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Editor's note: For the final edition of our "book review week," we're publishing an essay Steve Sjuggerud wrote several years ago. It's about a book Steve says captures the insights on how to get rich better than any other book in existence. Around the DailyWealth office, it's considered mandatory reading. For more on this incredible book, read on... You Can't Be a Millionaire. Unless...By
Friday, May 4, 2012
A friend of mine has a net worth that's comfortably in the tens of millions of dollars.
I don't know for sure of course... It's not polite to ask. But I know of his business dealings. And I've been to his stunning house on the ocean in Palm Beach County, Florida. (A few years ago, he bought his neighbor's house – rumor had it he didn't like the dog barking next door. He connected the two properties, renovating the neighbor's house to match his own.)
For the last decade or so, he's spent his days doing what he wants... which, it turns out, ends up making him even more money...
My friend's story starts at a Dale Carnegie public speaking course maybe 30 years ago. In that course, my friend was asked to pick the one thing he'd like to achieve in life and give a speech on how he planned to achieve it.
My friend wanted to do so many things in life... He wanted to teach a college-level course (his father was a college professor), he wanted to write a screenplay for a movie, he wanted to appreciate art as well as any art critic, he wanted to write a fiction story and have it published... The list goes on. Oh, also on the list was "make a lot of money."
He thought about his list. And he figured if he accomplished the last one – "make a lot of money" – then he'd have the opportunity to accomplish the other things on that list, too. So that's what he gave his speech about... How he'd get rich.
My friend set out to get rich. For years, he made that his main goal. You might not like the idea of dedicating your life to amassing wealth. (And you don't need a fortune to live well.) But it worked for my friend... and it worked for Felix Dennis.
Recently, I read one of the best books ever written on getting rich. It's Felix Dennis' How to Get Rich.
Unlike most of the writers of self-help books, Dennis is actually very rich. And unlike most self-help writers, he didn't make his money pitching self-help seminars or DVDs. Instead, he made hundreds of millions of dollars publishing magazines like Maxim.
In short, he didn't need to write How to Get Rich. But I'm glad he did. It is brutally honest and filled with wisdom. You should read How to Get Rich with a highlighter in hand. Like my friend, Dennis set out to get rich. He makes no bones about it... which makes reading this book refreshing.
As Dennis says, getting rich isn't easy to do, and most people won't even try. People as rich as Dennis are rare. Few people as rich as Dennis have actually tried to put down on paper, for the layman, the legitimate secrets of getting rich. Dennis did, and did it well.
At DailyWealth, we have spent lots of time with many hugely rich entrepreneurs. We have heard the stories of how they got to where they are now... we've heard their insights. No book we're aware of captures those insights as well as this one.
Are you capable of being rich? Are you willing to make it your goal now, so you can later conquer all your other dreams, like my friend and Felix Dennis?
Read How to Get Rich and find out...
Good investing,
Steve
Further Reading:
If you missed any of our other book reviews this week, you can find them here...
"It's the first trading book I recommend when anyone asks."
"I would have happily paid 10 times the cover price... Heck, I would have paid 100 times the cover price. The book is that valuable to me."
"It was published in 1992. But it's as relevant as any current book today."
If you have ambitions of being truly rich one day, you should read this book...
Market NotesTHE WEEK'S FINAL INSTALLMENT OF "ASIA UP, THE WEST NOT SO MUCH" For our last installment of "Asia up, the West not so much," we're visiting islands.
This week, we've looked at several different facets of this idea (you can read them here, here, and here)... which is all about the gradual increase of Asian economic power... and the gradual decrease of old European economic power. Many European countries have declining population growth and onerous business regulations. This creates a headwind against the region's stock and real estate prices. Many Asian countries have healthy population growth and are embracing free markets. This creates a tailwind behind the region's stock and real estate prices.
Yesterday, we presented our "banking edition" of this idea by showing the performance of Singaporean assets (representing Asia) versus Swiss assets (representing Europe). Today, we're visiting islands to compare asset performance. One is the nation of Greece, an economic basket case that consists of a mainland and thousands of small islands. The other is the Asian nation of Indonesia, which has a relatively healthy economy... and consists of thousands of small islands.
Below is a two-year chart that plots the performance of the Indonesian stock market (the black line, up 30%) the Greek stock market (the blue line, down more than 60%).
To sum up our series: You can see it from many different angles... but the picture is the same: Asia is gaining on old Europe.
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