The 21 Absolutely Unbreakable Laws of Money by Brian Tracy (Summary)
The aim of starting up a business is to make money, no matter what the underlining motives of a business or an organisation are, money is what it takes to grow. No matter how wonderful or brilliant an idea may seem, if it is not bringing in money, it is almost as useless as doing nothing, if not worse. Money is more than cash we have at hand or in the bank, money includes both current and potential (future) earnings a business can provide, therefore it is most important to understand the basic laws that guide making money.
Your business is like a money tree, as cool as this sounds, it will take conscious efforts and time to have good harvest.
According to Brian Tracy, there 21 laws of money and in this article, we will looking at all these 21 laws as briefly as possible.
1. The Law of Cause and Effect: Everything happens for a reason; there is a cause for every effect.
2. The Law of Belief: Whatever you truly believe, with feeling, becomes your reality.
3. The Law of Expectations: Whatever you expect, with confidence, becomes your own self-fulfilling prophecy.
4. The Law of Attraction: You are a living magnet; you invariably attract into your life the people, situations and circumstances that are in harmony with your dominant thoughts.
5. The Law of Correspondence: Your outer world is a reflection of your inner world and corresponds with your dominant patterns of thinking.
6. The Law of Abundance: We live in an abundant universe in which there is sufficient money for all who really want it and are willing obey the laws governing its acquisition.
7. The Law of Exchange: Money is the medium through which people exchange their labor in the production of goods and services for the goods and services of others.
8. The Law of Capital: Your most valuable asset, in terms of cash flow, is your physical and mental capital, your earning ability.
9. The Law of Time Perspective: The most successful people in any society are those who take the longest time period into consideration when making their day-to-day decisions.
10. The Law of Saving: Financial freedom comes to the person who saves ten percent or more of his income throughout his lifetime.
11. The Law of Conservation: Its not how much you make, but how much you keep, that determines your financial future.
12. Parkinson’s Law: Expenses rise to meet income.
13. The Law of Three: There are three legs to the stool of financial freedom: savings, insurance and investment.
14. The Law of Investing: Investigate before you invest.
15. The Law of Compound Interest: Investing your money carefully and allowing it to grow at compound interest will eventually make you rich.
16. The Law of Accumulation: Every great financial achievement is an accumulation of hundreds of small efforts and sacrifices that no one ever sees or appreciates.
17. The Law of Magnetism: The more money you save and accumulate, the more money you attract into your life.
18. The Law of Accelerating Acceleration: The faster you move toward financial freedom, the faster it moves toward you.
19. The Law of the Stock Market: The value of a stock is the total anticipated cash flow from the stock discounted to the present day.
20. The Law of Real Estate: The value of a piece of Real Estate is the future earning power of that particular piece of property.
21. The Law of the Internet: The Internet is a tool for rapid communication of information of all kinds.
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