Magazine/publishing pioneer (Maxim, The Week, etc.) Felix Dennis was worth an estimated $750 million when he died in 2014. Dennis wrote a book, “How to Get Rich” that is refreshingly honest, pulls ZERO punches, and details eight secrets to getting rich.
8 Secrets to Getting Rich:
1. Analyze your need. Desire is insufficient. Compulsion is mandatory.
The chances of most people becoming rich are minuscule. The vast majority of you are too nice. And comfortable. And sensible.
Getting rich means sacrifice, and it isn’t always you that’s doing the sacrificing.
2A. Cut loose from negative influences. Never give in. Stay the course.
You must cut loose from from naysayers and negative influences. Your parents may think you’re placing yourself in harm’s way. Others fear that if you should succeed, you will expose their own timidity.
2B. You must also cut loose from your job.
A regular paycheck and crack cocaine are the two most addictive things. Working too long for other people can blunt your desire to take risks. Working for others should be a means to an end—an apprenticeship, not a goal.
3. Ignore great ideas. Concentrate on great execution.
Having a great idea is simply not enough. It is how ideas are implemented that matters in the end. The original is rarely the greatest. Learn to watch your rivals closely and never be ashamed to emulate a winning strategy.
4. Focus. Keep your eye on the ball marked “The Money is Here.”
To become rich you must behave as a predator & have focused, tunnel vision. Focus on your goal (getting rich) without getting distracted by life. Focus on creating the right environment and doing an outstanding job.
5A. Hire talent smarter than you. Delegate. Share the annual pie.
If you do not employ a great many people smarter than you in your company, you are either Albert Einstein reincarnated or a fool. Never stop looking for, and promoting, talent.
5B. Delegation, used responsibly, allows you to bring out the best in others *and* make you rich in the process.
While Dennis never shared equity (see #6), he did give notoriously big year-end bonuses tied to annual goals.
6. Ownership is the real “secret.” Hold on to every percentage point you can.
To become rich you must be an owner. And you must try to own and retain control of as near to 100% of any company as you can.
7. Sell before you need to, or when bored. Empty your mind when negotiating.
Companies are not your babies, they’re a tool for acquiring wealth. Sell them before they peak. You won’t be able to disguise boredom and your lack of enthusiasm will infect those around you.
8A. Fear nothing and no one. Get rich. Remember to give it all away.
“Fear nothing” is easy-to-say and yet an impossible piece of advice Learn to harness fear to your own advantage The fear of failing in the eyes of the world is the single biggest impediment to amassing wealth
8B. On giving money away: The faster you give it away, the more money will flow back to you.
Not because of “karma,” but because you then spend less time defending it and more time making more of it.
- Analyze your need. Desire is insufficient. Compulsion is mandatory.
- Cut loose from negative influences. Never give in. Stay the course.
- Ignore great ideas. Concentrate on great execution.
- Focus. Keep your eye on the ball marked “The Money is Here.”
- Hire talent smarter than you. Delegate. Share the pie.
- Ownership is the real secret. Hold on to every percentage point you can.
- Sell before you need to or when bored. Empty your mind when negotiating.
- Fear nothing and no one. Get rich. Remember to give it all away.