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Editor's note: Our DailyWealth essays usually focus on safe, unconventional ways to invest. But the holidays are a great time to think about how to live a richer, fuller life. So for the next five days, we'll be running a series of classic essays from Dr. Steve Sjuggerud covering different perspectives on "the rich life" and how to achieve it. We hope you enjoy it. Let us know what you think here. You Can't Be a Millionaire. Unless...By
Wednesday, November 23, 2011
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:
Mark Ford, a friend and mentor to Steve, has one of the most compelling "rags to riches" stories we've ever heard. Get the inside-look here...
By following this simple rule, Mark was able to do better than he ever expected, without a single day of feeling poorer than he was the day before.
Mark gets "free money" from one of the most overlooked plays in the real estate sector.
Market NotesTHE NEXT EUROPEAN CRISIS Keep an eye on French stocks. They are now in the danger zone.
Regular readers know why we've been focused on the price action in the euro and critical European companies like financial giant Deutsche Bank. After all, Europe is the world's largest economic block (even bigger than the U.S.)... so its huge debt problems can cause major waves all over the world.
One of the biggest concerns here is what happens in France. France is the world's fifth-largest economy. Its banks have tremendous exposure to the bad debts of basket cases like Italy and Greece. Many folks worry that if the crisis can affect France, it will kick off a horrible recession and stock crash.
We track this situation with the "Dow Industrials of France," the French CAC 40 Index. It's an index of France's most important companies. As you can see, the CAC suffered a major hit several months ago. The index fell from above 3,800 to below 2,800 in less than two months (A). This drop was followed by a "relief rally" that took the index back toward 3,400 (B). But in the past few weeks, the rally has sputtered out (C)... and the CAC is in danger of breaking its September low. Should this happen, it's a sign of much worse things to come for Europe...
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