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Wednesday, May 29, 2013
I've just hired a new employee...
He's young – 22 years old. But I've known him since he was 10, when he lived two doors down from me. And I want to get him pointed in the right direction in life... right now.
What advice do you give a 22-year-old just starting out? It's the same advice I'd give just about anyone who wants to grow his wealth...
I quickly pulled the book How to Get Rich by Felix Dennis off my bookshelf. This book is fantastic for this new employee... and maybe you, too.
How to Get Rich is the most honest story of how to generate wealth I've ever read.
The book isn't like any other "self help" book you've ever read. It's a rare gem for two reasons: 1) It was written by a guy who actually made himself filthy rich, and 2) the guy can write. It is an easy read.
As for advice for the young man in my office, Dennis writes:
If you are young, then I ask to you remember just this: you are richer than anyone older than you... Time is always running on, and the young have more of it in their pocket than the richest man or woman alive...
Continuing on this idea, if you could "turn the clock back for me by forty years," Dennis says, "I would willingly swap you every penny and every possession I own in return. And I would have the better end of the bargain, too!"
The young are richer than the richest man... I love that perspective for a young man starting out.
But the book is not just about advice for young people starting out – far from it. It's for all people aspiring to have more money in their lives.
I guarantee you will disagree with Dennis on many things he says. You won't believe that rich people think the way he does... or that what he says is really how to get rich. But from what I've learned after accumulating a few dollars in my life, Felix Dennis is telling the truth.
Don't get me wrong... the book is not a step-by-step how-to book on getting rich. But to me, it is far more valuable. It is an accurate explanation of how Dennis became rich and what he thinks it would take for you to get rich, too.
He dares you to make yourself rich... to go for it. And he warns you will never get rich if...
Felix Dennis doesn't sugarcoat it. He tells it how it is.
It is a must-read for my new young employee... And going back through it this week reminded me that it's a must-read for you, too.
"Almost every event in your life is an opportunity for you to become richer," writes Mark Ford. And "by seeing every situation as a wealth-building opportunity, you can take the actions that will gradually make you very rich." Learn how every decision you make can make you richer – or poorer.
Find more wealth-building advice from self-made millionaire Mark Ford here:
DON'T BE SURPRISED TO SEE THIS NUMBER
Predicting a stock-market correction is a rough business these days. The Dow Industrials seems to add a few hundred more points each and every week.
It makes sense to expect a market correction. No stock, commodity, or sector runs higher without taking a break. That's just how the market works. But if stocks do sell off, how much can we expect from a natural, healthy market decline? Today's chart provides a clue...
Old market hands say it's reasonable for a bull market to "retrace" 50% of a big gain before heading higher. Since bottoming in November, the Dow Industrials has climbed from 12,542 to around 15,379. Should the Dow retrace 50% of this big rise, it would take the index all the way down to 13,961.
Bottom line: Sure, the market is due for a correction. But don't be surprised how deep it goes. And remember that it's not unreasonable to expect a decline all the way down to the 14,000 level.
In The Daily Crux