If you want to be rich, stop being so frightened

Business & entrepreneurship, Personal finance

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I came across an article written by , a British publishing mogul, a couple of weeks ago and meant to mention it here. It’s called (apparently an excerpt from his forthcoming book), and I think it’s well worth reading because it’s rare you get the perspective of a multi-millionaire that’s written so candidly. Sure, some of it might be a bit obnoxious, but it’s still worth a read.

We hear all the time about how peoples’ goals are to become rich multi-millionaires, but do they really know how much effort, time, and luck it takes? And the type of sacrifices involved? And does all that money really change your life or bring you more happiness? All these questions and more are answered by Mr. Dennis in the article.

I’ve had the fortune to know many entrepreneurs and a couple of CXOs of public companies in my time, and the truth is that after discovering the lifestyle they lead, I realize that I am personally not cut out to be a CEO of a large company.

I’d guess that in 99% of the cases, in order to succeed at that level, you must dedicate your whole life to building your business and career, and though there’s anything wrong with that, the truth is that I doubt that I personally be willing to give up time spent with loved ones in order to build my business into a large enterprise.

I realize what I’m saying here will probably be seen as cowardly by some people. I’ve read Kiyosaki’s books, I do believe that he has some good points. But in the end, I think the question boils down to finding that right balance between your life and time and having enough money.

A while back, I read , which I greatly enjoyed, and which also opened my eyes. It blew away several misconceptions I had of entrepreneurs. I was surprised to discover that he had no first-hand industry knowledge of his first business, merely the idea that it ought to work and the drive to make it happen.

And the amount of sacrifice, risks, and court battles with British Airways he undertook to get Virgin Airlines to work was inspiring and downright scary. I think I would have cracked under the pressure and overwhelming odds. I still admire Branson while realizing that I don’t think I’ll ever be able to become someone like him.

But rather than read my ramblings here, why not check out that article instead?

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4 Feedbacks on "If you want to be rich, stop being so frightened"

prlinkbiz

I’ve seen that article popping up all week. You are absolutely right- it really boils down to who you are and what you are wired for. I have several friends (some from the Rich Dad forums actually! lol) who are financially free – some to much higher level- but each to their own risk-tolerance level and personality. The amount of passive income I’m working towards might seem ridiculous to some, and not enough to others. But it’s right for me, and thats what matters.



Kimber

I spend a lot of time exploring investment opps.

But for me, its fun. Its a hobby. Its entertainment.

I can’t understand why someone would watch American Idol when Cramer’s Mad Money is on. For me, watching American Idol would be the sacrifice.

Most entrepreneurs are the same. Its hard work, yes, but a source of entertainment for them.



Miguel

Very funny article. I am going to get that book. As a banker for much of my adult life, I have had the oppty to get to know and observe some very seriously rich self-made millionaires (and a couple of billionaires). Dennis’s writing style is kind of cheeky, but spot on target. If I had to come up with a list of what separates the men from the boys it would be:

1) Self-Confidence
2) Intelligence
3) An high tolerance for risk
4) An difficult to define sense of entitlement that I’ll simply call a willingness to be an asshole and piss people off.
5) Lastly, a willingness to go against the herd.

Sound familiar? This is pretty much Dennis’s premise. The thing that really marvels me about self-made men (and women) is that even after they’ve made it, they keep pushing, keep betting the whole enchilada on the next deal. It takes a whole lotta guts.

A long time ago, I determined that I don’t have all of those qualities. Don’t worry, I’ve done alright -when I retire in a few years, I expect to be “comfortably wealthy” as Dennis would say. Wall St. is one of those places you can get “rich” playing with other people’s money. You need the 4 key characteristics, but just not quite in the same abundance.



Develop a healthy emotional relationship with money | Experiments in Finance

[…] That’s why the idea of building long-term wealth by putting away a percentage of your paycheck and growing it in an index fund seems to work for many people. It takes away the difficult day-to-day emotions associated with deciding what to invest in, when to do it, and how much money to put in. But it’s not the only way, or else there wouldn’t be successful and famous businessmen and entrepreneurs out there, either. […]



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