In this TL;DW episode, we’ll extract the essence of Brian Tracy’s speech that will change your mindset to become a millionaire.

Here’s the original YouTube video which is a little over 21-minute :

TL;DW – Extracted Essence

• Self-made millionaires have a clear sense of direction, and they know what they want in every area of their life.

• H.L Hunt, the wealthiest self-made multi-billionaire in the world, said the keys to success are to decide exactly what you want and write it down, and to determine the price you’re going to have to pay to get it.

• You have to take a piece of paper, write down 10 goals, and then ask yourself which one goal would have the greatest positive impact on your life if you could only accomplish one? Then set a deadline for that goal and begin working on it.

• Do something every day that moves you one step forward towards your major goal. This exercise will change your life in ways that you cannot imagine, and you’ll be absolutely staggered at the difference it makes.

• Lesson number two is trust your ideas. Very wealthy, successful people simply follow their intuition and start a Fortune with an idea that’s 10 new.

• Dry cleaning shops are the single greatest source of self-made millionaires in America. Most people become millionaires by offering a good or service that people use all the time and doing it just a little bit better.

• You can do anything you want in life if you flood your mind with new ideas. Every single person here has four ideas per year, any one of which will make you a fortune.

• To achieve great riches and great success, you have to trust your ideas, idealize your life, and make a dream list. This exercise allows you to run wild and write down everything that you could possibly want.

• The next key to becoming a self-made millionaire is to get around the right people. This is because we absorb the attitudes, opinions, behaviors, style of dress, and style of speech of the people with whom we habitually associate.

• If you change the way you think, you start to attract (the right) new people into your life, and the old groups of people fall away.

• To become a self-made millionaire, you have to fail over and over again. But your brain has a cybernetic mechanism that makes you smarter with each failure, until you stop making mistakes.

• Self-made Millionaires look for something good in every failure, and they always find it. Failures think about what they’ve lost and blame their problems on someone else, but successful people say, what can I learn from this That will make me smarter next time?

• Socrates said that the unexamined life is not worth living, and Aristotle said that wisdom is an equal measure of experience plus reflection. The reason so few people have wisdom is because they never take the time to sit back and reflect on their experiences.

• The next step is to develop a workaholic mentality. If you put in the hours over eight, whether it’s studying or reading or working, it will pay off and it will pay off in Spades.

• To go from Rags to Riches, you must dedicate yourself to lifelong learning. The best places to read in your field are books, which contain a wealth of riches that can enable you to function at a far higher level.

• A dentist from California attended a dental Congress in Hong Kong and learned a technique of cosmetic surgery that no one else knew where. He began implementing this technique in his practice and was able to charge whatever he wanted to charge.

• If you listen to audio programs in your car, you can upgrade your skills to the equivalent of almost full-time University attendance.

• When you invest in yourself, you increase your self-esteem, your self-respect, and your sense of personal Pride, and you start to get promoted more and paid more on in every part of your life.

• Next is to realize that life is not a continuous train, but rather a series of ups and downs. Successful people focus on the two steps forward and protect themselves on the downside by building up cash reserves and putting in stop-loss orders on their stock market.

• To develop resilience and bounce back, you have to accept that life is a continuous series of problems. The only break in this unbroken series of problems is the occasional crisis, so you have to learn to look for the solution to every problem.

• You’ve identified the one goal that can have the greatest positive impact on your life, and you must write 20 answers to this question. The first three to five answers will be easy, the next three to five answers will be difficult.

• I’ve given this exercise to people who’ve gone on to become millionaires so many times, and it’s absolutely staggering how many people have become millionaires with this simple idea of mindstorming.

• To become a self-made millionaire, you have to become an unshakable optimist who thinks and talks about what they want most of the time, learns more things, tries more things, and persists until they achieve their goal.

• Self-made Millionaires developed the qualities of courage and persistence. Courage means that you have the ability to confront your fears, and persistence means that you have the ability to face your fears.

• When faced with a choice between staying still and playing it safe or moving forward, it’s best to move forward. It reinforces and cements the habit of moving forward, and the brave person is simply the person who moves forward and keeps taking the chance.

• Napoleon Hill called self-discipline the master key to riches, and after studying 500 of the richest people in American history, he said this is the ability to make yourself do what you should do, when you should do it.

• Self-discipline is the quality that will make you a big success. The more you practice self-discipline, the more you like yourself, and the more discipline you have, the more you like yourself, and the more you persist, until you become unstoppable.