Tracy THE SECRET TO WEALTH

1. Auflage 2024
ISBN: 978-7-322-05394-5
Verlag: Sama Publishing House
Format: EPUB
Kopierschutz: 6 - ePub Watermark

E-Book, Englisch, 256 Seiten

Have you ever wondered, 'What is the secret to achieve massive wealth?' Have you thought about how much money you would need to become financially free and how to get it? Is it possible for anyone to have all the love, money, time, peace and happiness they want at the same time? Brian Tracy, Sunil Tulsiani, and the selected co-authors in this book have put together a proven path to becoming wealthy. In each chapter, you'll find at least one idea that will take your life to the next level.

Autoren/Hrsg.

Tracy, Brian

Leseproben

CHAPTER - 1

Be Financially Free By ChangingYourThoughts

MEDHAT ZAKI

“Manage your mind because your thoughts control your life.”

—Pastor Rick

We learn in school that we must achieve academic success and then look for a job. You think that this job is keeping you from being poor, but it is really keeping you from being rich. At school, you also learn that when you make mistakes, you must be punished. It means the mistake we made was something bad, and this makes us afraid of making mistakes in the future.

With this kind of upbringing, it is easy to believe that a mistake is something wrong, and you then become scared of putting a wrong foot in the future. The reality is that we need to learn from our mistakes, and they can be very valuable life lessons.

If you do not change this mindset, then you are going to suffer in your business life. You will be afraid to speak up when you have a good idea as you do not want to feel embarrassed by the people around you.

By accepting the conditioning that the “system” tries to impose upon you, there is a very good chance that you will believe that you need to work

hard all of your life at a job (or jobs) and only relax and enjoy yourself when you retire. When you think like this, you will not have the quality of life that you want until you are sixty or beyond.

Thoughts Are In Our Mind All Of The Time

Experts suggest that human beings have around sixty to eighty thousand ideas going through their minds each day. But 90% of them are repeated from yesterday and the day before. A lot of these thoughts are fears and concerns, but psychologists say that 98% of fears which worry people don’t happen. Only 2%, which are less dangerous, may happen.

What this means is that most people are wasting their lives being scared of fear itself, and this is what prevents them from taking steps to improve their lives. When people are constantly battling against themselves, it is a major barrier to achieving anything.

My Epiphany

I was raised by a middle-class family and had a conservative, religious upbringing. In my childhood, I learned that rich people are inherently bad, while the poor are good because it wasn’t possible to amass riches without doing something illegal.

I was taught that wealthy people sold their souls because they had to be doing bad things. As a poor person, I was good, humble, and exceedingly thankful to God. Wealthy people were arrogant and must be villains, so we don’t want to be like them.

In addition to this, our religious beliefs tell us that rich people are not heading for paradise and that we, as poor people, are the best because we do not sell our souls. The only way that I knew to distinguish between bad and good people was through the amount of money they had or didn’t have.

Of course, later on in life, I realized this is not true when I learned about rich psychology - I discovered that the amount of richness is directly related to the thoughts that people have.

Those people who think wealthy will be rich, and those that think they are poor will be poor. This is because our thoughts determine our behaviors. If you think that you are wealthy, then you will be. The same is true if you think that you are poor.

As a child, I was made to believe that people tend to associate with others that are “like-minded”. So if they like playing football, they will associate with others that like playing the game. The same is true for people that like to ride horses. In Arabic, we say that “birds of a feather flock together”. But this doesn’t matter.

Without The Right Mindset, You Will Never Be Financially Free

If you were to take all the money from someone who thinks rich, then they will be rich again. If you give a lot of money to someone who thinks poor, then they will quickly spend it all and will be poor (or even poorer) again. Everybody has seen those stories about lottery winners that lost everything.

The problem is that the poor thinking person does not have the mindset to deal with a lot of money. Whereas the rich thinking person does have the right mindset, and if they were to lose everything, then they would be able to get it all again.

I had discovered after all these years that my mental conditioning was not right and in order to be rich and self-made, I had to master salesmanship or the science of sale. There is no wealth without sales. It is very difficult for anyone to be wealthy if they don’t know how to sell.

Information is Important, but it is Not Everything

A lot of people who communicate with me through my social media pages ask me an important question. They tell me that they read a lot of books and watch a lot of YouTube videos for a long time, but they are still not rich. Why is this?

My answer is that information alone will not change your life. You often read books and watch YouTube as a consumer and not as an investor. A lot of people will absorb as much information as they can, but if they do not invest that information by acting upon it, then they will never make any significant changes in their life.

You need to focus on acquiring the right information and then create a plan to use it to achieve what you want. Then you must carry out that plan, making adjustments along the way so that you can achieve your goal.

What is Your Target?

It is likely that you just depend on your intelligence, but you don’t have a system of dealing with success and failure. When you do not get the results that you want, you feel very disappointed and even guilty.

Unfortunately, the majority of people don’t have a plan and do not have a clear target to aim for. Many just dream about improving their life, but they don’t do what they need to do to achieve their dreams.

The difference between having a dream and a target is to become an investor and not a consumer. You need the right mindset system to support this, and you can either develop this yourself or get the right help from someone experienced in this field.

It takes commitment to achieve a target. You will have to invest all the power that you have, all of your determination, your passion, and some of your money to achieve your target during a specific time period. And don’t look for easy ways to do this. There are a lot of get-rich-quick schemes around, but they never result in long-lasting success.

One day, I noticed a squirrel in my garden. As you may know, squirrels collect their food in summer and hide it in different places to consume it in winter. According to research, squirrels only find 20% of what they collect during the summer and not the remaining 80% as they don’t know where they buried it because they work randomly.

Humans tend to operate in a similar way to squirrels. People try hard and waste a great deal of time and energy because they do not have a clear target and plan. These people work in a random way and depend on the quantity of work that they do rather than the quality. It is commonly known that humans only use around 10% of their total capacity.

The PoWer of Leverage

To be financially free, you must understand “leverage.” With leverage, you can double the capital that you have fast. So how can you make leverage work for you?

Leverage means to use something to its maximum advantage. The effect of leverage helps you to arrive at financial freedom fast. It is what enables you as an investor to use clever techniques, which makes your effectiveness with investment much higher.

Here are three cases – A, B, and C – that are examples of leverage power:

Case A – You require a capital of $100,000, and you have this money available, so you do not need to borrow it. The percentage of profit in this project is 15%. There is no interest that you have to pay because it is your own money. In this case, you don’t use the leverage effect.

Case B – You require a capital of $100,000, but you only have $60,000. So, you will need to borrow $40,000 from a lender, and you will pay 8% interest. The money which you borrow is $3,200, and you will pay it at the year-end.

You earn $15,000, which is 15%, but your net profit will only be $12,800 because you paid $3,200 to the lender. But think about the return on your capital here. You invested $60,000, and you earned $12800, so you achieved a 21% return on your capital.

Case C – you require a capital of $100,000 again, but this time you only have $20,000. You will look for a lender to borrow the $80,000 that you need. The profit will be the same 15%. You will pay 8% in interest to the lender at year-end, which means that you have to pay $6,400.

So your net profit will be $15,000 less the $6,400 interest, which is $8,600. But your return on capital invested is now at 43% because you made $8,600 on your $20,000 investment. Do you see how this works now?

With Case A, you invest $100,000 and get a return of $15,000, which is 15%. In Case B, you invest $60,000 and get a return of $12,800, which is 21%. And finally, with Case C, you invest $20,000 and get a return of $8,600, which is 43%. This is the power of leverage.

You can conclude from these examples that by using the leverage effect, if you have $100,000 to invest, you can create five projects instead of one. With one project using your own money, the maximum return is 15%. But with five projects where you invest only $20,000 each time and borrow $80,000 for each project, your return will be 43% on each project.

The returns on your investment project depend on the interest that you have to pay to borrow the...