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Book Review: Rich Like Them by Ryan D’Agostino via [thesimpledollar.com and blog.budgetpulse]

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Rich Like
Them: My Door-to-Door Search for the Secrets of Wealth in America’s
Richest Neighborhoods
by Ryan D’Agostino

Buy new: $10.40 / Used from: $9.40
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One: Open Your Eyes

We’re all almost drowning in opportunities. The problem is
that many of us simply don’t see them. We’re either too focused on the
specific little thing at hand or simply aren’t keeping our mind open
when we’re “off the clock.” Every person you meet and every situation
you’re in is an opportunity not only to improve yourself, but to connect
to others and open the door to money-making possibilities.

What steps can you take? Build relationships with people – and, even
better, try to connect those relationships to each other, because
bringing people together in a useful way is one of the best things you
can do. Listen to what people are actually saying and doing – and try as
hard as you can to keep your own conclusions out of the mix.

Two: Luck Doesn’t Exist

Luck is mostly about preparation. If you have the
ability to record great ideas and to take immediate advantage of
opportunities that come your way, you’ll seem much more lucky than the
guy who never writes anything down and doesn’t have a hefty savings
account.

What steps can you take? Write down ideas as soon as they come to
you. Have an “opportunity fund” in the bank in cash form that
you can use when something great comes along. Surround yourself with
people who are doing useful and interesting things.

Three: The Economics of
Obsession

Find something you’re passionate
about and throw yourself in head first. Become obsessed with
what you’re doing. Read everything you can get your hands on. Meet
everyone even remotely related to your passion. Try it all. Practice,
practice, practice.

What steps can you take? Figure out what you’re truly passionate
about, then when you find it, make it central to your life. Surround
yourself with people and activities that reinforce that passion. Become
so obsessed, in fact, that others sometimes find it almost scary.

Four: The Myth of Risk

Risk is real, but most people use risk as an excuse not to try things.
Instead, you should build a safety net for yourself and take that leap
sometimes. A risk that others aren’t willing to take is often the source
of an incredible opportunity for someone who is passionate and is
prepared.

What steps can you take? Make your own life as financially secure as
you can. Dig into opportunities and figure out their real risks. Realize
that if something is truly in your wheelhouse, you’re likely to face
less risk than someone less impassioned.

Five: Humility

Above all, no matter what happens, be humble. Humility takes you far
in life – you can mess up and you will. The way you
treat others often winds up matching the way they treat you, especially
at that key moment when you really need their help.

What steps can you take? Treat everyone well. Don’t
complain about the behavior of others – instead, set your own example.
Be humble about your accomplishments instead of bragging about them.

The Best Part: Little
Points of Wisdom

The part of this book that
really stuck with me was the short principles and quotes inserted
throughout the book every few pages. I collected these pieces together,
simply because I thought they were so incredibly worthwhile:

Don’t forget your goal – even when you’re on vacation
Where
others see death, imagine life
When you hear someone say “If only I
could…,” you’re hearing an opportunity
Connect the people you meet

Even when you find the sure thing, save some money for a rainy day

Once you connect the dots, follow through
Choose your purpose, and
don’t let anyone tell you you’re wrong
Remember: with time comes
free money
Watch your pennies, no matter how many you have
Keep
your cool – it’s a big part of persevering
Don’t deviate from your
planned path to get a quick gain
Perseverance doesn’t take forever

Once you find your calling, persevering is easy
Remember that you
can’t do a business transaction with yourself
Prepare to get lucky

Find a driver other than money – it’s usually more lucrative than money
alone
Do one thing and do it well
Obsess over whatever job you
have
Take your mind off the money – you’ll earn more
Don’t plan
a career – plan a life
Obsession makes you work harder
If you
look forward to going to work, that’s a good sign
Discover love
through immersion
Turn fear into passion
Never stop being a
student
Calculate every risk – even the one you live in
Look for
your window to go solo
You want autonomy? Let it motivate you

Be cocky when it counts
Don’t worry about what other people think

Reduce risk by believing in yourself
When you fail miserably,
rejoice
If you hate your career, um, change it
Sometimes the
biggest risk is doing nothing
Never let pride get in the way of
profit
Be humble even if you’re as rich as Brooke Astor

Understand your limitations
Don’t be a slave to Plan A – it’ll
prevent you from seeing plan B
Don’t be afraid to make less than
your spouse
Never feel as if you’re too successful to sweat

Remember that you are not, nor will you ever be, a god or goddess

Good stuff, all around. Somewhere in there is a piece of advice that
is probably a life changer for you.

Is Rich Like Them Worth Reading?

Rich Like Them is a spectacular handbook for
someone who is a self-starter with an entrepreneurial bent. If you’ve
got a strong desire to build your own success, the advice in this book
can provide a great foundation.

If that doesn’t sound like you, Rich Like Them doesn’t have as much to offer.
Unlike The Millionaire Next Door and The Difference, the focus here is strongly on
entrepreneurial behaviors – taking advantage of the opportunities around
you.

So, here’s the deal: if you have an entrepreneurial nature, Rich Like Them is an excellent read; if not, I
highly recommend giving The Millionaire Next Door and The Difference a read.


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