan for the future. Two years or more. This way you’ll feel more confident when you face problems along the way.

Success Secret Fifteen: Practice Self-Discipline in All Things

Discipline yourself to do what you must when you must. Even though you don’t feel like doing it, practice discipline. This will guarantee your success. You ought to use self-control, self-mastery, and self-direction. Avoid instant gratification to gain long-run success. Focus on getting good outcomes, instead of using good approaches.

Success Secret Sixteen: Unlock Your Inborn Creativity

There are three elements which drive creativity. These include focused questioning, pressing issues, and highly desired goals. Focus more on attaining goals, resolving issues and answering difficult questions. This will make you smarter. You’ll become more creative, and your brain will become stronger. The core of creativity is continuous improvement. By improving yourself continuously, your creativity will also increase.

Success Secret Seventeen: Put Yourself Around the Right People

If you know many people, and many people know you – your chances of success are more. Having a good reputation among the people around you will help you snowball. Your reference circle is very crucial. This is because you’re likely to absorb the behaviors, attitudes, and beliefs of people who surround you. Try being around positive people. Avoid negative and complaining people.

Success Secret Eighteen: Take Excellent Care of Your Physical Health

You may want to live to be 80 or more. Take good care of your health. This is very important for you to do good professionally as well. Follow a balanced diet, keep a proper weight and workout consistently. 

Success Secret Nineteen: Be Decisive and Action Oriented

Self-made millionaires are careful thinkers. They take quick decisions. You should also do the same. Obtain feedback and make the needed corrections fast. You can do more work daily by taking quick decisions and being action-oriented.

Success Secret Twenty: Never Allow Failure to Be an Option

Failure is not the biggest barrier to success. But fear of failure is. You’ll only get stronger and resolute when you fail. But fearing failure will paralyze you. Hence, face your fears. When you’re bold, you’ll see that hidden powers will come to your rescue.

“More than 90% of all financially successful people today started off broke or nearly broke.”

Success Secret Twenty One: Pass the Persistence Test

Don’t give up. Never, ever. Regardless of what happens, continue to persist. Setbacks, hardships, and disappointments are natural. They are only temporary, yet inevitable. But when you react positively, your coping mechanism becomes stronger and better.

If you adopt the 21 principles mentioned above of success continually and persistently, no one can stop you from succeeding.

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The 21 Success Secrets of Self-Made Millionaires Quotes

“All self-made mil­lion­aires work, hard, hard, hard. They start earlier, they work harder and they stay later.”

“More than 90% of all financially successful people today started off broke or nearly broke.”

“You are like a chameleon in that you take on the attitudes, behaviors, values and beliefs of those with whom you associate most of the time.”

“Your job is to develop a reputation for speed. Develop a sense of urgency. Develop a bias for action.”

“When you develop the habit of setting priorities and con­cen­trat­ing sin­gle-mind­edly, you will be able to accomplish virtually anything you want in life.”

“The Law of Cause and Effect says that if you do what other successful people do, you will eventually get the results that other successful people get.”

“The first secret of self-made mil­lion­aires is simple: dream big dreams!”

“Your mind is like a muscle. It develops only with use.”

“Practice frugality, frugality, frugality in all things.”

“Your goal should be to become an expert in your chosen field by learning every single detail about how to do your work better and better.

“All self-made mil­lion­aires have an obsession with customer service.”

About the Author

Brian Tracy speaks with over 250,000 people every year. He addresses a clientele including Arthur Andersen, IBM, Million Dollar Round Table and McDonnell Douglas. Before founding the Brian Tracy International, he was working in real estate development, investments and management consulting. Tracy wrote many classics and The Absolutely Unbreakable Laws of Business Success and Maximum Achievement is one of his bestsellers.

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6 COMMENTS

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