Key Points from Book: How to Get Rich

Not thise who want to, and not those who need to, but those who are utterly determined to-whatever the cost (fthat succeed)

Becoming rich doesn’t guarantee happiness. In fact, it is almost certain to impose the opposite consition, if not from stresses and strains if protecting wealth, then from the guilt that inevitably accompanies its arrival

Nearly all great fortunes acquired by entrepreneurs arose because they had nothing to lose

Curiosity has led many a man and women into the valley of serious wealth

Ambition, fearlessness, self belief, stamina, a degree of callousness, a willingness to learn. These are your advantages over the middle aged and the old

The earlier you start amd the more risk you are prepared to run, tempered by listening hard and choosing the right mountain, the more certain it is that, sooner or later, you will find yourself with a small success on your hands

The not rich people fear losing what they have already achieved more than they desire to enrich themselves

Making money is a drug. Not the money itself. The making of the money

Real winners are people who know their limits and respect them

No matter how much faculty of idle seeing a man has, the step from knowing to doing is rarely taken

I would rather have tried and failed than have raken the safer course that so often appears to be wiser in the abstract

We do get to choose, if we are determined enough, what it is we want to do for a living

Woeking too long for other people can blunt your desire to take risk

Those who can never be rich may not want you to be rich

A sizeable fish in a growing sector, however small, is more attractive to prospective purchasers and investors than the same size fish in a diminishing or static pond

Your inclination really do count

How to judge aptitude? Trial and error

It is the instinct to seize an opportunity when it oresents itself that perhaps sets apart the self made filthy rich from thr comfortably poor, the willingness to ingore conventional wisdom and risk everyhing on what others consider to be folly

Fortune favours not just the brave but the bold

You cannot patent an idea. You can only patent your own method for implementing an idea

Having a great idea is simply not enough. The eventual goal is vastly more important than any idea

If you never have a single idea in your life, but become skilled in excuting the great ideas of others, you can succeed beyond your wildest dreams

Should you decide to approach venture capitalist, and by some miracle should they agree to back you, then I urge you to seek the finest legal advice money can buy

Assumption is dangerous

Do not mistake desire for compulsion

All new ventures requires positive cash flow if they are to grow and to succeed

Improving cash flow:
Keep payroll to minimum
Never sign long term contract
Never indulge in fancy office or furniture
Never buy a business meal
Don’t be shy to call customers who owe you money
If you are going to late paying, tell them

A failure one minute, a success the next. It was just a question of timing. What used not to work may work in the future

Don’t reinforce your failure into deeper failure

Think big, act small

Talent is key to sustained growth, and growth is the key to early wealth. You have to identify and hire talent.

Stubborness is not persistence. Stubborness implies you intend to persist despite plentiful evidence that you should not

A persistent person is convinced that he or she has been right all along. And that the proof lies just around the corner

If you will not believe in yourself, then why should anyone else?

During the start up, you conentrate on one basket as if your life depends upon it. But once you have something that’s working and making some money, start looking around quickly for another opportunity

Weakness is serious negotiations usually exist in both camps

If you are a poor negotiator, set a limit on what you will pay or accept and on any conditions attached

Do your homework. What you don’t know or haven’t bothered to find out can kill you in any tyoe of serious negotiation

If your advisors are leading you down a path you don’t approve during negotiations, call a time out and tell him

Silence are disconcerting. People tend to fill silences with jabber, often weakening their bargaining position as they do so

Always have absolute 100% control of your company

Not everyone work to get rich. Most people don’t, but they wishes to be respected. Promotion will get it for them

If you want to get rich, then learn to delegate. Don’t pretend to delegate. Uou can’t grow alone

Go where the money is, look carefully at the prevailing industries where wealth appears to be gravitating

Your business represents what you are

Screwing up isn’t criminal or deliberate or malevolent. But covering up is, if you get caught

Time is always running in, and the young have more of it in their pocket than the richest man alive

Don’t do anything because you have to, go for what attracts you. Go for something that exploits your natural talents

Give back to community, because you then spend less time defending and more time creating

If you loan money to a friend, you will lose your friend as well as your money. Give them whatever you feel like giving instead

8 secrets to getting rich:
Analyse your need. Desire is insufficient. Compulsion is mandatory
Cut loose from negative influences. Never give in. Stay the course
Ignore great ideas. Concentrate on freat execution
Focus. Keep your eye on the ball marked ‘the money is here’
Hire talent smarter than you, delegate, share the annual pie
Ownership is the real secret, hold on to every percentage point you can
Sell before you need to, or when bored
Fear nothing and no one. Get rich


About Journeyman

A global macro analyst with over four years experience in the financial market, the author began his career as an equity analyst before transitioning to macro research focusing on Emerging Markets at a well-known independent research firm. He read voraciously, spending most of his free time following The Economist magazine and reading topics on finance and self-improvement. When off duty, he works part-time for Getty Images, taking pictures from all over the globe. To date, he has over 1200 pictures over 35 countries being sold through the company.
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