Episode Three: Book Review: How to Get Rich

The Power of Bold
@thepowerofbold
www.thepowerofbold.com
Episode 3: Book Review: How to Get Rich
Transcript
Hey everyone, this is Adam Pascarella and welcome to episode three of The Power Of Bold.
[00:29] Welcome back to The Power Of Bold. My name is Adam Pascarella and I'm here to
offer actionable insights to help you take risks and live life to the fullest. I'm also here to
document my experience leaving my white collar job to start a startup. I'm really thankful that
you've taken time out of your day to listen to my podcast. If you're like me, you've searched
around but haven't exactly been able to find the podcast that fits the mold of how to take
chances or risks in life. Sure, podcasts may talk about the why, but I wanted to create a podcast
that focuses on actionable insights.
Like I said last episode, I've read way too many self-help and business books. Yet I didn't have
the courage or willpower to act to change my life. Now, I can't really force you to act. But I want
to do everything that I can to convince you that acting's in your best interest. And I also want to
provide some tips and strategies to make action that much easier.
So like I just said, in this podcast, I'm really going to talk about what I'm doing, the company I'm
building and the mistakes I made and successes that I have. Selfishly, this podcast is somewhat
self-therapeutic for me. It's really forcing me to get out of my comfort zone and provide some
updates to all of you as I go about my entrepreneurial journey. I'm really excited for what's
coming next and I'll definitely keep you informed.
So this is the third episode out of many to come, and I'm excited to share my insights with you.
As always, you can tweet at me with any questions or comments you have. My Twitter handle is
@apascar, A-P-A-S-C-A-R. And also feel free to leave a review for this podcast and subscribe if
you like what you hear.
[01:58] So here's the agenda for this episode. I’m going to go over some of the key concepts
from the first couple of episodes and then I'm going to dive into reviewing a book that I've
enjoyed reading and rereading for the past several years. It's Felix Dennis's book How to Get
Rich.
* * *
[02:14] So before we get started with this episode, I want to quickly discuss what we learned in
the first two episodes. In the first episode, I spoke about my background, I gave the general
1

The Power of Bold
@thepowerofbold
purpose of the podcast, and then we spent a good amount of time talking about whether you're
in a slump, and if so, how to get out of it. Beyond that, we also looked at some case studies
including those of Tony Hsieh, the founder of Zappos, Hugh Hefner, the founder of Playboy, and
my personal situation when I was at my old job. And we looked at all three of the case studies to
figure out how to get out of a rut. After looking at those case studies, we talked about several
steps that you can take, and the first step is actually understanding whether you're in a slump or
not. I suggested a couple of questions that you should think about. And some of those questions
are: whether your routine varies much day-to-day, whether you're excited to go to work, and
whether you're taking on new responsibilities at work. And so if you want to hear all the
questions I suggested, I really suggest you consult my first episode. Now, beyond this first step,
I then suggested that we look at your routine and think about ways to change it up. And some of
the ideas to change up your routine included joining a club, going to a networking event not in
your industry, starting a side project or side hustle, or taking on even more responsibility at
work.
[03:28] Now, the second episode focused on networking and I specifically spoke about
networking events. We spoke about the importance of networking in general to start off, and
then we segued into whether networking events themselves are overrated, and then we talked
about other steps you can take to build your network. After that, we discussed some actionable
insights that you can take to your next networking event. And specifically, I mentioned the
importance of focusing on others’ goals and desires, picking the best venue for you, and we
talked about the importance of following-up. With those two episodes behind us, let's move on
to the heart of episode three.
* * *
[04:08] I want to have a pretty regular segment reviewing self-help books, books on
entrepreneurship and other nonfiction books that we can leverage to help us go beyond our
comfort zones. Now, before I quit my job, I read a lot of books about entrepreneurship. I was
looking for inspiration to try to start something new and also for ideas for potential businesses
that I could start. Essentially, I was looking for validation that what I wanted to do was
something that people have done before.
And so I started thinking about entrepreneurship in 2010, when I was in Egypt studying Arabic
with the State Department. On the trip, I brought along Richard Branson's book, which is called
Losing my Virginity. And I was inspired by his story of creating a massive empire from nothing.
And the fact that there was a Virgin Megastore in Cairo really inspired me even more. I thought,
“Wow, this is something that he built and it even had an impact all the way in Egypt.”
2

The Power of Bold
@thepowerofbold
I read a lot of internet articles telling you to follow your bliss and to take a chance. But one of the
books that was inspirational, it was functional, and it was even funny is Felix Dennis's book How
to Get Rich. And we're going to talk about that on this episode.
[05:13] Now, the book was originally published in 2006. And I first came across it after reading a
Forbes article where the reporter interviewed Felix Dennis (and this was in the Forbes list of
world's billionaires). When I initially saw the title, I was taken aback. He chose a very forward
and blunt title for the book. But after getting into it and reading it through, I found it to be an
inspirational story of an entrepreneur who really had no distinct or special skills, yet he made
things happen and became massively wealthy. So for those listeners who suffer through
imposter syndrome (and that includes me), it's a really reassuring and inspirational book.
Now, before we get into the substance of the book, I want to spend a few moments just talking
about Felix Dennis. While most Americans think of Richard Branson when they think of famous
British entrepreneurs, Felix Dennis is one of the most successful British entrepreneurs whose
companies still operate in America. So starting from the beginning, he was born in 1947 in
Northeast Surrey County, England. His father abandoned him when he was young. And the
story really goes that his father walked out the door to buy cigarettes, but he actually went to
Australia and he was never to return. Because of that, Felix Dennis’s grandparents raised him.
When he was young, he had to take a good number of odd jobs to pay his rent. And besides
these odds jobs, he was always interested in music. He even formed several R&B bands when
he was young.
So Felix made the majority of his wealth through work in the publishing industry. And for
Americans, he's most well known for creating Men's Fitness, Maxim magazine, and The Week.
He was also known for creating some of the first magazines covering the computer industry and
he also created some gambling magazines. His fortune was estimated at around $800 million,
which is quite a chunk of change for a serial entrepreneur. So as for some interesting other facts
about him: he really wanted to be an R&B singer instead of a publisher, but he had a meeting
with John Lennon and Lennon told him that he wouldn't be successful. Felix also noticed that
young students were lined up to see Bruce Lee films in the United Kingdom. And so after that,
he started a magazine called Kung Fu Monthly, and the magazine eventually sold millions of
copies in 17 countries.
As for his personal life, he was notorious for engaging in vices when he obtained his wealth. He
once told reporters that he spent nearly 100 million dollars to support 14 mistresses and that he
was addicted to crack cocaine for nearly two years before he quit cold turkey. He certainly had
his share of struggles as a super wealthy entrepreneur, which really goes to show that extreme
wealth can exercise some inner demons. Moving away from his vices, Felix was known for
funding the planting of millions of trees on his estate and for being a renowned poet. He was
really known for those two things in the latter part of his life. So in addition to How to Get Rich,
3

The Power of Bold
@thepowerofbold
he published another book for entrepreneurs called The Narrow Road. And it's essentially just a
collection of lessons for would-be entrepreneurs. Ultimately, he died in 2014 of throat cancer.
[08:11] Now, as for the book itself, it's really an inspirational journey, in addition to providing
some useful tips on how to succeed as an entrepreneur. It's not really a step-by-step guide, but
he uses his own experience to inform the reader on how they can make it. His candor really
comes through the page and I greatly appreciated his honesty about the difficulty of starting
something and becoming an entrepreneur.
He says in chapter nine that the chances of anyone reading the book and then becoming rich
are actually miniscule. He says the vast majority of readers are far too nice, comfortable and
sensible. This message seems even more relevant today. There's really so much talk about
pursuing your passions, starting a business, changing the world, and putting a dent in the
universe. All of this is fine and great. We really need entrepreneurs to push the envelope,
innovate, create jobs, things like that. But notwithstanding that point, he makes a point of
emphasizing that getting rich is a difficult road. Looking at the numbers themselves, few
succeed in obtaining massive wealth. The pursuit of wealth may bankrupt you. It can destroy
your relationships with the ones you love the most. And even if you do become excessively
wealthy, there's always the fear that you may lose that wealth, and so your stress increases.
Ultimately, he says that the rich aren't happy. It's hard to trust people. And even getting rich may
create some resentment from friends and family. As far as the level of candor in the book, I'd
argue that it comes close to Ben Horowitz’s The Hard Thing About Hard Things, and I'm
planning on reviewing that book in a future episode.
[09:43] Now another great attribute about the book is that there are some good practical
lessons for those individuals wishing to start and scale their own business. So some of the
topics he discusses are initial ideas for your business, the five most common startup errors, how
to delegate, the importance of ownership, negotiating skills, and the impact of luck. Now, finally,
the book is just also entertaining to read. There are some autobiographies from entrepreneurs
that can be dull and can really offer just a whitewash portrayal of their early days. And they
could really breeze over how they came up with their brilliant idea and how they executed. This
book isn't like that. In the book, Felix really admits his mistakes and talks about his triumphs as
well. And this is all while sharing some vignettes from his entrepreneurial life. Also, interspaced
within the stories are tips and advice for would-be entrepreneurs. It's really a compelling read
and I had trouble putting it down. Now, I've read it multiple times since I first bought it and it has
always provided me with inspiration when I'm feeling down.
[10:44] So with that background in mind, I'm going to speak about a few chapters in the book. It
would take way too long to review every single chapter, so I'm going to mention the ones that
really spoke to me. If you're listening to my review and think that some of this content sounds
4

The Power of Bold
@thepowerofbold
interesting, I'd highly recommend that you either rent the book from your local library or buy it off
of Amazon.
[11:05] First I'm going to speak about chapter three of the book which is called “Harnessing the
Fear of Failure.” Now this chapter really spoke to me and fighting the fear of failure is going to
be a key theme of this podcast.
Now knowing that fear of failure is paralyzing is only one part of the equation. But as he says,
this really isn't enough since knowing isn't doing. The fear of failure haunts all of us, regardless
of whether you want to start a company, transition into a new job, or take any chance or risk in
life. His analogy of fear is to a mare—essentially a horse—that can be tamed, saddled and
ridden. There are many smart people that don't get over this problem, and therefore, they can
never become rich. Felix says there are two elements to fear: there is the natural desire to avoid
letting ourselves or others down, and then the second component is the exposure of that failure
to the outside world.
In chapter three, Felix tells a story where fear of failure cost him millions of pounds. It was the
late 1970s and Felix was a leader of a young publishing company. One day, he spoke with a
senior manager at WH Smith, which is one of the major players in the magazine and newspaper
industry. You sometimes can even see some of their news shops in American airports. Felix told
the publisher he was interested in launching a personal computer magazine. But then the
publisher warned him that nobody would ever pay money to read monthly magazines about
computers. Other colleagues and people below him in his own company agreed with the
publisher, and so Felix abandoned his plans out of fear that it wouldn't work. Now, shortly after
this, another entrepreneur launched a magazine called Personal Computer World. The
entrepreneur didn't have enough capital to promote it and Felix eventually purchased a majority
stake in the magazine. And then he says he sold it for a small fortune years later.
[12:55] The lesson was essentially that if Felix had launched a similar magazine earlier, he
would have been millions of dollars richer (he even calculates it to be $6.2 million richer). And
the ultimate lesson he says is that the manager of WH Smith cost him millions of pounds. Felix
says that the fear of failure could be economic. Basically, the ultimate fear is that you'd be
bankrupt and living on the streets. And so this is why he says the young and poor have an
advantage in working to get rich. Even though they don't really have much going at the moment,
they have nothing to lose, which is an advantage. But beyond that basic fear of living on the
street, Felix says that the fear of embarrassment may be even greater. There's this fear of
attempting something and being exposed to the world, and that makes people avoid taking
risks. It's as simple as that. Humans are social creatures. We all want to be respected and liked.
So even if you aren't consciously thinking of this fear, it's probably impacting your subconscious
5

The Power of Bold
@thepowerofbold
[13:57] Now beyond this fear of broadcasting your potential failure to the world, there's also this
fear of upsetting or disappointing your family or friends. Now, this is a huge, huge factor,
especially if you're close with your family. This really impacts career choices for ambitious young
people. There is some pressure to follow the family tradition to go to law school, enter finance,
become a doctor—basically to follow any prestigious track.
Now, Felix has a story about a woman who was debating between pursuing a PhD in science or
working with her father's car business. And he says that the failure to obtain a PhD could be
explained pretty easily. She could always say that she quit since she was bored with her focus
(which was bioengineering). But if she chose to take over father's company, she'll be more
closely monitored by relatives, friends and neighbors. And so considering both of these sides,
the woman chose to obtain her PhD. Felix said that she was a competent bioengineer and
enjoyed her career, but she's told him on more than one occasion that she regrets not taking up
her father's offer. There was this fear of failure in the public's eyes that held her back, and so
Felix says that she’ll never get rich.
[15:08] Now, somewhat associated with this is something I often saw in the legal field, where
people went to law school because of expectations from friends or family. And this led to
general dissatisfaction and feelings of unhappiness. So really, Felix says that there's one
response we should take with this attitude of the fear of failure. And the response can be
summed up with one phrase repeatedly stated. He says the phrase is: “To hell with them. Let's
go.”
The point is that to get rich, you must grow a mental armor, and the armor can't be so thick to
blind you from well-constructed criticism and advice from friends or family. And it can't be so
thick to cut you off from them. But it still has to be thick enough to brush off some snickering and
mockery from your failures or even some envy if you do become successful. Essentially, you
have to brush off the schadenfreude and this is a lot easier said than done. That's a quick
summary of chapter three and I found it really helpful in helping me fight my own fear of failure.
[16:06] Now after chapter three, we're going to look at chapter four and five. Chapter four is
called “The Search” and chapter five is called “The Fallacy of a Great Idea.” Now this is an
insightful chapter on how to get started on getting rich and Felix has some interesting thoughts
about careers. And that's how he starts chapter four. He says that if you want to get rich, one of
the worst ways is by climbing the greasy pole (that's the way he describes it). Essentially what
he's saying is one of the worst ways to get rich is climbing up the career ladder.
Now, I think that there are some exceptions, especially for people involved in finance,
consulting, the legal industry, and some in the medical industry. But for the most part, I think
he's right. He argues that a salary has an attraction and addictiveness all of its own. He even
says that a regular paycheck and crack cocaine have that in common. The longer that you stay
6

The Power of Bold
@thepowerofbold
in a job and working for other people, your desire to take risks decreases. And this was a huge
point that really spoke to me. I wanted to try starting a company and knew that my risk tolerance
would decrease, especially since I was being well-compensated at my old job. The golden
handcuffs syndrome is a real thing.
Felix has an interesting story about one of his writers for a magazine he had called Star Hits. It
was a pop culture magazine in the US. Felix had quite a skilled editor at the magazine and this
editor could really get any backstage passes that he wanted. And he and everyone else enjoyed
their work at Star Hits. But one day the editor approached Felix and said that he was going to
leave and actually try to become a pop star. Felix offered him more money and benefits, but the
editor ultimately refused. The editor trusted his gut and he eventually started the Pet Shop Boys,
which was a UK pop duo. And the Pet Shop Boys eventually made the cover of Star Hits itself.
This editor fought fear, he took a risk, and it really played out well for him.
[17:59] And Felix says that the ability to live with and embrace risk is what sets apart winners
and losers in the financial world. He says that to become rich, you're not really looking for a
career per se, except as a launching pad to familiarize yourself with a particular industry and to
tide yourself over until you make a move. He really says this is like a reconnaissance mission. A
job is a means and not an end in and of itself.
[18:23] Now, as I said, chapter five is called “The Fallacy of the Great Idea.” And Felix talks
about ideas for startups and small businesses. And he's firmly in the camp that these ideas are
overrated. Like many investors and entrepreneurs, Felix argues that while the idea itself isn't
irrelevant, execution is far more important. He actually compares good ideas to Nike shoes. He
says that Nike shoes help athletes who possess them, but alone, they're nothing but an
overpriced pair of shoes. Shoes don't win; athletes actually do.
In this chapter, he also talks about the power of emulating ideas and then executing brilliantly.
As just one example, he spoke about how the men's magazine FHM overcame a rival in Britain
by executing with confidence. And from that story, he said the lesson is if you want to be rich,
you can watch rivals closely and never be ashamed to emulate a winning strategy. Nobody
cares whether an idea is quote unquote, right, except for the people who came up with it.
[19:25] There's also an interesting part of this chapter when Felix talks about Apple and Steve
Jobs. Felix criticizes Steve Jobs (his tendency to be slow to admit that he's wrong) and says that
Jobs would rather go broke than make such an admission. Now this is what he said about Steve
Jobs. It's pretty interesting. He claimed that: “With Steve Jobs, Apple would always attempt to
mold the universe to fit Steve's vision of Apple and will pay the price again and again and again.
Lesser companies and men will filch their ideas, connect, connect, connect and beat Apple at its
own game.”
7

The Power of Bold
@thepowerofbold
Now he turns out to be massively wrong about Apple. But Jobs and Apple could have been the
anomaly. In any event, Felix’s argument is that ideas are overrated and that execution matters.
Ideas can only take you so far. I've been pretty guilty of waiting for the big idea before starting
businesses. I think it's better to frame the starting of a business as an experiment or side
project. It's sometimes better to keep the steps small and less daunting, even if you don't think
that you have a great idea.
So chapters four and five are really good if you're just at the start of the road. You may be
thinking of changing careers, leaving your job, or you may even be thinking of startup ideas.
And by consulting this chapter, you'll get some good insights and move forward.
[20:47] Now I want to spend some time talking about chapter nine, which is titled “Cardinal
Virtues.” After spending some time talking about obtaining capital and the five most common
startup errors, Felix speaks about the cardinal virtues to get rich. And those five cardinal virtues
are persistence, self-belief, trusting your instincts, diversifying, and listening and learning. This
chapter echoes parts of Napoleon Hill’s book Think and Grow Rich. I'm specifically talking about
the persistence and self belief parts.
Felix says that persistence, yet flexibility is important. He says that “never give in” is a useful
catchphrase. But you can't take it literally. He suggested, instead, we should be saying “never
give in easily.” Quitting isn't dishonorable. But quitting when you believe you can still succeed is.
You must keep the faith. But having said that, you can't be afraid to alter your course, especially
if you sense that you're on the wrong track.
[21:46] But with all this said, he argues that persistence is not as important as self-belief.
Persistence only offers the second or third bite at the apple. Self-belief gets you to the apple in
the first place. Felix uses the example of Winston Churchill in order to show how self-belief
helped Churchill lead the UK during World War Two. Felix admits that he isn't asking his readers
to be Churchill, but for the readers to ask themselves, right now, whether they truly believe in
themselves. If they don't, the only way to get rich is through the lottery or through inheritance.
It's true that doubt is basically your body's warning system. It definitely plays a part when you
reach decisions. And while it's an important part, you either learn how to incorporate doubts into
your thinking and life or be ruled by them. And for me, one of the best ways to confront doubt
and fear is to write all of your fears down. Once you write them down, examine them and then
think of the worst case scenarios and how you can prevent them, and proceed from there. I
found this to be really helpful and I would really recommend it if you're feeling stuck.
[22:50] Felix also says that you need to trust your instincts in order to get rich. He says that you
shouldn't be a slave to them. But when your instincts are screaming, “go, go, go,” it's really time
to decide whether you want to be rich or not. You cannot do this in a deliberate manner—that's
what he argues. Instead, you have to become a predator, wait patiently, and then strike.
8

The Power of Bold
@thepowerofbold
Overall, this is a good chapter for talking about some of the softer skills in getting rich. A lot of
books speak about these factors, though, so I wouldn't say it's the primary selling point of the
book. But it's still good to think about these things and then understand that these intangible
factors are really important.
[23:28] Finally, I want to talk about chapter 15, which is called “The Power of Focus.” Felix
admits that if you want to be rich, it should be your number one focus. And here, he sort of
reemphasizes that you don't necessarily want to follow your passion. He went into magazine
publishing because he had a tiny success there at the beginning of his business career and he
stayed around. He said he didn't keep his eye on the ball, though. His ball was to get rich, and
instead, he wanted to become one of the best magazine publishers. He thinks that he could
have been a multi-millionaire several years earlier than he did, but what stopped him was his
conviction that he was born to be a magazine publisher.
[24:08] Now, this seems to conflict with a consensus out there. The consensus in 2017 is to
follow your passion, be more engaged, and you'll build more wealth in the process. He seems to
disagree with this idea. He also emphasizes that if you wish to become rich, you should look at
the prevailing industries where wealth appears to be gravitating and then go where the money
is. He says to focus there. In retrospect, he says that going into the magazine business was a
bad decision. Instead, he got pretty lucky. He admits that he might have been much better off if
he went into computer software, cable and satellite TV, or alternative energy. He didn't know
anything about those industries, but he also didn't know anything about magazines when he
started.
So that said, you can focus as much as you want, but Felix says that timing is another important
factor. And he has a pretty good case study to illustrate this.He says that when he was younger,
he started noticing this trend of audiences around the world loving Bruce Lee films. And after
observing this trend, he and a friend (they had zero experience by the way), wrote a book about
Bruce Lee, and they interviewed Bruce Lee’s family and friends. Some time passes and then
Bruce Lee dies. And there wasn't one book written about him, besides Felix’s book. And this
book eventually became a bestseller in the UK. But because Felix had rights to international
distribution, he leveraged those rights and made a lot of money in the process. And after the
story, he summarizes it by saying that this is the power of timing. Felix and his friend weren't
great writers. They were broke, they were inexperienced, yet they made a ton of money.
[25:43] Now, while the chapter talks about a few other things, the basic point is that we should
be aware of opportunities. You don't necessarily have to follow your passion. You should really
be in a position to take advantage of luck. And you should do your best to focus on doing an
outstanding job no matter what you're doing.
9

The Power of Bold
@thepowerofbold
[26:00] So with that summary in mind, here are a few insights that we can take from the book.
Again, these aren't all the insights from the book. And if you want to learn more, I'd recommend
buying the book. But these are the insights that spoke to me the most.
The first insight is that getting rich is not easy. It's not for the faint of heart. There are so many
sacrifices involved, so you’ll really have to think about whether you want to make those
sacrifices. He has a useful list in chapter three to test whether you're serious about getting rich,
and I'm going to actually going to list out some of these items on his list. He says a couple
things here: he says that if you're unwilling to fail, sometimes publicly and even catastrophically,
you have very little chance of getting rich. If you care about what your neighbors think, you will
never get rich. If you cannot bear the thought of causing worry to your family, spouse or lover,
while you plow a lonely, dangerous road, rather than taking the safe option of a regular job,
you'll never get rich. If you have artistic inclinations and fear that the search for wealth will
coarsen such talents or degrade them, you will never get rich. If you're not prepared to work
longer hours than almost anyone you know, despite criticism from colleagues and friends, you
will never get rich. If you cannot convince yourself that you're good enough to be rich, you'll
never get rich. If you can't treat your quest to get rich as a game, you will never get rich. And if
you cannot face up to your fear of failure, you will never get rich.
[27:29] Now, granted, I spoke a little bit earlier about ways to get rich if you climb the ladder in
finance, law or any other professional track. But I think in Felix’s mind, rich seems to be not only
massive wealth, but freedom (which money can buy). So as far as an actual insight here, I think
you should ask yourself some questions. You really need to dig deep and think about if you're
willing to encounter these fears and go down this lonely road to get rich. And as I said a couple
minutes ago, I think a useful exercise is to write down your fears and think about why you're
feeling them. So when I was leaving my job, I created a fear matrix in an Excel spreadsheet. I
wrote down the worst case scenarios, what I was afraid of, and then thought of actions I could
take now to decrease the likelihood of those fears actually happening. It was a useful exercise
and I recommend that you do it as well.
[28:19] So now, next, according to Felix, the search for passion isn't as important as finding an
opportunity and executing. While passion may matter if you want a regular career, it doesn't
matter nearly as much if you're just trying to get rich. Because of this, you really need to keep
your eye out for opportunities and also for needs and problems to solve. I slightly disagree that
passions don't really mean anything. It can be easier to work on something that you're
interested in. I don't think passion and opportunity are mutually exclusive all the time. But
nevertheless, his argument dovetails into the complementary idea that ideas don't really matter.
His emphasis is on execution and action. And this is something that really tripped me up while I
was in my old job. I felt I needed the perfect idea before I tried side projects or even thought
about leaving my job. And I'm going to have another entirely separate episode on ideas and
starting a business or side hustle.
10

The Power of Bold
@thepowerofbold
[29:15] So if we're thinking about more actionable insights, I'd say that if you're considering a
side hustle or taking the leap and actually starting your own business, you shouldn't be explicitly
thinking of startup ideas. I think it's more important to notice problems that you observe in your
own life and other people's lives. If that problem is in an area that you feel passionate about, so
be it. But otherwise, passion doesn't seem to be a necessary requirement. It can definitely help,
but it's not a requirement. So I'd recommend taking some time during your day and trying to
notice what you think is broken or missing in your life or in other people's lives, and then write it
down. This is similar to the idea of building up your “idea muscle” as James Altucher
recommends.
[29:59] And finally, the bottom line is that you'll need to take action, preferably as soon as you
can. It's too easy to imagine yourself as being rich; it's actually much harder to execute and take
action. I think, in actuality, Felix would argue that this is good. The pursuit of wealth can lead to
extremely dire consequences, as I've discussed. So one route is to drop everything and just go
for it. I think Felix would probably favor that path. He'd argue that you need to take this leap of
faith, essentially burn the boats behind you, and go all in. But there's another compelling option
and that's to experiment on the side (basically embracing the side hustle). This is a pretty easy
way to hedge your risk and learn while you still have an income. Now, I don't know if Felix would
necessarily approve, but it's definitely an option.
[30:47] So as far as actual insights, I'm not going to tell you exactly what to do with your money
and future career goals. If you want to get rich, I'd suggest starting right now—maybe with
executing on your ideas for a side hustle at first. You could set up a landing page, try to sell
customers on a potential idea that you have, or maybe get out of the building and talk to people.
Move beyond the idea and theory and start executing. But if you want to go beyond the side
hustle phase and leave your job, you have to consider that as well. While it's definitely risky, it
can work out, as long as you understand the risks and are aware of your financial situation.
So ultimately, this review has been focused more on general insights from the book rather than
specific details about how to start and grow a business, for instance. But if you're interested in
doing that, I'd recommend that you pick it up.
[31:39] So that's it for the review. I think this is a great and entertaining book and I've been
looking at it for several years. I always find new insights. With that said, thanks for tuning in to
this episode. Whether you're looking to get rich or whether you're not looking to get rich, I hope
that this review of the book has been useful. Make sure to subscribe to future episodes and
leave a review if you liked what you heard. Until next time, take care.
11

Episode Three: Book Review: How to Get Rich

Empfohlen

Empfohlen

Weitere ähnliche Inhalte

Kürzlich hochgeladen

Kürzlich hochgeladen (20)

Empfohlen

Empfohlen (20)

Episode Three: Book Review: How to Get Rich