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Felix Dennis is a polarizing legend.
He built a $500M+ publishing empire.
But…
Admits to spending $100M+ on drugs, alcohol, & “mistresses”
He wrote a book so good, the guys on the My First Million podcast reference it often.
Here are 16 lessons to get FILTHY rich:
He built a $500M+ publishing empire.
But…
Admits to spending $100M+ on drugs, alcohol, & “mistresses”
He wrote a book so good, the guys on the My First Million podcast reference it often.
Here are 16 lessons to get FILTHY rich:
First let's cover what RICH is according to Dennis.
Just look at this chart.
This guy thought big!
He does say that measurements are arbitrary.
Implication: Define rich and wealthy however you want.
Just go after it, hard.
Just look at this chart.
This guy thought big!
He does say that measurements are arbitrary.
Implication: Define rich and wealthy however you want.
Just go after it, hard.
1. CONFIDENCE
You need:
• Tunnel vision
• Thick skin
• Stamina
• Luck helps
But it starts with confidence & “an unshakable belief it can be done and that you are the one to do it.”
Implication - If you’re lacking it, work hard to acquire confidence. Stack little wins.
You need:
• Tunnel vision
• Thick skin
• Stamina
• Luck helps
But it starts with confidence & “an unshakable belief it can be done and that you are the one to do it.”
Implication - If you’re lacking it, work hard to acquire confidence. Stack little wins.
2. MONEY IS NEUTRAL
“Money is color-blind, race-blind, sex-blind, degree-blind and couldn’t care less who brought you up or in what circumstance.”
This is GREAT news - anyone can get rich.
Implications:
• Stop making excuses
• Decide. Commit. Get after your goals.
“Money is color-blind, race-blind, sex-blind, degree-blind and couldn’t care less who brought you up or in what circumstance.”
This is GREAT news - anyone can get rich.
Implications:
• Stop making excuses
• Decide. Commit. Get after your goals.
3. Get MENTAL ARMOR
“Not so thick as to blind you to well-constructed criticism & advice, especially from those you trust. Nor so thick as to cut you off from friends and family.”
Implication:
• Toughen up, buttercup.
• Accept valid feedback.
• Ignore the haters. Prosper.
“Not so thick as to blind you to well-constructed criticism & advice, especially from those you trust. Nor so thick as to cut you off from friends and family.”
Implication:
• Toughen up, buttercup.
• Accept valid feedback.
• Ignore the haters. Prosper.
4. SACRIFICE
“The truth is that getting rich means sacrifice. And the worst of it is, it isn’t always *you* that’s doing the sacrificing.”
Uncomfortable Truth:
The ultra-successful and wealthy are unbalanced.
They realize too late that they sacrificed too much...
“The truth is that getting rich means sacrifice. And the worst of it is, it isn’t always *you* that’s doing the sacrificing.”
Uncomfortable Truth:
The ultra-successful and wealthy are unbalanced.
They realize too late that they sacrificed too much...
A lot of lives are ruined along the way.
Including loved ones.
Implications -
• Stop idolizing the rich. Their lives aren’t that great.
• Build a life on your own terms.
• Live below your means to break free of the rat race.
• Invest in ALL areas of your life.
Including loved ones.
Implications -
• Stop idolizing the rich. Their lives aren’t that great.
• Build a life on your own terms.
• Live below your means to break free of the rat race.
• Invest in ALL areas of your life.
5. DON'T FEAR FAILURE
Fear of failure can’t hold you back.
“Fear of failing in the eyes of the world is the single biggest impediment to amassing wealth.”
Fear of failure can’t hold you back.
“Fear of failing in the eyes of the world is the single biggest impediment to amassing wealth.”
You can’t be afraid of
• Failure
• What others think
• Of causing worry to your family
• Working longer hours
• Thinking you’re not good enough
Getting rich is a GAME. Learn the rules and play the game, hard.
• Failure
• What others think
• Of causing worry to your family
• Working longer hours
• Thinking you’re not good enough
Getting rich is a GAME. Learn the rules and play the game, hard.
6. BEWARE THE SALARY DRUG
A regular paycheck and crack cocaine are attractive and addictive.
His language is so visual. Makes you want to build a business asap
A regular paycheck and crack cocaine are attractive and addictive.
His language is so visual. Makes you want to build a business asap
7. PUT ON YOUR MONEY GOGGLES
This isn’t his term, but Dennis talks about looking around and preparing to pounce on opportunities.
How to take advantage:
• Be alert
• Be prepared
• Be bold
• Have self-belief
• Don’t care what others think
This isn’t his term, but Dennis talks about looking around and preparing to pounce on opportunities.
How to take advantage:
• Be alert
• Be prepared
• Be bold
• Have self-belief
• Don’t care what others think
8. GREAT IDEAS ARE SHIT.
EXECUTION IS EVERYTHING.
• The McDonald’s brothers had a great idea.
• Ray Kroc had great execution.
Implication:
• Become an execution machine.
• Guard against busyiness
• Work until task completion
EXECUTION IS EVERYTHING.
• The McDonald’s brothers had a great idea.
• Ray Kroc had great execution.
Implication:
• Become an execution machine.
• Guard against busyiness
• Work until task completion
9. The 5 Most Common Start-Up Errors
Note: I reframed to be positive statements.
You must:
1. Have compulsion - beyond desire. It’s a compulsive urge to get what you want. Life is not a dress rehearsal.
2. Focus on cash flow - need it to grow and succeed. Keep expenses low.
Note: I reframed to be positive statements.
You must:
1. Have compulsion - beyond desire. It’s a compulsive urge to get what you want. Life is not a dress rehearsal.
2. Focus on cash flow - need it to grow and succeed. Keep expenses low.
3. Learn from mistakes - if something isn’t working, stop. Try something new.
4. Think BIG, act small - acting small is remaining flexible, staying humble. Be the millionaire next door..
5. Pay top talent - find it, pay them well, get out of their way.
4. Think BIG, act small - acting small is remaining flexible, staying humble. Be the millionaire next door..
5. Pay top talent - find it, pay them well, get out of their way.
10. A FEW WORDS ABOUT LUCK
I can’t summarize better than he did. Read and enjoy.
I can’t summarize better than he did. Read and enjoy.
11. OWNERSHIP IS THE ONLY THING!
• Owners get rich. Everyone else, not so much.
• Share profits and give bonuses, but not equity.
“Money making and fairness have nothing to do with each other.”
How ruthless was he about this rule?
Very...
• Owners get rich. Everyone else, not so much.
• Share profits and give bonuses, but not equity.
“Money making and fairness have nothing to do with each other.”
How ruthless was he about this rule?
Very...
4 key people asked/demanded 20% of the business.
He fired them on the spot.
The 20% stake was eventually worth $80 million.
A better solution:
• Instead of sharing equity, make more pie.
• He gives practical tips for increasing bonuses and value-added perks.
He fired them on the spot.
The 20% stake was eventually worth $80 million.
A better solution:
• Instead of sharing equity, make more pie.
• He gives practical tips for increasing bonuses and value-added perks.
12. STOP LOOKING FOR SHORTCUTS
There are none.
Stop looking for them.
They only lead you astray - a fancy word for f*cking off track.
Implications:
• Stay on track.
• Do the work.
• No shortcuts.
There are none.
Stop looking for them.
They only lead you astray - a fancy word for f*cking off track.
Implications:
• Stay on track.
• Do the work.
• No shortcuts.
13. CHOOSE THE RIGHT MOUNTAIN
“The world is full of money.
Some of that money has your name on it.
All you have to do is collect it.”
Smart man.
Implications:
• Find a mountain that’s already making people rich & tap into that mountain.
• In other words, copy what's working
“The world is full of money.
Some of that money has your name on it.
All you have to do is collect it.”
Smart man.
Implications:
• Find a mountain that’s already making people rich & tap into that mountain.
• In other words, copy what's working
14. BE A PREDATOR
Not the kind from the Arnold movie or the sleaze bucket caught-on-video type.
You want to be the kind of predator that POUNCES on opportunities.
You must act at the slightest hint of making money
Implications:
• Seize opportunities
• Stop hesitating so much
Not the kind from the Arnold movie or the sleaze bucket caught-on-video type.
You want to be the kind of predator that POUNCES on opportunities.
You must act at the slightest hint of making money
Implications:
• Seize opportunities
• Stop hesitating so much
15. THE UPSIDE-DOWN PYRAMID FOR GETTING RICH
This 6-step process is brilliant.
You don’t need more information to know what to do.
Do all of them.
This 6-step process is brilliant.
You don’t need more information to know what to do.
Do all of them.
16. THE EIGHT SECRETS OF GETTING RICH
Straight from Dennis:
1. Analyze your need. Desire is insufficient. Compulsion is mandatory
2. Cut loose from negative influences. Never give in. Stay the course.
3. Ignore “great ideas.” Concentrate on great execution
Straight from Dennis:
1. Analyze your need. Desire is insufficient. Compulsion is mandatory
2. Cut loose from negative influences. Never give in. Stay the course.
3. Ignore “great ideas.” Concentrate on great execution
4. Focus. Keep your eye on the ball marked “The Money is Here.”
5. Hire talent smarter than you. Delegate. Share the annual pie.
6. Ownership is the real “secret.” Hold on to every percentage point you can.
5. Hire talent smarter than you. Delegate. Share the annual pie.
6. Ownership is the real “secret.” Hold on to every percentage point you can.
7. Sell before you need to, or when bored. Empty your mind when negotiating.
8. Fear nothing and no one. Get rich. Remember to give it all away.
8. Fear nothing and no one. Get rich. Remember to give it all away.
Time to wrap this up…
No thread will do this book justice.
The stories bring the lessons to life. It’s worth a read.
amzn.to/3XvrYWV
No thread will do this book justice.
The stories bring the lessons to life. It’s worth a read.
amzn.to/3XvrYWV
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