Boring chapter title, but a few things worth noting:
- You don’t get rich alone. No one has all the skills, experience and knowledge needed to amass a great fortune. Your Master Mind group will help you get there.
- If you ever wanted an almost exhaustive list of why or how you can fail, the author listed out all 30 of them here.
More notes below. Sharing them here as reference for myself, and for anyone who might find it useful. This is not a book review, just raw notes lifted directly from the book, with some minor edits, interpretations and categorisations of my own.
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Think And Grow Rich (6):
Organized planning: The crystallization of desire in action, the sixth step to riches
About Master Mind groups
You must have the advantage of the experience, education, native ability and imagination of other minds. This is in harmony with the methods followed by every person who has accumulated a great fortune.
No individual has sufficient experience, education, native ability, and knowledge to insure the accumulation of a great fortune, without the cooperation of other people. Every plan you adopt, in your endeavour to accumulate wealth, should be the joint creation of yourself and every other member of your “Master Mind” group. You may originate your own plans, either in whole or in part, but SEE THAT THOSE PLANS ARE CHECKED, AND APPROVED BY THE MEMBERS OF YOUR “MASTER MIND” ALLIANCE.
The world does not pay men for that which they “know”. It pays them for what they DO, or induce others to do.
It is an eternal truth that men receive more pay for their ABILITY TO GET OTHERS TO PERFORM, than they could possibly earn by their own efforts.
The 30 major causes of failure
- Unfavorable 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
- Unfavorable environmental influences during childhood
- Procrastination
- Lack of persistence
- Negative personality
- Lack of controlled sexual urge
- Uncontrolled desire for “something for nothing”, e.g. gambling
- Lack of well defined power of decision
- One or more of the 6 basic fears
- Wrong selection of a marriage partner
- Over-caution
- Wrong selection of associates in business
- Superstition and prejudice
- Wrong selection of vocation
- Lack of concentration of effort
- Habit of indiscriminate spending
- Lack of enthusiasm
- Intolerance, dogmatism and a closed mind
- Intemperance and overindulgence in senses
- Inability to cooperate with others
- Possession of power that was not acquired through self effort
- Intentional dishonesty
- Egotism and vanity
- Guessing instead of thinking
- Lack of capital
BE SURE THAT YOU ARE WORTH MORE THAN YOU KNOW RECEIVE. It is one thing to WANT money-everyone wants more-but it is something entirely different to be WORTH MORE! Many people mistake their WANTS for their JUST DUES. Your financial requirements or wants have nothing whatever to do with your WORTH. Your value is established entirely by your ability to render useful service or your capacity to induce others to render such services.
Annual self-analysis to take inventory of yourself
The yearly analysis should disclose a DECREASE IN FAULTS, and an increase in VIRTUES.