how to get rich

How to get Rich summary

Felix Dennis in his book “How to Get Rich” discusses various aspects one needs to be aware of when looking to become rich.
These aspects include:
• Ideas
• Luck
• Ownership
• Negotiation
• Delegation
• Focus
• Self-Belief

1.The significance of executing your Ideas

Dennis discusses the importance of executing your ideas umpteen times in this book.

Ideas don’t make you rich. Correct execution of ideas does.

Essentially, one needs an action oriented mindset to be able to become rich. If brainstorming and coming up with ideas is all you do, then you will not be successful with your business. Therefore to be successful one should materialize his/her ideas into actions.

2. The importance of Luck in Becoming Rich

Dennis discusses his successes and his failures in this book. In this aspect Dennis discusses how he ended up in the hospital due to his drug use. What was lucky about the situation is that he insisted on going to his cottage and since he was not in New York City, he was able to be diagnosed quickly and accurately in a smaller hospital. This allowed him to turn his life around and continue to make more money. This event was certainly lucky as Dennis could have died from this event.
When building, growing, and owning a business, there are many events and outcomes which can be influenced by luck. If you want to become rich, you will have to have luck on your side.

3. Ownership and Richness

If your goal is to become rich, Dennis argues that ownership of a business is critical.

Dennis said “To become rich, you must be an owner, and you must try to own it all.”

This is unlikely that working as an analyst or as a manager for other people, will lead you to extreme wealth. When you own a business, you tap into a different wealth building equation. With a business, you are increasing your wealth by both receiving the cash flows from the business, but also own a valuable asset. If you are working for someone else, all you get is your salary or hourly wage.

4. Negotiation Skills to enhance Your Wealth

Talent is the key to sustained growth, and growth is the key to early wealth

If you want to scale your business and wealth, hiring others to help you will be critical. Since working with other talented individuals can help you grow your business, and allow you to accomplish your tasks over time.

5. Delegation of tasks

Delegation of tasks will free you up to think more strategically because it helps you to focus on what really matters for your business. Dennis advises businesses to delegate tasks to subordinates. Thus the businessman can devote more time towards strategic decisions.

Identify it, hire it, nurture it, reward it, protect it, and when the time comes, fire it.

6. The Importance of Focus in Building Business

Focus is one of the most important skills to cultivate if you want to experience growth in your life. While it seems like multitasking is a great way to get ahead, being able to focus and be consistent with your actions over time will be much more beneficial.
Focusing on one thing that is necessary for success today will allow you to move forward over time and grow your business.

7. Believe yourself to achieve Success

How’s your mindset? Do you believe you can do whatever you put your mind to? Believing yourself means trying to get out of your comfort zone, building a business, and growing as a person. When looking to become rich and wealthy over time, self-belief is incredibly important. But there is a lot of risk in starting your own business. However, done right, you can grow your riches through both the cash flow of the business, and the asset value of the business.

Belief in yourself and faith in yourself can move mountains. But not if you insist on trying to scale the mountain by an impossible route which has already failed.

So through affirmations and mindset you can trick your brain into believing whatever you want.

Without self-belief nothing can be accomplished. With it, nothing is impossible.

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