Million Dollar Habits — Summary and Review

Million Dollar Habits Book Cover

Million Dollar Habits: Proven Power Practices to Double and Triple Your Income

by Brian Tracy

Published: 2004 | 304 pages
Rating Amazon:  stars rating 4.6 
Rating by reviewer:  stars rating 4.5 
Author of the article: Jasmine Abbygail Boiser
Date of the summary: Jul 18, 2020

The book Million Dollar Habits guides readers on how to develop a positive set of habits to optimize self-development and to experience financial success.

Million Dollar Habits Book Cover

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Introduction

Ever wonder why some people are successful in life, and some are not? Million Dollar Habit by Brian Tracy tells you the secret behind it, and it's all about habits. Author Tracy lists down the ways and tips for you to attain financial success and personal development. Read on and you'll find out that the ability to achieve your dreams, desires, and goals is completely on your reach!

Interesting quotes from the book

I believe something wonderful is going to happen to me today.

— Brian Tracy, Million Dollar Habits


You are where you are and what you are because of yourself. Everything you are today, or ever will be in the future, is up to you. Your life today is the sum total result of your choices, decisions and actions up to this point. You can create your own future by changing your behaviors. You can make new choices and decisions that are more consistent with the person you want to be and the things you want to accomplish with your life.

— Brian Tracy, Million Dollar Habits


Practice one virtue for a period of two weeks, then three weeks, then one virtue per month.

— Brian Tracy, Million Dollar Habits


Summary of the book Million Dollar Habits

You are what you are because of your own doing — this is what Million Dollar Habit by Brian Tracy primarily teaches readers. Nothing ever happens by accident or destiny. Your predicament, financial ranking, social status, and personalities are all defined by your choices. So if you want to become successful, you must take an active and conscious effort to get there, like all the other Millionaires who started from scratch.

But you may ask, where do you start? Author Tracy takes a step-by-step guide on developing a set of habits to begin your journey to financial independence. He provides all the essential theories, strategies, tips and explanations behind every Millionaire success story, and encourages readers to put it into practice.

Early on the book, Tracy discusses that raising your self-concept is important in achieving your fullest potential. The first component of the self-concept is the self-idea, which are your goals, dreams, and hopes about your future self. The second part is your self-image, which is how you see yourself in the present situation. The third component is self-esteem, which is the measure of how much you like yourself. The greater your perception is in these three components, the easier it is for you to adopt the following Million Dollar Habits.

Before we proceed to list down Tracy's Million Dollar Habits, we must answer first how are habits formed?

We get our habits from the accumulation of our past experiences. Psychologists found out that about 85% of all of our decisions and actions are motivated by our past ways of responding to situations. As the saying goes, old habits die hard. Fortunately, humans are always in a constant state of change and growth, obtaining new habits and leaving old ones. Thus, you must be patient and determined to develop these habit patterns.

The first Million Dollar Habit is the habit of self-discipline — your ability to control your own life. By disciplining your mind to think optimistic thoughts, your actions will be directed towards the accomplishment of your goals and objectives. It is not our past experiences, but your mindset on the future that determines the course of your life. Besides that, you can also achieve self-discipline by setting your daily goals, identifying your key skills, and committing to perpetual learning.

Once you've designed your dream future and committed to pursuing it, the next Million Dollar Habit to practice is the habit of initiation. Nothing will happen if you sit by and wait for things; you must take charge and make it possible. Resolve to take action despite the risks and uncertainties. If they could, you can do it too.

Moving on, Tracy talks about the specific and practical habits essential in the various industries. In the finance industry, Tracy suggests being frugal, insuring properly, carefully considering every expenditure, and getting a financial advisor. With regards to getting paid more and promoted, Tracy recommends to love your job, working harder, taking initiative, being a good team player, and learning new skills. For people in the fast, changing world of business, Tracy urges to prioritize customers all the time. Take the time to truly invest in what they consider valuable and quality. Learn about their preferences and suggestions. Think also in terms of continuously increasing productivity and profitability.

As can be noticed from the above-mentioned bits of advice, none of these require resources or money. All of it has to do with changing the mindset, adopting habits, and putting into practice. Anyone can develop them as long as they put their mind into it.

Don't get the author wrong; he does not imply that success can only be measured by financial capacity. For him, personal development is also crucial. Chapters 9 to 12 tackle the various Million Dollar Habits that are necessary to become emotionally, physically, and psychologically successful.

Self-actualization is a recurring characteristic among successful people. To organize your life, planning is vital. Write down your tasks, start mornings by listing down the things you have to do, set your priorities straight, be punctual, and optimize your productivity. Overcoming procrastination, as impossible as it may seem to overcome, is one of the most important personal management habits. Keep in mind that by improving your time management, you improve the flow of your life.

As social beings, one cannot thrive alone; getting along with other people is necessary to live a good life. Tracy prescribes the following habits in maintaining good relationships: accept people for who they are; express appreciation; deliver admiration; make them feel important; and pay attention. If people have wronged you, it is always a mature decision to let go and forgive.

In the end, our relationships with people are truly the most important. Always put the people we love first. Amid all our efforts in establishing our careers and businesses, we must also work hard to keep the people they love close to them.

In the end, the book points back to the basic foundation of everything: our bodies. Maintaining a good lifestyle essentially means that we must stay healthy and fit. Develop a habit of eating properly, exercising frequently, drinking water, taking vitamins, and resting often. Do everything in moderation. Keep your mind at peace by filtering your thoughts. If you keep your mental and emotional health balanced, your physical body will keep up with it.

To conclude, Tracy states that our money, businesses, careers, and social status will have no value at all if we do not get to live a long and full life. What is reflected from the inside can be seen on the outside. Our million dollars can only be enjoyed if we stay alive for the days to come.

Key Lessons

Lesson 1: You are what you think

Most of what happen to our lives is the result of our actions and decisions. Whatever we feed our minds, we inevitably manifest. Therefore, the more we think positively, the more we do greater things.

Lesson 2: Habits make you successful

The only difference between successful people and unsuccessful people are habits.

Each one of us has the capacity to be successful; some just have not yet realized it. If we develop the set of habits stated in this book, we will set out on optimizing our fullest potential.

Lesson 3: Habits are difficult but essential to adopt

The keys to shedding old habits and developing new ones areperseverance and patience. It takes time, but it's always possible if we don't give up.

Lesson 4: Raising your self-concept motivates you to do better

We are more capable to improve ourselves once we boost our self-esteem.

Lesson 5: Importance of Self-discipline

Self-discipline is necessary to initiate your journey to success.

Planning is the first step to self-discipline. Don't be haphazard in making choices. Things done in an organized and careful way assures a higher success rate.

Lesson 6: Make it happen

Don't wait for things to happen; make it happen.

Lesson 7: Successful people have healthy relationships with people

Celebrating success by yourself does not yield that much happiness. Always keep the people you love close by yourself. Share success and happiness with others.

Lesson 8: Develop a healthy lifestyle

Above all, you must take care of your physical, mental, and emotional health.

Review of the book Million Dollar Habits

Million Dollar Habits is the magnum opus of personal development books. It carries almost everything that you have to read on self-motivation. This is also a comprehensive yet concise guide on financial independence.

This book is filled with practical advice and well-researched theories about success. It was very well-written and direct to the point. Brian Tracy is bold with his statements for he knows what he's saying. One thing I really adored in this book is the Action Exercise provided at every end of the chapter. I certainly enjoyed reading this and definitely motivated me to do great in life!

Conclusion

You are capable of being successful, and you shall discover how to fulfill that potential by reading this wonderful book.

Although Million Dollar Habits seems centered around financial prosperity, this book tackles every aspect of a successful life. It is not simply philosophical and introspective, but actually gives out essential information and scientific data that may help us gain a positive outlook. Moreover, it is action-oriented, loaded with specific tasks and exercises for readers to practice in real life. This is a must-read for all entrepreneurs who are in the early stages of starting their own businesses. Also, I recommend this to anyone who generally just wants to lead a valuable life and be on their path to success.


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