#006 - The Wealthy Founder and Addict
One of the World's Greatest Entrepreneurs Shares His Secrets of How to Get Rich.
Don’t want to read? No problem! You can listen to me reading the article to you by clicking the play button above.
Welcome to the 6th edition of The Wealth Letters, a collection of insights from all walks of life on the pursuit of wealth, wisdom, and meaning.
If you haven’t done so, please read or listen to the manifesto before diving in to the collection, as it will give a clear vision of the project; the Who, What, and Why.
I challenge you to read or listen to this insight as if it is being written to you personally.
Be willing to be vulnerable and open your mind to ideas and suggestions that have proven worthwhile in another’s journey. Do not blindly accept any and all advice given, but rather take in the information and distill it down to if & how it can be applied to YOU and your unique self.
Michael Jordan said that he imitated Dr. J.
Kobe Bryant said he studied and imitated Jordan.
But, they mixed in their own uniqueness.
While not everything will relate directly to one’s current situation at the exact moment, there may be some gems that will be worthwhile in time.
The following excerpt was written by Felix Dennis, entrepreneur and founder of Maxim Magazine, in his book How to Get Rich: One of the World’s Greatest Entrepreneurs Shares His Secrets. In his book, Mr. Dennis opens up about :
Accumulating hundreds of millions of dollars
His addictions to drugs and prostitutes
Blowing $100 million dollars
His near death experience due to his lifestyle choices
What it all means for those pursuing riches
Credit to Founders Podcast for bringing this book to my attention.
Photo Credit: Bell Yard Communications, via Associated Press
Objectives / Overview:
If you are young, remember this one thing.
How are the young infinitely richer than Felix, who had a net worth north of $700 million?
When is Felix happy, and is wealth needed?
“If you are young and reading this, then I ask you to remember just this:
You are richer than anyone older than you, and far richer than those who are much older. What you choose to do with the time that stretches out before you is entirely a matter for you. But, do not say you started the journey poor.
If you are young, you are infinitely richer than I ever can be again. Money is never owned. It is only in your custody for awhile. Time is always running on, and the young have more of it in their pocket than the richest man or woman alive.
That is a sober fact. And yet, you wish to waste your youth in the getting of money? Really? Think hard my young cub. Think hard and think long before you embark on such a quest.
The time spent attempting to acquire wealth will mount up and cannot be reclaimed whether you succeed or whether you fail. Even should you succeed in becoming rich, what will you have achieved? Happiness? Do not make me laugh!
The rich are not happy! I have yet to meet a single really rich happy man or woman, and I have met many rich people. The demands from others to share their wealth becomes so tiresome, and so insistent, they nearly always decide that they must insulate themselves. Insulation breeds paranoia and arrogance and loneliness and rage; that you have only so many years left to enjoy rolling in the sand you have piled up.
The only people the self-made rich can trust are those who knew them before they were wealthy. For many newly rich people, the world becomes a smaller, less generous, and darker place.
It sounds ridiculous doesn’t it? Ridiculous and gloomy.
But then, you are to consider that I have been very poor and am now very rich. I am an optimist by nature. But am I happy? No. Or, at least only occasionally. When I am walking in the woods alone, or when I am deeply ensconced composing a difficult piece of verse, or sitting quietly with old friends over a bottle of wine, or feeding a stray cat. I could do all of those things without wealth.
So why do I not give it all away?
Because I worked too hard for it. Because I am tainted by it. Because I’m afraid too. All of those reasons and more. When I die, it's all going to a charity called The Forest of Dennis. You see, even when I do a good thing with my money, my ego insists that I name it for myself. Not a good sign.
Giving away money when you’re dead takes no guts. No courage. But to divest yourself of hundreds of millions of dollars, or the greater part of your fortune before your death? That would be something to be proud of don’t you think?
For what is left afterward but a few tears by a graveside and years of bickering. But you must make your own choice. I have said my peace, and I meant every word of it. This small part of my book was composed in my mind years ago. It was easy to write. I knew all of it before my fingers touched the keyboard.
It’s troubled me for years, and I thank you for allowing me to share it. I suspect it will have little affect on you though. You are probably young, and you are tired of being poor. But can I ask you to do me just one small favor? Please lodge one fact in your memory:
That the last 1,500 words was an important bit. In my heart of hearts, I know it is the most important bit you will read in this book. Mark it with a bookmark and write today’s date upon it. Come back to it in 20 or 30 years. Then, cast your mind back to a time when you were young, and you first read this book, and to the thoughts of a fool. A rich poet. Long dead, who once typed these words sitting in one of the most beautiful houses on earth, staring at the turquoise sea, sipping a glass of chilled wine.
That will be enough for me.
- Felix Dennis
The TLDR/L (Too long, didn’t read / listen):
One is richer than someone older than them, and far richer than someone much older.
The rich are not happy. They are insulated, paranoid, arrogant, lonely, and filled with rage.
Happiness comes from the simple things. The things that can be enjoyed without having wealth.
3 Further Quotes from the Book to Ponder:
“If you could turn the clock back for me by 40 years I would willingly give you every penny and every possession I own in return. And I would have the better of the bargain.”
“If I had my time again—knowing what I know today—I would dedicate myself to making just enough money to live comfortably.”
“It is my hope that this book will cause you to consider very carefully whether you are truly driven by inner demons to be rich.”
Thank You for Your Support
Would you consider sharing The Wealth Letters with a friend? That would be so much appreciated:
Want to share your own Wealth Letter and be featured in the collection & future published book?
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Reach out via email: support@thewealthletters.com or by commenting on this post.
I look forward to hearing from you!
Jordan
Was rapping with my nephew just the other day in line with this….said to him: WEALTH is Simply Having Enough of What U MUST HAVE To MEET Your NEEDS "Plus" a Little Bit More. And FELIX DENNIS book is a MUST READ...I have read it 2x.