The Templeton Plan

by Sir John Templeton

  And therein lay John Templeton’s offered solution to the financial problems of investors worldwide. He said, in effect: “Don’t stand by while your money dwindles in value in savings accounts. Make your money work for you. Become a capitalist by buying into other companies through the purchase of common stock in a mutual funds plan.”

  John Templeton’s upbringing implanted in him the inner drive and personal values necessary to reach the highest level of performance as an investor. He learned how to be comfortable with his wealth. He is a self-made man who lacked the benefit of a family tradition of “old money” and philanthropy, but he has avoided the danger of being corrupted by money, because he has learned the secret of “living successfully with success.” Indeed, he provides an outstanding example of how a person’s wealth can become a satisfying extension of his inner drives and values. He found solutions for reconciling his business success with his powerful religious convictions.

  King Midas, in the famous myth, once encountered the forest god Silenus, who was a close companion and mentor of Dionysus, the Greek god of wine, fertility, and revelry. Silenus wandered drunkenly into Midas’s royal gardens, got lost, and finally was rescued by the king. Dionysus was so happy when Midas returned with his friend that he promised to grant Midas his deepest wish. Midas, a materialistic man, asked for the power to turn everything he touched into gold.

  This wish was bestowed on him. But the problem was that everything he touched, without exception, turned to gold, including his food and drink.

  Midas was lucky. He returned to Dionysus who agreed to remove the spell. His almost-fatal mistake was that he became consumed by a desire to build up a store of immense wealth without considering the consequences.

  Wealth, for the successful person, however, has a purpose that goes beyond mere accumulation. Otherwise, material goods can actually careen out of control, turn on their possessors, and ultimately destroy them.

  Unlike Midas, whose wealth exerted a negative force, Templeton had a positive solution to the “problem” of money; he would use his material gains in a way that would benefit others. His attitude toward his worldly success involved a sense of stewardship, a belief that what you have is not actually yours but is held in trust for the good of all humanity.

  John Templeton has never been satisfied to be merely wealthy. He has also worked hard, studied hard, and always prayed to be loving and giving. For him, these are the qualities that make for success. Through the years, he has kept to a great vision and a high standard—to seek the original, the spiritual, and the love and understanding of God.

  Therein lies his success.

  Therein can lie yours.

  To summarize Step 21:

  Be a problem solver, not a problem maker.

  Choose a career where you have a chance to become an expert.

  Never remain in a position that is no longer useful, but quickly begin the search for possible career solutions.

  If you are faced with a difficult problem to solve, pray to God for guidance.

  Beware of the Midas example: Money is never an end in itself but only the means to an end.

  Use your material gains in ways that will benefit others.

  The basic lesson to be learned from Step 21 is that you can live successfully with success. By following the six points just listed, your wealth, no matter how much or little, can become a satisfying extension of your inner drives and values.

  SUMMING UP

  THE TEMPLETON PLAN

  BY REVIEWING the twenty-one steps that make up The Templeton Plan, it is hoped that readers will form a mental map of the guideposts to follow as they advance along the success course.

  In the introduction, we discussed motivation. We learned that the successful individual will tackle every endeavor from a solid ethical and religious base. It is John Templeton’s firm belief, based on his years of working with some of the world’s most successful people, that strong spiritual values will help us as we search for financial success and a happy and fulfilled life.

  Leaders who follow spiritual principles inspire enthusiasm in others. They tend to run better-functioning businesses. Their employees are loyal to them. They are the type of leaders—like John Templeton himself—who often begin and end business meetings with prayer. They are the type of leaders who treat each employee just as they themselves would hope to be treated.

  John Templeton believes that if your basic values are rooted in religion, financial success is more likely to follow.

  It is important, as developed in Step 1, to learn and practice the laws of life. Among the laws of life are truthfulness, perseverance, joy, enthusiasm, humility, and altruism.

  A person who hopes to be successful in any endeavor must adhere to these laws. By incorporating them into your code of behavior, you’re on your way to becoming a fulfilled human being. You’ll learn to give freely of yourself and to love without fear. Following the laws of life will give you a greater chance of succeeding at anything you attempt to do.

  In order to use what you have, it is important to learn something new each day. Step 2 demonstrated that learning is a lifetime endeavor. We should monitor our daily behavior and make certain that we don’t end up like John Templeton’s friend who, upon graduating from high school, never read another book.

  We must continue to read, to learn, to experience new feelings and ideas. To show initiative at an early age. To observe others. To listen carefully to others. To use whatever degree of intelligence we possess to the fullest. We may not all be born with equal abilities, but by using what we have wisely and well, we can achieve success and happiness.

  We learned in Step 3 that the best way to help yourself is to help others. You must ask yourself whether or not you are using your talents in the wisest way, which means for others as well as yourself. You must ask yourself whether or not your work is helping at least one other human being.

  John Templeton learned from Jesus’ parable of the talents, as set forth in Matthew, that God gave talents to each of us and that he expects us to use what talents we are given to the utmost. Through our talents we can create beauty. We can help others. We can manufacture a product that lasts. The greatest good of all is to help others discover and develop their own abilities.

  Step 4 asked us to examine our virtues, to draw up lists of them, and assign them values. Successful people live their virtues consciously. A partial list of virtues would include gentleness, honesty, bravery, loyalty, and hope. If you place a certain virtue—say, honesty—at the top of your list, that tells you a great deal about yourself. It is important to practice all the virtues, but it is also important to know what they mean in our lives.

  Success-bound people understand that you don’t become happy by concentrating on trying to be happy. They have learned the valuable lesson, which we explored in Step 5, that happiness is achieved by what you do. If you please others, you will please yourself. Happiness and success are in the giving, not the getting. They are in the production, not the consumption. So set new goals for yourself constantly. Always remain active. And if you don’t look for happiness, but give it, it will seek you out.

  Step 6 provided us with many examples of how to find the positive in every negative, of how to live in harmony with others in ways that lead to productive change. It is important to shun gossip, to avoid comparisons, to read literature that inspires you, and to welcome each day as a new start, an adventure, a seminar in living. Finding the positive is partly a matter of perspective; you should always view your glass as half full, not half empty.

  Investing yourself in your work, as we learned in Step 7, is the true elixir of life. An idea is only an idea until you subject it to the test of hard work. People who invest themselves in their work are the ones who turn problems into opportunities. They carry reading material with them wherever they go and even a tape recorder so that they can note their thoughts in free moments between appointments. They know how to defer pleasure until the job at hand is do
ne.

  Step 8 made the point that there is no such thing as luck over the span of an entire career. The main ingredients of “luck” are careful planning, plenty of perseverance, and the use of imagination. In the final analysis, what we call luck is what you manage to make of all the options available to you.

  You must always be prepared, make certain that you’ve done your homework, and that your goals are worthy ones, and you will have the kind of constant and lifelong “luck” that has nothing to do with cards or roulette wheels.

  Step 9 examined two key principles of success and happiness: honesty and perseverance. Success-bound people finish what they begin. They handle all their business relationships as a sacred trust. They give what they promise and never cut corners. By investing in the virtues of honesty and perseverance, you will find that others are more likely to invest in you.

  As we discovered in Step 10, making time your servant is a way of putting the other person first. Promptness is politeness and consideration. It is also good business.

  Success-bound people learn early in their careers to avoid the mañana habit. They do today whatever can possibly be done today and try not to put off anything until tomorrow. Tomorrow, after all, can mean next week, or next month, or perhaps never. Successful people always squeeze all that they can into today’s schedule, knowing that tomorrow will be equally full of new deadlines and challenges.

  John Templeton has developed a principle that he calls “the doctrine of the extra ounce,” which was discussed in Step 11. When he was still young, he came to realize that people who are moderately successful do nearly as much work as those who are outstandingly successful. The difference in effort is small but significant—a matter of giving the extra ounce. Those who are bound to succeed give seventeen ounces to the pint instead of sixteen. And the success they achieve thereby is out of all proportion to that one ounce.

  So you must make that extra effort. You must give just a little more than the next person. The result is better quality, a higher level of performance, and a reputation for getting the job done right.

  Thrift, examined in Step 12, is a vital component of success and happiness. People who conserve their resources to best advantage are less likely to have to borrow; we must take a hard look at the perils involved in borrowing too heavily. Those who are deeply in debt in times of economic crisis are the first to lose their holdings. Thrifty people make a budget and stick to it. They save something from every paycheck. They search for bargains in small as well as big items. They are not impulse buyers but consider each purchase carefully.

  In Step 13 we studied methods for moving onwards and upwards. The key to progress is change—intelligent, informed change. Successful people are never afraid to try something new. As Thomas Edison said, “If you are doing something the same way you did it twenty years ago, then there must be a better way.” You have to be willing to pit yourself against your past performance, to welcome the entrepreneurial spirit within yourself, and strive constantly to become the best-informed and most creative person in your field.

  Controlling your thoughts for effective action was the subject of Step 14. Successful and happy people learn to control their thoughts. By controlling them, to quote John Templeton, “you can make your mind a garden of indescribably beautiful flowers instead of a weed patch.”

  Templeton advocates what he calls the “crowding-out” method of thought control. You fill your mind with positive and productive thoughts in order to crowd out the negative ones. By employing this method, your mind will be clear, your thinking will be directed toward your goal, and you will approach every problem with a “can-do” attitude. Remember: You are what you think.

  Step 15 took up the subject of loving as the essential ingredient in our lives. We learned that it is important to learn to love and understand our enemies. Loving those who love us is easy. Loving our enemies is difficult, but Jesus has stressed its importance. We must also allow ourselves to love ourselves. Self-love radiates out to others and then reflects back to us through the love others show us. The way to be in touch with our common humanity is through the kindness and patience we bring to all of our relationships, both business and personal.

  In Step 16 we studied ways to maximize the power of our faith. The parable of the workers in the vineyard gave us a dramatic lesson in not begrudging others their good fortune. On the contrary, we must learn to exult in the good fortune of others, just as we must be quick to express empathy. We learned that when your faith is strong, your prospects for happiness and success are excellent.

  Step 17 stressed the importance of prayer in the lives of successful and happy people. Prayer helps you to avoid pettiness and needless controversy. Prayer helps you to act in a more responsible manner and opens your mind to clear thinking. Prayer helps you to become truly humble, to realize that you’re only a tiny fraction of God’s universe, and to live in harmony with God’s purposes.

  By making a deep and sincere effort to be one with God through prayer, everything you do in life will turn out better, and success is more likely to seek you out.

  In Step 18 we studied the importance of giving as a way of life. Giving, for Templeton, is a natural concomitant of prayer. We should give to charity. Give help. Give encouragement. Give carefully reasoned advice. The abilities, intelligence, and material success we have been blessed with should be returned to the world in some form that will benefit humanity.

  Step 19 examined the importance of humility in the successful and happy life. It emphasized that we must teach ourselves to experience awe in the face of the many mysteries that surround us. As John Templeton has said, “The God who created and sustained his evolving universe through eons of progress and development has not placed our generation at the tag end of the creative process. He has placed us at a new beginning. We are here for the future.”

  To be successful we must try to build our souls in imitation of the Creator. We must appreciate other people. We must express our faith in God in all situations. Our spirits must be humble. Through deep humility and love of God and humanity, we can develop a victorious personality.

  The person who is willing to say yes to experience is the person who discovers new frontiers. Step 20 teaches us to welcome, not fear, the frontier. Success-bound people have to believe in themselves, because the frontier exists inside of them. They possess deep religious faith that helps them to accept challenges and new experiences. Through good times and bad they will embrace the future with open arms. People bound for success and happiness will view the future as an exciting and still unexplored territory and move toward the frontier with enthusiasm.

  We must be problem solvers, not problem makers, as we learned in Step 21. The negative thinker stresses problems, while the inventive thinker seeks solutions. Problem solving is a necessary art as long as life lasts, and it’s important to become a creative practitioner of that art. Choose a career where you have a chance to excel. Faced with a difficult problem to solve, pray to God for guidance. Always remember that by constantly seeking solutions—creative ones—you are learning how to live successfully with success.

  Living successfully with success is perhaps the ultimate solution for the person who reaches that pinnacle. John Templeton has never been satisfied with mere wealth. He has prayed to be loving and giving. Through the years, he has sought the love and understanding of God and God’s children. The solution to great wealth is to give. The solution to ignorance is to learn. And the solution to misunderstanding and negativism is to practice the art of loving.

  John Templeton would sum up in these words the life plan that he believes has enabled him to achieve success and happiness:

  Twenty-one steps is an arbitrary number. There are most likely hundreds of steps to success and happiness, just as there are hundreds of laws of life. But these are the steps that have worked for me. These are ones I’ve tested and I know are sound. I can pass them on to readers with the happy knowledge that if they helped me in my life
, they can surely help them in theirs.

  Trying to follow these twenty-one steps every moment of every day for much of my life has been worth it. They have made me a better person than I might otherwise have been. We are all God’s creatures; we are fallible; we make mistakes. To grow within ourselves, to reach our full potential as human beings, we are all in need of help along the way. I’m glad I learned the principles outlined in this book, because they helped me both in my professional and personal lives.

  My hope is that you, too, and your children and grandchildren, by learning these twenty-one principles, plus many more, may achieve more happiness, usefulness, and success.

  Table of Contents

  Cover

  Half Title Page

  Title Page

  Copyright

  Dedication

  Contents

  Foreword

  Introduction

  Step 1 Learning the Laws of Life

  Step 2 Using What You Have

  Step 3 Helping Yourself by Helping Others

  Step 4 Putting First Things First

  Step 5 Achieving Happiness by What You Do

  Step 6 Finding the Positive in Every Negative

  Step 7 Investing Yourself in Your Work

  Step 8 Creating Your Own Luck

  Step 9 Utilizing Two Principles of Success

  Step 10 Making Time Your Servant

  Step 11 Giving the Extra Ounce

  Step 12 Conserving Your Resources to Best Advantage

  Step 13 Progressing Onwards and Upwards

  Step 14 Controlling Your Thoughts for Effective Action

  Step 15 Loving as the Essential Ingredient

  Step 16 Maximizing the Power of Your Faith

  Step 17 Receiving Strength through Prayer

  Step 18 Giving as a Way of Life

  Step 19 Winning through Humility

  Step 20 Discovering New Frontiers

  Step 21 Seeking Solutions