How to Get Rich
Felix Dennis
Summary
Lessons on how to make serious money from one of Britain's most flamboyant founders of the late 20th century
Rating: 5/5
Notes
Money is power and power is an aphrodisiac
Knowledge learned the hard way combined with avoidance of error is the soundest basis for success in any endeavour
‘If it flies, floats or fornicates, always rent it. It’s cheaper in the long run’
The key to becoming rich is confidence and unshakeable belief it can be done and you are the one to do it
Execution is a thousand times more important than a good idea
Becoming rich does not guarantee happiness
Young, penniless and inexperienced? Great, you have the best chance of becoming rich as you have nothing to lose
Never trust the vast mountain of conventional wisdom because although is contains nuggets of wisdom, they lie alongisde rivers of fool’s gold
Anyone not busy living is busy dying
Boldness attracts the applause
You enjoy a greater leverage than you might believe but you’ll never find out till you go for it
Make just enough to live comfortably (~50M) as quick as possible then retire to the hills and poetry
There is no such thing as a permanent champ
Whoever dies with the most toys doesn’t win. Real winners are people who know their limits and respect them
2 components of the fear of failure; letting others/yourself down or financial calamity
If you wish to be rich, you must grow mental armour to stay away from the crowd
Getting rich requires sacrifice and it’s not always you doing the sacrificing
Fear of failing is the single biggest impediment to amassing great wealth
The biggest rewards go to the individual who own the most stock
Control of the business is the be all and end all of the game
Knowing a great idea is simply not enough. It is how the ideas are implemented that counts in the long run
Ideas don’t make you rich. The correct execution of an idea does
It is desperate and humiliating at the beginning
Make handstands on the rims of hell and no matter what, do not give in
‘Assumption is the mother of all fuck-ups’
All new ventures require positive cash flow if they are to grow and succeed
Obsessively worry about cash flow and always keep expenses down
Never reinforce failure
‘Success is never permanent, failure is never fatal. The only thing that really matters is to never ever give up ‘ Churchill
Act small in the early days of your business to show those around you
Think big and act small
When you come across real talent, it is sometimes worth allowing them to create the structure in which they want to work
Never skimp out on high-quality talent
Simple rules concerning talent: identify it, hire it, nurture it, reward it, protect it
Do not be afraid to change track, alter course or make new plans with whatever you are trying to achieve
If you will not believe in yourself, why should anyone else?
Without self-belief, nothing can be accomplished. With it, nothing is impossible
Trust your instincts. Do not be a slave to them but when your instincts are screaming GO, then you must decide if you want to be really rich or not
Things do not stay the same. Farther you will learn to go with the flow or you will be left stranded
Once you have a few eggs in one basket, start investing in other baskets
When you stop listening, you stop learning and when you stop learning, it’s time to leave
Never go on vacation when a deal is going down
Never personally underwrite business loans for your company
Listen to people who are good w/ money and always invest in property with a good address
Luck is preparation multiplied by opportunity
To become rich, you must become a predator
Prepare yourself for luck, but don’t seek her out, let her come to you
Whiners and cowards die a hundred times a day. Be a hero to yourself
All organizations are a reflection of the people who start them
Any house divided is a house that will fall
In negotiation, professionals advisors are there to explain and advise, not decide
Never fall in love with a deal, there will always be other
Ownership isn’t the most important thing, it’s the only thing
To become rich, you must be an owner and you must try to own it all
Do not hand over a single share unless you have to
‘Never retreat. Never explain. Let it die and let them howl’
The work undertaken by your colleagues and employees is more important than your work meaning you must delegate effectively
Obsessive micromanagement cares away talent. Let your best talent take charge
The enemy of my enemy is my friend
Make annual bonuses generous but never delegate bonus arrangements
Keep costs down and fire incompetent’s mercilously
Offer legal perks that you have paid for yourself to employees
Search out and promote talent
Sell early
‘Our lives are what happen while we’re busy making other plans’ - John Lennon
Capitalize on luck and timing. When the plants are ripe, make sure you harvest them
You need other people to create great wealth as it can’t be done alone
Never choose an important employee or key supplier alone
Make notes, speak little when interviewing
Pay employees well and bonuses better
Ownership shall be half of the law, doing an outstanding job should be the other half
When a business is failing, look to see if you can pivot or sell before closing
Pay the least tax lawful but pay it
Money’s never owned. It is only in your custody for a while. Time is always moving on and the youth have more of it in their pocket than the richest man or woman alive
Cut yourself loose from your parents and naysayers
Never let your job define you
‘The world is full of money. Some of it has my name on it. All I have to do is collect it.’
Don’t do anything because you feel you have to. Go for what attracts you. Go for something that exploits your natural talents
‘It is fear that rules us and never let it conquer you. We’re all going to die so what do you have to fear
Go. Start now. Fear nothing. Chase the right mountain. Cut loose from all the negative influence. Commit or don’t commit, no half measures (upside down pyramid for getting rich)
Keep giving money away. As soon as you’ve spent it, gift it, loaned it or invested it, forget it
Never loan money to friends, give it instead
Your oldest friends are your only friends
Develop a passion outside making money
Get your own exceptional private advisors
Be safe: once you’ve made enough money, hire a good security team
Never stop looking for talent and promoting talent
***
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How the World Works
Noam Chomsky
Summary
A combination of books Chomsky wrote in the 80s and 90s about America and it's role in the world. Fascinating read and insight into one of the great thinkers of the 21st century
Rating: 5/5
Notes
The US invaded Greece in 1947 and supported a horrendous war which led to 160k Greek deaths. This was the model for Vietnam and allowed American business to gain and thrive
US policies in the 3rd world consistently opposed democracies if they couldn’t be controlled as real democracies believe government should respond to the needs of their own population rather than those of US investors
US-run contra forces in the 3rd world isn’t ordering killing - it’s brutal sadistic torture (Nicaragua, El Salvador, Guatemala)
From the Bolshevik revolution in 1917 till the collapse of the communist governments in eastern europe in the 80s, it was possible to justify every US attack as defense against the Soviets
If you want a global system that’s subordinated to the needs of US investors, you can’t let pieces of it wander off. It’s clearly stated in the documents of record
The US wants ‘stability’ meaning security for the upper classes and large foreign businesses
Solid case for impeaching every American president since World War 2 either outright as war criminals or involved in serious war crimes
El Salvador and Nicaragua were not covered by the US media in the 70s when US-supported brutal torture and murder were taking place
In the early 80s, America’s friends slaughtered 10s of thousands of Guatemalans with countless others tortured and raped
After Vietnam, the major US policy goal has been to maximize repression and suffering of countries demonstrated by their violence - blocked other countries from seeking aid
The US regularly carries out or supports aggression
For most of the 20th century, the US was the dominant economic power and used economic warfare as a weapon ranging from illegal embargoes to enforcement of weak IMF rules with their military becoming pre-eminent
The US tries to avoid negotiations with countries as the US fears it will lose and other countries will be better off
When a state has huge debts, it must divert the population from what’s happening and they do this by inspiring fear of our enemies (Russia in Europe)
The real enemy of the US has always been ‘the poor who seek to plunder the rich’. In America, it’s the opposite and has been for generations
‘The war on drugs’ was a manufactured media blitz by the US leadership to distract the population, increase repression in inner cities and build support for attack on civil liberties
The US government blocks international effort to seek peace (Russia and Ukraine)
Major media are large companies owned and interlinked with even larger conglomerates. The market is the advertisers and the product is audiences
The power in the US lies in the hands of people who determine investment decisions as they determine production, distribution and staff the government. They want a passive, quiescent population
The struggle of freedom is never over and requires active and sustained efforts
One important consequence of globalization is it extends the third world model to industrial nations where the average person has their jobs shipped away while the rich and elite continue to amass massive amounts of wealth
We’ve moved to an international state with the IMF, World Bank, G7 & EU, WEF where the general population doesn’t know what’s happening and it doesn’t know it doesn’t know
If the borrowing the US has done was used for constructive purposes like investment or infrastructure, the US would be better off, but it was used to enrich the rich - for consumption, financial manipulation and speculation which are all harmful
The class warfare of the last few decades has successfully weakened popular organizations leaving people to feel isolated
The US is so deeply in debt to the international financial community because of debt that they have a lock on US policy
Many of the large number of security council resolutions vetoed by the US have to do with Israeli aggression or atrocities
Invaders typically use local collaborators to run things for them by playing upon existing rivalries to get onne group to work for them against another
European wars were wars of extermination. If we were to be honest about history, we would simply describe it as barbarian invasion
There has always been racism but it developed as a leading principle of thought in the context of colonialism.
A standard technique of belief formation goes along with oppression
In the US, you’re not allowed to talk about the class differences, which is the real issue
When the US establishment talks about jobs, it means profits for its corporations
The elite are masters and they follow what Adam Smith said about ‘the vile maxim’ - all for ourselves and nothing for anyone else
People who aren’t owners and investors have nothing much to say in the US
Jefferson warned against banking institutions and corporations and said if they grow, aristocrats would’ve won and the revolution would’ve been lost
The ‘Free market’ is for the poor. We have a dual system - protection for the rich and market discipline for everyone else
There’s been a considerable increase in inequality and has the American society moving towards a third world model, thereby seeing increased crime and signs of social disintegration
A huge area of the media is dedicated to diverting people and making them more stupid and passive
There’s nothing individualistic about corporations who are totalitarian in nature
Free trade agreements result in reduced wages for local employees while predominantly benefiting the rich consumer while also destroying unions
Operation Paper Clip imported large number of known Nazi criminals
The American army’s counter-insurgency literature begins with an analysis of the German experience in Europe written with the co-operation of Naxi officials (instruments of statecraft - book)
US involvement in Chile with the coup in 1973 to reduce social democracy
The threat of a good empire is what the US worried about with reforms on uncontrolled capitalism
The US killed a few million people and destoryed 3 countries during the Vietnam war
A huge amount of business propaganda is to create wants
The answers to solve all these issues is to organize. Being alone you can’t do anything but if you join with other people, you can make changes
Under capitalism, investment is supposed to be as risk free as possible. No competition wants free markets - what they want is power
The government subsidizes corporations’ costs, protects them from market risks and lets them keep the profits
There’s never been much difference between the 2 business parties and the differences are disappearing
The CIA has been involved in drug running for generations (the politics of heroin book)
You need something to frighten people with, to prevent them from paying attention to what’s really happening to them. You have to engender fear and hatred
The first world lives in a highly indoctrinated society
Neoliberalism is nothing more than the imperial formula: free markets for you and plenty of protection for me. The rich would never accept it but they’re happy to impose it on the poor
The UN does mostly what US business wants
‘Politics is the shadow cast on society by big business’ - John Devery
If people dedicate themselves to organizing and activism, we’ll gain access to broader audiences
If you extrapolate to the future, it’s very ugly but the point is it’s not inevitable. It can be changed but we can’t change things till we understand them.
***
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