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Many of us dream about having financial freedom but don’t know how to achieve it. I originally read about this formula for achieving wealth in Napoleon Hill’s famous book “Think and Grow Rich“, first published in 1937. It contains a blueprint for financial success gleaned from studying the habits of over 500 wealthy business men (unfortunately 1937 was not the world it is today so no business women feature in the book!) Since I discovered the formula described by Napoleon Hill over ten years ago, I’ve seen it applied successfully by many others, including myself!
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Over the last ten years, since first coming across Hill’s book, I have also read other books on success, and seen similar formulas described. I have yet, however to come across one as practical and valuable as this one. In the 2008 documentary “The Secret” the idea of using your mind to attract money is discussed as part of the “law of attraction” teachings. I believe however that while it is beneficial to visualise in this way, having an optimistic mindset, you will remain where you are if you do not have a strategy to see your goals realised. As Estee Lauder said “I never dreamed about success. I worked for it.” The blueprint for success requires not only a positive mind set but also determination and work!
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“Timing, perseverance, and ten years of trying will eventually make you look like an overnight success.”
Biz Stone (co-founder of twitter)
I have detailed below the six steps Napoleon Hill described to attaining wealth, followed by some information on how YOU can achieve the same success!
1. Decide the Exact Amount of Money you Want to Earn
It’s not enough to have a wishy washy idea that you want to be rich, or you want to earn more money. You need to have a fixed idea in your head of exactly how much you want to earn. Be specific. If you want to earn an extra £100,000 in the next year then have that exact figure in your mind.
2. Decide What You Are Going to Give in Exchange for this Money
You need to decide what you are going to do in return. What will you give back to the world? There is no such thing as something for nothing. Think about what you have to offer. If you can’t think of anything at the moment, don’t worry, I have some ideas for you at the end of this post!
3. Determine the Date by Which You Want to Have Earned this Sum
Define exactly when you want to have earned the money. For example you might want £100,000 within the next 12 months. This is very important. It is not sufficient to decide that at some point in the future you want to have earned this money. You must have a deadline to work towards.
4. Put Together a Plan on How You Will Achieve This
Once you have decided how much you want to earn and by when, you need to form a plan and start immediately. Even if you don’t feel ready to start it is important that you do not delay but start taking steps straight away towards your goal. It’s like driving a car at night. You can’t see further than what is visible in the headlights, but that’s all you need to see for the journey. You may not be able to see every step of the plan but as long as you have a plan, just start taking the first steps.
5. Write it Down
Write a clear statement detailing the amount you intend to earn, what you will do in return for the money, and your plan for achieving this.
6. Read this Statement out Loud Twice Every Day
Read the statement once just before bed and once when you get up in the morning, and when you are reading the statement imagine you are already in possession of the money.
Amateurs sit and wait for inspiration, the rest of us just get up and go to work.
Stephen King
Jack Canfield’s Success Story
The author of the famous book “Chicken Soup for the Soul”, Jack Canfield used this formula (or at least the first part) to make more money. He decided he wanted to earn $100,000 in a year. The idea came to him that if he sold 400,000 copies of “Chicken Soup for the Soul” at a quarter each that would make $100,000. He acted on this idea straight away. A year later he had made $92,327 – not quite $100,000 but pretty close!

How You Can Use This Formula
How can you use this formula to achieve your financial goals? Here’s a step-by-step approach:
- Identify Your Skills and InterestsThink about what you are good at and what you enjoy doing. Your skills and passions can help you decide what to offer in exchange for money.
- Research OpportunitiesLook for opportunities in your area of interest. This could be a side business, freelance work, or offering a service. For example, if you are skilled in graphic design, you could offer design services to small businesses.
- Set Clear GoalsUse the formula to set specific, measurable goals. Decide how much money you want to earn and by when. Break this goal into smaller, manageable steps.
- Create a PlanDevelop a detailed plan outlining how you will achieve your goal. Include steps like marketing your services, finding clients, and setting prices. Start working on this plan immediately, even if you feel unprepared.
- Stay Focused and DeterminedStay committed to your plan. Read your goals aloud twice daily to keep them fresh in your mind. Visualize your success and maintain a positive mindset.
- Adjust and ImproveAs you work towards your goal, be prepared to adjust your plan. Learn from any setbacks and keep improving your approach. Persistence is key to achieving long-term success.
By following these steps, you can use Napoleon Hill’s formula to reach your financial goals in any field you choose.
Success Stories from Readers
Many of our readers have successfully applied Napoleon Hill’s formula and achieved remarkable results. Here are a few inspiring stories:
- Jane D.: Jane used the formula to start her own consulting business. Within two years, she tripled her income and gained financial independence.
- Michael T.: Michael set a goal to pay off his student loans within five years. By following the steps, he not only paid off his loans but also saved for a down payment on a house.
- Emily R.: Emily wanted to earn extra income while staying home with her kids. She turned her baking hobby into a successful online business, surpassing her financial goals in just one year.
Frequently Asked Questions (FAQs)
How long does it usually take to see results?
Results vary depending on your goals and dedication. Some see changes within months, while others may take a few years.
What if I don’t know what to offer in exchange for money?
Start by identifying your skills and passions. Consider what people often ask you for help with or what you enjoy doing in your free time.
How do I stay motivated?
Set smaller, achievable milestones and celebrate your progress. Keep visual reminders of your goals and read your written statement daily.
Tools and Resources
Below are some books to help you on your journey:
- Kiyosaki, Robert T. (Author)
- English (Publication Language)
- 336 Pages – 05/19/2022 (Publication Date) – Plata Publishing (Publisher)
- Lechter, Sharon (Author)
- English (Publication Language)
- 352 Pages – 06/16/2015 (Publication Date) – Tarcherperigee (Publisher)
- Think and Grow Rich
- Napoleon Hill (Author)
- English (Publication Language)
- The Think and Grow Rich Journal: Based on Napoleon Hill’s Landmark Guide to Success
- Product_Type: ABIS_BOOK
- Brand: Tarcherperigee
Common Pitfalls and How to Avoid Them
Finally, below are some common pitfalls and how to avoid them.
- Lack of Specific Goals: Ensure your goals are specific and measurable. Avoid vague statements like “I want to be rich.”
- Procrastination: Start immediately, even if you don’t have a complete plan. Taking action is crucial.
- Giving Up Too Soon: Persistence is key. Expect setbacks and be prepared to learn and adjust your plan.
Sherry
Thursday 30th of April 2020
These are great tips!!
Haaya
Thursday 30th of April 2020
Love your tips- I will certainly set a financial goal so that I work towards achieving and surpassing that figure hopefully!!