This is my review of Felix Dennis' How to Get Rich. What makes this interesting is that he's no Guru. He made a fortune in the magazine publishing industry and only wrote this book after he made his money.

The man himself

He's worth between 400 and 900 million dollars. And kind of a tyrant, but very red pill.

What's more is that I found a lot of what he wrote to be very surprising. And I've read a lot of self-help and business books.

I'll structure a little all over the place. Starting with the internal changes you need to make to succeed.

Internal Changes

He begins by quoting F. Scott Fitzgerald who once said, "Let me tell you about the very rich. They are different from you and me."

And they are. Dennis lays out the completely different mindset you need to have when you're rich. Especially the very rich.

One mentality that really stuck out me to was how selfish you need to be... In every single instance in your life, you need to be protecting your chips. Starting a company? Make sure you own 100% and never give out a single percent. Negotiating a deal? Fight and Whine and Scream for the best possible deal. Which is the opposite of what you read everywhere else.

There is nothing more valuable than your money. Do not give it away lightly.

In his mind, you've got to be a shit. You've got to have Tunnel Vision. And the unshakeable confidence that will you be rich.

People do not get rich by accident.

First thing Felix tells you is that being Rich will not make you happy. In fact, it'll probably make you miserable. It'll probably make you lose friends, contact with family, and your health.

He really tries to talk you out of this crazy journey.

Also, that getting started is the hardest part.

But there's one thing really holding you back. It's the same thing holding you back from talking to that girl in that coffee shop. The same thing that making you think small. The same reason why you didn't go to that meet up.

Fear.

Yes, in all his years as an entrepreneur the single biggest reason he's seen so many other people fail is because of fear. Fear is the single most debilitating thing that can happen to you.

If you're able to crush your ego beat fear until it's almost non-existant than you've got a chance.

There's a few other things you need to implement as well.

  1. Team spirit is for losers. Try to keep as much ownership as possible. Don't look for a partner to lean, you need to learn to lean on yourself! Stop with the excuses, control as much as humanly possible. Once you're successful on your own then it's okay to get partners but not until you can successfully rely on yourself.
  2. Law of supply and demand. Go for industries that nobody wants to be in. Go for new emerging markets.
  3. Follow your inclinations. This is basically saying you should go for things you're passionate or are naturally talented in. However finding these talents is quite difficult. The "Search" is the hardest part of your journey How do you find it? Trial and Error. List inclinations and aptitude. Trial and error is the only way to know yourself.
  4. They conquered your fear of failing in front of others If you look at successful generals they were bold, they took actions when they should not of done so. They worked extremely hard. They placed not only their lives and careers on the line but those around them as well. (This is much harder than it seems but is necessary).

  5. Never shrink when opportunity arrives. Seize Lady Luck when it arrives and hang on for your life When you have momentum, you need to capitalize on it at all cost, don't underestimate the power of serendipitous opportunity.

  6. Execution is way better than an idea. Ray Kroc didn’t invent the idea of fast food, he simply implemented it with McDonald’s better than anyone else

  7. That said don't be afraid to Emulate a Good idea Copy something that’s working already! Viperchill wrote a great blog post on this They copied a magazine called loaded by revamping For Him Monthly Execution makes you rich not ideas

Interesting quotes

“No one would remember the Good Samaritan if he’d only had good intentions. He had money as well" - Margaret Thatcher

The French socialist Pierre Proudhon has the right of it: ‘Property is theft!’ And he’s right, only it's legalized theft.

Notes About Venture Capitalists

They are dolphins--nicknamed deriving from their frantic desire to ‘flip’ every deal as quickly as possible. They don’t care who the venture is sold but only about their return of their investment, with a massive bonus for the risk and skill they have invested, is mandatory.

VC money is not for the faint hearted as dolphins don’t care about you’re long term value only about the growth that happens now.

You only need it to move on to the next level, to push the needle. With VC money, you’re more likely to make a million, but you’re also more likely to make them many millions in the process.

Or you swim with the fishes and get investment from crowds, friends, and family. (This is what Dennis suggests)

That’s how he funded his first magazine. And by the end of his first year he and all his employees were paid in full. But more importantly, he retained 100% control. Don’t forget about the free rides you might get when starting out.

Ultimately, Dennis struck out on his own.

"I will not become a wage slave. Do not give in. I am going to be rich. Some way. Some day. Soon. I will not retreat to the safety of a decent job until I was starved out of house and home."

Though he had an apprenticeship at OZ magazine before starting on his own magazine as it enabled him to learn the ins of the industry.

Something to keep you going

Vincent van Gogh is one his favourite examples of a man who never gave in. Who refused to make money for other people. Despite never seeing success in his lifetime himself.

He wrote the most heartbreaking letters to his brothers about his struggle.

Dennis suggests reading these letters when the going gets tough.

Don’t mistake desire for compulsion. Don’t go off a whim and start a company. Question all your assumptions, do due diligence and follow through.

Here are 8 more very important lessons from Felix

  1. Compulsion. Don’t do this on a whim. Because you will only disappoint yourself later

  2. Timing There are so many good ideas and executions out there. A lot of it has to do with timing. If it doesn’t work out sometimes it’s just bad luck. If it does work out sometimes it’s just good luck. Like a surfer you need to wait for the right wave.

  3. Think Big act Small Do not think small and act big, that’s the worse thing you can do. You don’t want to end up sucking your own dick. Do baby steps but dream of conquering the world. He gives really good examples in his own life where his successes came from thinking big (starting a magazine) and acting small (getting a designer on board). Whereas acting big (like signing a new 4-year lease) without due diligence when your company starts failing is really bad.

  4. You’re going nowhere without good talent Talent is expensive the older the person is (unless they’re starting out). Look for young passionate workers and keep them in your company no matter what!

  5. Persistence If you want to be an entrepreneur. You need to be persistent! Keep at it.

  6. Self-belief You the unshakeable pertaining within you that you are destined for this. If you don’t have it. Then get rid of the negative self-talk and replace so you starting an unshakeable destiny for yourself.

  7. Diversify Start out really focused growing one asset but as soon as you can diversify! Get multiple streams of income!

  8. Listen and Learn Never stop taking meeting. Never stop listening and learning from others.

Conclusion:

This book is different. There's a lot to learn from this book. I love how honest he is about his climb to success. What really stood out to be was how ruthlessly selfish you need to be. He mentions that he fought at all cost to keep complete ownership of his company. How team spirit is for losers.

He's right. Despite that Y combinator, a popular incubator in Silicon Valley, will not fund anyone without a co-founder, there's something to be said about going it alone.

Personally, the only reason I wanted a co-founder in my business was because I wanted somebody to bear the burden with me. But I really do think fucking making a killing on your own takes guts and builds character. Relying on others has screwed me in the past. That's not to say I don't rely on others, but I know that to get more out of life I need to get more out myself. That's the first step. And if you make it, you'll find other people on the way where you can help each other out.

I also really liked his thoughts on the number 1 mistake that stops people from being successful.

And that's the fear of failing publicly. The fear of letting down our friends and putting their lives on the line. Having their reputations faltered because of us.

My key takeaway from this book is crushing your ego and do whatever it takes to succeed. Never give in.