How to get Rich
by Felix Dennis
Takeaway – Too much to summarize, just read the damn book!
by M. J. DeMarco
If you only get one thing from MJ’s book, it should be about planning for the end game. Build and grow your business and sell it at a as high a multiple as bubbly market willing to pay for. The fastlane, slowlane metaphors are very similar to Rich Dad, Poor Dad. While Robert Kiyosaki never reveal his real business (yet another get rich guru), MJ DeMarco is very upfront and transparent in his book. He also runs a forum called Fastlane Forum. I found there are too many newbie and warrior forum personality to spend time reading it. It’s also a frequent launch pad of lifestyle business gurus. I recommend to have a quick read and leave the forum alone.
Takeaway – Don’t sell time for money, build profitable business(es) and sell them at high multiples.
Cold Hard Truth: On Business, Money & Life
by Kevin O’Leary
Kevin O’Leary came into the mainstream media as the villain in Canada’s version of Dragon’s Den. If you only get one thing out of watching Dragon’s Den is that everybody is a pirate. They are all trying to steal a piece of the action when you are not looking. Many of the deals didn’t come through. It’s mostly for show and entertainment. From the book, I noticed that Kevin has been battling his childhood self image issues all his life and that’s what made him who he is today. His need to claim he is very successful reflect that his self image is very fragile. I have never came across an interview where Warren Buffet or Bill Gates feel the need to brag about their achievement. If you check the net worth of the Warren Buffet, Bill Gates, Keanu Reeves, Johnny Depp and Kevin O’Leary you will find that most business gurus are really just trying to project an bigger than life images, so they can use it as a platform to launch new career.
Kevin isn’t really a successful businessman. He basically failed his way to success. Every business he is in, it’s a failure. Whenever his business fails, he sells equity in exchange for a competent partner. It’s interesting to see that while Kevin brags about how rich he is on TV all day, while his equity partner never appear in the spotlight.
Takeaway – Fail your way to success, trade equity for competent partners, sell business at high multiples to dinosaur in your niche.
Thou Shall Prosper
by Rabbi Daniel Lapin
This book mainly deals with the mental stuffs. I was born and raised in Hong Kong until emigrated to Canada during my high school years. Hong Kong was a British colony which means I was brainwashed by British colonial education from birth. It takes a critical mind to distinguish what values are implanted in your brain through colonial education vs values I learn from real life experience. Education could make or break an individual in their journey to financial freedom since most people have very underdeveloped critical thinking ability. They never question authority and live their lives like zombies. Thou Shall Prosper helps you rewire your idea of money, so prospering becomes automatic and a cultural thing for you.
It has a few golden nuggets of wisdom here an there. I found it a slow read at times, after all Daniel is a Rabbi. I found him genuinely wanted to help and quite outside the box.