Ten Roads to Riches

Repost: http://www.think-differently.org/2009/07/ten-roads-to-riches.html

For Ken, true "riches" start at around the $100M plus point. You have to have some standards! This book is about what kind of paths you can take to get there.

Ken's thesis is that, putting aside factors he considers beyond our control such as winning the lottery or benefitting from an inheritance, there are really only 10 ways that people get really wealthy: 10 roads to riches! These are illustrated in his diagram:

The 10 roads, in a nutshell, are:

1. Build your own business ("the richest road") - and to build it either to sell or to last
   
2. Become a CEO
   
3. Become a "ride along" - a trusted second in command the CEO needs and trusts who profits with the firm
   
4. Become excellent and successful at what you do (sport, writing, music) and famous - or better yet manage a portfolio of other people who are excellent and famous
   
5. Marry really really well
   
6. Steal it legally - become a Plaintiff Lawyer
   
7. Manage other people's money well, and both win
   
8. Invent income - create an ongoing income stream you own, from an invention, a song, a merchandising line, movie rights to stories, and other means
   
9. Become a real estate Baron
   
10. Save and invest wisely, consistently and effectively ("the road most travelled")
    

The roads can be combined: for example Ken founded his own company (road 1) which focused on managing other people's money (road 7).

The first thing I did after buying and opening this book, of course, was to scan through and see which road or two I related most strongly to.

But the most fascinating thing was how much I learned from and enjoyed each chapter, even those I did not expect to gain a lot from. For example, I have no intention of becoming rich by marrying really really well (if I marry really really well my first criteria for "really really well" is not how much money my potential partner has). But the chapter contains a story about a young woman who developed a strategy for meeting wealthy men and put this strategy in to action in a way that was fascinating.

On another note, his strategies for gaining the CEOs job are terrific!

The best thing though was the pithy insight. Ken has clearly learnt a thing or two along the way after 24 years of running his company.



Preface: Why Ten Roads?

Acknowledgments.

Chapter 1 The Richest Road.

Picking a Path.

Newer or Better?

Built to Sell or Built to Last?

Bootstrap or Finance?

Public or Private?

The Big Bulls Eye.

Founders Are Quitters-Just Do It.

Chapter 2 Pardon Me, Thats My Throne.

Gray Hair and Dues Paying.

A CEO volution (Through My Fathers Eyes).

How to Lead.

How to Get the Job.

The Big Payday.

CEOs and Superheroes.

The Best Part.

Chapter 3 Along for the Ride: Ride Alongs.

Why Ride Along?

Pick the Right Firm.

Be the Right Guy.

Chapter 4 Rich . . . and Famous.

The Talent Show.

Potholes Ahead No One Sees!

Mogul Meandering.

Chapter 5 Marry Well. Really Well.

How to Marry a Millionaire Billionaire.

Like a Fine Wine-Well Maintained.

Men Can Play Too!

Love, Marriage, and Money.

Chapter 6 Steal It-Like a Pirate, but Legally.

Crusader or Pirate?

Raiders Road.

The Richest Legal Road.

Tort Us and the Scare.

Target Practice.

When a Pirate Becomes a Villain.

The Inside Track.

Chapter 7 OPM-Not Opium: Where Most of the Richest Are.

Basic OPM Career Rules.

Steps to OPM Wealth.

Hedge Your Bets.

Private Equitys Big Bucks.

Dont Break the Law.

Love Capitalism, Not Social Acceptance.

Chapter 8 Inventing Income.

The True Inventors.

Writing for Dollars.

Political Pensions-and Good News.

If You Cant Be President . . . .

Think Tanks Run Amok-a Sham Scam.

Chapter 9 Trumping the Land Barons.

Monetize It.

The Fools Bargain.

Getting Started.

Buy, Build, or Both?

Where to Be and Not to Be, That Is the Question.

Chapter 10 The Road More Traveled.

Income Matters.

Saving Grace.

Get a Good Rate of Return (Buy Stocks).

The Right Strategy.

Bonds Are Riskier Than Stocks. Seriously.

Like Hetty?

Conclusion.

Notes.

Index.