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The Last Interview with Financial Industry Legend:W. Clement Stone (May 4, 1902 — September 3, 2002)The sales legend is gone, long live thesales legend! Known world-wide as“Mister Positive Mental Attitude,” Stonestarted-out with nothing, saved a hundreddollars as a young man, then went on bethe founder of Combined InsuranceCompany a subsidiary of Aon Corporation,which today has agents and employeesworldwide.In the process of achieving major successwith insurance he became both a tycoon,and a philanthropist, plus an inspirationfor the entire fraternal industry. Hebecame a friend to Loren Dunton (founderof financial planning) and such IARFCmembers as Mehdi Fakharzadeh, LewNason, Norman G. Levine, Phil Calandra,Jack Gargan (the founder of IARFC), EdMorrow (IARFCs current CEO), LesAnderson, Vernon D. Gwynne, Joseph A.“Big Joe” Clark, and other RFCs. When W.Clement Stone died, after reaching theage of 100, be was highly respected inmuch of the world and a belovedAmerican citizen.Mr. Stone’s FuneralThe limousines discharged prestigiouspassengers at Stone’s funeral, in solemnprocessions, one after another.Dignitaries from around our globe enteredthe First Presbyterian Church in theChicago suburb of Evanston, onSeptember 6, 2002. They came to mournthe death and also to celebrate the life ofthe great man, a world famous insurancemagnate, book author, and a life-longdisciple of Dr. Napoleon Hill.Throughout his life, Stone continuallycredited the self-help teachings ofNapoleon Hill for his success in the highlycompetitive insurance industry. Stoneserved as Chairman of the Board of TheNapoleon Hill Foundation for over 40years. Stone credited the principlescontained in Dr. Hill’s classic best-sellingbooks, Think And Grow Rich and How ToSell Your Way Through Life for his abilityto grow a 100 start-up company into atwo billion dollar insurance empire.During his life, Stone lost track of thenumber of copies of Think And Grow Richand his famous best-selling book How ToSell Your Way Through Life that he gaveaway to individuals, organizations andfinancial planners.The Register August 2006Attending Stone’s funeral were peoplefrom all financial disciplines, e.g., financialplanners, insurance agents, bank trustofficers, broker dealer executives, taxlawyers, accountants, estate attorneys,mutual fund managers, etc. From allwalks of life, people across the nationmourned when they learned of hispassing. Many considered “the late(positive mental attitude) PMA advocate”to be a beloved influence in their livesand careers.The final services were conducted by Rev.Dr. Robert H. Schuller, Senior Pastor ofThe Crystal Cathedral. Also present wheretop officials from the former NixonAdministration, radio commentator PaulHarvey, and others, both known andunknown. Among the mourners was DonM. Green, Executive Director of theNapoleon Hill Foundation.Stone Gave Away 277 Million Dollars!Clement, married for 78-years to Jessie,loved to talk about self-help, inspirationalguidance, and personal motivation. Heenjoyed dancing and motivating others togreater achievements. During his lifetimehe gave away over 277 million to civicgroups, charities, and worthy causes,including money to help the needy. Stoneenabled large numbers of children tocomplete their schooling. For over50-years he was associated with theBoys Clubs of America and the Girls Clubsof America. He requested that, at hisdeath, in lieu of flowers, memorialcontributions be made to the Boys andGirls Clubs of Chicago.He gave one million dollars to Rev. Dr.Robert Schuller to begin construction onthe now world-famous Crystal Cathedral.When the church was completed, Rev.Schuller invited Stone to be first to speakas a lay person to those attending. Stonetold the congregation: “You need to readSuccess Through A Positive MentalAttitude. I will get each of you a copy.”Later a truck delivered over 7,000 copiesof this book co-written by Napoleon Hilland W. Clement Stone.The Napoleon Hill Foundation teaches Dr.Hill’s success principles, and also licensesthem to be taught around the world.Stone’s financial legacy still supports thefoundation. This writer was especiallyproud of the fact that W. Clement Stonewas a regular reader of FinancialPlanning, a magazine I formerly edited.Stone contributed significantly to TheNapoleon Hill Foundation and directed thefoundation’s operations for forty years.Today The Napoleon Hill Foundationaccomplishes worthy objectives worldwide. Judith Williamson, Director of TheNapoleon Hill World Learning Center,explains, “Courses such as the distancelearning course, the home study course,and the “live” courses taught at PurdueUniversity Calumet and the University ofVirginia, College at Wise, all contributegreatly to the dissemination of Hill’ssuccess philosophy.”Ms. Williamson adds, “Specializedcourses offered at correctional institutionsby trained onsite counselors help enableinmates to turn their lives around prior to,and more importantly, after release.Prisoners generally are people who do nothave the needed skills to make a goodliving. Many prisoners can barely read atthe standard 6th grade level. Researchshows that people who cannot readhave the odds for success stackedagainst them.”According to Williamson, “Studiescontinually indicate that ninety percent ofpeople lose their jobs because ofinabilities to get along with other people.It is pitiful that so many people go throughlife and don’t learn the elementary basicsfor succeeding.”Napoleon Hill was commissioned byAndrew Carnegie in 1908 to research anddistill the principles of personalachievement. The industrial magnatewanted to learn why many failed, yetothers without advantages achievedsuccess. Accepting the commission,Napoleon Hill spent over twenty yearscompiling the material for his inspirationalbest-sellers Law of Success (1928) andThink And Grow Rich (1937). These andother works by Dr. Hill earned world-wideacclaim and many credited Dr. Hill’sphilosophy as the blueprint for achievinggoals and success.It was W. Clement Stone who stated,“Regardless of what you are or what youcontinued on page 4Page 3

continued from page 3 Interview: W. Clement Stonehave been, you can still become what youmay want to be.” This vision of furthersuccess in the future was the reason W.Clement Stone coaxed Dr. Napoleon Hill tocome out of retirement.Because of Stone’s strong insistence thatDr. Hill’s work was not yet complete, thiswell-proven and highly respectedphilosophy has since spread to privateschools, corporations, associations,prisons, and college and universityclassrooms both nationally andinternationally. Japan, Malaysia, China,South Korea and India are just a few ofthe international associates that supportthe instruction conducted by theNapoleon Hill Foundation. Additionally,the Foundation maintains a unique selfhelp library that houses multi-volumesowned by W. Clement Stone and donatedto this library that bears his name.New Musical Play Based onW. Clement Stone and Napoleon HillA special Open House Week was held atPurdue University Calumet in May 2003 inhonor of W. Clement Stone in appreciationfor his involvement in The Napoleon HillFoundation. Stone’s many friends andassociates in the financial services andfraternal industry were invited to attend.The insurance agents, financial plannersand financial advisors, numbered inthe thousands.The week honoring Stone began with theworld premier of a new musical stageproduction called Nap! on the evening ofMay 4th. Nap! is a full-length new musicalplay that showcases Napoleon Hill with hisfamous ‘bookends in life.’ The playwrightwas O. J. Stutte, and the director wasJ. Allen Johnson, Executive Assistant tothe Chancellor of Purdue UniversityCalumet. An additional luncheon/matineeperformance of Nap! was held forinvited trustees and guests from Japan,Malaysia, China, Thailand, Canada,England and Korea.W. Clement Stone is featured very visiblyin Nap! as Stone’s character develops asignificant part of the musical. The dramabuilds upon the comprehensiveunderstanding of the relationship ofNapoleon Hill and W. Clement Stone, andthe importance of Andrew Carnegie toboth of these now-famous men.The Napoleon Hill CenterFor free, no-obligation details about theNapoleon Hill courses and services, plusPage 4their benefits for Registered FinancialConsultants, all offered nation-wide,contact Judith Williamson, Director, TheNapoleon Hill World Learning Center,Hammond, IN, phone 219 989 3173,e-mail nhf@calumet.purdue.edu orvisit www.naphill.orgThe famous line, “Whatever the mind ofman can conceive and believe, the mindof man can achieve, through a positivemental attitude.” was created byNapoleon Hill and later embellished byW. Clement Stone.The Last Interview WithThe Great Insurance Sales PioneerW. Clement StoneForrest Wallace Cato: What does PMAmean today?W. Clement Stone: Those letters stillstand for positive mental attitude. At theage of six, I sold newspapers on 31st andCottage Grove in Chicago. Today I amChairman Emeritus of a vast insurancegroup. There is a relationship betweenthe newsboy and the chairman.Experience, know-how, and sales activityknowledge! It is also true that asuccessful president, or financial planner,insurance agent, executive, teacher,lawyer, professional speaker, doctor,inventor, scientist, philosopher, or artist isnot born to success. Each is self-made!Each is measured by the results heobtains in achievements. There arerelatively few true geniuses.Every normal person has a brain and anervous system and is, therefore,endowed with great mental capacities.Few use and develop their natural abilitiessufficiently to reach the many goals theycould achieve. They don’t or won’t paythe price to learn the art of motivationwith a positive mental attitude. Thisapplies to many of us. You can developyour abilities more fully in the future if youare motivated to pay the price. This iswhat PMA means today!You can begin right now to acquire thenecessary activity knowledge. Your price?Regular investment in study, thinking, andplanning time, plus following through withaction work! Given the necessaryexperience of doing the right thing the rightway, you get the right results consistently.And when you do, work becomes fun. ThisI learned from experience.Cato: Would you explain your theory thatevery problem has a solution?Stone: As a paper-boy, I learned a lot thathelped me later as a salesman, salesmanager, and executive, even though Ididn’t realize it at the time. I know nowthat I began to learn then. I tried to sellpapers at 31st and Cottage Grove, then avery busy intersection. The newsboys whowere older and bigger than me beat meup to keep me from interfering with theirsales. That’s why I walked into the oldHoelle’s Restaurant and completely soldout my stock of newspapers. I did notexperience a personal defeat.Cato: What is a personal defeat for atypical reader of The IARFC Register?Stone: A personal defeat may be a finalend, a stepping stone, all according to theway you accept it.Cato: Can you tell Register readers moreabout your work as a paper-boy?Stone: As a paper boy, I also began tolearn how to overcome fear throughdirect action. I learned the value ofpersistence, and how to sell by using amethod others were afraid to use! Coldcanvassing! Calling on business people inbusiness places without an appointment.That’s the way I sold newspapers.How Stone Sold Insurance!That’s the way I sold insurance! Andthat’s the reason I sold as many accidentpolicies in a single week as manyinsurance men sell in months. Why?Because I had learned how to recognizethe principles of a given activity, relatethem to the needs of a different activity,assimilate them into the newcircumstances, and apply them effectively.Cato: Do you think the principlesyou learned long ago still apply toRFC’s today?Stone: As a paper boy, I was motivated bynecessity. I had borrowed the money tobuy the papers. I had to sell them torepay the loan and make a profit. Lateras an executive, necessity became awholesome motivating factor in thesolution of problems. In many of mybusiness activities, I have been able toapply the principles I learned between theages of 6 and 14, selling newspapers.Here are a few examples: As a newspaperboy, I had borrowed money and paid offmy loan. As a businessman, I borrowedcontinued on page 5The Register August 2006

continued from page 5 Interview: W. Clement Stonelarge sums from banks and, like thenewspaper boy, I recognized the value ofrepeat business and returned to Hoelle’sRestaurant daily.As an insurance man, I called back at therenewal date of the accident policy toservice my customers and sell themadditional insurance. I realized the value,as a newspaper boy, in selling crowdedplaces of business, and I applied thisknowledge later. As a paper boy, and as abusiness man, I always made it a practiceto get the money at the time of sale.Cato: Register readers may wonder, is afinancial sales career worth it?Stone: When endeavoring to come to anydecision concerning your future, you mayask yourself whether it is worth it. This isan especially trying vocation. Is it worthit? A traveling salesman may ask himselfwhether he is doing poorly or wellfinancially. This applies to executives, too,at all levels. I know from experience.Many years ago I was selling in Macomb,Illinois. I awakened at three o’clock in themorning. The idea of being away from myfamily was particularly disturbing. “Is itworth it?” I asked myself.In my thought process that night, I sawthat I could achieve wealth throughbuilding an organization and savingmoney. Money could do a great deal formy children, my wife and me. Also, wecould be benefactors to others. I realizedthat within a specific period of time, whenmy debts were cleared and the businessarrived at a given point, I wouldn’t have tomake the sacrifices. On weighing thedisadvantages and the advantages, Idecided that yes, it would be worth it.And it has been.Cato: What tips or advice would you liketo leave for those in financial planning?Stone: There are six important keys.1. Direct you thoughts, control your andemotions, an you ordain your destiny!2. You can develop your abilities morefully in the future in if you are willing topay the price.3. Use you mind power to achieve highobjectives through developing yourPMA and eliminating your negativemental attitudes.4. Learn how to use the greatestThe Register August 2006machine ever conceived, so awesomethat only God Himself could create it;your brain and nervous system.5. A part of all you earn is yours to keep,and if you cannot save money, theseeds of greatness are not in you.6. Set a definite major goal. When youset a definite major goal, you are aptto recognize that which will help youachieve it.Cato: How did you acquire yourphilosophy of success motivation?Stone: When I was twelve years old, I didnot realize it then, but the fifty or moreHoratio Alger books I read that eventfulsummer had a lasting, wholesome effectupon me. They stimulated myimagination. They subsequentlymotivated me to desirable action.The theme was constant in each HoratioAlger book: From Rags to Riches. Theprinciples in each: The hero becomes asuccess because he was a man ofcharacter, the villain was a failurebecause he deceived and embezzled.The poor boy could go from poverty towealth, from failure to success; he alwaysstrove to do the right thing because it wasright.The teenager of today has personalproblems. As a high school freshman, Idid too. And because I had personalproblems, I wanted to develop selfdiscipline and will power to acquire goodhabits and eliminate those I felt wereundesirable. But I found no books in ourlibrary that would inform me how to dowhat I wanted to do. There were plentythat told me what to do but not how to doit! However, when you know what youwant you are apt to recognize that whichwill help you get it.Because I knew what I wanted, Irecognized what might help me get it! Acoupon advertisement in a Chicagonewspaper promoted The Power of Will byFrank Channing Haddock; I bought it. Thiswas my first inspirational, self-help, actionbook. The Power of Will gave me insightinto the functioning of the human mind.More importantly, I began to see theprinciples that are so obvious they aren’tgenerally seen.What a thrill it was to know that Ipossessed the greatest machine everconceived, so awesome that this machinecould only be created by God Himself — abrain, nervous system, and the undefinable human mind!And even more exciting to know how Icould operate and use this machineeffectively to deliberately direct mythoughts, control my emotions, andachieve a worthwhile goal that didn’tviolate the laws of God or the rights of myfellow man. I learned how to motivateothers and how to motivate myself, at will,through such simple techniques as theuse of suggestion and self suggestion!Cato: What is motivation?Stone: Motivation is that which inducesaction or determines choice. It is thatwhich provides a motive. A motive is anurge within the individual, such as aninstinct, emotion, habit, impulse, desire,or idea that incites him to action. It is thehope or other force that moves theindividual to attempt to produce specificresults.Cato: What are these principles ofsuccess?Stone: It isn’t necessary to think as youread. But it is imperative to think, study,and learn how to consciously use yourbrain power to motivate yourself andothers to desirable action. If you do, youcan achieve anything in life you maydesire that doesn’t violate the laws of Godor the rights of your fellow men.To motivate yourself to desirable action inthe future, prepare yourself now. Beready to recognize and grasp eachopportunity when it comes. To be ready,decide now whether it is worth it to you topay the price to think, concentrate,understand, comprehend, and relate toyourself the principles applicable to you.Do this as you read self-help literature, beit an inspiring poem, story, newspaperarticle, a feature in the Register, a book,or when you listen to a motivatingcassette, lecture, sermon, the advice ofan expert of proven experience who istrying to help you!Cato: How does a Registered FinancialConsultant motivate himself or herself?Stone: By learning how to better use thegreatest machine ever conceived! Themachine that is so awesome only GodHimself could create it — your brain andnervous system!continued on page 7Page 5

From theChairman’s Desk.Featuring Pioneers. The IARFC is fortunate to have as our advocates and asmembers persons who have and who are shaping financial services.Unfortunately, many organizations pay no heed or homage to those uniquepersons. Their loss!Where the IARFCwill be represented:Worldwide Chinese Life InsuranceCongress - RFC CongressAugust 12, Chengdu, ChinaMoney Concepts AnnualRegional Planning CongressAugust 16-19, San Antonio, TXRFC WorkshopAugust 19, Shanghai, ChinaMarketShare SymposiumAugust 20-22, Indianapolis, INRFC WorkshopAugust 21, Guangzhou, ChinaRFC WorkshopAugust 23, Taipei, TaiwanNAIFA Annual MeetingAugust 26-30, San FranciscoIARFC Cruise/ConferenceSeptember 16-23, 2006 “Fall Foliage”Through New England and CanadaMDRT Top of TableOctober 18-21, 2006 Palm Desert, CAMillion Dollar Marketing WorkshopNovember 6-7, 2006, MinneapolisHeckerling Estate ConferenceJanuary, 2007, OrlandoAPfinSA ConferenceApril 13-15, 2007, TaipeiFinancial Advisors ForumMay 15-17, 2007, Las VegasMDRT Annual MeetingJune 10-13, 2007, DenverInternational Dragon AwardsAugust 11-13, 2007IARFC Cruise/Conference — AlaskaAugust 17-24, 2007Vancouver, BC to AnchorageIf you are going to attend any ofthese events, please let us know.Page 6This month’s feature article on W. Clement Stone, is not because of hisincredible rise from a newspaper boy to multi-millionaire. Nor because of thegiant corporation he created. It was because Stone rose to success byembracing the success and concepts of others. Yes, he was an original thinker— but he built his empire and his beliefs on the business and mentalachievements of others. He never said, “I’m a success because of me!” Hesang gloriously of the mental stimulation he received from other writers andthinkers. He was proud to stand on the shoulders of giants — and that madehim a giant.You can forget his millions — or even the hundreds of millions he gave away.What Stone really created — and gave to the world was the capacity of PositiveMental Attitude — PMA.No — he was not a planner — but he was a personal friend and strongsupporter of Loren Dunton who established the original institutions of financialplanning in the U.S.No — he was not a Registered Financial Consultant — but in the last years of hislife he was a reader of our Journal of Personal Finance and the Register. It issad that we did not publish his thoughts in those years. However, veteranjournalist and media advocate, Forrest Wallace Cato did interview him.Readers of the Register would not be aware of this, but Cato is the literaryagent for both the Napoleon Hill Foundation and the literary archives of W.Clement Stone. When he interviewed Stone — Before his death at age 100 in2002 — Cato asked Stone many critical questions, and some related toRegistered Financial Consultants.On a worldwide basis few men have had the impact

disciple of Dr. Napoleon Hill. Throughout his life, Stone continually credited the self-help teachings of Napoleon Hill for his success in the highly competitive insurance industry. Stone served as Chairman of the Board of The Napoleon Hill Foundation for over 40 years. Stone credited the principles cont