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Book Review: Getting rich your own way

“Getting Rich Your Own Way” is written by Brian Tracy. Brian is a successful businessman and a professional speaker. He has written more than 300 books and training programs about personal development, Business turnaround strategies, Leadership and selling skills.

The primary goal of “Getting Rich Your Own Way” is to show you the way to become wealthy, even if you are starting with nothing.  The book starts with some motivational thoughts such as becoming wealthy is learnable skill. Then it quickly jumps into specific ways to become rich. 5 ways to become rich are -
  1. Become an Entrepreneur (business owner) - 74%
  2. Work your way up (i.e. become CXO) - 10%
  3. Become a professional (e.g. Doctor, Lawyer) - 10%
  4. Get into sales - 5%
  5. All others (e.g. Stock market, inventions, lottery and everything else) – 1%
Throughout the book, Brian uses the terms - Millionaire and rich - almost synonymously specially for statistics. For example, % showed above is the percentage of millionaires that used the particular method to accumulate wealth. The book then covers specific steps, actions, and ideas around how to attain financial freedom and become wealthy.

What I like about the book is that it is highly action oriented. It gets directly into specific ways, rules and principles to earn wealth. The book spends very little time on motivational aspects, and spends most of the time on plan to get rich. Some of these actions are obvious. Point to note is that obvious does not mean that people take these actions. Some of the obvious advises are - save regularly, invest conservatively, insure adequately, network regularly etc.  There are many not-so-obvious advises also.
  • Constantly focus on high value activities using 80-20 rule such as activities that are of greatest importance to your customers or your boss.
  • Always strive to do more than you are paid for.
  • Become indispensable for your boss and your organization.
  • Make a list of 25 people who would be most useful for you to know (can be anyone from CEOs to mayor), and develop a plan to meet them in next 1 year.
  • Get on the job experience before you start your own business; learn everything on someone else’s expense.
  • Learn to copy traits and strategies from best business and people.
What I find missing in the book is the source of statistics. Author uses statistics throughout the book, but the source of these statistics is missing. When key conclusions are based on statistics, it is important to give credibility to the statistics. For example - 74% of millionaires are entrepreneurs, how do we know if this is true? 80% of business fails within 2 years, 90% of business started by experience businesspeople succeed, 99% of business started by inexperienced business people fail – where did this information come from, we want to know? Is this even true? If it is true, who conducted the study, how was the sample selected? A mention of source would have allowed readers to explore further and to base their decision on relevant information.

Key highlight of the book is some of the important problem solving tools. You should always look to use levers such as your specialized knowledge, other people’s effort, money etc. Practice creative visualizations, learn to focus on one thing at a time, Project forward and think back, Practice mind storming - are some of the techniques that will help you to become an excellent problem solver.

Overall, “Getting Rich Your Own Way” is good book except for the use of unsubstantiated statistics. I highly recommend this to book to everyone who is looking to obtain financial freedom, has already read a few motivational books on the subject, and is looking to get into actions. Even for the people, who are already on their way to achieve financial freedom, the book is a good read. You can review your actions, get a few more ideas, and probably reach to your goals earlier than you thought.

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