- Paperback: 224 pages
- Publisher: Wiley; 1 edition (November 2, 2009)
- Language: English
- ISBN-10: 0470481552
- ISBN-13: 978-0470481554
- Product Dimensions: 5.7 x 0.7 x 8.7 inches
- Shipping Weight: 3.2 ounces
- Average Customer Review: 36 customer reviews
- Amazon Best Sellers Rank: #1,569,610 in Books (See Top 100 in Books)
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The Ten Roads to Riches: The Ways the Wealthy Got There (And How You Can Too!) Paperback – November 2, 2009
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From the Back Cover
Praise for The Ten Roads to Riches
"When you come to a fork in the road to riches, follow Ken Fisher, the self-made billionaire and popular Forbes magazine columnist. I wish Ken's canny wisdom had been in print when I was starting out."—Rich Karlgaard, publisher, Forbes magazine
"Oprah, Julius Caesar, sports, and garbage collectors. Ken Fisher's The Ten Roads to Riches shows that while there isn't one path to wealth, you do need a road map."—Pimm Fox, host of Bloomberg TV's Taking Stock
"Trust me: over the long term, it's more fun to be rich than to play games. . . . It might not feel that way short term, but that's why we've got people like Ken Fisher, who can humorously tell us why we're wrong and what we need to do better if we want to actually make some money."—James J. Cramer, host of CNBC's Mad Money and cofounder of TheStreet.com, from the Foreword to The Only Three Questions That Count
About the Author
Ken Fisher is best known for his prestigious "Portfolio Strategy" column in Forbes magazine, where his 25-year tenure of high-profile calls makes him the fourth longest-running columnist in Forbes' history. Ken is the founder, Chairman, and CEO of Fisher Investments, an independent global money management firm. He is on Investment Advisor magazine's prestigious IA-25 list of the industry's most influential people; and has published five previous books, including the New York Times bestseller The Only Three Questions That Count and How to Smell a Rat—both of which are published by Wiley.
Lara Hoffmans graduated from the University of Notre Dame with a BA in theatre. She is a content manger at Fisher Investments and contributing editor of MarketMinder.com. She also coauthored with Ken Fisher the bestseller The Only Three Questions That Count and How to Smell a Rat.
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The point is...all of us know where we want to go (financial independence) but how do we get there? Mr. Fisher's book is an excellent guide for reviewing the various approaches (routes) to that destination. Mind you, whenever something attempts to be comprehensive, details are minimized. This is not a book about any one specific approach. It is a revelation of "possibilities" and a great reflection of the numerous ways wealth is accumulated in our society.
"How do I get where I want to go?" Ken Fisher reveals several paths that provide oppurtunities and a great deal to consider when planning your "Road to Riches".
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.
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.