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1-Page Summary of How to Get Rich

A South London Lad

Felix Dennis is a wealthy man. He estimates his net worth at between $400 million and $900 million, with five homes, three estates, expensive cars, and rented jets. However, he began as an unemployed long-haired South London lad who called himself a publisher.

He wrote How to Get Rich after he was asked about Malcolm Gladwell’s book Blink: The Power of Thinking Without Thinking at a dinner party. He felt that it was useless, and so is any self-help book. He thought the world needed more books that tell people how hard it is to get rich, because most authors of self-help books make their money by writing “drivel for cretins.”

If you live in the United Kingdom, then you’re considered rich if you have assets between $30 million and $80 million. In a ranking of Britain’s richest people, that would place you at about number 999. If your assets are worth $80 million in America, however, then that wouldn’t be enough to get on lists of the wealthiest people.

Myths About Getting Rich

Many people think some rich people are born with their wealth, but that’s not true. Some believe coming up with a great idea is the key to success, but actually working on it is much more important.

To have a lot of money, you need to be driven. The most promising ideas come from understanding that people can’t keep doing what they did before; times are changing. If you want to make a lot of money, work hard on your plan and don’t wait for some extraordinary insight.

“Pole Positions”

People who want to be rich fall into three categories. The very young lack money and expertise, so they have to work for someone else. If you have youth on your side, you’re at a great advantage because of the many things that are in your favor and you don’t have much to lose. Think about all the successful businesspeople who succeeded with their ideas because they had nothing to risk and harbored no fear when people told them their ideas wouldn’t work. They were determined not to listen, set out to prove that their plans would succeed, and did so by doing what others said couldn’t be done.

A second group of people have good jobs, but they’re afraid that they won’t be able to maintain them in the future. They fear not having enough money to fall back on. Those in the third group are worried about losing their security and don’t think they will be able to afford a home or family anytime soon.

You might also fear that your racial or ethnic background, upbringing, etc. will prevent you from making money. But that’s not true because money is color blind and doesn’t care about those things. Some people will work against you but only if you let them affect you negatively.

“The Fear of Failure”

In order to be successful, you must overcome your fear of failure. It’s hard to start something new because it means taking a leap into the unknown and letting go of control. You will come across many people who will try to talk you out of going for your dreams with endless reasons why they won’t work. People in companies tend to create committees which kill ideas instead of implementing them.

In the 1970s, Felix Dennis was planning to launch a computer magazine but he got discouraged by his boss. He said that no one would want to read about computers every month and advised him not to do it. Another businessman named Angelo Zgorelec successfully launched Personal Computer World magazine without any discouragement. When he ran out of money in 1982, Felix bought him out for 1 million pounds. If Felix had listened to his boss instead of going ahead with his original plan, then he wouldn’t have wasted so much money on buying Angelo’s company.