The author of the book The Science of Getting Rich, Wallace D. Wattles was born in a very poor family. He says that he tried his best to become a rich and successful person in his life. When he was in college, he thought of interviewing some of the billionaires of that time. To know what are the things that really make them successful and rich?
After years of research and interviews, the author discovered that there is one thing that makes the difference between middle class people and rich people. It also matters the most. It is just their habits. Where Microsoft founder Bill Gates used to say that you form habits in the first 30 years of your life.
The remaining 30 years of your habits will make you. The author has studied the literature on the concept of success in the last few years and after interviewing more than 30 billionaires, he has mentioned the most important three habits. If any person adopts it, then he will definitely achieve a lot of wealth and success.
So today we will talk about those three top habits. It will make a common man a self-made millionaire. From the book Science of Getting Rich.
1 Science of Getting Rich, Rule of 100
The science of getting rich The author says what. Most middle class people make a very common mistake. We start anything thinking that our first work should be perfect. Like when starting a business, we think that the first product should be a hit. Money should come immediately. If we work on any goal, then we think that we should get the output immediately.
When this does not happen, we say, it is not my business. If you look at that, self-made millionaires never try. They execute. That means until they do something 100 times, they do not worry about the results. For example, if you have started investing in the stock market. Before analyzing at least 100 companies, never think, why am I not understanding this.
If you have started exercising, before doing it for 100 days, never think, why is my body not getting better. There is a deep psychology behind this. Which is called the Dunning Kruger Effect. Every successful or wealthy person has gone through a phase, which psychologists call The peak of “Mount Stupid”. This means that when you start any new job. Like:- Fitness, Business, Coding, Sales, Stock Investing or any.
For some time in the beginning, you gain little knowledge. You understand very little about that job. After watching a couple of videos or reading a couple of articles, now you feel like maybe I have learned everything. At this time, your confidence and motivation reach their peak. This peak is called The peak of “Mount Stupid”. “Mount Stupid” therefore hits reality after some time.
You know that being successful and wealthy is not as easy as you thought. Maybe your product didn’t appeal to customers or your idea didn’t work in the market or your Stock Portfolio got red due to the ups and downs of the market. You fall into the valley of despair. When you enter the business fully, then you know that it is a very long journey. Seeing this long journey, most people quit.
But those millionaires know very well that the more they try, the more productive they become. At the end, they reach a Plateau Of Sustainability. For the first 10, 20 or 50 attempts, you just keep learning. Your mind keeps searching for new patterns. Millionaires know this. Each of their failures is a stepping stone to their success. When Thomas Alva Edison invented the light bulb.
Before that, he had failed thousands of times. At that time, he said one thing that I did not fail, but I discovered thousands of ways in which a bulb does not form. Similarly, a famous discovery was made by him by forming three groups. Group A was told that at the end of the year, they had to make only one perfect clay pot. Based on that, their grade would be given.
The same second group was told that they had to focus more on quantity. Because they would be graded based on quantity. Whoever made only 10 pots got a C grade, whoever made 10 pots got a B grade, and whoever made more than 10 got an A grade. Now you can guess who made the best and perfect pot? The answer is the quantity group.
The same group that made 100 pots. While making each pot, they learned from their mistakes and in the same way, they kept improving each one by one percent and learned to make a perfect pot by the end of the year. On the other hand, they were told to make only one pot, they were just stuck on perfection. They were still in their learning phase.
So The Science of Getting Rich, Wallace D. Wattles author says that if you also want to become millionaires, take action without results for the first 10 days. Stop after every 10 attempts, ask yourself how much I improved in the last 10 attempts. When you have 100 units of data, you make decisions based on facts, not emotions.
3 Reading
When Wallace D. Wattles was asked in an interview what is the secret of his real success? He picked up a book and said I read 59 pages everyday. The thing is that millionaires never read any random book. They read intentional learning. They learn what takes them closer to their goals.
If their goal is investing, then they read books within the circle of accounting, economics, psychology or business. If their goal is business, then they spend years understanding marketing, HR, sales or distribution. If you read Wallace D. Wattles’ story, you will also know that he requested to work with Benjamin Graham for free. He knew that the special knowledge that Benjamin Graham had could not be found anywhere else.
With this special knowledge, Wallace D. Wattles built Workshop Hathaway from a small test tile company into a multimillionaire. The point is that if you do a random task, then the result will also be random. If you set a target and do intentional learning, then you will get specific knowledge of that field and you will automatically be on the list of top one persons.
3 Think win win
Wallace D. Wattles says that there are two types of people in this world. One who thinks only about their own benefit. The second is often self-made millionaires who always ask for a win-win. Every self-made millionaire must have this quality. Again, this mindset never develops naturally because you can think of this yourself. When 90% of people go for an interview, one question always comes to their mind.
How much salary will the company give me, how much vacation or work benefit will I get. This is why 90% of people fail, because they never think about what value they can create in their job. This habit forces most employees to think about how they can do less and get paid for free. They expect free money without upgrading their skills and giving any extra value.
This mindset is called a win-lose human. I always win and the average person always loses. A person with the same win-win mindset, whether it is a business or an employee, always thinks that if I give my best output in my job or solve a problem, then the job gives me a chance to go up in the company itself. It increases my value and gives me rewards.
The most special thing about this win-win habit is that it is only as long as there is no limit. You can apply it in every field and you always get positive results. Therefore, if you look at every successful business model today, all of them are best in this win-win model. Their focus is always on how to provide value to their customers and employees.
They know very well that as long as their ecosystem is win-win, they themselves will win. That is why the author strictly tells us to always keep our mind in a win-win state. The world does not give you money because someone needs money. It gives it because you solve someone’s problem. That is why you have to learn intentionally. Which also increases your value and income.