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Foreword
Think And Grow Rich was written in 1937 so there were parts which were not in sync with the current times, but the things and secrets discussed in the book still work. Even though this book is about money and becoming rich, most of the book focuses on becoming successful in general. This book is more of a manual than a novel. Because of this reason you can read it at any time you want, not just in a single sitting. This book requires you to take action. I know it seems opposite to the title of the book. The author in the whole book tells you how to do and what to do to become successful and rich.
Summary
One thing that is very clear in the book is that you have to take charge of everything in your life and you can’t let luck do everything for you. You need to be responsible for everything you do. You need to take accountability. (This was something discussed in the Almanack of Naval Ravikant too!)
If you do not conquer self, you will be conquered by self.
Author says that the secret to becoming rich and successful is written more than 100 times. It is not mentioned specifically but just left in the plain sight. In this way, those who are seeking the secret will find it. This secret has been there for 1000s of years and has been used by 100s of successful people like Henry Ford, Thomas Edison, etc.
To become rich and successful you need to have a burning desire to be rich and successful. Just a mere wish is not enough, it needs to be a burning desire. When you have a strong desire to get something, nature will translate that desire into reality.
This desire starts with just a thought. You think of success and riches, then you wish for it, then desire and then reality.
You need to visualise your dreams. Visualise the money. Once you start visualising them in your imagination they will come into reality too.
It is this-ALL ACHIEVEMENT, ALL EARNED RICHES, HAVE THEIR BEGINNING IN AN IDEA!
He gives an example of a king who was in a war with another country. So, when the king’s army got off the ship, the king ordered them to burn down all of the ships. He tells everyone that if you want to go back home alive we need to win this war. And they all win the war. They all won the war because they had a burning desire to win the war.
Failure
“One of the most common causes of failure is the habit of quitting when one is overtaken by temporary defeat.” Failure is something you will face when you will go towards your success. You can’t get something for nothing.
Author gives an example of a man who found gold mines. He excavated the mines for a while and then one day the gold ran out of the mile. He tried digging deeper but couldn’t find any more gold. So, he left that place. Later on, the guy who bought the machinery to excavate gold called an engineer to inquire about the mines. Interestingly there was more gold just three feets below the point they stopped drilling. The former man took the lesson from here and decided never to quit. And then he went to own one the biggest insurance company in America at that time.
Failure is a trickster with a keen sense of irony and cunning.
If the thing you wish to do is right, and you believe in it, go ahead and do it! Put your dream across, and never mind what “they” say if you meet with temporary defeat, for “they,” perhaps, do not know that every failure brings with it the seed of an equivalent success.
Six Steps To transmute your thinking into reality
First. Be definite as to the amount.
Second. Determine exactly what you intend to give in return for the money you desire.
Third. Establish a definite date when you intend to possess the money you desire.
Fourth. 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.
Fifth. Write out a clear, concise statement of the amount of money you intend to acquire, name the time limit for its acquisition, state what you intend to give in return for the money, and describe clearly the plan through which you intend to accumulate
Sixth. Read your written statement aloud, twice daily, once just before retiring at night, and once after arising in the morning.
Auto Suggestion
The last step above is known as auto-suggestion. It is the conversation you have with yourself. This is reinforcing your mind to gain more faith in your belief. When you keep repeating something to yourself you will start believing in it even if it is a lie. This is going to make your faith stronger in desire and will put you closer to achieving success.
Specialisation
Having a specialised skill in which you are great at will make you successful. (This was also discussed in the Almanack of Naval Ravikant.) You need to have good knowledge of the business you will need to do. Author also talks about the concept of Master Mind. Master Mind refers to when a group of people with different specific knowledge come together to use their skills to achieve one goal. Think of this as a group of people working in a startup.
Quality of a good leader
Unwavering courage based upon knowledge of self, and of one’s occupation
Self-control. The man who cannot control himself, can never control others.
A keen sense of justice. Without a sense of fairness and justice, no leader can command and retain the respect of his followers.
Definiteness of decision. The man who wavers from his decision will not be trusted by his followers. His decisions will not be considered credible.
Definiteness of plans. The successful leader must plan his work, and work his plan.
The habit of doing more than paid for. As a leader you would need to give more than you are paid for. You have to set a sample for others.
A pleasing personality. No slovenly, careless person can become a successful leader. Leadership calls for respect.
Sympathy and understanding. The successful leader must be in sympathy with his followers.
Mastery of detail. To be a good leader you need to pay attention to detail and make sure everything is good.
Willingness to assume full responsibility. The successful leader must be willing to assume responsibility for the mistakes and the shortcomings of his followers. If he tries to shift this responsibility, he will not remain the leader.
Cooperation. The successful leader must understand, and apply the principle of cooperative effort and be able to induce his followers to do the same. Leadership calls for power, and power calls for cooperation.
Don’ts for a leader
Inability to organise details. Efficient leadership calls for ability to organise and to master details. No genuine leader is ever “too busy” to do anything which may be required of him in his capacity as leader.
Unwillingness to render humble service. Truly great leaders are willing, when occasion demands, to perform any sort of labour which they would ask another to perform.
Expectation of pay for what they “know” instead of what they do with that which they know. The world does not pay men for that which they “know.”
Fear of competition from followers. The leader who fears that one of his followers may take his position is practically sure to realise that fear sooner or later.
Lack of imagination. Without imagination, the leader is incapable of meeting emergencies, and of creating plans by which to guide his followers.
Selfishness. The leader who claims all the honour for the work of his followers, is sure to be met by resentment. The really great leader claims none of the honours.
Intemperance. Followers do not respect an intemperate leader.
Disloyalty. The leader who is not loyal to his trust, and to his associates, those above him, and those below him, cannot long maintain his leadership.
Emphasis of the “authority” of leadership. The efficient leader leads by encouraging, and not by trying to instil fear in the hearts of his followers. The leader who tries to impress his followers with his “authority” comes within the category of leadership through force.
Emphasis of title. The competent leader requires no “title” to give him the respect of his followers. The man who makes too much over his title generally has little else to emphasise.
Author talks about how to prepare applications for applying for a job. He doesn’t believe that job is all bad. He gives out a step by step guide about making a resume. (It’s very classy and school.) As you can see, though money is there in the topic of the book, most advice is success oriented.
There are 30 things which can stand between success and you.
Unfavourable hereditary background.
Lack of a well-defined purpose in life.
Lack of ambition to aim above mediocrity.
Insufficient education.
Lack of self-discipline.
Ill health.
Unfavourable environmental influences during childhood.
Procrastination.
Lack of persistence.
Negative personality.
Lack of controlled sexual urge.
Uncontrolled desire for “something for nothing.”
Lack of a well defined power of decision.
One or more of the six basic fears.
Wrong selection of a mate in marriage.
Over-caution. The person who takes no chances, generally has to take whatever is left when others are through choosing.
Wrong selection of associates in business.
Superstition and prejudice.
Wrong selection of a vocation.
Lack of concentration of effort.
The habit of indiscriminate spending.
Lack of enthusiasm. Without enthusiasm one cannot be convincing.
Intolerance. The person with a “closed” mind on any subject seldom gets ahead. Intolerance means that one has stopped acquiring knowledge.
Intemperance. The most damaging forms of intemperance are connected with eating, strong drink, and sexual activities.
Inability to cooperate with others.
Possession of power that was not acquired through self-effort. (Sons and daughters of wealthy men, and others who inherit money which they did not earn).
Intentional dishonesty. There is no substitute for honesty. One may be temporarily dishonest by force of circumstances over which one has no control, without permanent damage.
Egotism and vanity. These qualities serve as red lights which warn others to keep away. They are fatal to success.
Guessing instead of thinking.
Lack of capital.
The six ghosts of fear
According to the author there are 6 ghosts of fear that prevent you from getting successful. These ghosts are only in your mind and you have the ability to control them. They are
Fear of Poverty: A common symptom is indifference towards money. This shows lack of ambition. Your mind can’t be rich if you worry about how to put food on the table. It’s cure is to tell yourself that you will give your all to get all the success and money you want and whatever you gain will be sufficient.
Fear of Criticism: A common symptom is being nervous in the presence of others. The fear of what people would think and say to you for following your dreams or using the secret. It’s cure is to stop worrying about what other people do, think and tell you.
Fear of Illness: A common symptom is faking an illness. Usually it is just used to cover up for you being lazy. Cure is to stop searching for symptoms of illness and focus on your goal. Any disease would be deadly if you would google it.
Fear of losing love of someone: A common sign is jealousy. It is the constant thought that your love will go away from you or stop loving you. It’s cure is to learn how to live by yourself and appreciate it.
Fear of Old Age: It’s common symptom is being sad about your age. Fear of old age is majorly due to lack of freedom in old age and death due to bad health. It's a cure to simply accept your ageing as a blessing to be wiser and having better self-control.
Fear of Death: This is the most common fear among people. The thought of not being alive scares people. Its cure is to just accept that death is part of life and it will eventually happen. So you just focus on living your life and die in peace.
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Nice summary. List posts/summaries are always filled with knowledge. Keep it up!