Book SummaryHow to Get Rich, by Felix Dennis

1-Page Summary1-Page Book Summary of How to Get Rich

Just about everyone dreams of wealth, but why do so few people turn that dream into reality? Self-made millionaire Felix Dennis wrote How to Get Rich to teach you the mindset and the skills you need to start a business and build a fortune, and to explain why so many fail at doing so.

Dennis (1947-2014) was a British entrepreneur, poet, and publishing mogul who was born into poverty and built a fortune estimated at over $750 million before his death. He first became known in the 1960s as an editor for Oz Magazine. He then went on to found Dennis Publishing in 1973 and began printing Kung-Fu Monthly, which quickly became...

How to Get Rich Summary Introduction: Warnings About Wealth

Dennis begins in an unconventional way by warning you about just how hard it is to get rich: If you weren’t born into wealth, your odds of ever becoming wealthy are extremely low. The only way to overcome those odds is to have an overwhelming passion for making money, and to get lucky besides.

The author also says if you’re not sure that you want to dedicate your life to getting rich, then this endeavor will be a waste of time. Instead, he urges you to spend your time doing something you are passionate about.

(Shortform note: Research backs Dennis’s claim that it’s unlikely someone who was born poor will ever become rich. For instance, a 2006 study on economic mobility found that, in the US, a child born into a low-income family only had a 1% chance of becoming one of the country’s top earners.)

Dennis specifies that, for him, **being rich means having a total personal value (counting both money and assets) of $30...

How to Get Rich Summary Part 1: Getting Started

Now that you’re aware of the risks that come with trying to get rich, let’s explore Dennis’s process of becoming wealthy.

First of all, Dennis writes that the only way to earn the kind of money he’s talking about is to become an entrepreneur. He argues that you’ll never get rich because most of a company’s profits go to its owner and executives, not to its regular employees. Therefore, all of the advice from this point onward assumes that you’re trying to start and run your own business.

(Shortform note: While Dennis says that you’ll never get rich working for someone else, entrepreneurship isn’t the only viable option for building your wealth. If you’re earning enough money to do so, consistent and prudent investing can be another effective strategy. By regularly investing a portion of your income into the stock market or high-interest accounts, you can take advantage of compound interest and market growth to earn ever-increasing returns. In contrast to the high-risk, high-reward nature of entrepreneurship, this method offers a safer (albeit slower) route to wealth. As an additional...

How to Get Rich Summary Part 2: Getting Rich

Now that you’ve got the right mindset and the groundwork for a new business, let’s discuss how you can use that business to get rich.

Dennis reiterates the importance of staying focused on the primary goal of getting rich and cautions against becoming overly attached to any particular industry or business. Instead, be ready to recognize and seize opportunities when they arise, regardless of whether they relate to your area of expertise.

Remember: Your mission isn’t to make one specific business successful, it’s to become wealthy however you can.

(Shortform note: Numerous case studies support Dennis’s suggestion to stay alert and ready to pursue any new opportunity. In Built to Last, researcher and business consultant Jim Collins studies 18 companies that have enjoyed great success over a long period. Of those 18 companies, only three started out knowing which specific product or service they were going to sell. The remaining 15 tried out many different ideas before they found their winning strategies, just like Dennis encourages...

How to Get Rich Summary Part 3: Living the Rich Lifestyle

Up until now we’ve been discussing how to become rich. For this final section, we’ll explore how to live well after you’ve accomplished that goal. Dennis offers advice about how to maintain your health, wealth, and happiness.

In this section we’ll explore Dennis’s suggestions about how to manage your relationships after becoming rich and how to move past the urge to overindulge yourself. Finally, we’ll discuss why Dennis believes that retirement isn’t for everyone, and most entrepreneurs are better off continuing to pursue new business opportunities.

Managing Your Relationships

Dennis says that, once you’ve achieved your goal and become rich, you’ll need to carefully manage your relationships in order to stay close to your genuine friends while avoiding people who are only trying to get something from you.

First of all, the author stresses the significance of maintaining your oldest friendships. Anyone who was friends with you before you got rich—and who stuck with you through the demanding process of becoming rich—will be an invaluable source of support as you navigate your newly wealthy lifestyle.

**Furthermore, old friends are often the only ones who will provide...

Shortform Exercise: Plan How You’ll Get Rich

Think about how you could apply Dennis’s principles and start your own journey to becoming a wealthy entrepreneur.

What reasons have you given for why it’s not the right time to start a business and get rich? As Dennis would say, what excuses have you told yourself?