So you’re tired of working for the man and just want to get super rich so you can at long last retire at the ripe old age of 40 (maybe 30?!) and enjoy your life.
Lucky for you, super-rich dude Felix Dennis is willing to tell you how in this Inc.com article. Just how super rich is Felix? Well, he has so much damn money, he doesn’t even know how much. The only thing he knows for sure is that his net worth is more than $400 million but less than…
Wait a minute, he’s worth at least $400 million?! Well crap on my face and call me disgusted! If you’re worth a half billion at the low end, who freaking cares after that, huh?
Anyway, if you can’t stand the thought of leaving my blog to go read the article (and, frankly, I wouldn’t blame you), you’re in luck. I did read it, and here are some of the high points:
Want to be wealthier than your neighbor? You have to take his wealth and give it to yourself.
Pretty basic, right? There’s a reason so much stuff is made in China… super cheap labor. I guarantee you the guys working in the sweat shops over there aren’t living anywhere near the lifestyle that the average American that works a measely 40 hours per week is.
You want to sell a product? The cheaper you can get it, the greater your profits will be. So you get it manufactured cheaply in China. Guess what? You are essentially taking away a decent lifestyle from the Chinese workers so you can gain more wealth.
Sound harsh? Well, the truth often is. The richer you get, the poorer someone else becomes.
Now, I had someone disagree with me once on this point. He said to me, “High tide floats all boats.” That’s true, but your boat’s elevation over your neighbor’s doesn’t increase because of high tide. That only happens when you take water away from your neighbor and put it in your own pool.
If everybody is a millionaire, then nobody is wealthy. Wealth comes from having more than others. Want to be wealthier than others? Then you have to take it from them.
Screw Having a Great Idea. Focus on Execution
Many many (many) moons ago, I had the idea to sell discount travel packages and cruises to auto dealerships that they could give away to new customers as an incentive to buy. It was a pretty good idea I thought, especially since there were no dealerships in my area offering any incentive like it.
My execution? Direct mail all the local dealers a quick pitch of my idea. One dealer called me to request that I mail in more detailed information, so I did. I never followed up.
A couple years later, that same dealer that called me was offering cruise packages with the purchase of a new car. But they definitely weren’t getting their cruise tickets from me!
A couple years after that, I met a guy who sold travel packages to auto dealers for a living. He was making six figures a year from it.
So what did he do differently from me? Was his idea better than mine? No, our ideas were nearly identical. Was he just lucky and I wasn’t? No. The reality is his execution was far superior to mine.
No, Really. Screw the Great Idea
Felix relates a story of an idea he had that he thought was so great, he dumped tens of millions of dollars in to it and continued to do so even after it had obviously failed. He was so convinced of the greatness of his idea, he just couldn’t let it go.
After You’ve Attained Amazing Success, Give Your Money Away
Felix never says why you should do this. But in my experience, I’ve learned that the most successful people in life give tremendous amounts of money to great causes, and they all recommend that you do the same if you want to be rich.
So what have I learned about making money? Just a few tidbits here and there. I’ll keep at it with my many internet home businesses and eek out what I can. Oh yeah, and I’ll try to bump up my charitable donations.