Sunday, May 7, 2017

Think and Grow Rich - Napolean Hill

Think and Grow Rich by Napolean Hill is a must read personal finance book. This book is not a practical guide with current tips on how to start an "e-business", but rather a study on the philosophy of the most successful people in recent history.

Hill first published this book in 1937, at the height of the great depression. Hill ventured to write a book chronicling the mindsets of the wealthiest people of his era (e.g. Andrew Carnegie).

I found an excellent book review on this Youtube channel (Clark Kegley) and have written out the top 8 take-home messages:
  1. Mindset - It's more about the person you become and skills that you acquire than the dollars in your bank account. 
  2. Think - It's important to take time to think deeply (e.g. meditate or go for a long walk). It takes time to have good ideas. Keeping a journal is a great way to achieve clarity.
  3. Desire - Successful people are always driven by an obsession for their craft.
  4. Organized Planning - Breakdown large goals into smaller ones. Achieving smaller goals will keep you motivated. Never set a goal without doing something towards its attainment. 
  5. Persistence - Success is often just one step beyond failure, don't give up! The media loves to publicize "overnight successes" without mentioning the 10 years of hard-work.
  6. Seek Feedback - Constantly seek feedback for improving. Always get a 2nd opinion and listen to the wisdom/advice of people who you wish to emulate. You are the average of the 5 people you spend the most time with.
  7. Specialized Knowledge/Skill - Expert knowledge is impossible to outsource. Knowing a lot about a specific topic/having a specialized skill will increase your value.
  8. Faith - Believe in yourself. A quote that summarizes this point is to "fake it 'till you make it." 
Finally, here is Clark Kegley with a book summary: