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BOOK How to Get Rich, by Felix Dennis

Discussion in 'Book Reviews, Discussion, Analysis' started by MJ DeMarco, Feb 22, 2019.

  1. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    HOW TO GET RICH, by FELIX DENIS

    [​IMG]

    Grab it and read it if you haven't!
    https://amzn.to/2EprieI

    PLEASE USE THIS REVIEW FORMAT!


    My Rating: 4 stars out of 5 stars
    :star::star::star::star: :xx:
    (The STAR/X emojis are under the emoji icon, under "commenting icons.")

    Format:
    Audible

    My thoughts/review:
    Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

    Favorite (or least favorite) chapter:
    Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

    Key takeaways:
    1. Key takeaway #1
    2. Key takeaway #2
    3. Key takeaway #3
    4. Key takeaway #4
     
  2. Dark Knight
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    Dark Knight Contributor Read Millionaire Fastlane

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    Another book that shows how important it is to take wise risk in life.
     
  3. jpn
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    jpn Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    My Rating: 5 stars out of 5 stars
    :star::star::star::star::star:


    Format:
    ebook

    My thoughts/review:
    In my life I've read this book about 3 times. Firstly, because its filled with golden nuggets that provide a different view on entrepreneurship than common in the media (non-US based, non-tech). Secondly, because Felix is a delightful writer. While I do not desire the decadent lifestyle he has lived, he's displayed a courage, honesty and self awareness that I admire.

    The book goes between specific advice and telling the auto-biographical story of how the author became one of the richest men in Britain. It is also an occasional view into the real world of business, with its relationships, competition, occasional back-stabbing, triumphs and losses.

    Favorite (or least favorite) chapter:
    I don't have any issues with the book. I'm sure there are people that will take issue with some of the life choices of the author, but I frankly admire his honesty in sharing the consequences of his choices both positive and negative.

    Key takeaways:
    1. Hold on to every bit of equity if you can, ownership is the ONLY thing that matters!
    2. There are many ways to finance, one way is ingratiating yourself with suppliers.
    3. Don't take yourself too seriously, its all a silly game in the end.
    4. Pick the right mountain to start your mine in, the area in which you want to get rich should have rich veins of gold, even if you're not sure where they are, as long as you dig in the right mountain, you're able to strike gold.
    5. (bonus) A steady paycheck has an addictive quality not unlike crack cocaine (the author speaks from experience)
     
  4. Tidder Jail
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    My Rating: 5 stars out of 5 stars
    :star::star::star::star::star:


    Format:
    ebook

    My thoughts/review:
    Probably one of the best books I've ever read. I really like the way he writes and how he communicates his ideas.

    Key takeaways:
    1. Anyone of reasonable intelligence can become rich, given sufficient motivation and application.
    2. If you are unwilling to fail, sometimes publicly, and even catastrophically, you stand very little chance of ever getting rich.
    3. The work undertaken by your colleagues and employees is more important than your work. Your job is merely to lead, perhaps just to point in the right direction.
     
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  5. Bearcorp
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    My Rating: 5/5

    :star::star::star::star::star:

    Format: paperback

    My thoughts/review:

    I read this mid last year so apologies if its not as fresh as it should be, but this is one of my all time favourite books so I couldn't miss discussing it!

    A great journey of a guy who went from nothing to everything, lived a colourful life and still made it happen in the world. While reading it I would think to myself how I wanted to learn more and more about what he was doing now, as I was quite into his story and journey, only to discover afterwards that he had passed away a few years ago.

    Genuinely enjoyed his style of writing, interestingly he mentions a book his team wrote on Bruce Lee which I want to one day get my hands on.

    Key takeaways:

    1. A quote I think goes "theres money out there with your name on it, you just have to get your hands on it"
    2. Keep as much equity as possible
    3. He discusses his experiences of public v private business and I found that interesting.
    4. Theres gold nuggets all throughout this book, his experiences with competitors, with employees, with business partners.
     
    MJ DeMarco, Roli, ApeRunner and 12 others like this.
  6. ClaverCasley
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    ClaverCasley Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    My Rating: 5 stars out of 5 stars
    :star::star::star::star::star:


    Format:
    ebook

    My thoughts/review:
    Aside from MJ, Felix contributed a lot towards my entrepreneurial mindset. Regading his early days where he didn't have much resources to grow his business, I'm grateful for the things that I thought initially would be my roadblock to success. This chap really create something out of nothing.

    Gave this book as a Christmas gift to the local youth community (along with TMF & Unscripted).

    Favorite (or least favorite) chapter:
    Chapter 7: Never Give In. He lived poor, can't even afford to pay the electricity bill, had to use trash from the streets for heating, depend on his girlfriend for food, and he even said NO to her for a job offer. Yet, he didn't give in. Seriously, I have deep respect for this guy.

    Key takeaways:
    1. Consider very carefully whether you are truly driven by inner demons to be rich.
    2. How then, could you not believe in yourself: Nature did. Destiny did. Or, if you wish, your God did.
    3. If you want to be rich you must work for it. But you must believe in it, too. You must believe in yourself, if only to armour yourself against the laughter of the gods in your quest. Your mad quest to be rich.
     
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  7. Longinus
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    Longinus Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    My Rating: 5 stars out of 5 stars
    :star::star::star::star: :star:

    Format:
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    My thoughts/review:
    Very important book for me, because it brought me to TMF. I read this when I was still dabbling with a lot of self-help books, and this was the first one that openly said that following your passion is not wise since there are many people that have the same passion as you.

    He also says he didn't have kids or a family because he was too busy building his empire. He admits he snorted millions worth of coke and had an extreme lifestyle. Yet he still kept his passion which was writing poetry.

    "If it floats, flies or fornicates, rent it. It's cheaper in the long term."

    The funny thing about this book is that it was originally written to criticize self-help and motivational books, yet it ended up being a motivational book itself. He says that getting rich is not easy and not for everyone.

    The anecdotes were very interesting. Some of his ideas actually turned out to be goldmines, like starting a zine for computer enthusiasts while nobody believed in it that day. He also admits the mistakes he made.

    Favorite (or least favorite) chapter:

    It's been almost 5 years ago since I read this book, but there are still so many parts I remember vividly. Like how they wanted to buy his company and he refused the initial offer, while actually shitting his pants. Can't remember chapters in particular though.


    Key takeaways:
    1. Hold as much shares of your company as you can. Don't sell easily. Rather pay more cash to your workers than to give away shares (probably the most important takeaway I got from this book).
    2. What do you want to offer in getting rich? Because offering you must.
    3. Never sleep with your staff.
     
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  8. MightyBeast
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    MightyBeast New Contributor Read Millionaire Fastlane

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    My Rating: 5 out of 5 stars
    :star::star::star::star::star:
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    My reviews:
    I am reading this book, I have started this book 2 days ago. I have read 167 pages.
    So far i love this book. This book is really nice and debunks many beliefs. The author is really good at writing, and poetry too. He got rich by his magazine printing business. How he started from very low lifestyle to a self made millionaire. He divides millionaires and poor into categories. e.g. comfortably poor, comfortably rich, super rich etc. He has very clear and good way of explaining, he never hides anything, and he is also funny at times. He makes everything exciting. You can't keep this book down. He tells about, the struggle one has to face, to become a millionaire. He tells how, getting an investor is hard, and not always a good idea. He tells how he started his first successful magazine business with his family and friends and a semi-friendly banker with only 50$ in his bank. (He tells that the capital we need can be seen as a sea, where different investors can be seen as sharks, dolphins and fishes). He explains everything, how his first successful magazine business was started with the help of his friends which were not much rich, but supported him, the author believed in himself, and he never give in, and he gives extra ordinary and heart touching/ eye opening examples of people who had all the qualities of becoming millionaire or rich, such as Steve Jobs, and Vincent Van Gogh (This is the really good part, it opened my eyes). Vincent van Gogh, never give in, he was a painter and he was very poor at later stages in life, he was a struggling painter, and how his brother theo supported him financially for a long time. Throughout his life, Vincent Van Gogh had made so many paintings. He knew he would be successful. But at that time, people did not knew how valuable his paintings were. His painting Starry Night is worth 300 million dollars today. But at his time, he had to sell his paintings in exchange of food, or new canvas and paintings. He never give in. He struggled for many years. His life struggles can be read in his letters which he sent to theo and others. These are the letters and they are inspiring really.
    Vincent van Gogh The Letters. Vincent ultimately commits suicide. Author tells that sometimes, it takes more time than expected for something to become successful or show results, it is about timing. He gives real life examples every time which makes it more interesting and relate-able.

    Author also tells, that ideas cost nothing, and ideas has no value. It is the execution that matters. And that no one can patent the ideas.
    Author explains his mistakes and tells how one can avoid it. He tells that one need multiple buckets or business streams, and how with new technology new opportunities arise. And how one should always hire good people, which are really talented, and how can they help to grow the business more. He also tells that one should not spend much initially.

    Favorite Chapter/ part: Chapter 8, The most Common Start-Up Errors.
    This part is gem. I love this author. This part needs to be read carefully in my opinion. It contains really good things.

    Key Takeaways:
    • It takes sacrifice, ultimate passion, and self belief, along with an attitude to never give in. Author had a chance to live comfortably, like his friends. But he never give in. He knew he would be successful.
    • Always give paycheck to your workers and save money for food
    • Don't buy expensive furniture if you don't need, and if your business does not need it.
    • Never give in. If you completed what you want, and even if you did fail, you will not regret, as you will learn a lot, and probably you will make less money, but you will make something.
    • Always take full control of your business.
    • Create multiple buckets of business, such like chains and multiple businesses.
    • Always keep an track on how much you are investing on something, and if it is failing, it is hard but really important (Failure reinforcement).
    • Act small and think big.
    • Trust your instincts.
    • Learn from everyone.
    Finally this book is a must read. It is a nice book and you will certainly love the style of author. It contains really nice and amazing content. Have a nice read. Also must read those Vincent Van Gogh's letters. Have a nice day, and best of luck. You can do it!
    :checkbox::checkbox:
     
  9. Bdenner64
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    Bdenner64 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Seems like a good book. Just picked it up. Thanks for the reviews guys!
     
  10. TreyAllDay
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    TreyAllDay Whatever it takes Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I'm actually surprised how many people have loved it so far. I read it AFTER MFL, so it didn't seem like enough to me. Not interested in bios I guess, and didn't learn any actionable steps on how to get rich which seemed like the title was misleading.
     
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  11. rogue synthetic
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    rogue synthetic * Not actually Rutger Hauer Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I read this too long ago to give it a proper fresh review. On top of that, most of the major positive points of the book have already been covered or will be.

    Instead of giving a full review, I'll draw attention to a sub-text in this book that I haven't seen others talking about.

    Between the real-talk business advice, which most people here are reading for, what kept sticking out to me was his cold realism about it all. I don't mean that in way of the how-to manual being pragmatic about getting results.

    The book has a sorrowful, almost regretful tone in many places, like he's drawing out the difficulty and sacrifices as a way of warning people not to try and strike it rich in business.

    I don't know if that's my reading into things, but where he talks about the time wasted on hookers and blow and wishing, near the end, that he just had some quiet time and space to write his poetry, I couldn't help but seeing it.
     
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  12. MTF
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    MTF Never give up Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Warning: a long post ahead...

    My Rating:
    5 stars out of 5 stars
    :star::star::star::star::star:

    Format: ebook

    My thoughts/review:

    By far one of the best business and life advice books I've ever read.

    As @rogue synthetic pointed out, it feels like a "how to get rich" book in which the author actually warns you not to get rich, or perhaps only become one of the "lesser rich" or "comfortably rich" according to his definition and then stop focusing so much on making money and focus on other aspects of your life. In the book, there are more lessons from his failures than from his successes.

    As he wrote in the book:

    The book does have a sorrowful tone in many places, which serves as a good reminder that money is only a tool - and it's more important to know how to use it properly than collect as many tools as possible.

    He also emphasizes the importance of health and the foolishness of the flashy millionaire lifestyle (parties, drugs, low-quality women, etc.). As he wrote:

    And just to reiterate, here's what he wrote later in the book:

    For me personally, it's by far one of the most important, if not the most important lesson from the book. In addition to appreciating your youth (Felix was 59 when he released this book, so he wasn't really that old yet - he probably referred not to youth in general, but youth and health), Felix emphasizes that getting rich didn't actually make him happy:

    I have a feeling that after changing his lifestyle (giving up partying, drugs, etc.) he had too little time to create a new lifestyle and get to enjoy it. Given, say, a decade more of his new lifestyle (focused on writing poetry and philanthropy), he would have probably understood that money could have made him much happier - by properly employing this tool for fulfillment instead of a mere status symbol or greed.

    This is something which is rarely discussed in most business books. In fact, most don't talk about the life "after" at all, assuming that a reader will know how to manage their new lifestyle. This is untrue - after you accomplish your financial goals, there's no "happy ever after."

    It takes a lot of work to figure out how to live your life when you no longer need to worry about money. A lot of people keep seeking fulfillment in making more money, but as Felix warns about it throughout the book, the pursuit of more and more money can taint you. Moreover, it can lead to a perpetual fear of losing it all. All of this leads to stress and problems with mental health - none of which you signed up for when you started pursuing wealth, right?

    That's why this piece of advice is so crucial:

    Key takeaways:

    Here are some of my favorite parts and some comments:

    Sounds obvious, yet I really like this advice and his example (which is pertinent to my own situation as a writer). What are your natural talents? How can you exploit them to get rich in your own way?

    I heeded his advice when I debated selling one of my businesses. It proved to be a very good decision, so I made a huge return by following just one piece of advice from this book.

    Again - none of this matters if you're miserable. Even when focused on making money, don't forget that it's stupid to exchange your sanity for financial wealth.

    And in a similar vein:

    I love this part because it shows how willing to learn Felix Dennis was. So many people don't enter profitable industries because they don't know anything about them. They forget that they can learn whatever they need along the way - nobody knows anything about their industry until they enter it (even people working in the industry who might have technical knowledge of the industry don't understand the intricacies of running a business in this industry).

    Made me understand that (smart) risk-taking is one of the key entrepreneurial traits. People who are too risk averse will never get rich.
     
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  13. Longinus
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    Longinus Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Great write-up, thanks @MTF . Made me decide to re-read the whole book.
     
  14. nordien1978
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    My Rating: 5 stars out of 5 stars
    :star::star::star::star::star:

    Format:
    Audible

    My thoughts/review:
    This is a great book about of Felix Dennis starting from nothing to become a media magazine magnate.
    He describes his mistakes and failures and tells the story in a way like old rich uncle would dispense his life wisdom.

    Like the quotes he makes during the book : "The meek shall inherit the earth, but not the mineral rights”
    There are a lot of gold nuggets dispensed in the book to learn from what is also mentioned in TMF.
    Felix meant to this book to be an anti self help book but it does very well in inspiring people.

    Favorite (or least favorite) chapter:
    I liked the whole book not really any favorite or least favorite chapters.

    Key takeaways:
    1. Key takeaway #1 "The meek shall inherit the earth, but not the mineral rights” - Ownership, pay your people a salary but at all cost keep the asset.
    2. Key takeaway #2 “Anyone who is not busy learning is busy dying.”
    3. Key takeaway #3 “Ideas don’t make you rich. Correct execution of ideas does.”
     
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  15. Tommo
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    Tommo Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Mate, I also read it when it came out and felt a sadness about his life. I loved the advice but it is a personal choice how far we go to self destruct and we can only make our own choices. He was happy and definitely lived his life as he wanted. You have a great way of reviewing books and thinking unscripted for want of a better phrase. I wish I had been on the forum when I was stuck in the Bay of Islands wandering what to do.
     
  16. bilkar1985
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    I've got to say this book is my FAVOURITE!

    I have read it 3 times and will read it again. It will be one of the first books my kids will read when they are about 8-9 years old and I don't care how much they will understand.

    There are golden nuggets of knowledge and I would like to say to the author that when I read this book I looked for him up in wikipedia (where else hehe). I was so sorry to read he passed away.

    He is literaly my role model and EVERYTHING I wish I could be and if I were to choose my father, hehe, dear FELIX it would be you! There, I said it, it's written and I hope that you laugh somewhere in heaven with girls, drugs and rocknroll by your side!
     
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  17. Neng Her
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    Neng Her Bronze Contributor Read Millionaire Fastlane

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    Thanks for the recommendation. Purchased earlier and currently reading.
     
  18. Bearcorp
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    Bearcorp Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    5 star review @MTF! Excellent insight into both Denis and the book.
     
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  19. Get Right
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    Get Right Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I guess I'll be that guy.

    My Rating: 1 star out of 5 stars
    :star::xx::xx::xx::xx:

    Format:
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    My thoughts/review:
    This was a tough book to read. It came across as something written in a couple of weeks by someone with severe unresolved issues....oh wait, it was. The poems (and quotes) were not very good and rarely related to the chapter. The chapters themselves were more a lesson on how to brag on oneself.

    If you can get past the boiler plate chapters found in nearly every business book, there are a few gems. I like his take on the realities of financing your business. I also like his stance on delegation as well.

    Overall, I would really like a refund on this book. It offers many suggestions that contradict TMF with me siding with TMF. The personal costs that he paid are waaay out of proportion to what a sane person would do...and he would probably agree with me on this. At least this book serves as a great guide of what not to do/be.

    Favorite (or least favorite) chapter:
    The second Error: Overoptimism Concerning Cash Flow was my "favorite" chapter...or the one I skimmed the least. His points on groveling for cash flow I find accurate and well presented. I can appreciate that he refuses to delegate monitoring cash flow as well.

    Key takeaways:
    1. Don't pay money for this book
    2. Do the opposite of the majority of his "advice/life"
    3. Get personal with cash flow
    4. Skip the crack
    Sorry to be the Debby Downer but this book sucked.

     
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  20. TreyAllDay
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    TreyAllDay Whatever it takes Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    @MTF Thank you for the great post!
     
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  21. MTF
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    MTF Never give up Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I respect your opinion and don't want to argue. Just wanted to point out one thing - Felix Dennis was estimated to be worth over 750 million pounds in 2008. This is almost one billion US dollars.

    I think that the personal costs of becoming a mega multimillionaire/billionaire are in most cases beyond what a sane person would do. This is a level of wealth that is impossible to understand for most people, including "regular" multimillionaires. I don't think we can understand how we would react after amassing such a fortune. I think it would be a huge challenge not to go crazy.

    Bingo, that was one of the objectives of this book. The author didn't hide the fact that his accomplishments were in the end pretty much worthless. I'd say that's not because of his huge wealth, but because he lost his ways due to greed, an addictive personality, and just not knowing any better.

    Richard Branson is a good example of how one can become a billionaire while still greatly enjoying their life. But what's interesting is that Richard is primarily interested in philanthropy and helping people by building great businesses, not just to make money, snort coke, and surround himself with luxury prostitutes (which characterized Dennis for a long time until he switched his interests to poetry and philanthropy, too).
     
    Jello, RazorCut, MJ DeMarco and 12 others like this.
  22. EasternCrane
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    EasternCrane Sit in the gap not the choice Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    4/5 stars
    :star::star::star::star::xx:

    I only take away 1 star because there's a certain element missing for me. Everything that's important has been covered.

    I still wonder how much of his book is after the fact rationalizing and how much is true insight. His don't get rich chapter is telling considering that he wanted to write it well into his younger years.

    The biggest take away that "waxes philosophical" in Dennis's words for me is where he mentions in the book to find where the money has your name on it.

    He says to do something that connects with your heart, in a growing industry, and where you can be an "expert". Gold. His reason for you to choose something that connects with your heart is because it probably really has your "unique name"/signature on it. Bravo Dennis.

    Steps are missing from the book. So, there must be no steps. As much as Dennis knocks the philosophy, he must be pretty philosophical to leave that glaring hole in the book. Not like you need steps though if you choose something that really connects to you.

    Thanks @MTF this was the most refreshing business book I've read.

    Hope you're doing well with your venture. Never give up like Dennis said.
     
  23. MakeItHappen
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    MakeItHappen Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    nordien1978, Jello, .B. and 1 other person like this.
  24. barman
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    barman Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    I read this book a couple months ago and freakin' loved it. Felix is a legitimate boss. It's a raw perspective on success from a madman.

    Some of the points that stuck with me were -
    - Hold onto ownership for dear life.
    - There are C-level people that don't aspire to be owners or entrepreneurs and that is totally fine, because there are the type of people you want to hire.

    Obviously, this is not a step-by-step book on how to actually get rich. Just a great story and some wisdom from someone who knew exactly what he wanted out of life.
     
  25. MHP368
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    MHP368 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    FYI, the book is restricted on audible for sale to anyone using a linked card based in the US (US users) , tjhe way around this would be to get a card linked to audible from a non restricted country.
     

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