Core Idea
- Difficulty
- Medium
- Read it if
- You are an aspiring entrepreneur or business owner seeking a no-holds-barred, often cynical, but pragmatic guide to accumulating substantial wealth, directly from a self-made multi-millionaire.
- Skip it if
- You prefer a morally sanitized, ethically gentle approach to business, are easily offended by blunt language, or are looking for detailed investment strategies rather than a philosophical and tactical guide to wealth creation.
Key Takeaways from How to Get Rich
The Rich are Different (and You Can Be Too)
Wealth isn't about intellect or luck, but a specific mindset and acquired 'knack.'
Dennis strongly believes that becoming rich is not just for the very smart, the well-connected, or the very lucky. Instead, he says it is a 'knack'—a learnable set of skills and a specific way of thinking about creating wealth. This knack involves a strong drive, a willingness to take calculated risks, an ability to find and use market opportunities, and a steady focus on cash flow and equity. It is less about formal education and more about practical intelligence, persistence, and an almost obsessive pursuit of financial freedom. He stresses that if someone from 'South London' with a difficult background can do it, anyone with enough motivation can too. This changes how we see wealth, making it an achievable goal through deliberate practice and a change in perspective, rather than an inherent talent.
“Making money is a knack, a knack that can be acquired. And if someone like me can become rich, then so can you - no matter what your present circumstances.”
In the book: Dennis's own rags-to-riches story, from humble beginnings to building a multi-million-pound publishing empire, serves as the primary evidence that the 'knack' is learnable and not predicated on inherited advantages.
Try this: Actively cultivate a 'rich' mindset by focusing on value creation, identifying market opportunities, and prioritizing profit over prestige. Study the mechanics of wealth accumulation and practice financial literacy, even if it feels uncomfortable at first.
Related ideas: wealth-mindset, financial-literacy, entrepreneurship
Ownership is Everything
Never settle for a salary or a minority stake; true wealth comes from owning the whole pie.
One of Dennis's firmest pieces of advice is the absolute need for ownership. He sees a salary as a gilded cage, limiting potential and tying one's future to someone else's vision. Real wealth comes from owning the actual assets, the intellectual property, or the entire business. He argues that even a significant minority share is not enough; the goal should always be 100% ownership or as close as possible. This allows for full control over direction, profit distribution, and strategic changes, maximizing the potential for fast growth. Giving away equity, especially early on, is a big mistake that reduces future wealth. This idea is central to his entire philosophy of creating wealth.
“Never, ever work for a salary if you want to be rich. Never work for a salary if you can possibly avoid it. And if you do have to work for a salary, make bloody sure it’s for yourself.”
In the book: Dennis's insistence on maintaining control and ownership of his publishing ventures, even when it meant buying out partners or resisting external investment, is a recurring theme throughout his career. His acquisition of titles like *Maxim* and his strategic control over his media empire exemplify this.
Try this: Prioritize entrepreneurship over employment. If you must work for others, treat it as a temporary learning experience or a means to fund your own venture. Always strive to own your intellectual property or the entire business you create. Resist the urge to give away equity cheaply.
Related ideas: equity-ownership, entrepreneurial-control, asset-accumulation
Ideas are Cheap, Execution is Gold
Brilliant ideas are common; the ability to turn them into profitable realities is rare and valuable.
Dennis dismisses the romantic idea that a single, revolutionary idea is the key to riches. He says that good ideas are common, but the ability to plan carefully, act constantly, and adjust when needed is what truly makes a difference. Many people have great concepts, but few have the drive, discipline, and practical skill to make them happen. He supports a 'get-on-with-it' attitude, emphasizing speed, repeated efforts, and a preference for action over endless planning or waiting for perfect conditions. This means accepting imperfection, learning as you go, and adapting to market feedback instead of sticking to an original vision that might not work.
“Ideas are ten a penny. Execution is what matters. Get on with it. Make it happen. Don’t wait for perfection.”
In the book: Dennis's rapid expansion of his publishing empire, launching numerous magazines and quickly adapting to market trends, demonstrates his focus on swift execution over prolonged planning. His willingness to launch, test, and refine rather than seeking perfection from the outset.
Try this: Stop overthinking and start doing. Break down your big ideas into actionable steps and begin executing immediately. Embrace an iterative approach, learning from mistakes and making adjustments quickly. Don't let the pursuit of perfection paralyze progress.
Related ideas: execution-bias, action-orientation, iterative-development
Cash Flow is King (and Profit is Queen)
Focus relentlessly on generating and retaining cash, as it's the lifeblood of any growing enterprise.
For Dennis, understanding and managing cash flow is most important, even more than reported profits in the early stages. He stresses that a business can look profitable on paper but still fail because it lacks liquid funds. His advice is to become very familiar with the money moving in and out of your business, prioritizing positive cash flow above everything else. Also, he emphasizes that 'profit' must be real and lasting, not just an accounting trick. This means being tough with costs, negotiating good terms, and ensuring a healthy margin on products or services. Ignoring cash flow and real profit will surely lead to failure, no matter how new your product or service might be.
“Cash flow is king. Without it, you’re dead. And profit, real profit, is the queen who keeps the king happy.”
In the book: Dennis recounts instances where seemingly successful ventures faltered due to poor cash management, highlighting the critical importance of liquidity. His own business practices involved tight control over finances and a keen eye on the bottom line.
Try this: Develop a deep understanding of your business's cash flow. Implement strict budgeting and cost-control measures. Prioritize revenue streams that generate quick cash. Always negotiate terms that favor your cash position and ensure healthy profit margins.
Related ideas: cash-flow-management, profitability, financial-health
Embrace Failure, But Don't Dwell On It
Setbacks are inevitable learning experiences; the key is to recover quickly and move on.
Dennis sees failure not as an end, but as a necessary part of the journey to wealth. He is very honest about his own mistakes and the many ventures that did not work out. The main lesson is not to avoid failure, but to learn from it quickly and avoid becoming stuck. Dwelling on mistakes, or letting them reduce confidence, is much worse than the failure itself. He suggests a strong mindset: accept the loss, learn the lesson, and immediately shift your focus to the next chance. This practical approach prevents emotional attachment to losing ventures and keeps things moving forward.
“Failure is inevitable. Get used to it. Learn from it. And then forget about it and move on.”
In the book: Dennis openly discusses various failed magazine launches and business ventures, detailing how he analyzed what went wrong, cut his losses, and redeployed resources to more promising projects.
Try this: When facing a setback, conduct a quick post-mortem to identify key learnings. Avoid self-blame or excessive rumination. Implement the lessons learned and immediately shift your energy and resources towards new, more informed initiatives. Develop a thick skin.
Related ideas: resilience, learning-from-failure, risk-management
Ruthlessness is a Virtue (When Applied Correctly)
Making tough decisions, even unpopular ones, is necessary for business survival and growth.
Dennis does not hesitate to suggest a certain level of toughness in business. This is not about being cruel or unethical, but rather about a steady commitment to your business's success, even if it means making unpopular choices. This includes reducing staff, selling off underperforming assets, ending partnerships, or negotiating hard. Sentimentality, he argues, is a luxury the aspiring rich cannot afford. This focused self-interest, when used within legal and ethical limits, is presented as a necessary trait for dealing with competitive markets and ensuring the long-term health and growth of one's ventures. It is about putting the business's health first, above personal feelings or temporary popularity.
“The pursuit of wealth demands a certain ruthlessness. Not cruelty, but an unblinking willingness to make hard decisions, to cut losses, and to protect your own interests above all else.”
In the book: Dennis's accounts of tough negotiations, firing long-serving employees when necessary, and making hard calls to shut down unprofitable magazines demonstrate his practical application of this 'ruthlessness' for the greater good of his business.
Try this: Practice making difficult decisions quickly and objectively, separating personal feelings from business imperatives. Learn to say 'no' to unprofitable ventures or unfavorable terms. Prioritize the long-term health and profitability of your business above all else.
Related ideas: strategic-decision-making, business-acumen, assertiveness
Don't Delegate the Core Business
Key functions that drive revenue and growth should remain under your direct, vigilant control.
While giving tasks to others is often seen as a key part of good management, Dennis offers an important warning: never delegate the main functions that directly create wealth or are central to your unique offering. This includes sales, key product development, strategic partnerships, and important financial oversight, especially in the early stages. He argues that giving up control over these vital areas is like handing over the keys to your kingdom. While administrative tasks can and should be delegated, the 'money-making' parts of the business need your direct, close involvement and constant checking. This ensures quality, strategic alignment, and protects against potential mismanagement.
“Never delegate the things that make you rich. Never delegate the things that make your business money.”
In the book: Dennis's hands-on approach to his publishing titles, even as his empire grew, especially concerning editorial direction, sales strategies, and financial performance, illustrates his belief in maintaining tight control over core functions.
Try this: Identify the 2-3 core activities that directly drive revenue and growth in your business. Commit to personally overseeing or being deeply involved in these areas. Delegate non-essential tasks but maintain a vigilant eye on all critical operations.
Related ideas: core-competencies, strategic-oversight, effective-delegation
Speed is Your Ally, Hesitation Your Enemy
In the race for wealth, the fastest to market often wins, even with an imperfect product.
Dennis places high value on speed, seeing it as a key competitive advantage. He argues that waiting for perfection, or taking too long to launch, allows competitors to appear or market chances to disappear. The goal is to get a working product or service to market quickly, even if it is not perfect, and then improve it based on real-world feedback. This 'first-mover' or 'fast-follower' advantage can be crucial in gaining market share and establishing brand presence. Hesitation, too much analysis, and fear of imperfection are identified as major obstacles to creating wealth, in sharp contrast to his 'get-on-with-it' motto.
“Move fast. Very fast. The world isn’t waiting for you to perfect your offering. Get it out there.”
In the book: His rapid launch of new magazine titles, often beating established players to market or quickly adapting to new trends, exemplifies his belief in the power of speed and agility.
Try this: Adopt a 'minimum viable product' (MVP) mindset. Launch quickly, gather feedback, and iterate rapidly. Set aggressive timelines for new initiatives and actively work to overcome any tendencies towards procrastination or perfectionism.
Related ideas: first-mover-advantage, minimum-viable-product, market-timing
Beware of Advisers and Committees
Too many opinions dilute vision and slow down decisive action.
Dennis is very skeptical of outside advisors and decisions made by committees, especially for business owners trying to build wealth. He compares advisors to 'eunuchs in a harem'—knowledgeable but lacking practical experience in creating wealth. While he admits the need for specific expertise (e.g., legal, accounting), he warns against relying on general business consultants or letting too many opinions dilute your vision. Committees, he argues, are naturally slow, risk-averse, and tend to turn bold ideas into average ones. For the wealth creator, decisive, single leadership is often more effective than approaches driven by consensus, which can stifle new ideas and speed.
“Advisers are like eunuchs in a harem: they know how it’s done, they’ve seen it done, but they can’t do it themselves. And committees? They’re where good ideas go to die.”
In the book: Dennis's personal history is marked by his strong, often autocratic, leadership style. He preferred to make final decisions himself, even if unpopular, rather than deferring to boards or external consultants, which he saw as obstacles to progress.
Try this: Seek specific, actionable advice only when absolutely necessary and from those with proven, direct experience. Avoid forming committees for critical strategic decisions. Cultivate strong leadership and trust your own judgment, taking ultimate responsibility for outcomes.
Related ideas: decisive-leadership, avoid-groupthink, expert-consultation
Enjoy the Journey, But Don't Get Soft
Wealth brings comfort, but sustained success requires maintaining the hunger and drive.
Dennis, having experienced extreme wealth, offers a warning: the biggest challenge after becoming rich is often losing the very drive and hunger that led to it. He warns against becoming 'soft,' complacent, and mistaking comfort for real happiness. The pursuit of wealth requires an almost obsessive focus and a willingness to endure hardship. Once financial security is achieved, the temptation to relax, delegate too much, or lose touch with the daily operations of the business can be overwhelming. Lasting success, he argues, demands a continuous effort to keep that initial fire, adapt, and stay involved with the wealth-creation process, even as the rewards grow.
“The greatest danger once you’ve made it is to lose the hunger. To get soft. To mistake comfort for contentment.”
In the book: Dennis speaks candidly about the allure of luxury and the potential for losing one's edge once wealth is acquired, drawing from his own experiences with extravagant living and the need to remain disciplined.
Try this: Regularly revisit your motivations for creating wealth. Set new, challenging goals even after achieving significant success. Stay involved in the core aspects of your business and avoid becoming overly detached. Cultivate a sense of purpose beyond mere accumulation.
Related ideas: sustained-motivation, avoid-complacency, long-term-vision
How to Get Rich Quotes
“Making money is a hobby that will also make you money, a game that will also make you money. If you treat it like a game, with rules and strategies, you will win.”
“Ownership is not a right; it is a privilege that must be fought for, earned and protected.”
“The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.”
“If you want to be rich, you must be prepared to be lonely.”
“Ideas are cheap. Execution is everything.”
“Cash is king. Always has been, always will be. Control your cash flow and you control your destiny.”
“The price of success is often failure. Embrace it.”
“Never, ever, listen to anyone who tells you that you cannot do something.”
“Being rich is about having choices. And the more choices you have, the richer you are.”
“Hire slowly, fire quickly.”
“Luck is where preparation meets opportunity.”
“Always have a mentor. Or several. Learn from those who have already made the mistakes.”
“The most important thing is to get started. Don't wait for perfection.”
“Do not chase money. Chase your passion. Money will follow.”
“The rich get richer because they spend less than they earn and invest the difference wisely.”
Quiz
10 questions on the main ideas. Each answer comes with a short explanation.
Question 1
According to Felix Dennis, what is the fundamental nature of making money?
- A complex science that requires advanced degrees.
- A knack that can be acquired through motivation and application.
- Pure luck, with no discernible pattern or method.
- An inherited trait, only accessible to a select few.
Show answer
B. A knack that can be acquired through motivation and application. Dennis explicitly states that 'making money is a knack, a knack that can be acquired,' emphasizing that it's a learnable skill rather than an innate talent or complex science.
Question 2
What is one of the core arguments Felix Dennis makes about becoming rich, regardless of one's background?
- Only those with substantial inherited wealth can truly get rich.
- It requires being born into the right social class or having elite connections.
- Almost anyone of reasonable intelligence can become rich with sufficient motivation and application.
- Wealth is primarily accumulated through short-term speculative investments.
Show answer
C. Almost anyone of reasonable intelligence can become rich with sufficient motivation and application. The book's description highlights Dennis's belief that 'almost anyone of reasonable intelligence can become rich, given sufficient motivation and application,' challenging the idea that wealth is exclusive to certain backgrounds.
Question 3
What primary focus does 'How to Get Rich' have regarding wealth creation?
- Detailed analysis of global economic trends and stock market predictions.
- The step-by-step creation of wealth, drawing from the author's experiences.
- Philanthropic strategies for distributing accumulated wealth.
- Advanced tax evasion techniques for the ultra-rich.
Show answer
B. The step-by-step creation of wealth, drawing from the author's experiences. The synopsis states the book is 'primarily concerned with the step-by-step creation of wealth,' indicating its practical, process-oriented approach.
Question 4
Felix Dennis describes himself as a 'South London lad who became rich virtually by accident.' What does this self-description imply about his journey?
- He believes his wealth was solely due to external factors beyond his control.
- His initial success was not part of a grand, pre-conceived master plan, making his journey relatable.
- He had no understanding of business principles when he started.
- He advocates for an entirely passive approach to wealth accumulation.
Show answer
B. His initial success was not part of a grand, pre-conceived master plan, making his journey relatable. The phrase 'virtually by accident' suggests that his initial path to wealth wasn't meticulously planned, adding to the memoir aspect and demonstrating that success can emerge unexpectedly, even for those without a clear blueprint from the start.
Question 5
The book is described as 'Part manual, part memoir, part primer.' What does this structure suggest about its content?
- It's a purely theoretical academic text with no personal anecdotes.
- It combines personal experiences with practical advice and foundational knowledge for beginners.
- It's a collection of short stories unrelated to wealth creation.
- It focuses exclusively on advanced financial strategies for seasoned investors.
Show answer
B. It combines personal experiences with practical advice and foundational knowledge for beginners. Being 'part manual' (practical guide), 'part memoir' (personal story), and 'part primer' (basic introduction) indicates a comprehensive approach that blends personal narrative with actionable advice and fundamental principles.
Question 6
What role do Dennis's 'business failures and financial triumphs' play in the book?
- They are mentioned briefly but not explored in depth.
- They are ruthlessly dissected to provide lessons and insights into wealth creation.
- They serve primarily as entertainment with no practical application.
- Only the triumphs are discussed, failures are omitted to maintain a positive tone.
Show answer
B. They are ruthlessly dissected to provide lessons and insights into wealth creation. The description states the book 'ruthlessly dissects the business failures and financial triumphs,' implying that both aspects are crucial for learning and provide valuable lessons.
Question 7
The book is described as a 'template for those who are willing to stare down failure and transform their lives.' What key attitude does this emphasize as crucial for aspiring wealth creators?
- Avoidance of all risks to ensure continuous success.
- A strong aversion to any form of struggle or setback.
- Resilience and a willingness to confront and learn from setbacks.
- Exclusive focus on current successes, ignoring past mistakes.
Show answer
C. Resilience and a willingness to confront and learn from setbacks. 'Stare down failure' directly implies confronting and overcoming difficulties, highlighting the importance of resilience and learning from mistakes in the pursuit of wealth.
Question 8
Considering Dennis's journey from 'South London lad' to rich, what implicit argument does this make about the accessibility of wealth?
- Wealth is primarily reserved for those born into privilege and established networks.
- One's starting point or social background is irrelevant to becoming rich.
- Wealth can be attained by individuals from humble beginnings, challenging traditional barriers.
- Only those with specific academic qualifications can achieve significant wealth.
Show answer
C. Wealth can be attained by individuals from humble beginnings, challenging traditional barriers. The contrast between his 'South London lad' origins and becoming rich suggests that wealth is not exclusive to privileged backgrounds, making it accessible to those who apply themselves, regardless of their starting point.
Question 9
The book's final description calls it an 'invaluable guide to 'the surprisingly simple art of collecting money which already has your name on it'.' What does 'money which already has your name on it' metaphorically imply?
- That wealth is predestined and requires no effort to obtain.
- That opportunities for wealth are abundant and waiting to be claimed by those who know how.
- That only inherited money truly belongs to an individual.
- That one should only focus on finding forgotten assets.
Show answer
B. That opportunities for wealth are abundant and waiting to be claimed by those who know how. This metaphor suggests that wealth isn't scarce but rather available for those who understand how to identify and seize opportunities, implying that the 'art' is in recognizing and claiming what's already there in the market or environment.
Question 10
Given that Felix Dennis describes his own journey as becoming rich 'virtually by accident' but then offers a 'template for those who are willing to stare down failure,' what is the underlying paradox he addresses for aspiring wealth creators?
- The paradox between the importance of formal education and practical experience.
- The paradox between luck playing a role in initial success and the necessity of deliberate effort and resilience for sustained wealth.
- The paradox between individual ambition and collective societal benefit.
- The paradox between saving money and spending money to make more money.
Show answer
B. The paradox between luck playing a role in initial success and the necessity of deliberate effort and resilience for sustained wealth. The 'accident' highlights an element of luck or unplanned success, while providing a 'template' and emphasizing 'staring down failure' underscores the deliberate effort, learning, and resilience required to build and maintain wealth. This addresses the tension between serendipitous beginnings and intentional perseverance.
How to Get Rich FAQ
Does Felix Dennis's 'How to Get Rich' offer a guaranteed path to wealth?
While Felix Dennis believes that acquiring wealth is a learnable 'knack,' the book doesn't offer a guarantee. Instead, it provides a distillation of his business wisdom, experiences, and the principles he followed, emphasizing that success requires motivation and application.
What is the core philosophy behind Felix Dennis's approach to wealth creation?
The core philosophy is that making money is a skill that can be acquired, regardless of one's background. Dennis stresses the importance of identifying opportunities, taking calculated risks, understanding the value of ownership, and maintaining a relentless focus on cash flow and profitability.
How different is 'How to Get Rich' from typical self-help finance books?
'How to Get Rich' distinguishes itself by blending raw, often cynical memoir with practical business advice, rather than just abstract financial theories. It's less about budgeting or stock picking and more about the entrepreneurial mindset, ownership, and the 'knack' of wealth creation as demonstrated through Dennis's own tumultuous journey.
Does 'How to Get Rich' provide actionable steps for someone starting with no capital?
Yes, the book focuses on the step-by-step creation of wealth, drawing from Dennis's own experiences of starting with little. While it doesn't offer a magic bullet, it outlines the mindset, strategies, and practical considerations for building a business and accumulating assets from the ground up.
What role does risk-taking play in Felix Dennis's wealth-building strategy?
Risk-taking is presented as an essential, albeit carefully considered, component of wealth creation. Dennis advocates for calculated risks, understanding potential downsides, and learning from failures, rather than reckless gambling, viewing risk as an unavoidable part of entrepreneurial growth.
Is 'How to Get Rich' suitable for experienced entrepreneurs or only beginners?
The book offers valuable insights for both beginners and experienced entrepreneurs. While it covers foundational principles of wealth creation, its candid accounts of business failures, triumphs, and unique perspectives on ownership and management can provide fresh perspectives even for seasoned business owners.
What is Felix Dennis's view on formal education versus practical experience in getting rich?
Felix Dennis, having achieved immense wealth without a conventional background, heavily emphasizes practical experience, street smarts, and learning by doing over formal academic qualifications. He views 'the knack' of making money as something acquired through direct engagement, trial, and error.
Does 'How to Get Rich' offer advice on managing wealth once it's acquired?
While primarily focused on the creation of wealth, the book implicitly touches upon aspects of wealth management through Dennis's reflections on ownership, investment, and maintaining control over one's assets. However, it's not a detailed guide to financial planning or portfolio management.
Similar books
- The 4-Hour Workweek
Timothy Ferriss
3.9 (181k) average on GoodreadsBusinessFocuses on unconventional approaches to business and lifestyle design for financial freedom, though Dennis is more about massive wealth.
- Think and Grow Rich
Napoleon Hill
4.2 (218k) average on GoodreadsBusinessHill's classic emphasizes the power of positive thinking, a definite purpose, and the 'master mind' principle, with a strong focus on mental and spiritual preparation for success. Dennis, in contrast, offers a far more pragmatic, action-oriented, and often cynical perspective. He would likely argue that 'thinking rich' is insufficient without relentless, often unpleasant, execution and a willingness to embrace failure. Hill's approach is more idealistic and focused on attracting wealth through mental states, whereas Dennis's is grounded in the tangible, often cutthroat, realities of business building.
- Steve Jobs
Walter Isaacson
4.1 (957k) average on GoodreadsBusinessSteve Jobs was a visionary who fused creativity and technology to revolutionize six industries and shape our digital world.
- Freakonomics: A Rogue Economist Explores the Hidden Side of Everything
Steven D. Levitt
4.0 (709k) average on GoodreadsBusinessThis book uses economic principles to reveal the surprising incentives behind everything from drug dealing and real estate to cheating teachers and the decline of crime.
- The Tipping Point: How Little Things Can Make a Big Difference
Malcolm Gladwell
4.0 (690k) average on GoodreadsBusinessMalcolm Gladwell explains how small, targeted actions can start widespread changes in trends, behaviors, and ideas.
- Outliers: The Story of Success
Malcolm Gladwell
4.2 (556k) average on GoodreadsBusinessMalcolm Gladwell argues that true success is not just about individual talent, but about the hidden advantages of culture, opportunity, and unique experiences that shape extraordinary lives.
Enjoyed the summary?
A summary gives you the shape of the book. The book itself has the detail, the examples and the voice.
Find How to Get Rich on AmazonAs an Amazon Associate, BookBrief earns from qualifying purchases. How we're funded