How to Get Rich
Felix Dennis

Summary

Lessons on how to make serious money from one of Britain's most flamboyant founders of the late 20th century

Rating: 5/5

Notes

Money is power and power is an aphrodisiac

Knowledge learned the hard way combined with avoidance of error is the soundest basis for success in any endeavour

‘If it flies, floats or fornicates, always rent it. It’s cheaper in the long run’

The key to becoming rich is confidence and unshakeable belief it can be done and you are the one to do it

Execution is a thousand times more important than a good idea

Becoming rich does not guarantee happiness

Young, penniless and inexperienced? Great, you have the best chance of becoming rich as you have nothing to lose

Never trust the vast mountain of conventional wisdom because although is contains nuggets of wisdom, they lie alongisde rivers of fool’s gold

Anyone not busy living is busy dying

Boldness attracts the applause

You enjoy a greater leverage than you might believe but you’ll never find out till you go for it

 Make just enough to live comfortably (~50M) as quick as possible then retire to the hills and poetry

There is no such thing as a permanent champ

Whoever dies with the most toys doesn’t win. Real winners are people who know their limits and respect them

2 components of the fear of failure; letting others/yourself down or financial calamity

If you wish to be rich, you must grow mental armour to stay away from the crowd

Getting rich requires sacrifice and it’s not always you doing the sacrificing

Fear of failing is the single biggest impediment to amassing great wealth

The biggest rewards go to the individual who own the most stock

Control of the business is the be all and end all of the game

Knowing a great idea is simply not enough. It is how the ideas are implemented that counts in the long run

Ideas don’t make you rich. The correct execution of an idea does

It is desperate and humiliating at the beginning

Make handstands on the rims of hell and no matter what, do not give in

‘Assumption is the mother of all fuck-ups’

All new ventures require positive cash flow if they are to grow and succeed

Obsessively worry about cash flow and always keep expenses down

Never reinforce failure

‘Success is never permanent, failure is never fatal. The only thing that really matters is to never ever give up ‘ Churchill

Act small in the early days of your business to show those around you

Think big and act small

When you come across real talent, it is sometimes worth allowing them to create the structure in which they want to work

Never skimp out on high-quality talent

Simple rules concerning talent: identify it, hire it, nurture it, reward it, protect it

Do not be afraid to change track, alter course or make new plans with whatever you are trying to achieve

If you will not believe in yourself, why should anyone else?

Without self-belief, nothing can be accomplished. With it, nothing is impossible

Trust your instincts. Do not be a slave to them but when your instincts are screaming GO, then you must decide if you want to be really rich or not

Things do not stay the same. Farther you will learn to go with the flow or you will be left stranded

Once you have a few eggs in one basket, start investing in other baskets

When you stop listening, you stop learning and when you stop learning, it’s time to leave

Never go on vacation when a deal is going down

Never personally underwrite business loans for your company

Listen to people who are good w/ money and always invest in property with a good address

Luck is preparation multiplied by opportunity

To become rich, you must become a predator

Prepare yourself for luck, but don’t seek her out, let her come to you

Whiners and cowards die a hundred times a day. Be a hero to yourself

All organizations are a reflection of the people who start them

Any house divided is a house that will fall

In negotiation, professionals advisors are there to explain and advise, not decide

Never fall in love with a deal, there will always be other

Ownership isn’t the most important thing, it’s the only thing

To become rich, you must be an owner and you must try to own it all

Do not hand over a single share unless you have to

‘Never retreat. Never explain. Let it die and let them howl’

The work undertaken by your colleagues and employees is more important than your work meaning you must delegate effectively

Obsessive micromanagement cares away talent. Let your best talent take charge

The enemy of my enemy is my friend

Make annual bonuses generous but never delegate bonus arrangements

Keep costs down and fire incompetent’s mercilously

Offer legal perks that you have paid for yourself to employees

Search out and promote talent

Sell early

‘Our lives are what happen while we’re busy making other plans’ - John Lennon

Capitalize on luck and timing. When the plants are ripe, make sure you harvest them

You need other people to create great wealth as it can’t be done alone

Never choose an important employee or key supplier alone

Make notes, speak little when interviewing

Pay employees well and bonuses better

Ownership shall be half of the law, doing an outstanding job should be the other half

When a business is failing, look to see if you can pivot or sell before closing

Pay the least tax lawful but pay it

Money’s never owned. It is only in your custody for a while. Time is always moving on and the youth have more of it in their pocket than the richest man or woman alive

Cut yourself loose from your parents and naysayers

Never let your job define you

‘The world is full of money. Some of it has my name on it. All I have to do is collect it.’

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

‘It is fear that rules us and never let it conquer you. We’re all going to die so what do you have to fear

Go. Start now. Fear nothing. Chase the right mountain. Cut loose from all the negative influence. Commit or don’t commit, no half measures (upside down pyramid for getting rich)

Keep giving money away. As soon as you’ve spent it, gift it, loaned it or invested it, forget it

Never loan money to friends, give it instead

Your oldest friends are your only friends

Develop a passion outside making money

Get your own exceptional private advisors

Be safe: once you’ve made enough money, hire a good security team

Never stop looking for talent and promoting talent

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