Book Notes #007 - Think and Grow Rich by Napoleon Hill.


Book Review

Rate: 4.5/5 ⭐️

Topic: Non-fiction (self-help).


Main Ideas - Good.

Examples & stories - Good.

Engagement - Good.


Who should read this book?


If your goal is to learn how to make more money, this is a good book to read. The first step to riches is to become money conscious.


Becoming money conscious means understanding how money is earned. Money = Value (we receive money in exchange for adding value into someone's life), creativity then, can be used to come up with ideas that bring value to people (either as a product, service or offering our time for money) and as a result create wealth. The more value we can add, the more money we can accumulate. The book goes through many examples of people who have accumulated wealth this way. True wealth comes from added value at scale.

Wishing will not bring riches. But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches and backing those plans with persistence which does not recognize failure, will bring riches.

Suggestions


The lessons in this book have to be extracted in your own way. This book may contain some ideas that are outdated and focus on a more holistic approach to explaining certain core concepts. If you are able to push past the self-help tone, oversimplifications and repetition of messages throughout the book, you can extract very practical steps on goal setting and a long-term plan to accumulated riches.


Also understanding that the accumulation of wealth may take up to five to ten years is a pre-requisite, this concept is otherwise known as mastery. Do not expect this book to change that fact, if you take the practical steps to move forward, stay consistent and align yourself with the goal to accumulate wealth. There is still a five to ten year journey ahead of you. The number of skills, practice, knowledge and partnerships you will have to develop is what makes the journey that long.


This book provides a good foundation on the philosophy of wealth as a personal goal but does not teach the details on running a company, managing people, building products and marketing those products. Read additional books to acquire those skills and as a whole, learn how to build wealth.


Other book recommendations:

- The Almanack Of Naval Ravikant: A Guide to Wealth and Happiness (Personal)

- The $100 Startup by Chris Guillebeau (Solopreneurs)

- The E-myth by Michael Gerber. (Small Business)

- Lean Startup by Eric Ries. (Startups)


MAIN TAKEAWAYS


  • THOUGHT, DESIRE & FAITH: THE INITIAL INGREDIENTS TO SUCCESS.

In the first three chapters of the book, the book explains how, thoughts, desires and faith are the initial ingredients to create wealth. The book begins by describing the importance of having an initial aim to accumulate riches. Only by being aware that riches are possible, one can truly be open to the possibility of obtaining it.


The will to win, the desire to achieve one's goals and aligning yourself with one core goal or purpose, are the initial steps to riches. Replace cynicism with faith, thoughts into action and wants into a burning desire.


Know what you want and why you want it. Replace excuses, jealousy, resentment and laziness with hope, faith, courage and tolerance.


  • THE SUBCONSCIOUS MIND: FIX YOUR PAST FAILURES AND TRAUMAS.

Imagine yourself successful, reflect on your past success, set definite goals and respond positively to life. Faith is a state of mind that may be induced, or created, by affirmation or repeated instructions to the subconscious mind (thoughts+emotions+faith = new reality).


"The subconscious mind is more susceptible to influence by impulses of thought mixed with feeling or emotion than by those originating solely in the reasoning portion of the mind."


No one is ready for a thing until he believes he can acquire it. If you fill your mind with fear, doubt and disbelief, your ability to connect with and use the forces of infinite intelligence will be obstructed. Concentrate on a strong desire until the desire becomes a burning obsession. Turn ideas into cash through a purpose and a plan.


"People may gain control of themselves and their environment because they have the power to influence their own subconscious minds, and through it gain the cooperation of infinite intelligence. "


  • THE MASTERMIND GROUP, SPECIALIZES KNOWLEDGE AND IMAGINATION.

"Economic advantages may be created by people who surrender themselves with the advice, counsel and personal cooperation of a group of people who are willing to lend them wholehearted aid in the spirit of perfect harmony. This form of cooperative alliance has been the basis of nearly every great fortune. Your understanding of this great truth may definitely determine your financial status"


Summon to your aid people who can answer any question you desire to ask concerning the business to which you are devoting most of your time.


"Carnegie surrounded himself with experts who could do all that he could not do, people who created ideas and men who put ideas into operation and made themselves and others fabulously rich... You will require specialized knowledge of the service, merchandise or profession you intend to offer in return for fortune."


It pays to know how to purchase knowledge;

  1. One's own experience and education.

  2. Cooperation with others,

  3. Colleges universities,

  4. Books.

  5. Specialized training courses.

"The person who stops studying merely because they have finished school is forever hopelessly doomed to mediocrity, no matter what their calling. The way to success is the way if the continuous pursuit of knowledge."


  • ORGANIZED PLANNING, PERSISTENCE & MASTERY

Organize planning is all about how to run a company, leadership and management. In this chapter of the book, you expect to learn the major causes of failure in leadership and the actions steps you can take to avoid them.


"The bottom is a monotonous, dreary, unprofitable place for any person." Be persistence. Persistence is a state of mind, so it can be cultivated, it can be learned and mastered.


"Henry Ford began his business career under the handicap of poverty, illiteracy, and ignorance. Within the inconceivable short period of 10 years, Mr. Ford mastered these three handicaps, and within 25 years made himself one of the richest men in America.


How to develop persistence;

  1. A definite purpose backed by a burning desire for its fulfillment.

  2. A definitely plan, expressed in continuous action.

  3. A mind closed tightly against all negative and discouraging influences. (even friends and family as well as your own personal voice)

  4. A friendly alliance with one or more people who will encourage you to follow up with both plan and purpose.


QUOTES


  • "When visualizing the money you intend to accumulate (with closed eyes), see yourself rendering the service, or delivering the merchandise you intend to give in return for this money."


  • "We rise to high positions and or remain at the bottom because of conditions we can control if we desire to control them. Both success and failure are largely the results of habit."


  • "Faith is a state of mind that may be induced, or created, by affirmation or repeated instructions to the subconscious mind... Making repeated affirmations to your subconscious mind is the only known method of developing the emotion of faith voluntarily."


  • "Success comes to those who become success conscious" Failure comes to those who focus on failure.


  • "Remember, no more effort is required to aim high in life, to demand abundance and prosperity, than is required to accept misery and poverty."


  • "Stick to your ideas, think of what the customer wants and give it to them, overcome obstacles by taking positive steps to break them down, keep open to new opportunities."


  • "Self-mastery is the hardest job you will ever tackle. If you do not conquer self, you will be conquered by self."



Action Steps

  1. Fix in your mind the exact amount of money you desire. It is not sufficient merely to say, "I want plenty of money." Be definite as to the amount. (Be specific, is it revenue or profit?)

  2. Determine exactly what you intend to give in return for the money you desire. (There is no such reality as "something for nothing.")

  3. Establish a definite date when you intend to possess the money you desire. 6-4 months plans.

  4. Create a definite plan for carrying out your desire, and begin at once, whether you are ready or not, to put this plan into action.

  5. Write out a clear, concise statement of the amount of money you intend to acquire. Name the time limit for its acquisition.

  6. Read your written statement aloud, twice daily, once just before retiring at night, and once after rising in the morning. AS YOU READ, SEE AND FEEL AND BELIEVE YOURSELF ALREADY IN POSSESSION OF THE MONEY


BUY BOOK!



Personal Reflections


Think and grow rich is one of the "classic" books in the self-help category. It's a good book to start when you are aiming to create wealth in your life. My personal take from the book really came as fundamentals on wealth creation. Although the "secret" is not said explicitly, you can assume that the way to grow riches is by creating valuable products or services. Just as other people have from Henry Ford, Thomas A Edison, Rockefellers, Bill Gates, etc.


Our adaptation of the capitalist system created a new opportunity to create wealth for individuals. To become money conscious means to become aware of this fact. You can create wealth in a capitalist system. What you have to understand is that people trade money for value. With this first premise, you can then ask. How is value created? What new opportunities are available?


Value can be created through organized planning either as an individual or people. An organized group of people committed to building value for others are otherwise known as "company or business", Companies exist with the need to create value for people (customers) in form of products or services. Learning to organize a company of many or a company of one is a skill that will pay dividends.


Goal Setting Example;


I want to make $1,000 per month by March 20th.


Note: I use the seasons as deadlines for my goals. Review your goals at the beginning of each season and assess your progress. Adjust accordingly. What are you missing? Maybe is more time, set the same goal for the next season and implement new strategies to obtain the desired goal.


- Summer - June 21st to September 22nd.

- Fall - September 22nd to December 21st.

- Winter - December 21st to March 20th

- Spring - March 20th to June 21st