Think and Grow Rich Summary: The 6-Step Formula to Build Wealth

Want to know why some people get rich and others never do? The answer was written in 1937. This is Think and Grow Rich.

The Classic

Let's start with the story that changes everything.

The Barnes Story

Edwin Barnes had a dream. He wanted to become a business partner of Thomas Edison. Not work for Edison. Partner with him. When Barnes arrived at Edison's office, he looked like a tramp. He had no money, no connections, no college degree. But he had one thing: an obsession.

He burned with the desire to work with Edison. Edison was impressed. Not by Barnes' appearance, but by the fire in his eyes. He gave Barnes a menial job, sweeping floors and running errands. The pay was almost nothing. For years, Barnes did that menial work.

The Proof

But he never lost sight of his goal. He watched. He learned. He waited for his opportunity. Then came the moment. Edison had just invented a new office device called the Edison Dictating Machine. His sales team thought it was useless. Nobody wanted to sell it.

But Barnes saw the opportunity. He asked Edison if he could sell it. Edison said yes. Barnes went out and sold the machine, across the entire country. Edwin Barnes got what he wanted. He became Edison's business partner. He became a wealthy man. And he proved that desire, backed by persistence, can turn into reality.

The Result

This is the core of Think and Grow Rich. Hill calls it the starting point of all achievement. Now, here's the six-step formula that Hill gives you to turn any desire into reality.

Write these down. Step one: fix in your mind the exact amount of money you desire.

Not just "I want to be rich." Be specific. "I want to earn one hundred thousand dollars a year by December 31st." Step two: determine exactly what you intend to give in return for the money.

There is no such thing as something for nothing. What skill, service, or value will you provide? Step three: establish a definite date by which you intend to possess the money.

Step four: 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. Step five: write out a clear, concise statement of the amount of money you intend to acquire, name the time limit, state what you intend to give in return, and describe clearly the plan through which you intend to accumulate it.

Step six: read your written statement aloud, twice daily, once just before retiring at night, and once after arising in the morning. As you read, see and feel and believe yourself already in possession of the money. That last step sounds strange, doesn't it?

Faith

Reading a statement aloud and believing you already have the money? But this is where the real power of the book lies. Hill calls it faith. Not religious faith, but faith as a state of mind. Faith is the visualization of, and belief in, attainment of your desire.

It is the only known antidote for failure. Here's how it works. Your subconscious mind cannot tell the difference between a thought that is real and a thought that is imagined. If you repeatedly tell yourself that you are wealthy, that you are successful, that you have already achieved your goal, your subconscious mind will start to believe it. And when your subconscious mind believes something, it starts to find ways to make it real.

The Subconscious Mind

It notices opportunities you would have missed. It gives you ideas you would never have had. It pushes you to take action you would have avoided. This is why step six is so important.

It's not magic. It's psychology. You are programming your subconscious mind to work for you, instead of against you.

Persistence

But desire and faith alone are not enough. You also need persistence. Hill says that persistence is the sustained effort necessary to induce faith. Without persistence, you will give up before you reach your goal. With persistence, you will overcome every obstacle. How do you develop persistence? Hill gives you four simple steps.

First, a definite purpose. Second, a definite plan. Third, a mind closed tightly against all negative and discouraging influences. And fourth, a friendly alliance with one or more persons who will encourage you to follow through with your plan. That fourth step is what Hill calls the Master Mind principle. No one ever achieves great success alone. You need a team of people who support you, challenge you, and help you grow.

Summary

Let me bring this all together. Think and Grow Rich is not a get-rich-quick scheme. It is a philosophy of success. It teaches you that wealth begins in the mind, with a burning desire, backed by faith, fueled by persistence, and executed through a definite plan. The six-step formula works for any goal, not just money. Want to start a business? Use the formula.

Want to get in shape? Use the formula. Want to learn a new skill? Use the formula. The question is not whether the formula works. The question is whether you will use it.

Your Turn

Edwin Barnes used it. He started with nothing but a desire. And he became Edison's partner.

What's your desire? And what are you going to do about it?