21 Unbreakable Laws Of Money - Brian Tracy
Law Of Cause & Effect
If you know the appropriate effect you want, you can select the appropriate causes.
Thoughts = causes, conditions = effects.
You become what you think about all the time.
How You Use Your Mind Determines Your Success
Improve the Quality of your Thinking and You Improve the Quality of Your Life
Law Of Belief
What you believe becomes your reality - you see what you believe.
Believe you are destined for financial success. Don't believe yourself to be limited.
What would you dream if you knew you couldn't fail?
Successful People Believe they have the Ability to Succeed
Build a Prosperity Consciousness
Make it Inevitable that you Succeed
Positive Knowing
Law Of Expectation
Whatever you expect with confidence (positive or negative) becomes your reality.
Expect good things, and you will get them.
Expect to succeed and you will.
Apply talents and abilities to opportunities.
Law Of Attraction
You are a living Magnet, Your Emotionalized thoughts create a force - field
Energy that radiates out from you, Energy that attracts people and circumstances, These are in Harmony
Emotionalized thoughts are the Key
You attract that that is in harmony with your thoughts.
Think positive, attract positive!
Law Of Correspondence
As Within, so Without. Outside world correlates with what is within you.
Outer world of People, Relationships, Wealth
If you want anything, you have to create it within you first!
You control the way you think- conscious and subconscious levels
Refuse to talk about what you don't want!
Law Of Abundance
There is enough money in the world for those who want it if they are prepared to go and get it.
Decide to become wealthy - have this belief.
People are poor because they haven't yet decided otherwise.
Why aren't you rich already? Your reasons are your excuses.
Law of Exchange
Your labour is a cost to others. Cost is subjective.
The money you earn is a measure of value that others place on your contribution.
Money is an effect, not a cause. To increase the effect, you need to increase the cause.
To earn more money, increase the value of work put in. Increase knowledge, skill, and creativity.
Law Of Capital
Your most important assets are your ability to work, and your time.
You have to utilize your work ability to the maximum.
Your current wage is the extent to which you've developed your earning ability so far.
What you do with your time determines your earning ability.
Time and money can be spent and invested. Once they are spent, they are gone.
Invest them better - become more knowledgeable and better skilled.
Invest 3% of your income on developing yourself personally and professionally.
Look for ways to increase your return on energy.
Law Of Time Perspective
The most successful people are those that take the longest time periods into account when making decisions.
5, 10, 20 years.
Successful people make sacrifices today that may not pay off until years to come.
The further ahead you think, the better your decisions will be.
Delayed gratification is the key to financial success.
Self-discipline is important for financial success -
“The ability to make yourself do what you need to do, when you should do it, whether you feel like it or not”
Sacrifice in the short term leads to success in the long term.
Law Of Saving
Freedom comes to those who save 10% of their income throughout their lives.
Develop a habit of saving part of your salary every time you get a paycheck - Pay yourself first!
Save today for more possibilities tomorrow.
Never touch your savings; this becomes your fund for long-term accumulation.
Only use it to invest in your financial future.
If you can't afford 10%, start with 1%.
When comfortable with your current saving %age, increase it and save more - 2%, 3%…
Take advantage of tax-deferred savings and investment plans, your money will accumulate quicker.
Law Of Conservation
It's how much you keep, not how much you make that determines your financial future.
Parkinson's Law
Expenses rise to meet income. Earn more spend more.
This explains why people retire poor.
Financial independence comes when you break this law!
Save any leftover money.
Drive a wedge between your earnings and expenses.
Law Of Three
Financial freedom comes with Savings, Insurance, and Investment.
You need to invest the correct proportions into each of the three.
Savings: you require enough savings to last 2-6 months if you lost your job, as a cushion.
Insurance: you must be insured for any emergency that you can't pay from your bank account
(medical, car, life…)
Your ultimate financial goal is where you accumulate capital until your investments pay more than you earn in your job. Then you can retire and manage your assets.
Law Of Investing
Investigate before you invest.
Spend as much time learning about the investment as you do earning for it.
Don't be rushed into decisions.
“Making money is like digging with a nail - losing it is like pouring water into the sand”
Don't Lose Money! A fool and his money are soon parted.
If you think you can afford to lose a little, then you will probably lose a lot.
“When a man with experience meets a man with money, the man with money will end up with the experience, and the man with the experience will end up with the money”
What would happen if you lost 100% of a potential investment? - could you handle that?
If not - then don't make the investment at all.
Only invest with people who have proved successful with their own money, this diminishes the risk.
Only invest in things you understand and believe in.
Take advice only from successful people.
Law Of Compound Interest
Investing money with compound interest will eventually make you rich.
Divide 72 by the interest rate. This is how long (years) it will take for your money to double at that interest.
Put your money away, and never touch it. If you do, you lose the power of compound interest.
Invest a fixed amount for 5, 10, 20 years. Select mutual funds, they do well.
Law Of Accumulation
Every great financial achievement is an accumulation of hundreds of smaller unnoticed ones.
Financial independence requires many of these. Be disciplined and persistent.
As your savings accumulate, you pick up more momentum towards your financial goals.
Overcome the initial inertia of saving. Once started, it's easy to keep moving.
“By the yard, its hard. By the inch, it's a cinch”
Save all your small change. When the tin is full, add it to your savings account.
Law Of Magnetism
The more you save/accumulate, the more you attract.
Money goes where it is loved. If you look after it, you'll attract more of it - and opportunities for more.
It takes money to make money.
Law Of Accelerating Acceleration
The faster you move toward financial freedom, the faster it will move toward you.
The more success/money you earn, the more is attracted to you from other sources.
80% of your total success will come in the last 20% of the time/money you invest.
The best investments tend to take the longest to come to fruition.
Law Of The Stock Market
The value of stocks = anticipated cash from stock discounted to today.
Hopefully, return exceeds that of a guaranteed investment (bonds).
It is a form of gambling.
Long-term investments (20yr+) are better for financial security.
Index funds are good - they go up/down based on trends in the entire market.
Law Of Real Estate
Value of property = future earning power of that property
The income developed when the land is used to its best use.
You make your money when you BUY, you realize it when you SELL.
Location is key to selection as it influences future earning power the most.
Law Of The Internet
Faster, cheaper, easier.
The value of information is what people will pay for it.
4 Extra keys to success:
Earn as much as possible. Do everything you can to excel in your field.
Hold on to as much money as possible. It's the amount you keep that counts!
Reduce and control your cost of living. Practice frugality in everything.
Put off buying decisions for a day/week/month. It'll lead to a better decision.
Invest carefully and make it grow ASAP. Save a %age of your income.
Repetitions - Reading Biographies, Working on Goals, Tapes, Books
Books to read:
`The Richest Man In Babylon” - George Klossen
“The Instant Millionaire” - Mark Fisher
Set a Specific Goal For Financial Achievement
Write it down
Set a Deadline
Set a detailed Plan for its Achievement
Set a 12 month plan to increase income by 50%
Begin, Act, Get Going
Raise the goal as you get closer to completion
Be Clear about the Goal
Be Flexible about the Process
Clear Mental Pictures - Causative Thinking
Steps to be taken for achievement
Clear Mental pictures activate the sub and super conscious minds
Frequency, Intensity & Time of visualisation
Vividness, how clear is the visualization
Positive Self - Talk
Talk to yourself positively all the time
I Can Do It
I'll Make a Million
I'm The Best
A continuous positive inner dialogue that is consistent with goals
Think about and Visualize your Goals as Realities
Last thing at Night, First Thing in the Morning
See the Goal as already in existence
Activate the Subconscious with present tense pictures and affirmations
Reflect on Goals Daily
30 - 60 Minutes in Morning - The Golden Hour (The Rudder Of The Day) by Yourself
Review Plans for Accomplishing Goals
Think of Better ways to Accomplish Goals
Reflect on the valuable Lessons learning
Visualize goal as a reality
Rewrite major goals in present tense as if already reality