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Billionaire and refromed crackhead, Felix Dennis

I admit, the headline of this article may be a bit of a stretch, as the subject is actually a reformed crackhead. OK, the whole “crackhead” part may be a bit much. I actually wanted to use “whore-monger,” but figured that was pushing it. But the truth is, he does admit to having spent more than his fair share on a lifestyle of “narcotics, high-class whores, drink and consolatory debauchery” (aka – a Wednesday night in Jersey).

Like any good headline, a book’s title alone should make you hungry to learn more. I read a lot of “how-to” and self-help titles for entrepreneurs.  Over the weekend, someone recommended a title that came out last year which I hadn’t heard of before: How to Get Rich: One of the World’s Greatest Entrepreneurs Shares His Secrets by Felix Dennis.

If it had just been “How to Get Rich,” I wouldn’t have given it a second look. Please, enough of the get-rich-quick crap already. See, it’s the subtitle that really caught my attention: “One of the World’s Greatest Entrepreneurs Shares His Secrets.” In my mind, this legitimized the title’s claim, and gave it enough credibility for me to want to discover more about the book and author.

"Is the light worth the candle?" - Felix Dennis

"If you will not believe in yourself, then why should anyone else?" - Felix Dennis

Felix Dennis is a self-made serial media entrepreneur and founder of popular magazine titles such as Maxim and The Week. He also co-founded MicroWarehouse, a $2 billion computer mail order company. Felix is the real deal, and claims his own wealth in the $400-$900 million range. Others estimate it to be closer to $1.5 billion. Oh, what the heck… figure a billion, give or take a few hundred million. And just imagine, his worth would be even higher were it not for the $100 million or so he claims to have blown on drink, coke and whores during a decade of decadence. Ahhh, the 90’s…

But now that he’s cleaned up his act, Felix is sharing some of his success secrets that have helped him get to where he is today. According to a recent BusinessWeek article, he says he wants to help his readers at least reach the realm of the “lesser rich” – by his definition, those with a net worth of $30-$80 million. (What – sounds too far-fetched? C’mon… Think big! I’ll let you know how it all works out for me in a few years.)

I read the reviews and decided to buy the book. (I don’t buy anything without first reading the reviews.) Fortunately, Amazon had an ebook version available. So, thanks to my Kindle, within 30 seconds, I was curled up on the couch with a sixty-year old reformed crackhead on a cold winter’s night (oh, that just sounds so, sooo wrong). While I haven’t quite finished the book yet, I can tell you there are some gems in there that are worth many times the criminally low $2.38 I paid for it.

For example, here are a few morsels of entrepreneurial wisdom I jotted down:

  • I am convinced that fear of failing in the eyes of the world is the single biggest impediment to amassing wealth.
  • All around us, every day, opportunities to get rich are popping up. The more alert you are, the more chance you have of spotting them.
  • If it flies, floats, or fornicates, rent it. It’s cheaper.
  • Ownership isn’t the important thing. It’s the only thing.
  • It is how ideas are implemented that counts in the long run.
  • Wishing for or desiring something is futile without an inner compulsion to achieve it.
  • Persistence is not quite as important as self-belief. Persistence merely offers a second or third bite at the cherry. Your belief in yourself brought you to the cherry bowl in the first place.
  • Listening is the most powerful weapon after self-belief and persistence you can bring into play as an entrepreneur.
  • All error springs from flawed assumptions. If there are no assumptions, there can be no error. (He goes on to quote a Vietnam War marine commander: “Assumption is the mother of all f*ck-ups.”)

I’m having that last one turned into sign so I can hang it on my wall.

If you’re an entrepreneur or aspire to be one, get the book. You’ll have a hard time finding a better investment for under ten bucks. At the very least, be sure to at least check out his 10 Commandments for Getting Rich. I admit, I have broken quite a few of them. Yes, I have sinned. But hopefully… it’s not too late for me to repent.

PS – Thanks, Felix! Hope you and your army of lawyers have a sense of humor about that whole “crackhead” thing. :lol:

[Photo Credit: dewaltbob]

Post image for Attention Cry Babies: Whining isn’t going to help you make more money

Do you ever catch yourself saying things like:

“My boss / client doesn’t pay me enough to do this work.”

“Those cheap bastards didn’t want to give me a raise!”

“No one will pay me what I’m worth.”

“I can’t find enough customers!”

If so, poopie pants on you. I do feel your pain, but crying about it won’t help. Honestly, nobody cares. You can complain. Or you can do something about it.

Here’s the truth…

Your compensation is now, and will always be, based on these four factors:

  1. Your ability to solve problems
  2. Your ability to solve the right problems
  3. Your ability to create value for your customers or employer
  4. How easily you can be replaced

Do you think it’s fair that some professional atheletes make more money in one day than teachers, police officers and fire fighters make in an entire year? (Hey, when’s the last time A-Rod saved a child from a burning building?)

If so, here’s your problem:

Fairness is an illusion that exists only in your mind.

It doesn’t matter if we think it’s fair or not. The simple fact is that multi-zillionaires like A-Rod and LeBron are able to solve a problem that few other people in the world can solve: They help their boss make more money.

A-Rod’s boss has a problem. He needs someone who can field, run, score and hit a 100mph fastball over a wall 420 feet away on a regular basis. Since the boss has money to burn, the laws of supply and demand dictate that the person who can solve these problems for the boss will write his own ticket.

Given his strengths, abilities and training, it is the right problem for him to solve. He is not easily replaced. He creates value for the boss (at least this year). The products the boss sells (tickets, merchandise, licensing and endorsement deals, TV rights, etc.) become more profitable, and he gets rich while the boss grows wealthy.

So you think you’re a problem-solver? Good for you! But are you solving the right ones? Are you training for a future where you’ll be a useful, valuable presence? Or are you a full-time slacker, biding your time thinking you can coast through until retirement?

If you’re not making yourself a more efficient and effective problem-solver, you’re in for a rude awakening.

Here’s what I have my kids practice whenever they start acting lazy, or complaining about something being too hard. It’s very inspiring, and gives them a good idea of what their future might be like if they don’t snap out of it.

Try it for yourself:

  1. Make a loose fist, and place your hand about 6-8 inches in front of you at belly button height, palm-side up, sort of like you’re holding a knife in the direction of an approaching bear.
  2. Slide your hand and arm forward and away from you, at a slight downward angle – sort of like you’re trying to stab the approaching bear.
  3. As you do this, lift your arm a bit and rotate your wrist so your fist is now palm-side down. You stabbed the bear, and now you’re lifting it off the ground and flipping it over.
<p>You want fries with that?</p>

You want fries with that?

Got it? Good.

But I have a confession. I’m not really forcing my kids to practice killing bears with their, uh, bare hands. There really isn’t much demand for that kind of expertise. So instead of a knife, now imagine you’re holding a spatula. Like the ones they use to flip burgers at your favorite fast food restaurant.

While pretending to improve their mad burger-flipping skillz, I also have my children repeat the all important accompanying catch phrase: “You want fries wit dat?”

Let’s take a look at the long-term potential for those considering a career in burger-flipping…

Fast food restaurant growth is soaring. Americans love cheap food that causes a variety of disease. This means more jobs available in most communities. [GOOD]

But at the same time…

As the economy continues to go down the toilet, the glut of unemployed people in search of easy paychecks will soar due to their inability to solve more important problems. Competition for these gigs means lower pay, infrequent raises and living in constant fear of being replaced by a younger/better-looking burger-flipper. [BAD]

So, it’s a toss-up.

The other option for dealing with the economic downturn (that isn’t going to improve much any time soon) is to focus on developing problem-solving skills that will be useful in any economy. The two biggest problems we have right now are:

  1. “How can I sell more _________ ?”
  2. “How can I save more money?”

If you can show a proficiency in either, you will always have a job, and you will be first in line for a promotion or raise when things do finally turn around.

If you can help your customers sell more stuff, make more money, or save more money, you will always have customers. They will beat a path to your door.

If you’re not making enough money in your current job or business, figure out a way to make yourself indespensible. Everyone has problems that need to be solved.

Just make sure you’re solving the right ones…Living up to your potential?

Post image for Do the Yankees <i>really</i> suck? Here’s the truth behind those nasty rumors…

I grew up in central New Jersey in the ’70’s. As a kid who loved baseball, I had three choices if I wanted to follow a team on TV: the Mets, the Phillies, or the Yankees. The broadcast signal from Philly wasn’t so great, so that ruled them out. The hapless Mets were unwatchable. And the Yankees were in the midst of a resurgence, playing and winning for the first time since the days of Mantle and Maris.

And then there was what I refer to as “the dirt connection.” Where our new suburban home was constructed, there was once sprawling farmland. If you haven’t heard, there’s nothing like fresh Jersey tomatoes and corn. There’s a reason they call it the Garden State. (There’s more to the state than great beaches, traffic and big hair.) The top soil that had once covered the land where we lived had been stripped away and was rumored to have been trucked off to the Bronx for the new the field in the recently rennovated Yankee Stadium.

So the decision was a no-brainer. I was a Yankee fan. And I still am.

Mr. October, Reggie Jackson

I can't even look at a Reggie Bar

I remember being eight years old, sneaking out of bed during the ‘77 World Series to watch game six from the hallway floor leading to our family room. I watched with subdued glee (remember, I was in hiding) as Reggie Jackson belted three monstrous home runs in a row, each on the first pitch, leading the Yanks to the Series title. (I also have another Reggie memory, which is of me throwing up from eating too many Reggie Bars, but that’s for another day…)

So here I am now, 32 years later, basking in the afterglow of last night’s championship victory over the defending champs, the Phillies. After a nine year hiatus, and for the twenty-seventh time, the Yankees are the last ones standing. But this time, my friends and neighbors aren’t happy, as I am currently stranded in Red Sox nation.

I live in Connecticut, about 75 miles from Boston. As you get closer to New York, you’ll of course find a higher percentage of Yankee fans. But up here, the split is probably 95/5 in favor of the BoSox. And let me tell you, they take the Yankee – Red Sox rivalry very seriously up here. To the point where you have to wonder if there’s a genetic mutation that affects born and bred New Englanders.

According to some Sox fans, they were jinxed with with 86 years of frustration and heartbreak when the Red Sox sold Babe Ruth to the Yankees after the 1919-1920 season. After the Sox had overcame a 3-0 deficit and beat the Yankees in the American League Championship Series in 2004, they went on to win the World Series and the Curse of the Bambino was finally lifted. They celebrated in New England like, well…, like the Red Sox had finally won the Series. Yankee fans either faced brutally relentless taunting, or simply went into hiding.

But as a Yankee fan, it didn’t bother me when the Sox finally won. Afterall, we Yankee fans had enjoyed 26 titles up to that point. Sox fans hadn’t seen a championship since the year the Finnish Civil War began and Czechoslovakia declared independence from Austria-Hungary (that’s 1918, for the history-challenged).

Ben Affleck - Sox Fan Extraordinaire

Yet another reason not to switch sides

Despite the fact that Boston won it all in 2004 – and then again in 2007 – I think all those years of losing has altered their DNA and made diehard Red Sox fans a bitter, angry bunch. They secretly, but more often openly, express hatred for the Yankees – and their fans.

I must confess: I do have serious concerns about these people.

While I was at a family kiddie party one afternoon in Massachusetts a few years ago, the Sox lost a close one (remember the word “kiddie” – this wasn’t a bachelor party). After the swearing and tantrums had subsided, one of the fathers apparently noticed a hint of joy on my face. When learning the reason I was not equally distraught, he summoned his 4-year-old son.

Over strolls this little kid wearing an oversized Red Sox hat and shirt, ice cream cake all over his face. His dad looks at him and says, “Now Jimmy, this guy here is a wicked big Yankee fan. What do you have to say about that?”

“THE YANK-EES SUCK! THE YANK-EES SUCK!”

“Now that’s my boy!”

Father and son exchange high fives, and the little mutant confidently wanders off back to his lair, like it was all in a day’s work. Mission complete. While I doubt it was the first time I’d ever been verbally assaulted by a preschooler, I do admit, there was something special about the experience.

dad-and-boys-at-game

@ a Yankee/Red Sox Game

But overall, my family and I do have fun with the rivalry. My wife is a Sox fan, as is our older son, who polarized Daddy when he was two. Our younger son jumped to my defense upon hearing Daddy was terribly outnumbered, and now proudly wears his colors, even in hostile New England territory. I no longer feel so utterly alone.

But I do understand. It is easy to hate the Yankees, George Steinbrenner, and everything they represent. They have money, influence and the support of a huge fan (and tax) base. But when shipbuilder George bought the Yankees from CBS for a paltry $8.7 million in 1973, he bought a team that was holding on for dear life, a former champion whose glory days seemed to be gone forever.

Most baseball enthusiasts who are not Yankee fans are crying and screaming about how New York bought a(nother) championship. No doubt, money was spent to bring the trophy home. Big money. But the people who complain about the Yankees are the same ones who would be celebrating if their team’s owner only had enough balls and smarts to raise and risk that kind of insane coin – just to win.

It was George’s vision and bold action that gradually restored the Yankees to glory, building a multi-billion dollar empire in the process. Yes, mostly thanks to George, payrolls and ticket prices have skyrocketed, and I have to choose between taking my family to a game once a year or contributing to my kids’ college tuition fund (ahhh… screw it, that’s what scholarships are for).

Baseball is no longer just a game. Long gone is any aura of a national pastime. You can bitch and moan about it. Or you can accept it for what it is: Baseball is big business.

The owners who are able to hire the best help (managers and players) are able to offer the best product (team) to the marketplace. Fans (the consumers) are willing to pay good money to enjoy a better product (tickets and merchandise and $12 beers) as long as it makes them feel good (winning). If the team wins, the fans feel good, and they will continue to buy the product, thereby inflating the owner’s bank account and allowing him (or her?) to continually improve the product and retain the help (hopefully). Throw in a lot of hard work and a little luck, and you’ve got yourself a winner.

So the Yankees won the World Series last night. As a Yankee fan, it feels good. All is well in the universe. Things are as they should be. But I know this feeling is fleeting. And in the scheme of things, it means next to nothing – little more than a temporarily pleasant distraction from problems of actual importance.

Nonetheless… life goes on for a Yankee fan stuck in Red Sox land. I’m just happy I didn’t accidentally go with the Mets.


Picture credits: Reggie, Affleck @ Fenway, Angry Boston Kid
time flies - don't blink

For the past fifteen or so years, I’ve been creating all kinds of stuff for the web: Auto-pilot e-businesses, blogs, info-products, e-books, videos, etc. My problem is that whenever I create something new, I find it difficult to know when to let ‘er fly. I’m good at starting things. It’s in the finishing where I tend to fizzle.

The nice thing about a blog, or any web site for that matter, is that it’s never really done. First you launch it, and then if you continue to work on it, it evolves. A web site is evolution in action. You don’t have to worry about making it perfect in the beginning. Just get it out there. And that’s what I’m doing here at RequiredReading.com, a rare example of where I take my own advice.

I think the idea for this site started when the first of my two boys came into my life. For years, I’ve been jotting down notes, ideas, ponderables – things hopefully worth remembering and sharing. “One day,” I kept telling myself, “I’ll write a book, or e-book, or start a(nother) blog where I can share them all.”

Even after the days melted into weeks, months, years, I’d still find myself thinking, “I’ve got time. What’s the rush?” But now, this month, my older son will be celebrating his tenth birthday. Here’s what happened: I blinked, and a decade vanished. As a result, I threw this site together.

So welcome to Required Reading.com. It’s a place where I’ll share things I believe are worth knowing: practical, useful wisdom to help anyone live a better, fuller life. It’s a combination of what I’ve learned from first-hand experience, and what other wiser folk have been kind enough to share.

These are lessons, thoughts, ideas, ponderables – things I want my children to know. Some serious, some downright silly, if not absurd. I sometimes think to myself, “What if I drop dead before I’ve had a chance to teach my children about _____ ?” (insert important lesson or life experience). So this is where I will fill in some of those blanks. For my boys – and for you – if you’re interested.

Alrighty then. No more tweaking the fonts and colors ’til 2AM. I’m done trying to brainstorm the “perfect” slogan. There is no such thing. “Good stuff for body, mind and soul” will just have to do. Well, for now, at least.

It’s time to quit farting around. Time to let ‘er fly…

Tired of lying in the sunshine, staying home to watch the rain.
You are young and life is long, and there is time to kill today.
And then one day you find, ten years have got behind you.
No one told you when to run, you missed the starting gun.
- Pink Floyd, Time