How to Get Rich

Here's a summary of chapter 11 from 50 Prosperity Classics: Attract It, Create It, Manage It, Share It (50 Classics). This chapter is written by Felix Dennis, author of How to Get Rich.

Key Quote

"After a lifetime of making money and observing better men and women than I fall by the wayside, I am convinced that fear of failing in the eyes of the world is the single biggest impediment to amassing wealth. Trust me on this. If you shy away for any reason whatever, then the way is blocked. The gate is shut -- and will remain shut."

Summary of the Chapter

Be willing to fail in public, and you have jumped the hurdle holding most people back from getting rich.

My Thoughts on This Subject

1. Fear keeps people from doing a lot of things. I'm not sure it keeps them from getting rich, but this guy sure seems to think it does -- and he seems to be doing better than I am. ;-)

2. There's another path to wealth that takes longer, but is much more certain to happen (versus getting rich through a business pursuit.)

Comments

[Gail Vaz-Oxlade]

I'm pretty sure fear is the single biggest motivator in hindering people's ability to move forward. Sometimes it is the fear that they're going to have to stop doing the stupid things that make them feel good in the short term and hurt like hell in the long. I've worked with families that simply can't face the reality of their situations. They don't know how much they make. They don't know how much they spend. They don't want to know. Even when they beg for help, they are gobsmacked by their realities. And some can't change because they are just too afraid of what the future will be like -- what? no dinners out? no new cars? no buying whatever I want whenever I want? how can that be? -- when they face the truth. So I yell at them, call them names, tell them their behaviour sucks. Some are so shocked, the fear loses its hold. Some... well, you can't win them all.

["Mo" Money]

I wouuld agree that fear is a big reason people do or don't do things. One of Jesus's parables tells us the servant who didn't invest was because he was afraid.

[Bob]

People just spend money and do not even try to think of ways to save it is much easier to complain about the lack of money.
I have a lady who works with me that I was telling about my web page on direct stock purchase plans and how she could invest in stock in some companies for as little as $50 the first time. All I heard was how she did not have any extra money but yet each day she brought a meal to work for her break from this or that restaurant. Finally after about 3 days as she ate her chicken salad I asked her how much she paid for the salad. $9 was her reply at this time since we work in a restaurant and sell chicken salad for $7 and when we are working we get a 50% discount I asked her why she did not get the salad from us for $3.50 and save the extra $5.50 a day. She replied we only had grated parm. cheese and she liked shredded parm. cheese.

Let’s see $5.50 a day times 5 days $27.50 a week or $110 a month I think I would buy some shredded parm. cheese at the store and bring it to work to put on my salad and put the extra money into stocks or pay of my debt.

[Megastar]

Yeah I think fear can be one of the things that hold people back from becoming rich, pursuing their dreams or any other worthwhile goal. When people have been immersed all their lives in failure or mediocracy it is very hard to change directions. The average person thinks if I have failed all my life or not achieved the goals I set out for why are things going to be different now.

It takes a change in mindset and behavior,as wellas someone to encourage them before they can overcome that fear.

You need coaches, mentors, and a network of individuals that have achieved what you hope to accomplish.

[Travis]

I agree with everyone in particular "Mo" Money. Fear does keep people from getting rich just like the man in the bible didn't get an increase like the other men because he didn't invest. Here is my story:

I grew up very poor so anything out of the norm was scary to me, I was scared to invest or learn about mutual funds, stocks, option trading, real estate, etc. etc. I listened to all the other chicken littles who told me to just be average and don't invest in individual stocks or that option trading was risky. One day I got tired of being afraid and made a decision to see why people thought these vehicles were so risky. Amazingly the moment I made a decision to stop being afraid a multi-millionaire showed up in my life and showed me how to use all of the above investment vehicles. Although I'm broke now I did make a lot of money in all of those areas. And guess why I'm broke, FEAR. Fear kept me from learning, once I got over that and learned how to invest, fear is what made me lose all of my money. Why? Because I was so darn afraid that I would lose it all, I made stupid decisions.

Lesson Learned: Stop being afraid and certainly stop listening to all the other afraid people.

[Travis]

Geez I didn't realize "Mo" Money's site was a sales page. I in no way was trying to endorse or recommend his/her products. I was merely relating to the example of the parables that he/she used.

[sow]

The difference between winners and losers is that winners aren't afraid to lose.

[JREnthusiast]

Hey, I really enjoyed reading this, thanks for sharing. I’d also like to share with you this book I finished that might offer you some new insights. It’s called Harmonic Wealth and it’s all about finding harmony in your life in all areas - financial, relational, mental, physical, and spiritual. It has some really good tips about how to engage all five pillars (or areas) of your life, and to learn more about how they complement each other. Rather than dealing with each issue individually, maybe take a look at the bigger picture.

-JREnthusiast

[dwr]

"Be willing to fail in public, and you have jumped the hurdle holding most people back from getting rich."

No offense but that is not what the quote means- he means "be willing to LOOK like a failure to the public". When the author wrote "fear of failing in the eyes of the world is the single biggest impediment to amassing wealth", he meant that people are so scared that people will think they are not doing well financially that they go and buy all the things that make them look (on the surface) to be doing well financially, which is precisely the wrong thing to do if you actually want to accumulate wealth.