The second ‘financial’ related book I’ve read this year has been described as “one of the most important financial books ever written“. I can’t really comment on this, since I haven’t read many financial books but I can see why it would have made such a powerful impact when it was first published.
‘Think and Grow Rich
‘ by Napoleon Hill was written especially for those who lost pretty much everything in the Wall Street Crash of 1929.
There is an updated version which covers the likes of more modern successful businessmen such as Bill Gates but the version I read was the 1937 version, so the successful people described in the books were the likes of Thomas Edison and Henry Ford. Hill apparently researched more than forty millionaires to find out what made them successful.
The book is basically a self help/personal development book that – if you understand all the principles and its messages and follow them – can help you become successful and (if you want to be) rich.
As it was written in 1937, the book was obviously very dated, referring constantly to the Wall Street Crash and the US Depression in the 1930s, and of course, references to technology and information available was limited to what was around at the time, ie no computers or internet! Also, as expected, it was occasionally somewhat politically incorrect.
One particular observation made me laugh: “If a woman permits her husband to lose interest in her, and become more interested in other women, it is usually because of her ignorance, or indifference toward the subjects of sex, love, and romance“. Hmmm…yes, well haha!
However, there was still quite a lot of relevant stuff – how you sell yourself back in the 1930s is not very different from how you sell yourself today!
I’m not a great non-fiction reader (being a fiction-lover) so I found this book pretty hard-going.
Some chapters were very interesting but even these had a lot of ‘waffle’. A few chapters I ended up skipping, in particular where Hill vouches for clairvoyance and extra-sensory perception (ESP) or when the American history detail just got a bit too much for me!
Stuff that stuck in my Mind
I’m glad I read the book as there is stuff I can take away, I found some of it pretty motivational and there are tips and suggestions that I intend to put into practice. Certainly there are some chapters that I will return to again.
For example, the book determines that there are various steps to success/riches – I won’t list them all but they include Desire, Organised Planning, Decision and Persistence. These I readily identified with as they are steps towards FI and retiring early!
I’ll finish off with some quotes/verses which stuck in my mind:
“Our only limitations are those we set up in our own minds”
If you think you are beaten, you are,
If you think you dare not, you don’t
If you like to win, but you think you can’t
It is almost certain you won’t.
(by Walter D Wintle)
“A quitter never wins and a winner never quits.”
“Procrastination is one of the most common causes of failure.”
Stop worrying and conquer the fears which can stop you from being successful in what you do.
Stop using alibis/excuses that are used by people who are not successful, eg
…if only I had money…
…if only I had a good education…
…if only I had time….
…if I now had a chance…
…if only I could save some money…
…if I only knew how…
(there are lots more in the book)
Hill states that you will only be successful if you follow all the principles laid out in his book.
I only intend to follow some of them, but if it means I achieve my goals, that’s all the success I need – I’m not aiming to be a millionaire/billionaire!
Incidentally, I’ve highlighted the procrastination tip as this was mentioned recently by Huw in his YouTube video
, and it’s something that I suffer from (at times) quite badly, but more so at home, rather than at work.
After reading the book (and then being prompted by Huw), I set about doing a task that I’ve been putting off (and putting off) for the best part of a year – that of transferring my stakeholder pension into one of my SIPPs.
I’ll do a post on this at some point to let you know how I get on but the deed is done!
Weenie 1 Procrastination 0!
Of course, there’s other stuff that I’ve been putting off that needs doing, but one step at a time, eh!