The Ten Roads to Riches: The Ways the Wealthy Got There (and How You Can Too!) (Fisher Investments Press) Hardcover – 21 Nov 2008
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"What is great about the book is that it uses real life examples...his best book in my opinion." (StockerBlog.Blogspot.com, December 28th 2008)
From the Inside Flap
Have you ever wondered how the super–rich built their wealthand whether you could do it the same way? If you have, this book is for you.
The Ten Roads to Riches takes an engaging and informative look at some of America′s most famous (and infamous) modern–day millionaires (and billionaires) and reveals how they found their fortunes. Surprisingly, the super–wealthy usually get there by taking just one of ten possible roads. And now, so can you! Plenty of books tell you how to be frugal and save, but The Ten Roads to Riches tells you how you can, realistically, get super–rich.
Even if achieving super–wealth isn′t your goal, you can still learn how to build more modest wealth by following the same successful paths others have used. In The Ten Roads to Riches, renowned investment expert and self–made billionaire Ken Fisher highlights amusing anecdotes of individuals who have traveled (or tumbled) down each road, and tells you how to increase your chances of success. Whether it′s starting a business, owning real estate, investing wisely, or even marrying very, very well, Fisher will show how some got it right and others got it horribly wrong.
Throughout these pages, you′ll:
Find out the right questions to ask when starting your own businessthe richest road of all!
Learn what Mark Cuban, Rupert Murdoch, and rapper Jay–Z have in common, and how you can emulate them.
Discover how to avoid high–profile flameouts like the Enron guys, jailed plaintiffs′ lawyer Melvyn Weiss, and Alberto Vilarwho may have stolen from his clients to fund his opera habit!
And much more!
Whether you′re just beginning to plan your financial future or well on your way, The Ten Roads to Riches can show you how to gain and, more importantly, maintain the wealth you want. Pick up this book today and discover how your net worth can be worth more.See all Product Description
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Top Customer Reviews
His father was Philip Fisher, the investor and author who wrote the work "Common Stocks and Uncommon Profits" (the top of any Buffett list), making the term "scuttlebutt" famous in finance.
Ken's done OK on his own though as an investor and a writer - he's worth $1.7b and on the Forbes list of 400 richest Americans. He also writes a monthly column in Forbes magazine, has written seven books, and has written research papers on behavioural finance.
Probably his best book is 10 Roads to Riches. It's a quite insightful list of the ten basic ways you can get rich, with a pretty fair rundown in each chapter of the pros and cons of each.
The 10 are:
1. Start a successful business - the richest road.
2. Become CEO of an existing firm and juice it - a very mechanical function.
3. Hitch to a successful visionary's wagon and ride along.
4. Turn celebrity into wealth (or wealth into celebrity) - then more wealth.
5. Marry well.
6. Steal it, legally - sue in every loophole you can find.
7. Capitalise on "OPM" (other people's money) - where most of the mega-rich are.
8. Invent a future revenue stream - regardless of whether you're an inventor.
9. Trump the land barons - monetise unrealised real estate wealth.
10. Go down the road more travelled - save hard, and invest well forever.
He makes a pretty fair statement - that to make $30m in your lifetime isn't that hard (relatively) as an entrepreneur or business owner, notwithstanding the disadvantages he describes of being the head of a business.Read more ›
Most Helpful Customer Reviews on Amazon.com (beta)
Fisher's last book, "The Only Three Questions that Count", was superb. This latest book is very different from "The Only Three Questions...", which is all about personal investing but which also has application to other areas of a person's life.
"The Ten Roads to Riches" is about the varied ways a person can build personal wealth. Fisher draws from his own experience of meeting many successful people, as he charts the paths. The chapters are insightful and written in a tongue-in-cheek style with ideas that can be easily visualized.
Some examples: The first chapter "The Richest Road", which is founding your own business and building it into the next Microsoft, Nike, or Charles Schwab. The third chapter, about the "Ride-alongs", people who hitch theirselves to the Bill Gates's or Warren Buffett's of the world and rise as they and their firm rise. If you are Warren Buffett's longtime sidekick, there's got to be wealth in that, right? (Yup. Charlie Munger is his name and his net worth is $2 billion.)
Chapter four is "Rich ... and Famous". Some tips: compose songs, don't sing them, and star high school baseball players have slightly better odds of making the big leagues then star football players.
Chapter five is "Marry Well, Really Well", which is very amusing, but also serious. Hey, if you want to get married, hang around with rich people and fall in love with one of them! Plenty of examples including John Kerry (twice) and John McCain.
Chapter six is "Steal It - Like a Pirate, But Legally", making a career as a plaintiff's lawyer and suing companies. Enough said.... And chapter nine is "Trumping the Land Barons" - all about real estate.
The last chapter is "The Road Most Travelled", about doing it the old-fashioned way - get a good job, work hard, save and invest wisely.
Each chapter is a survey, giving multiple examples of people who took the particular road, and offering ideas, but no detailed plan. At the end of each are brief reviews of suggested additional readings for anyone who might be inclined to follow that particular path. I was surprised that there are actually serious books about how to "Marry Well", but maybe I shouldn't have been?
An enjoyable, quick read about one aspect of the business of life.
Ken Fisher the billionaire asset manager, identifies the ten ways he has seen to become wealthy. They are:
1) Build a significant business.
2) Manage a significant business.
3) Be the right hand man of a wealthy person.
4) Be a star athlete, entertainer, or one who significantly facilitates star athletes and entertainers.
5) Marry a wealthy person.
6) Be a lawyer that helps clients sue for major amounts of money on a contingency fee basis.
7) Manage a lot of Other People's Money.
8 ) Be an inventor of something popular, a popular writer, a prominent politician, or invent an organization that a lot of people want to give money to.
9) Borrow a lot of money and speculate on property appreciation.
10) Work hard, save a lot, and invest wisely.
I think he has nailed it. My way of summarizing it is that you have to do something that makes a lot of people happy, or at least has the potential to make a lot of people happy. Or, make one wealthy person very happy or unhappy. Three groups -- how do they work out?
A) Those who do something that makes a lot of people happy can earn a lot:
* Successful business founders, CEOs, right hand men, inventors
* Stars and their significant enablers
* Good asset managers
* Good writers
* Successful real estate developers
B) But even those that promise to do something to make people happy and fail at it can earn a lot:
* Any CEO of a big enterprise can earn a lot -- at one investment firm, we used to joke that you got paid $50 million to destroy a company -- it is what they had to pay to get rid of you. Their right hand men will still prosper too, just not as much. In the current financial crisis, that is what gores many about the large surviving firms that were bailed out. The executives are still prospering after previous dumb decisions. Easy to complain about it, but it is nice work if you can get it. (Note: this is why they should not have been bailed out, especially not at the holding company level. Government officials lie when they say they could not have done it differently. I for one suggested alternatives ahead of time.)
* The same applies to CEOs that tweak the company's earnings while they are there, but leave their successor in the hole.
* Many still follow stars as their stars fade; they may not make as much, but it is still a lot. Same for writers that lose their knack.
* Many asset managers have an early period where they don't have much in the way of assets, and their track record is great; their ideas for excess return are executable with the current assets under management [AUM]. That leads to growth in assets, until they are too big for the asset class in which they have expertise. They become index-like, or they venture outside their circle of competence, and their track record suffers. But AUM is high, and the fees can provide a nice income. Assets are sticky if you don't do too badly, and are a good salesman/storyteller.
* Politicians can make a lot of money off of contacts or giving speeches once out of office, even if they were on net harmful to the nation while in office.
* Some charities (or nonprofits like mutual insurers or credit unions) can be less than scrupulous about what managers get paid.
* The real estate speculator, the CEO, and certain investment managers can have a "Heads-I-win, Tails-you-lose" attitude. America gives people a lot of second chances before you are permanently branded as a fraud. It only takes one big win to make a lot for yourself, even if you destroy the well-being of others in the process.
C) Then there are those that only have to serve a few:
* The spouse of a wealthy person.
* The right hand man of a wealthy person, and
* The Trial Lawyer going after a big tort
* Serve yourself, as an ordinary person working at a job.
No one begrudges the wealth of those in group A -- they have served society well. Many begrudge the wealth of those in group B -- they have not served society well. Group C? It depends on motives. More later on this.
One thing is certain, though. There aren't many seats in each of the "roads to riches," except for the last ordinary one, #10. Few are founders of massive enterprises, or CEOs, or stars, or investors of must-have products or processes. Few can serve in high office, or write best-sellers, or be able to source a lot of assets to manage. Few can get the capital markets or banks to loan them millions, even billions. Few get to try a lawsuit where a huge award is won. Few get to marry rich. Also, most succeeding have to hit their right path while young, to allow enough time for compounding their success.
It takes a lot of effort and good breaks in order to be at the top of any economic situation where there is a lot of wealth. Even road #10, doing well at your job, saving a lot and investing wisely is tough. Few get to become "The Millionaire Next Door," but more achieve reasonable wealth that way than all of the rest combined.
Ken Fisher writes about all of these areas in an entertaining way, and gives practical advice on how to follow each road, including additional books to read, and techniques for getting started. It is an ambitious and compact book weighing in at around 230 pages of text including the preface. It is an easy, breezy read. As a bonus, in road 10, Ken Fisher shares basic investment advice for the retail investor.
More than Quibbles:
I owe a lot to Ken Fisher for advice that he gave me in Winter 2000, and though I enjoyed the book, I can't endorse it wholeheartedly. He is out to tell you how to do it, even in cases where there might be significant moral compromise. He acknowledges that, but says it is a part of the game.
To me, the key question is what your motives are. It's one thing to enter into a risky business, offer full disclosure to all stakeholders in advance, make a best effort, and fail. It is quite another to trick/cajole people into backing you without full knowledge, and fail.
It is one thing to try a legal case where the damages are proportionate to the harm caused, and another thing to help create disproportionate judgments. It is one thing to serve a wealthy person who asks you to do things that are ethical, and another thing to serve in things that are unethical. Once you have fans, a privileged job, or "sticky assets," do you start giving less than your best? I write this as one that is himself prone to laziness when things go well. It is a common sin that one has to fight.
Are you looking out for the best interests of those you serve, and society more broadly? A tough question for any of us, but society itself does not do well when a dominant proportion of it does not serve for good motives. If it gets bad enough, the society will lose legitimacy and vitality.
Finally, it is one thing to marry because you love the person, and want to give your all to your future spouse. It is quite another thing to enter in with crossed fingers, and say, "Maybe this will work, maybe it won't. I will be careful to protect myself, because the odds of failure are significant. But economically, it will work out for me either way. I'm wealthy if we marry, whether it works or not, because the prenup will leave me well off."
Here's the common vow: I, (Bride/Groom), take you (Groom/Bride), to be my (wife/husband), to have and to hold from this day forward, for better or for worse, for richer, for poorer, in sickness and in health, to love and to cherish; from this day forward until death do us part. Maybe promises don't mean much any more, but I can't see how one marrying for money can say that with a clear conscience.
Before my wife and I married, but after we were engaged, we were at a bookstore together, and we were looking over some marriage books to find one our pastor recommended. She found a book entitled, "Marry Rich." She said to me, "This is a joke book, right?" I said, "Uh, you would be surprised at the motives some have in marriage." She began leafing through it, amazed at the level of greed involved. She married her poor graduate student boyfriend anyway. 23 years later things are still working out well for her (and me).
One final note, not from the book: greed wears people out. It is one thing to do what you love so long as money is not the sole purpose. But those that are greedy for gain at all costs destroy themselves, and those around them. It is not a good trade.
Mine is the book on CD. It was easy to listen and absorb the material on the first hearing. The facts are straight-forward, yet this is a subject that can get cloudy due to emotions. My impression is that most of us will not always appreciate how much time, hard work and sacrifice was usually required for somebody to get rich. Suddenly such people are celebrated in the media and we can tend to think of them as a special breed.
There is value in this book, not just for informing on the actual ways that people tend to become wealthy over time. The reader/listener is encouraged to select the paths that best correspond to their own situation. The main pros and cons for each path are listed, putting the paths themselves into perspective. Each path, other than marrying into wealth for example, does not resemble a short cut. One is encouraged to select a path while they're still young.
1. Start your own business
2. Become a CEO
3. Become a "ride-along" to a successful CEO
4. Become rich and famous
5. Marry into wealth
6. Become a plaintiff attorney
7. Use other people's money
8. Invent something
9. Real estate
10. Save and live frugally
Fisher's book is entertaining and will likely never leave you bored. His tone is at times facetious but he offers a "macro" view of major pathways for those who want to achieve financial independence and security.
What is the difference between this book and the author's other books about capital markets? The books on capital markets will teach how to invest wisely, but they don't teach how to become a billionaire, they just assume you already have enough investable money to have interest in capital markets and how they work.
To have enough investable money, it's better to be rich. And this is what this book about. While books like "Millionaire Next Door" in a plenitude, they teach you to save, to live beyond your means, to have compounding interest work for you as a way to get rich. But a majority of billionaires, like Bill Gates, never saved a penny. They have just created their wealth, rather than accumulated it by saving.
If you liked the chapter "Managing other people's money", I can also recommend the author's subsequent book "How to smell a rat", that augments and expands the topic of this chapter.
- Lots of statistical figures to proof the author's assertions
- Lots of useful tips throughout the book
- Lots of myths demystified about different professions, commonly believed to bring megawealth, e.g. sports players, actors, musicians, lawyers, etc.
- Each chapter has valuable references to further reading
- Minor factual errors: for example, the author wrote that Warren Buffett bought a "tiny" company Berkshire Hathaway. In fact, in 1955 the company had 15 plants employing over 12,000 workers.
- An audio version on CD (released by HarperAudio on November 4, 2008) has a foreword read by Ken Fisher with very awful quality, the sound seems to be distorted by excessive compression, voice sounds like "electronic" and is hard to tolerate. The rest of the book, read by J.s. Gilbert, is OK.