Chapter 13: If You Don’t Have Money Use OPM: Napoleon Hill And W. Clement Stone’s Success Through A Positive Mental Attitude Book Chapter Summary.

Are you wondering what OPM is? Well… In a nutshell… “It’s Other People’s Money!” Hill and Stone tell us that there are folks out there who have made millions utilizing loans from banks, plus other sources; all for the sole purpose of obtaining their wealth.

The authors of, “Success Through A Positive Mental Attitude,” tell us quite clearly that if you are going to be successful in general, “You need to operate with a high level of integrity and conduct yourself in an honest ethical manner.” This should be the case when working with any of the seventeen principles mentioned in their book, even before you consider using Other People’s Money. Otherwise things just might not go so well for you.

The authors tell us that it is ok to use credit to expand our business in a profitable way. They say that if you have the credit, and don’t use it to help your business grow, you are missing out on an important component of the winning combination to success.

Hill and Stone tell us that money can gain more money when it is invested wisely. Therefore, it’s not uncommon for folks to have more in tangible assets than actual money in the bank; all because they learned the fine art of using OPM.

We discover in this chapter that, not only can a banker be your friend; they will take the time to learn their client’s business. Knowledgeable bankers will understand why a client might want to borrow money for such things as advertising; granting their client the desired loan if the client’s business plan is sound. In some instances, a banker may even be willing to help a client develop a better business plan, once the client has established a solid credit history with the bank.

Stone and Hill warn us that credit is a two-way street. It can be just as harmful as it can be helpful if used carelessly. They tell us that access to it can even make some folks dishonest. Obviously; common sense must be used with credit. Even though one who defaults on a loan may not ever go to jail; there are usually serious consequences that evolve from defaulting on creditors.

When using other people’s money, we are told to keep in mind that things do run in cycles. There are times when borrowing more money is a good idea and there are times when it is not. If one continues to borrow money based on the value of securities acquired, and the value of those securities fall, or the market their business is in goes through a slow period, they may find themselves in a situation where they are unable to repay what they owe. So, calculating the highs and lows of the industry one is engaged in is important, especially when it comes to using OPM.

Knowing everything about the business you wish to use OPM for is critical. If you do not have all the information you need, even if you aren’t borrowing Other People’s Money, you may find yourself falling short of success because of one simple thing you knew nothing about. So, if you are going to use OPM, “Do your homework!”

Author: Brian Schnabel

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