Feb 27

Feb 27 BZ Book Review 14: <No Excuses!> by Brian Tracy

Key Takeaways

1. Achieve success by learning from experts and accepting full responsibilities for my own life. Make no excuses by blaming other people. Take things in my own hands. Take the Mirror approach instead of the Window approach.

2. 7-step method to achieve my goal

Step 1: Decide what I want and be specific about it. e.g. I want to be rich to own $2mm by 35 and have 3 properties under management.
Step 2: Write down my goal.
Step 3: Set a deadline and be realistic. If it is a large goal, break it down and set sub-deadlines
Step 4: Write down a list of everything I could possibly do to achieve the goal.
- Obstacles I’ll face
- Knowledge and Skills I need to acquire
- People I need to connect with or hire
Step 5: Prioritize the most beneficial tasks and add them to your calendar. The most important task should be completed first
Step 6: Start on the tasks right away
Step 7: Do something every day that helps me achieve the goal or move closer to the goal

Note: be proactive to seek advice from people who has done it before. This will save you a lot of efforts. Think about the GRE exam process.

3. Conquer your fear by competing the disaster report or dealing them straight away.

Step1: Describe my fear clearly
Step2: Determine the worse-case scenario. What is the worse that can happen, how will I feel about it
Step 3: Find solutions for the worse-case scenario.
Step 4: Do everything that in my power to make sure the above scenario does not happen.

Note: deal with the fear straight away could help you overcome the fear. It may not be that important a thing

4. Discipline is crucial for success (#2 of my list after confidence)

Ask my boss for more responsibilities and discipline myself to compete them as quickly and as well as I could. This earn myself the name the “go-to guy” and make myself indispensable and irreplaceable.

5. To make my business better by using the CANEI formula - Continuous and Never Ending Improvement”

6. To achieve financial freedom you need to save, and invest in assets and yourself

Start by maintaining a 20% saving rate if you can
Start by investing 10% of your income in yourself in acquiring new skills
Start by investing 20% of your income to generate more income

Note: live on 50% of the income first and then gradually increase the above three rates.

7. ABCDE method to get things done.

A: “Must-do” - those hold major consequences if not completed
B: ”Should-do” - have mild consequences if not completed
C: “Nice to-do” - have no consequences if not completed
D: “Delegate” - delegate to others
E: “Eliminated” - get ride of it. don’t waste time or energy on this.

8. Eat healthier and exercise more by avoiding “three whites” namely sugar, salt and flour.

9. Continuous learning.

This echo back to point 6 about investing in yourself. I should always continue to learn more in my chosen fields. This include reading books, listening to podcasts, attending seminars by experts. Don’t waste time with shortcuts.