The Step-by-Step Guide to Wealth Creation by Felix Dennis, the Self-Made Billionaire
How to Get Rich by Felix Dennis: A Book Review
If you are looking for a book that will teach you how to make money, you might be tempted to pick up How to Get Rich by Felix Dennis. But be warned: this is not your typical self-help or motivational book. This is a brutally honest, no-nonsense, and sometimes controversial account of how one of the world's greatest entrepreneurs made his fortune.
Felix Dennis How To Get Rich Aud
In this book review, I will give you an overview of who Felix Dennis is, what his book is about, why you should read it, and what are the main lessons you can learn from it. I will also share my personal opinion and recommendation, as well as some frequently asked questions about the book.
Who is Felix Dennis?
Felix Dennis (1947-2014) was a British publisher, poet, philanthropist, and one of the richest people in the UK. He started his career as a street vendor of underground magazines in the 1960s, and later co-founded Oz, a counterculture magazine that was notorious for its obscenity trial in 1971.
He went on to create a publishing empire that included titles such as The Week, Maxim, FHM, PC World, MacUser, and many others. He also wrote several books of poetry, planted a large forest in England, and donated millions to various causes. He estimated his net worth at around $900 million before he died of cancer in 2014.
What is the book about?
How to Get Rich is a distillation of Dennis's business wisdom, based on his own experience of creating wealth from scratch. He wrote the book in 2006, when he was 59 years old and had already achieved most of his goals.
The book is divided into three parts: Part One deals with the mindset of getting rich; Part Two deals with the process of getting rich; and Part Three deals with the consequences of getting rich. Each part contains several chapters that cover various topics related to wealth creation.
The book is not a step-by-step guide or a formula for success. Rather, it is a collection of insights, anecdotes, tips, warnings, and opinions that Dennis shares with his readers. He does not sugarcoat or glamorize his journey; he tells it as it is, with all its ups and downs, joys and sorrows, triumphs and failures.
Why should you read it?
You should read this book if you are interested in entrepreneurship, business, or money in general. You will learn a lot from Dennis's perspective, which is different from most other authors or experts on the subject. He does not claim to have all the answers or to know the best way to get rich. He simply tells you what worked for him and what did not, and lets you decide for yourself.
You should also read this book if you are looking for a dose of reality, inspiration, or entertainment. Dennis has a witty, humorous, and sometimes provocative style of writing that will keep you engaged and amused. He also has a lot of stories and examples that will illustrate his points and make you think. He is not afraid to challenge conventional wisdom, question assumptions, or expose myths and fallacies.
Finally, you should read this book if you are serious about getting rich. Dennis does not mince words or hold back when it comes to telling you what it takes to achieve wealth. He warns you that it is not easy, not fun, not glamorous, and not for everyone. He also tells you that it is possible, rewarding, fulfilling, and worth it. He gives you the motivation, the mindset, and the methods that can help you get there.
The main lessons from the book
The mindset of getting rich
The difference between being rich and being wealthy
One of the first things that Dennis clarifies in his book is the difference between being rich and being wealthy. He defines being rich as having a lot of money or income, and being wealthy as having a lot of money or income that you don't need to work for.
He argues that being rich is not enough; you need to be wealthy if you want to enjoy the benefits of money without the drawbacks of work. He also explains that being wealthy is not a matter of how much money you have, but how much money you have relative to your needs and wants.
He suggests that you should aim for a level of wealth that allows you to live comfortably without having to worry about money ever again. He calls this the "enough point", and he advises you to calculate it based on your personal preferences and circumstances. He also warns you to avoid the trap of increasing your spending as your income increases, which will only keep you in the rat race.
The importance of ownership and equity
Another key lesson that Dennis teaches in his book is the importance of ownership and equity. He states that ownership is the only thing that matters when it comes to getting rich; everything else is secondary or irrelevant.
He explains that ownership means having a stake in a business or an asset that generates income or appreciates in value over time. Equity means having a share of the profits or the capital gains that result from the ownership. He emphasizes that ownership and equity are the only sources of true wealth; everything else is just a means to an end.
He advises you to focus on acquiring ownership and equity in whatever business or venture you are involved in, and to avoid giving them up for any reason. He also cautions you to be careful about who you partner with, how you structure your deals, and how you protect your rights. He warns you that there are many people who will try to take advantage of you, cheat you, or steal from you if they can.
The dangers of addiction and distraction
A third lesson that Dennis imparts in his book is the dangers of addiction and distraction. He confesses that he has struggled with various forms of addiction throughout his life, such as drugs, alcohol, sex, gambling, and spending. He admits that these addictions have cost him a lot of time, money, health, and happiness.
He explains that addiction is a form of escapism or self-medication that prevents you from facing reality or dealing with your problems. He also explains that distraction is a form of procrastination or avoidance that prevents you from focusing on your goals or taking action. He says that both addiction and distraction are enemies of getting rich; they will sap your energy, waste your resources, cloud your judgment, and derail your progress.
He advises you to be aware of your own tendencies and triggers, and to seek help if necessary. He also advises you to eliminate or minimize anything that distracts you from your mission, such as unnecessary meetings, emails, phone calls, social media, news, entertainment, hobbies, or relationships. He urges you to be disciplined, determined, and dedicated to your purpose.
The process of getting rich
The stages of wealth creation
In his book, Dennis outlines the five stages of wealth creation that he went through in his career. He describes each stage in detail, along with its characteristics, challenges, opportunities, and strategies. He also gives examples from his own experience and from other successful entrepreneurs.
The five stages are:
The first stage: Getting started. This is where you have an idea or a skill that can generate income ```html these pitfalls and challenges, and to seek professional advice or assistance when needed.
The consequences of getting rich
The benefits and drawbacks of being rich
In his book, Dennis also reflects on the benefits and drawbacks of being rich. He says that being rich has given him many advantages and opportunities, such as freedom, choice, comfort, security, influence, and philanthropy. He also says that being rich has brought him many disadvantages and problems, such as stress, isolation, envy, guilt, boredom, and addiction.
He explains that being rich is not a guarantee of happiness or fulfillment; it depends on how you use your money and how you live your life. He also explains that being rich is not a static or permanent state; it can change or disappear at any time due to external or internal factors.
He advises you to be grateful and generous with your wealth, but also to be realistic and prudent. He also advises you to find a balance between enjoying your money and preserving your money, between spending and saving, between giving and receiving.
The moral and social responsibilities of the rich
Another topic that Dennis discusses in his book is the moral and social responsibilities of the rich. He says that he does not believe in any absolute or universal morality or ethics; he thinks that everyone has their own values and beliefs that guide their actions. He also says that he does not believe in any obligation or duty to society or humanity; he thinks that everyone has their own interests and goals that motivate their decisions.
He explains that he does not judge or condemn anyone for their choices or behaviors; he respects their freedom and autonomy. He also explains that he does not expect or demand anything from anyone for his contributions or donations; he does them out of his own free will and satisfaction.
He advises you to follow your own conscience and intuition when it comes to your wealth; do what you think is right and what makes you happy. He also advises you to be aware of the consequences and implications of your actions; do no harm and do some good.
The legacy and impact of the rich
The final issue that Dennis addresses in his book is the legacy and impact of the rich. He says that he does not care much about his reputation or image; he does not seek fame or recognition. He also says that he does not care much about his inheritance or succession; he does not have any heirs or successors.
He explains that he does not think that his life or work will have any lasting or significant effect on the world; he does not have any grand vision or mission. He also explains that he does not think that his wealth or achievements will have any meaning or value after his death; he does not have any faith or hope.
He advises you to live in the present and enjoy the moment; do not worry about the past or the future. He also advises you to find your own purpose and passion; do not follow anyone else's expectations or standards.
Summary of the main points
In conclusion, How to Get Rich by Felix Dennis is a unique and unconventional book on wealth creation. It is based on his personal experience of building a publishing empire from scratch and becoming one of the richest people in the UK. It covers various aspects of getting rich, such as the mindset, the process, and the consequences.
The book is not a step-by-step guide or a formula for success; it is a collection of insights, anecdotes, tips, warnings, and opinions that Dennis shares with his readers. It is brutally honest, no-nonsense, and sometimes controversial. It is also witty, humorous, and entertaining.
Personal opinion and recommendation
I enjoyed reading this book because it gave me a different perspective on money and business. I learned a lot from Dennis's wisdom and experience, which challenged some of my assumptions and beliefs. I also liked his style of writing, which was engaging and amusing.
I would recommend this book to anyone who is interested in entrepreneurship, business, or money in general. I think it would be especially useful for aspiring entrepreneurs who want to learn from someone who has been there and done that. I think it would also be helpful for anyone who wants to improve their mindset, skills, and habits related to wealth creation.
Q: How did Felix Dennis make his fortune? A: He made his fortune by creating a publishing empire that included titles such as The Week, Maxim, FHM, PC World, MacUser, and many others. He also wrote several books of poetry, planted a large forest in England, and donated millions to various causes.
Q: What is the main message of the book? A: The main message of the book is that almost anyone of reasonable intelligence can become rich, given sufficient motivation and application. However, getting rich is not easy, not fun, not glamorous, and not for everyone. It requires a lot of hard work, sacrifice, risk, and discipline.
Q: What are some of the key lessons from the book? A: Some of the key lessons from the book are:
The difference between being rich and being wealthy The importance of ownership and equity The dangers of addiction and distraction The stages of wealth creation The skills and qualities of a successful entrepreneur The pitfalls and challenges of running a business The benefits and drawbacks of being rich The moral and social responsibilities of the rich The legacy and impact of the rich
Q: Who is the target audience of the book? A: The target audience of the book is anyone who wants to get rich or learn more about wealth creation. It is especially aimed at entrepreneurs or aspiring entrepreneurs who want to start or grow their own businesses or ventures.
Q: Is the book based on facts or opinions? A: The book is based on both facts and opinions. It is based on facts in the sense that it reflects Dennis's actual experience and achievements. It is based on opinions in the sense that it reflects Dennis's personal views and values. He does not claim to have all the answers or to know the best way to get rich. He simply tells you what worked for him and what did not, and lets you decide for yourself.