Comments on: Review: Rich Like Them

By: George

George — Tue, 19 May 2009 19:55:01 +0000

Starting with what has worked for some is not a bad choice. A fuller picture can be obtained by checking with those who nearly made it, but how do you know who they are?

In the Portland, Oregon, area, we have a few examples of those who made and lost and then made fortunes again (or not). Two that immediately pop into mind are the family that owned Hanna Rub-a-Dub car washes and Tom Peterson. They worked hard and made their fortunes. Then, in both cases, what brought down their fortunes was overextending when they were already wealthy. To regain their fortunes, they were smart enough to go back to doing what worked for them the first time and forsook future “opportunities” of overextending their finances.

By: Lorax

Lorax — Mon, 18 May 2009 22:36:26 +0000

Oh no!

Not another book in the Millionaire Next Door vein of sampling bias? It’s not statistically valid to seek out the richest people, ask them questions, and assume others could use technique to get rich as well. It just doesn’t hold up to any scrutiny. It is just bogus.

Example: Suppose we visited farmers that had the best yield on their crops and asked them how they did it. We then distilled the answers and produced a set of recommendations based on that information. The recommendations could be completely wrong. After all, it is quite possible that farmers with poor yields had followed our recommendations, but we never talked to them, so we have no idea what helps and what doesn’t!

Overall, these books have interesting narratives about what might work to get rich, but don’t bank on them.

By: Foxie

Foxie — Mon, 18 May 2009 19:16:09 +0000

I think I would enjoy reading this book. More and more often I’ve found myself interested in starting my own business, I’m just not sure how to go about it, or what to even do.

I can totally relate to the obsession part, I already live that! And yeah, people will look at you REALLY weird. I go to a lot of car events, focus on building up my car, keep up with friends who are into cars and now recently revamped my blog to follow cars. Fingers crossed I find my break sometime and get to follow my obsession without just spending money!

By: Rajeev SIngh

Rajeev SIngh — Mon, 18 May 2009 18:02:33 +0000

Looks like an interesting read. Its always fascinating to read about the success formula of getting rich and you almost come out of the book with no such magic formula for getting rich. Its amazing how rich people do simple things smartly than most of us and use this to get their welath. They are quick to spot opportunitites and have tons of perseverance to sick to their passion. All this gets them their desired result.

By: McKenna

McKenna — Mon, 18 May 2009 17:51:11 +0000

I can’t wait to read this book. Thanks for the review, Trent!

But I have to know: Do you connect with the ideas in this book? Does it change any of your plans or how you are planning to achieve your goals?

By: Dana Booth

Dana Booth — Mon, 18 May 2009 17:13:22 +0000

Thanks for another great post! Discovered your website about a month ago I guess (I get the e-mail feed). I plan on printing these out and using them as a gentle daily reminder.

Thx!

By: Nancy

Nancy — Mon, 18 May 2009 13:59:25 +0000

Trent thanks for reviewing this book. I’m starting a vocational change. It’s my choice, I still have my job which I enjoy but I’m not passionate about. What I’m getting started on I’m passionate about. This looks like a book I will definitely want to read. I would not have known it existed if you had not reviewed it. Thanks again.

By: Andy

Andy — Mon, 18 May 2009 13:50:28 +0000

LOL, I agree with CathyG… what was the 50th ZIP code?! Why stop at 49 of 50?

By: CathyG

CathyG — Mon, 18 May 2009 13:09:57 +0000

Am I the only one dying to know which ZIP code the author did not go to, and why not????

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Mon, 18 May 2009 12:50:59 +0000

This is the first book review of yours that I haven’t read the book, but feel a strong desire to get my hands on it. Thanks for sharing!

By: Ray

Ray — Mon, 18 May 2009 09:08:14 +0000

The little points of wisdom sparked a thought. Whenever someone describes entrepreneurs as risk takers I always want to make the comment that good entrepreneurs are not risk takers but rather risk calculators. I know several successful entrepreneurs and they are all very good at calculating risk and not jumping into something until they feel they have a solid understanding of the risks involved, and that there is plausible chance of success. It doesn’t mean that they don’t take risk, they do, they just don’t blindly take risks.

By: Reinder Dijkhuis

Reinder Dijkhuis — Mon, 18 May 2009 06:01:10 +0000

So who did the author use for a control group?

By: Kyle

Kyle — Mon, 18 May 2009 05:42:44 +0000

Kris – That’s another example of a cute saying that illustrates an important point (people are more likely to succeed if they are prepared for the opportunities that may present themselves), but on a strictly logical level it’s just a semantic redefinition of an existing term.

By: Kris

Kris — Mon, 18 May 2009 04:51:25 +0000

Luck = Preparation + Opportunity. The reason a lot of people think that a statement like “Luck doesn’t exist” is a lie is because they fail to do the preparation part of the equation and so are not able to make the best of an opportunity.

Since I am becoming more and more interested in entrepreneurship, I will definitely give this a read.

Thanks for the review Trent.

By: Michael Harr @ Wealth...Uncomplicated

Michael Harr @ Wealth...Uncomplicated — Mon, 18 May 2009 04:31:53 +0000

Sounds like another great read. The one point you made about having an opportunity fund is something that I subscribe to. One of the best things I’ve ever read was to keep two years’ worth of cash set aside for opportunities or when it’s raining cats and dogs. The funny thing about opportunity and rain is they’re usually happening at the same time. Thanks for the quick look, it’ll be on the shelf shortly.

By: Jim

Jim — Mon, 18 May 2009 02:18:26 +0000

I wonder how many of those folks they interviewed are in debt up to thier eyeballs.

I run a carpet cleaning company and I can’t tell you how many homes in upscale areas I go into and see books lying around about getting out of debt.For starters you could sell the beamer in the driveway! I even saw Dave Ramseys financial peace university in one house.

By: Kyle

Kyle — Mon, 18 May 2009 01:14:25 +0000

@DB Cooper

There’s a concept called “fair use” in copyright laws that allows for certain uses, such as reviews.

By: DB Cooper

DB Cooper — Mon, 18 May 2009 01:12:08 +0000

I’m curious – I’m thinking about that section in every book which states something along the lines of “no part of this book may be duplicated, photocopied, reprinted…etc…without the permission of the publisher…” Do you get permission to “reprint” sections or parts of these books when you review them? Or does that clause not apply to reviews? Again, just wondering.

By: Kyle

Kyle — Sun, 17 May 2009 22:40:32 +0000

“Luck doesn’t exist” is one of those things that isn’t true, but it can be beneficial to go through life believing the lie.

By: MoneyEnergy

MoneyEnergy — Sun, 17 May 2009 21:30:26 +0000

Amazing idea – to go to those fifty top postal codes. Thanks for these highlighted bits of takeaway points! I might still get the book, though!:)