Recently I read an inspiring article by Brian Tracy.
He is one of my favourite mentors and I would like to share one of his philosophies with you. The following is an excerpt from one of his newsletters.
The Five Roads to Financial Success 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.
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 is 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 of your earnings, of 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.
For more inspiring information from Brian Tracy, sign up for his daily newsletters at www.briantracy.com
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