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How to Get Rich, by Felix Dennis

For any book discussion

MTF

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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:

"If I had my time again, knowing what I know today, I would dedicate myself to making just enough to live comfortably (say £30 or £40 million), as quickly as I could – hopefully by the time I was thirty-five years old. I would then cash out immediately and retire to write poetry and plant trees."

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:

"Making money was, and still is, fun, but at one time it wreaked chaos upon my private life. It blocked me from beginning to write poetry until my early fifties. It consumed my waking hours. It led me into a lifestyle of narcotics, high-class whores, drink and consolatory debauchery. As a philosopher might have put it – all the usual dreary afflictions of the seeker after wealth. These afflictions, in turn, helped to undermine my health."

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

"Ask me what I will give you if you could wave a magic wand and give me my youth back. The answer would be everything I own and everything I will ever own."

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:

"But then, you are to consider that I have been very poor and I am now very rich. I am an optimist by nature. And I have the ability to write poetry and create the forest I am busy planting. Am I happy? No. Or, at least, only occasionally, when I am walking in the woods alone, or deeply ensconced in composing a difficult piece of verse, or sitting quietly with old friends over a bottle of wine. Or feeding a stray cat."

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:

Develop a passion outside of making money. Fast. If I had made the time earlier to discover that I could write poetry that thousands of people would be kind enough to purchase and enjoy, I would have saved myself many torments of the pit. People who can make money are often easily bored. That is true of me. So when the day’s work was finally done, I used to make my own entertainment. There’s nothing intrinsically wrong with orgies, parties, narcotics and booze – but they will kill you in the end. If I had spent the thousands of nights writing poetry that I spent playing the fool to keep boredom at bay, I would be a happier, healthier man today. And a better poet to boot!

Key takeaways:

Here are some of my favorite parts and some comments:

One thing is for sure, you must avoid the trap of going into what you think will make you money if you have no empathy or feeling for what you are about to do. There’s no future in that.

I know an editor and writer. He’s a great editor and writer. But he feels he has to be a publisher and do all the stuff that publishers do – like wear suits, write cheques and hire and fire people. He’s crazy. He will never be rich because he will not use his vast writing and editing talent to the full. He’s always too busy being a lousy businessman.

Avoid that trap. Don’t do anything because you feel you have to. Go for what attracts you. Go for something that exploits your natural talents.

Go to the mountain which produces money. Money that has your name on it.

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?

19. Sell early. Real money rarely comes from horsing around running an asset-laden business if you are an entrepreneur. You are not a manager, remember? You are trying to get rich. Whenever the chance comes to sell an asset at the top of its value, do so. Things do not keep increasing in value for ever. Get out while the going is good and move on to the next venture. More money is usually lost holding onto an asset than is made waiting for the zenith of its value. I should know – it’s my own biggest defect.

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.

20. Enjoy the business of making money. The loot is only a marker. Time cannot be recaptured. There is no amount of pie in the world worth being miserable for, day after day. If you find you dislike what you are doing, then sell up and change your life. Self-imposed misery is a kind of madness. The cure is to get out.

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.

The truth is I led myself to believe I had fallen in love with publishing. That wasn’t a tragedy in itself, but I allowed my liking for the magazine publishing business to blinker me from so many other avenues where I could have coined cash.

If you have entrepreneurial flair, then you can go into just about any business and make money. But instead of rushing to where the money was, I kept on digging in the relatively poor pit of ink-on-paper until the money, reluctantly, came to me.

This is so important, gentle reader. It pains me to think about it. If you wish to become rich, look carefully about you at the prevailing industries where wealth appears to be gravitating. THEN GO TO WHERE THE MONEY IS! That is where you should focus your efforts. On the ball marked ‘The Money is Here.

And in a similar vein:

The magazine business will have faded to a shadow of its former glory within a decade or three. It is a mature business, and few fortunes are made in mature industries, unless you are lucky enough to create a monopoly in one. I was luckier than I knew.

So what businesses should I have gravitated towards? Computer software, technology and dot com start-ups, cable and satellite television, property, environmental waste clean-up, alternative energy services … any one of these might have created a much larger fortune for me in less time than I took with magazines. Do I know anything about these industries? No. But, then, I didn’t know anything about magazines in 1967 either.

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).

But why would clever, cunning and adept people work for a mug like you? Simple. There are many clever, cunning and adept people who are risk averse. You are not risk averse because you are dedicated to becoming rich. Believe it or not, much, much cleverer people than you will come and work for you if you ask them.

Made me understand that (smart) risk-taking is one of the key entrepreneurial traits. People who are too risk averse will never get rich.
 

jpn

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My Rating: 5 stars out of 5 stars
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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)
 

Tidder Jail

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My Rating: 5 stars out of 5 stars
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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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rogue synthetic

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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.
 

MJ DeMarco

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HOW TO GET RICH, by FELIX DENIS

51sZ6oa9-KL._SX324_BO1,204,203,200_.jpg


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
 
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Consolation

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My Rating: 5 stars out of 5 stars
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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.
 

MTF

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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.

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.

At least this book serves as a great guide of what not to do/be.

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).
 

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.
 

Longinus

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

Format:
Ebook

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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Get Right

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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:
Kindle

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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MightyBeast

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Format:
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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:
 

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.”
 

Edwin Fernandez

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My Rating: 4 stars out of 5 stars

Format: Book

My thoughts/review:
See Key takeaways section.

Favorite chapter:
Chapter 8, The Most Common Start Up Errors

Key takeaways:
Im half way through reading the book, wanted to chime in before I forget.

The biggest takeaway so far is in chapter 8, The Most Common Start Up Errors, the section, "The First Error: Mistaking Desire for Compulsion.

He states:

"As far as getting rich is concerned, the cardinal error is to begin such a quest in the vague belief that you would like to be rich."

he goes on later,

"Wishing for or desiring something is futile without an inner compulsion to achieve it. Such lack of compulsion, if not frankly acknowledged, can lead to great personal unhappiness....It is my hope that this book will cause you to consider very carefully whether you are truly driven by inner demons to be rich."

and finally,

"Never have I met a self made rich man or woman whose family or personal relationships were not plagued by the burden of creating a fortune, even a small fortune. A rocky marriage ; lack of time spent with their children."

This has helped me re-frame why I am doing what I am doing, trying to build this business. It is true that starting this business (while still having a full time job) has led me to much stress and anxiety for not only myself but my family too. My wife feels ignored, my kids ignored because my free time outside of work is spent staring at a monitor working on my business. I started to experience health issues that manifested in my body because of this stress.

This section helped me realize it is not that I am truly driven to be rich, it is that I desire to have more autonomy, to be free of indentured time( time I spend working), I desire to be with my family more, having fun more. I don't really want to build a business, I just want the f*cking money to free myself from the JOB.

I desire to be a high status person, rich in time, options, love, health, and social status not to be rich.

The problem is, in reality, there is no other way to get those things I desire unless I have a pile of money that will allow me to jump off the hamster wheel that is indentured time, aka a JOB.

I have adjusted how I am working on my business because of this revelation of thought. More balance and a mindset shift towards the LONG haul, 5+ years.

I adjusted things so that I don't miss out so much on my precious moments with my kids and family. I wake up early, 5 am, work on my business until I have to go to work which gives me about 2 hours a day. I do NOT work when I come home, I play with and teach my kids. On the weekends I am not working all day on the business like I was doing previously. I am cutting it to 4 hours Sat, Sun 5am- 9am. So in total I still have ~17-18 hours a week building it while not missing out on the most important things.

My 2 cents, I am sure others in my position can relate.
 
G

Guest92dX

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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.
 
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lewj24

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Great book. But ...

I wish I hadn't read it.

One of the main themes in the book was that the company that suceeds is not typically the first to bring an idea to market but (rather) the company that excels in its execution and does so with speed.

So ... after reading the book ... rather than launching my first project fast ... I spent years getting a project "ready" for a "perfect" launch that ... in retrospect ... should have failed fast.

Oh well.

Won't make that mistake a second time.

Did you just blame a book for your failure?

I don't remember Felix Dennis saying you should be perfect before you launch something. He seems more like a 'doer with no plan' kind of guy.

Does this sound like someone that would spend years getting a project perfect:

"It was only when a venture I was involved in became a publicly listed company that I bothered to ask a senior accountant to explain to me what a balance sheet really was. He was astonished. How could I have become a multimillionaire many times over without truly understanding a balance sheet? In point of fact, he did not believe it possible at first. I explained to him that I had always left all that stuff to my finance directors and accountants. I was too busy making (and spending!) money, and had always begrudged the time it might take to grasp the finer points of formally recording its movement or current resting place."
~ Felix Dennis
 
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luniac

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

Format:
kindle

My thoughts/review:
5 stars because i was very entertained and at the same time learned some good advice.
The book read like a story vs a cold educational self help book.
Felix uses tons of interesting anecdotes from his life story, and argues his points based on real extensive personal experience running businesses.

He doesn't shy away from talking about his failures either, and overall comes across as an open and sincere fellow.
If anything I'd say Felix got a jolly attitude about it all, of course it helps being rich lol

Although there's a whole chapter on luck and that it's best definition is "preparation meets opportunity", you gotta admits and he does as well that he got SUPERRRR lucky with bruce lee dying and making his ALMOST FINISHED biography the hottest thing on the block.
That shit is like winning the lottery.
Of course you still gotta respect his hustle on milking the opportunity, but he also admits he didn't milk it for all it's worth either.

It's funny how in a book called "How to get rich", Felix spends quite a deal of time questioning if it's worth it.
He pretty much outright says it in the end that if he knew beforehand that poetry is his thing and that people would pay for his work, he would never have tried to become that rich.

Then again, "rich" to Felix Denis is not 1 or 2 million which is "well off", it's in the 10's of millions.
In this case I would agree with Felix, I don't need to be rich.

But like Felix himself stated, he got started because he would not be a wage slave no matter what, he would never accept being poor.
That's basically my own feelings on the matter.
I don't care about being rich, but I can't stand being poor with a predestined fate of wage slavery for life.

Favorite (or least favorite) chapter:
Several favorite chapters.
The one on ownership really reinforced the tenet of Control from the fastlane book. I promise you Felix, I will never give away a single percent of control of my company, no matter what.
Individual products on the other hand, I'm more than happy to collaborate.

The delegation chapter was great too, it really made me look closer at my friends' attributes. Who can i trust, who has a history of responsibility and work ethic, who's honest with me, who got potential, etc
Sure right now i don't have a blossoming company, but if i ever reach a point i gotta hire talent, I'll keep Felix's lessons close at hand.

Regarding loneliness and friendship Felix seems a bit contradictory. On one hand he says when you become rich, only those friends you had before you were rich are probably your real friends who will always be brutally honest with you, and even some of those will became fake and intimidated by ur money.

On the other hand he says he had an amazing time with the people he built his companies with, and with his "white knight" partners in america Peter and Bob who he did business with for over 30 years and they were dear friends to him.
Seems to me the path of entrepreneurship can foster great friendships with people on the same wavelength as you.

His section on Fear was awesome and i agree. It's like a weird opposite of nihilism. Basically he's saying nothing really matters anyway so might as well shoot for the stars.
Here's an excerpt
Armies and governments fear men or women who know they are going to die soon; and they have good reason to. Such people have nothing to lose. They will commit any atrocity and take as many others with them as they can, if they are driven to it. You must now become that doomed man or woman. You are going to die. Nothing can alter the fact. It is immutable. Incomprehensible. Unfair. All those things. But it sets you free, don’t you see? It sets you free.
Dennis, Felix. How to Get Rich (pp. 262-263). Penguin Publishing Group. Kindle Edition.


lol maybe life extension technology will change things but for now, you might as well go for broke. Playing it safe just doesn't make any sense to me either.

Key takeaways:
  1. Get rid of negative influences in you life especially those in ur own head, its just a pointless waste of time and energy.
  2. There's nothing to be afraid of
  3. CONTROL CONTROL CONTROL
  4. Hire people smarter than you and different than you
  5. Sex Drugs and Rock n Roll are awesome but they will kill you in the end lol
  6. Life isn't fair, get used to it but feel free to make a difference if u like.
  7. There's money out there with your name on it, all u have to do is go get it.
  8. Its all just a game

When i first read the book I even wanted to see what the dude was like in real life, here's a TED talk by Felix Dennis, pretty entertaining.
Odes to vice and consequences

Sad he's dead now, I would have wanted to meet him someday and drink some of his wine LOL
And visit his Mustique property. Hell I'd live there.
Look at this place!!!
Mustique Island, The Official Website for Enquiries and Reservations for The Villa Collection and The Cotton House Hotel
 
Last edited:

Esquire

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Great book. But ...

I wish I hadn't read it.

One of the main themes in the book was that the company that suceeds is not typically the first to bring an idea to market but (rather) the company that excels in its execution and does so with speed.

So ... after reading the book ... rather than launching my first project fast ... I spent years getting a project "ready" for a "perfect" launch that ... in retrospect ... should have failed fast.

Oh well.

Won't make that mistake a second time.
 

MJ DeMarco

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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.

Fantastic review with some great points. Makes me want to read it again (read it YEARS ago). Rep+ ... or I should say, the rich get richer.
 

MTF

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After a brief conversation with @Mathuin in the random thread I wanted to bump this thread, link back to my review of the book from 2019, and repost my post from the random thread here:

I find Felix Dennis's book unique in that he wrote a how-to make money book but in reality it sounded more like a call for help and a realization that he spent his life on ultimately meaningless pursuits. This to me was a way bigger lesson than his business tips. This isn't something you're going to learn from a neat how-to business books with 7 steps to generational wealth.

This quote shows how bitter he was about his life choices:

Wealth makes many demands and, by the time you have acquired it, you will be prey to certain habits. You will fear to lose it and must spend a great deal more time to defend it. No one is ‘independent’ of the human race. ‘No man is an island entire of itself; every man is a piece of the continent, a part of the main.’ Heed the words of John Donne, finest of poets: ‘And therefore never send to know for whom the bell tolls: it tolls for thee.’ Aye, so it does.

No luxury of choices for rich little you. You will be too busy keeping the sea from washing away the sand you have spent so long collecting at such terrible cost to your health and your sanity and your relationships with others. It is always thus. There is no escape. You believe (I know you do) that it will be different for you. But it won’t be. It never is.

Happiness? Do not make me laugh. The rich are not happy. I have yet to meet a single really rich happy man or woman – and I have met many rich people. The demands from others to share their wealth become so tiresome, and so insistent, they nearly always decide they must insulate themselves. Insulation breeds paranoia and arrogance. And loneliness. And rage that you have only so many years left to enjoy rolling in the sand you have piled up.

The only people the self-made rich can trust are those who knew them before they became wealthy. For many newly rich people, the world becomes a smaller, less generous and darker place. It sounds ridiculous, doesn’t it? Ridiculous and gloomy. But then, you are to consider that I have been very poor and I am now very rich. I am an optimist by nature. And I have the ability to write poetry and create the forest I am busy planting. Am I happy? No. Or, at least, only occasionally, when I am walking in the woods alone, or deeply ensconced in composing a difficult piece of verse, or sitting quietly with old friends over a bottle of wine. Or feeding a stray cat.

I could do all those things without wealth. So why do I not give it all away?

Because I worked too hard for it. Because I am tainted by it. Because I am afraid to. All those reasons and more. Perhaps, if I am lucky enough to become old, I will accumulate something else: the courage to give it all away before I die. That would be a good thing, I think.

(When I die, it is all going to a charity called ‘The Forest of Dennis’. You see, even when I do a good thing with my money, my ego insists that I name it for myself. Not a good sign.)

Giving money away when you are dead takes no guts. No courage. But to divest yourself of hundreds of millions of dollars, or the greater part of your fortune, before your death? That would be something to be proud of, don’t you think? It even makes logical sense.

For what is left afterwards but a few tears by a graveside and years of bickering and waste over a complex will? (The wills of the rich are always complex.) Bitter years, where lawyers count the number of fairies they believe you once thought danced upon the head of a pin – years in which they enrich themselves at your descendants’ expense. A fine legacy, to be sure.

But you must make your own choice. I have said my piece and I meant every word of it. This small part of my book was composed in my mind years ago. It was easy to write. I knew all of it before my fingers touched the keyboard. It has troubled me for years and I thank you for allowing me to share it.

I suspect it will have little effect on you, though. You are probably young and are tired of being poor. And tired, from years of growing up and schooling, of being lectured. Very well. Let us return to a recap of the ‘important bits’ to help you on your journey. But just before we do, can I ask you to do me a small favour?

Please lodge one fact in your memory: that the last one thousand five hundred words was an ‘important bit’. In my heart of hearts, I know it was the most important bit you will read in this book.

@Kak, could this be a good topic for your podcast?

@Antifragile, what do you think about his words considering you're super ambitious in business?

@Andy Black, I feel that you instinctively know the lessons Felix Dennis learned so late in his life.
 
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njord

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I dont agree, ownership is everything!
Look if you can invest 10,000$ in a small company and gain control over it or invest the same 10,000$ in a large company where you have no control but just a small piece of the cake I would allways choice the first choice.

In the second case you have no control and control is one of the fastlane commandments.
 
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My Rating: 4 stars out of 5 stars
:star::star::star::star: :xx:

Format: Library Book

My thoughts/review:
I'm hard to get a 5 out of, but I thought this was a great book. It has actionable takeaways (not just a fluffy pep-talk), and the writing itself was great. I found myself rereading some of the sentences just to enjoy how they flowed... but maybe that's because I was hearing a british accent in my head when I was reading. :happy:

It reminded me of Richard Banson's Business Stripped Bare. Being from the US, I had no idea who Felix Dennis was, so Richard Branson was my only cultural touchstone... Especially with the magazine publishing and ties to rock music.

Favorite chapter:
Obtaining Capital - Probably because I'm going through this right now and had a lot of takeaways. I bet if I re-read this at another point in my life, a different chapter would stand out. This book is very re-readable.
This chapter in short: A loan from an angel (shark) or a bank will keep you working for someone else. I liked the reminder of the poem about the fleas feeding on each other (here's the full text of that poem)

Key takeaways:
  1. Use your fear of failure to make you work harder, not prevent you from starting.
  2. "Think big, act small."
  3. The Chock Full O'Nuts example - The owner built one basket (nuts) that made him a living, but the second basket (coffee) made him a mint.
  4. To borrow money, the best way to get it is to not truly need it.
-------

Honestly, the Chock Full O'Nuts example is probably the part of the book that will stick with me the longest.
 
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MJ DeMarco

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Happiness? Do not make me laugh. The rich are not happy. I have yet to meet a single really rich happy man or woman – and I have met many rich people. The demands from others to share their wealth become so tiresome, and so insistent, they nearly always decide they must insulate themselves. Insulation breeds paranoia and arrogance. And loneliness. And rage that you have only so many years left to enjoy rolling in the sand you have piled up.

Wow, what a horrific generalization. Sounds like he surrounded himself with grifters and losers, not to mention a mental framework of paranoia. But then again, weren't "hookers and blow" a regular part of his life?

One man's opinion and experience need not be your truth.

I've never been happier, but then again, I never owned a company with a gazillion employees and a significantly bigger shadow.
 
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Longinus

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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.

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

Format:
Audible

My thoughts/review:
Very enjoyable audio book and difficult to put "down" or rather stop listening. I do admire his honesty and hindsight nuggets of wisdom.

Somehow I found myself always comparing his life and achievements to Richard Branson's... even though they both started in publishing, their paths couldn't have been more different. Well, except for their Caribbean properties maybe ;-)

Favorite (or least favorite) chapter:
I enjoyed all chapters but some concepts resonated more that others obviously.

Key takeaways:
  1. Key takeaway #1 You can't copyright/trademark ideas only the execution! (an idea in itself is worthless)
  2. Key takeaway #2 There's money out there with your name on it, go find it!

Challenge after reading this:
Always the same one really... I have a Why, I don't waste time on mind-numbing entertainment but I can't seem to find/choose a path to freedom. I could start making up excuses but you will have heard them all before (young daughter, obligations, mortgage, blablaa).
Whenever I have an idea I am extremely good at coming up with reasons why it might not work... sigh! Probably more of the remit of therapists than an entrepreneur forum ;-)
I have spent decades doing marketing and PR (while having a science degree) in different countries (tri-lingual) and have developed quite a few skills in the process but I still can't seem to identify opportunities... I could kick myself for having these blinders on.

Any suggestions?

I like bringing value to others and do so regularly... my girlfriend starts yoga classes, well here are leaflets, a website, work sheets, etc. Same for my Muay Thai club... quickly created them a website.

From a young age I realised that "create once, sell many times" was a way out of the 9-5 life (and tried to achieve this in the music business... didn't really work out but was fun though). I have always felt that the way most of us live and work is completely ridiculous and doesn't make sense... however I can't seem to cut the umbilical corporate chord... argh!

Sorry, I do realise that this is supposed to be a book review but it led me back to the question I am struggling with the most hence the reason I just threw it in the group, hoping for some a$$-kicking feedback ;-)
 
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TreyAllDay

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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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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.
 

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Thank you for rep, @MJ DeMarco. Glad to hear you liked my review. I was happy that it was picked as the book of the month because I learned a lot from this book.
 

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what do you think about his words considering you're super ambitious in business?
Thanks for the tag, MTF. Fascinating topic. I’d love to dig deep into it but first let me start small:

My ambition started with wanting money for my freedom of choices. Now that I’m moderately wealthy, I can confirm your quote text isn’t wrong. Wealth has its challenges. It does not bring happiness. Yet I’m as ambitious as I’ve ever been. Why?

Simple. I’m happiest when I achieve things. My days start with a zero. I feel I must do something because that’s who I am. It can be business, sports, family time, reading etc.

And I find business to be fascinating and challenging all the time. I don’t want or need to be a billionaire. But I do want to see what I’m capable of achieving in my life.
 

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