As a person with very little firsthand knowledge, what's actually wrong with these books?
I would recommend that everyone read "A Random Walk Down Wall Street", which is out of print, probably because it takes a huge historic view and proves that indexing is almost impossible to beat over any decent length of time. That isn't what people want to hear, or read- they'd rather read how they can day trade or options market there way to millions. Sorry to resurrect this thread, but I was literally getting ready to go on a plane when I saw your question.
It seems to me the only ones who really get rich out of all these books and tapes is the guys who sell `em. If it were as simple as spouting out catchphrases in front of your mirror or humming the Rocky theme ad nauseum everybody would get rich. Reality is a lot of it is being at the right place at the right time.
The other reality is that you start a business when you're young, save money, and grow the business that you can be proud of. Now, does that mean every business owner is a saint, or has something to be proud of, no, but if you look at the richest men/women in the country or world, only one of them has done it by buying stocks. Everyone else started businesses. Most millionaires started businesses. Self Employment is another way to make and save more money- as a guy once told me- "you won't get rich working for someone else!" and, he went on to say, "If you worked for me, I wouldn't let you get rich". He may have sounded like a prick, but he was instilling some words of wisdom.
The fact that
a) many such books have been/are being written
b) many people buy and read them(or <a> wouldn't be true
c)not so many people are getting rich(quite the contrary from what I see)
menas IMHO one of the following:
-the authors have useful experience on the subject of how to get rich ,but fail to concentrate the basic principles that lead to being rich and instead go on telling their life-stories or interpreting their experiences
-the authors again have useful experience AND have located the basic principles to becoming rich ,but in their books offer logical advice that do not lead you to becoming rich but taking care of your household economics,much like good-ol'-common sense would..
I remember hearing '9 out of 10 businesses fail in the first 3 years.'
I took it to mean 'get off your ass 10 times.'
I also remeber hearing real estate created more millionaires in this country than any other business. I've always been interested in real estate because its not only an investment, it's a useful, tangible item. Although the actual value of my property is down (according to whoever makes these decisions, something I am perticularly skeptical of), it still provides shelter for my family. It has always been a dream of mine to be a slum lord, and insist my tenants refer to me as 'Mister Landlord'. Maybe get an apartment by a college and only rent it out to chicks. Hmmmm....
It's not important to be rich, it's important to be content with what you have. Although being rich wouldn't be so bad.
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