One of the most foundational books of personal financing and creating wealth is the book called "Think and Grow Rich" by Napoleon Hill. Authored in the 1920s, this classic book is a collection of wisdom that is based on ideas from the author's mentor, Andrew Carnegie.
Wealth creation happens in three steps: 1) visualize; 2) believe; and 3) walk into success.
Don't let your early failures define your success. Continue to persist and push on.
Create vivid mental portraits of your success. Visualization is key.
Passion and discipline are what will guide you on your journey to success.
Avoid negative friends, well-meaning relatives and others who place restrictions on your dreams.
1. Have a burning desire
Hill tells us that if your goal is to becoming rich, you need more than just "wishes." You need to commit yourself to creating and executing on a plan to reach your objectives. Hill shares a six-step plan for achieving this:
Take a mental snapshot of the amount of money you seek. Name a number.
Name your price. What are you willing to do for the money?
Create a deadline. Fix a date by which you will achieve your goals.
Start a task sheet with a definite strategy. Start now.
Write a brief mission statement.
Make a declaration: Twice a day, read your mission statement aloud.
Dreams are not just floating ideas. When looking at the worlds greatest inventors and leaders, they failed numerous times before they reached their goals. Edison had over a thousand prototypes for his electrical lamps. The Wright brothers envisioned a flying airplane before anyone else dreamt it. Beethoven was a brilliant composer despite him being deaf.
Hill tells us that faith is the next step in visualizing our beliefs and pushing forward in our attainment of that desire. By telling ourselves that we will succeed, you start to plant the seed of triumph in your mind. This is applicable also with self-doubt and negative emotions, so feed your mind with the right, positive thoughts you need to reach success.
Your brain is a unique “broadcasting and receiving station for thought,” like a radio station that transmits and receives signals. Hill encourages us to listen to the “intangible forces” in our life. These forces – gravity, electricity, thunder and other elements – surround you. Use faith to stimulate your mind and reach your goals. Believe in the power of thought and belief.
3. Organized Planning
Moving from desire, to faith, to action requires strategic planning. To develop the right framework for success, you need the right team. Hill shares these following steps for organized planning:
Surround yourself with "like-minded" individual who support your goals and provide additional resources in achievement of your goals.
Conduct regular meetings and fine-tune your plan. Keep yourself accountable
Make sure you are aligned with other members of your support group
During this process, Hill reminds us not to accept failure during our initial phases. Be fluid and open to try different strategies, but most importantly, persist through the difficult times. Study the industry, opportunities, and players on the field. Formulate a detailed strategy that will help you move the needle in the direction you want to go, even if it means one step at a time.
Procrastination is a leading cause of failure in successful entrepreneurs, business owners, and investors. To be successful, you must be able to make quick, meaningful decisions and avoid people who undercuts your drive to succeed. Hill reminds us to dodge the trap of public opinion by revealing your plans only to your small circle of advisers. When you indiscriminately broadcast your strategies, ideas and goals, you lessen your chances of success. Keep quiet and keep the faith.
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