How To Get Rich: Felix Dennis’ Way

There are probably thousands of advices on how to get rich in life or how to succeed in,business. While some advice can be very useful or dumb-stupid, many are nothing but get rich-quick scheme for the suckers. I have heard them all. But I always get a kick out of advice I consider to be super-prudent with no emotion attached. Those are the ones I just came across in The Wall Street Journal’s business bookshelf.

A topic in the journal, “Maximizing Money” features a book entitled “How to Get Rich” by Felix Dennis who is one of the richest men in England – worth b/w $400 – $900 million. The book was fully reviewed by an accomplished editor, Edward Kosner, who summarized some of the sharpest and straight-up advices I have ever seen. Frankly, the author’s guides are knock-outs, and Mr.Kosner admits that the book is full of cold-hearted advice for succeeding in any field [of life]. According to Mr. Kosner, Felix Dennis tagged himself as anti-self improvement and believes that “those who are able to turn themselves into monomaniacal, workaholics estranged from loved ones and reviled by rivals can hope to hit the mega jackpot.” Felix Dennis’ must-have essentials for success are:

• Stamina
• Persistence
• Focus
• Execution

And he added “If you never have a great idea in your life but become skilled in executing the great ideas of others, you can succeed beyond your wildest dreams.”

I couldn’t agree more with that statement, as CEOs [the corporate fat-cats] come to my mind. CEO = Chief Executive Officer. Most CEOs never created any idea in their life. All they do is manage, combine, and execute other people’s ideas or innovations. As a result, they make (a killing) million$ at creative individuals’ expense.

The following are summarized advices from the book as presented by Mr. Kosner, followed by my take on each:

1.      “Never Part with even a share of business you founded, although partnership in new ventures are acceptable because you can walk away from them.” This sounds like a “founding-father syndrome” to me. No wonder Jerry Yang of Yahoo! Rebuffed Microsoft’s takeover attempt.

 

2.      “Give generous bonuses to your employees, but don’t let them share the money from asset sale.” Yeah right! Whatever happens to the cliché: ‘our employees are our greatest asset.’

 

3.      “Don’t hand out company’s credit cards, cell phones or cars – the expenses run riot.” Who cares? Are those not business expenses and tax deductible? And if civil servants are getting these perks, so can private sector employees. No wonder most people don’t quit Government jobs.

 

4.      “Never delegate authority top people just like you – find a complimentary brain instead.” Sometimes’ you have to. In case some thing like sickness happens. One famous example is Michael Eisner, former Disney CEO, who did not appoint a replace during a health problem. The whole company almost disorganized as a result of his absence.

 

5.      “Avoid venture capitalists with their mania for short-term results.” This is synonymous to proxy battle like one staged by activist investor, Carl Icahn aka “corporate raider.” A case in point: he threatened to kick Jerry Yang, Yahoo!’ founder, out of the company’s board.

 

6.      “Never loan money to friends – make it a gift.” This is analogous to ‘don’t loan family members or friends money you can not afford to lose.

 

7.      And here is my favorite: “Never trust a senior accountant who won’t take a vacation (because he is afraid that his thievery will be uncovered while he is away from office.)” The solution is simple: Hire external auditor(s) on annual basis.

I can’t wait to dissect the whole book before digesting the contents. The book would be a good read for those want to succeed where others failed. Sometimes, one has to use unconventional tactic to archive his/her goal in life. And the hints in this book could help fulfill that. – Felix Dennis Video below

Quotes of the day:

“You’ll never get rich by working for your boss.” —- Felix Dennis

”If this does not make you rich, nothing ever will.” —–Mail on Sunday