| Editor's note: Today, we're sharing the third of a four-part series from Steve on some of his most popular, timeless wealth-building tips. In this essay, he explains how one of his close friends got rich...
| You Can't Be a Millionaire. Unless... | | By Dr. Steve Sjuggerud | | Thursday, December 29, 2016 |
| A friend of mine has a net worth that's comfortably in the tens of millions of dollars.
I don't know for sure, of course... It's not polite to ask. But I know of his business dealings. And I've been to his stunning house on the ocean in Palm Beach County, Florida. (A few years ago, he bought his neighbor's house – rumor had it he didn't like the dog barking next door. He connected the two properties, renovating the neighbor's house to match his own.)
For the last decade or so, he's spent his days doing what he wants... which, it turns out, ends up making him even more money...
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My friend's story starts at a Dale Carnegie public speaking course maybe 30 years ago. In that course, my friend was asked to pick the one thing he'd like to achieve in life and give a speech on how he planned to achieve it.
My friend wanted to do so many things in life... He wanted to teach a college-level course (his father was a college professor), he wanted to write a screenplay for a movie, he wanted to appreciate art as well as any critic, he wanted to write a fiction story and have it published... The list goes on. Oh, also on the list was "make a lot of money."
He thought about his list. And he figured if he accomplished the last one – "make a lot of money" – then he'd have the opportunity to accomplish the other things on that list, too. So that's what he gave his speech about... how he'd get rich.
And so my friend set out to get rich. For years, he made that his main goal. You might not like the idea of dedicating your life to amassing wealth. (And you don't need a fortune to live well.) But it worked for my friend... And it worked for Felix Dennis.
Recently, I read one of the best books ever written on getting rich. It's Felix Dennis' How to Get Rich.
Unlike most of the writers of self-help books, Dennis is actually very rich. And unlike most self-help writers, he didn't make his money pitching self-help seminars or DVDs. Instead, he made hundreds of millions of dollars publishing magazines like Maxim.
In short, he didn't need to write How to Get Rich. But I'm glad he did. It is brutally honest and filled with wisdom. You should read it with a highlighter in hand. Like my friend, Dennis set out to get rich. He makes no bones about it... which makes reading this book refreshing.
As Dennis says, getting rich isn't easy to do, and most people won't even try. People as rich as Dennis are rare. Few people as rich as Dennis have actually tried to put down on paper, for the layman, the legitimate secrets of getting rich. Dennis did, and did it well.
At DailyWealth, we have spent lots of time with many hugely rich entrepreneurs... We have heard the stories of how they got to where they are now... We've heard their insights. No book we're aware of captures those insights as well as this one.
Are you capable of becoming rich? Are you willing to make it your goal now, so you can later conquer all your other dreams like my friend and Felix Dennis?
Read How to Get Rich and find out...
Good investing,
Steve
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Further Reading:
"Don't ever catch yourself saying, 'It takes money to make money,'" Steve wrote in August. "It doesn't." Instead, you just need two things. Learn more here. Earlier this year, Steve told DailyWealth readers about a friend of his who took a huge leap and "retired" with no savings. See how that was possible here. |
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THE BULL MARKET IN BIG, CHEAP TECH CONTINUES
Today, we look at one of the world's safest long-term bets... If you've been with us for long, you know we're big fans of big, cheap tech companies – the ones that have been around for decades and hold the No. 1 or No. 2 positions in their respective industries. These companies generate steady sales and impressive profit margins... then pass those along to shareholders in the form of dividends and share buybacks. A great example of this is software behemoth Microsoft (MSFT). The company is a favorite of some of the world's greatest investors – like Stanley Druckenmiller, Ray Dalio, Paul Tudor Jones, and Joel Greenblatt, among others... and for good reason. Forbes recently named it the second-most valuable brand in the world (trailing fellow tech giant Apple). Because of this, Microsoft shares have been locked into an impressive uptrend over the years. The stock has more than doubled over the last four years, and management has raised its dividend for 12 years straight. Microsoft's recent performance is exactly why we're fans of big, cheap tech... |
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| The best form of protection when a bear market hits... Now, more than ever, you need to learn to sell stocks short. I know investors don't want to consider it, but it's one of Porter's favorite strategies... |
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| Ten Attributes of Great Fundamental Investors, Part I | | By Mike Barrett | | Wednesday, December 21, 2016 |
| | Investors seeking a winning process to lean on day after day should consider Michael J. Mauboussin's list of ten attributes of great fundamental investors... |
| | A Big Warning Sign on Stocks From One of Our Top Indicators | | By Dr. Steve Sjuggerud | | Tuesday, December 20, 2016 |
| | For years, I've been extremely bullish on the stock market. However, one of our top indicators is giving us a big warning sign... |
| | One Reason Oil Prices Could Soar to $70 in 2017 | | By Brett Eversole | | Monday, December 19, 2016 |
| | The price of oil is up 22% over the last month. But larger gains are possible over the next two years, based on history... |
| | How Much Risk Are YOU Willing to Take? | | By Richard Smith | | Friday, December 16, 2016 |
| | Investing isn't a one-size-fits-all process. Everyone does it for different reasons. |
| | A 30% Upside Opportunity in the 'Masters of the Universe' | | By Brett Eversole | | Thursday, December 15, 2016 |
| | Gold and silver are down since the election... But another group of metals has soared... |
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