How to Get Rich by Felix Dennis Flashcards
What is the key trait of people who get rich?
Utter determination, whatever the cost.
What matters more than ideas in the pursuit of wealth?
Execution.
What is considered the most precious thing that riches provide?
Time.
According to John Paul Getty, what indicates that a person is not truly rich?
If you can actually count your money.
What is a good benchmark for being considered rich in terms of net worth?
Over $80M or over $10M in liquid assets.
Why do young and penniless individuals have the best chance of getting rich?
They have nothing to lose.
What does making money consume according to the text?
Your life.
Complete the quote: ‘Once begun, the job’s ______.’
half done.
What must you learn to shrug off to become rich?
Failures and envy from others.
What is necessary for getting rich?
Sacrifice and willingness to fail.
What is the single biggest impediment to amassing wealth?
The fear of failing.
What can working too long for other people do to your desire?
Blunt your desire to take risks.
What is working for others described as?
A reconnaissance expedition and an apprenticeship.
What should you marry when choosing what to work in?
Your inclinations, aptitudes, and opportunities.
What is luck a result of?
Hard work, practice, and seizing opportunity.
What should you never be afraid to do in business?
Emulate a good idea.
What is the ultimate factor that makes you rich?
Ownership.
What is the recommended approach to thinking and acting in business?
Think big and act small.
What happens if you start to believe you’re infallible?
You’re in trouble.
Is quitting dishonorable?
No, quitting is not dishonorable.
When is quitting considered dishonorable?
When you believe you can still succeed.
What is essential for accomplishing anything?
Self-belief
Without self-belief, nothing can be accomplished.
Who is attributed with the quote ‘Luck is preparation multiplied by opportunity’?
Seneca
This quote emphasizes the importance of being prepared to seize opportunities.
What does H.L. Mencken suggest about the value of money?
It is often overestimated
Mencken states that the chief value of money lies in its overestimation.
What must one do to become rich according to the text?
Become an owner and try to own it all
Owning assets is emphasized as a key to wealth.
What financial strategy is recommended regarding costs and bonuses?
Keep costs down but give generous bonuses
This approach balances frugality with rewarding talent.
Where should one look to become rich?
Industries where the money is, particularly small but quickly growing spaces
This suggests seeking out lucrative opportunities.
Who is considered richer according to the text?
The young are richer than anyone older
This suggests that youth can provide advantages in wealth accumulation.
What should you do to make yourself independent?
Cut loose negative influences and naysayers
Independence is linked to surrounding oneself with positive influences.
What action is encouraged regarding starting ventures?
Start now
Emphasis is placed on the importance of taking immediate action.
What is recommended about hiring talent?
Hire talent smarter than you and delegate
This strategy promotes leveraging the skills of others.
What should you do with your annual take?
Share it
This indicates a collaborative approach to success.
When is it advisable to sell according to the text?
Before you need to, or when bored
This suggests proactive decision-making in business.
What mindset should one adopt regarding fear?
Fear nothing and no one
This promotes a bold approach to wealth creation.
What is the ultimate goal suggested in the text?
Get rich and give it all away
This implies a focus on generosity after achieving wealth.
