How to Get Filthy, Stinking Rich and Still Have Time for Great Sex!: An Entrepreneur's Guide to Wealth and Happiness - Hardcover

Kay, Herb

Hardcover

ISBN 10: 1885167369 ISBN 13: 9781885167361

Publisher: Bard Press, 2000

Synopsis

Filled with fascinating anecdotes and plenty of straight-talk, the book packs otherwise dull information into an exciting, entertaining read.

About this title

About the Author

Herb Kay is a self-made millionaire, businessman, and nationally renowned investment advisor. But he never went to business school. In fact, he never made it past his freshman year of college. He suffered a hard childhood, rebelled, left home, joined the Navy, started and failed in business, failed in marriage, and had many close brushes with disaster--yet today he's living the American dream! He's Filthy, Stinking Rich, happily married with four great children, and has more fun than most folks think possible. And he believes that you can do it, too. He has dedicated himself to being your Wealth Coach.

Herb has a talent for making what seems difficult easy. He has shared his talent on several national TV talk shows, in his regular weekly financial column, as the host of a weekly TV talk show, in speeches and seminars, and with the clients of his Tucson-based investment firm. He's also developing real estate and several other projects in Mexico.

From the Inside Flap

Wouldn't it be great to be as rich as Bill Gates, Michael Dell, Donald Trump, or the Kennedys? What do these folks have in common? Well, they didn't make their money in the stock market, or in real estate, or through any other investment. They all got filthy, stinking rich by starting their own business. Sure, most rich people enhance their wealth by investing in one thing or another, but their wealth always originates with a business. And what's true for the rich is just as true for those aspiring to be.

Many people think that there are three ways to wealth--but Herb says Get Rich Smart is the only real way.

First, Get Rich Quick, the stuff late-night infomercials are made of. "Let's be honest, there's no such thing as a successful get-rich-quick scheme that doesn't involve jail time. Oh, sure, you could get lucky, but the odds are about the same as getting hit by lightning on a clear day. The only people getting rich from get-rich-quick schemes are the promoters. Count on it!"

Next, Get Rich Slow, also known as "The Millionaire Next Door" or "The Courage to Be Rich." "We all know this technique: live beneath your means, do without, save your pennies, and let the magic of compound interest make you a millionaire when you're old. Gee, I don't know about you, but I'd like to make my money and enjoy it long before I'm using adult diapers."

Finally, Get Rich Smart--what this book is about. "Start and run your own business like a pro, surround yourself with good people, and live happily ever after while raking in the dough! Isn't that what it's all about? Owning a business can make you the money you want, and you can do it while you're still young and healthy enough to enjoy it! That's smart!"

Are there risks? Sure! Herb teaches you how to conquer fears of failure, rejection, handling employees, raising money, and bankruptcy--the nightmare of the self-employed. Along the way, he warns you about the biggest success traps.

Excerpt. © Reprinted by permission. All rights reserved.

1. Little Money vs. Big Money (Defining "Filthy, Stinking Rich")

There are three ways to get rich: slow, fast, and smart. This book is about getting rich smart. I won't waste much time on slow or quick. I'll leave those subjects for other people's books ("How to Get Rich by Making Yourself Miserable" and "How to Get Rich by Falling for Every Sucker Bet That Comes Your Way"). I'm going to show you a much better way.

Oh, sure, you can make money investing in stocks or real estate. I have. But you've got to have money to start with, and you'll need lots of time. Getting rich smart, on the other hand, doesn't take a lot of money, and it won't take you the rest of your life. All it takes is know-how, and I can help you with that.

First, a definition. What do I mean by "filthy, stinking rich"? Exactly how much money is that? A million dollars? Five million? Ten million? It depends. When talking about wealth, we need to distinguish between the two types of "rich": little money and big money.

Living Small

Little money is the kind of money that people can save toward over a long time. To achieve little money is to gradually accumulate an estate worth two or three million dollars. If that's your goal, and if you're an average person with an average income who works for someone else, little money is a realistic goal. It just means that you have to save and invest slowly and methodically for forty years. Do you want to wait forty years to be rich?

When you retire with a couple of million bucks, you can have a safe annual income of $100,000 or so, based on the interest paid on treasury bills. With that much money you could have a nice, comfortable lifestyle and still have enough left over to play a round of golf each week and go visit the grandkids on their birthdays. That's a decent income, but it's not a filthy-stinking-rich income.

Can't Lose for Winning

Big money is a whole other thing. Big money is filthy, stinking rich. But filthy, stinking rich is not a number--it's a lifestyle! The filthy, stinking rich way of life consists of making a lot of money and not having to wait until you're sixty-five to enjoy it. Without putting a dollar amount on it, to be filthy, stinking rich is to have so much money that money doesn't matter anymore--to have so much money that you don't need a budget. That's not possible with the two or three million dollars you save as the millionaire next door.

When you're filthy, stinking rich, everything you buy just keeps making you more money. You buy risky stocks, they make you money. You buy a vacation home in the Bahamas, it makes you money. You buy a jet, it makes you money. There doesn't seem to be any way to get rid of it. Sure, if you decide to buy a country or a planet or something, you might first want to check the balance in your bank account, but for the most part you're pretty safe buying anything you want without worrying about it. Of course, there's no accounting for sheer stupidity, but I have faith in you.

A New Way of Living

More than anything else, filthy, stinking rich is a mindset. For example, I wanted to be rich, and I wanted it to happen before I was using a walker and gumming my food, but investing and saving methodically would have taken too long. The only way I could make money fast enough was to have an ambitious, filthy-stinking-rich attitude and go into business for myself.

Filthy, stinking rich. You want an exact number, don't you? A figure to keep in the back of your head. All right, let's say $10 million in total LIQUID assets. The interest alone would make you $500,000 or so a year, more than most people can conceivably spend. Try spending $40,000 a month, every month, for the rest of your life. It may be fun at first, but it gets tiring fast. Ten million dollars. That, my friend, is filthy, stinking rich.

You're thinking that's a lot of money. Yes. An unattainable amount? No. You see, the funny thing about getting filthy, stinking rich is that the only difficult threshold to cross is getting rich. Once you've adopted the habit of being self-sufficient and just a little bit aggressive, bridging the gap between rich and filthy, stinking rich does not require that big a leap. After the first two or three million, it's just a hop, skip, and a jump to ten million.

It's important to understand that it doesnt take a great genius to turn a mountain of money into a big mountain of money. All it takes is the know-how to make the first mountain. After that, it's easy. The big mountain almost builds itself.

Money Is Fun

We live in a society where if you make money you're supposed to act like you don't. Youre supposed to say things like "Oh, I don't care about the money" and "Money doesn't mean anything to me." Of course money means something!

Money isn't everything, but let's be honest--it is something. Something big. Even people who don't care about the money care about the money. And there's nothing wrong with that. There is nothing wrong--in the Bible, in religion, in life--with being rich. It's fun.

You know the old saying "Money can't buy happiness"? Well, maybe not. But it can buy time, and time translates into freedom--the freedom to pursue happiness and personal growth, the freedom to help others. Don't buy into that silly mentality of rich people not being happy. Let me assure you, you can be pretty damn happy with a few million bucks.

Edition details

• Publisher: Bard Press
• Publication date: 2000
• Language: English
• ISBN 10: 1885167369
• ISBN 13: 9781885167361
• Binding: Hardcover
• Edition number: 1
• Number of pages: 224