templeton-planTo better understand the financial wisdom of John Templeton, we are discussing some of his twenty-one steps detailed in The Templeton Plan and pairing them with financial news. We are currently discussing Step 14: Controlling Your Thoughts for Effective Action.

Here are the four lessons for controlling your thoughts for effective action as detailed by John Templeton in The Templeton Plan:

1. Do not think of “thought control” as a repressive tool out of George Orwell’s 1984. Rather, think of it as a positive force that will leave your mind clearer, more directed, and more effective.

2. Remember that you are what you think. If you think well of yourself, others will think well of you. Your mind creates the environment in which you live and function.

3. Practice the “crowding-out” method by filling your mind with good and productive thoughts. Soon there will be no room left for the bad ones.

4. The moment you wake up in the morning set your thought pattern for the day. Think of five things for which you are deeply grateful and keep them in your mind.