![]() ![]() This leads to the thesis of How to Get Rich and Stay Rich. For most of us, the latter option is the only option. ![]() Young says that in order to get rich, you have to inherit money, marry money, or make the money yourself. There are only three ways to get rich.(And, conversely, you poor if you believe you are poor.) You are rich if you believe you are rich. To them, having a $50,000 net worth was nothing. But many of his clients (back in the 1970s) were accustomed to lifestyles that cost $100,000 per year (or more). Young grew up poor, so having $50,000 seemed like a lot of money to him. What it means to be rich varies from person to person.“Most people who will go along for a year or two spending less than they earn and then decide that they are not really getting anywhere, that they might as well get a new car.” Getting rich generally requires years decades of spending less than you earn. “In the case of every rich person or wealthy family that I dealt with ,” writes Young, “someone made the sacrifice of spending less than he or she earned.” There's no sacrifice required to inherit wealth, obviously, but there had to be sacrifice in order to make the money that gets inherited. But “the vast majority of the American people would love to be rich, but ‘not that much'.” That is, they're not willing to make the sacrifices needed to build wealth. Part of the population doesn't realize early enough that it's possible to get rich by the time they discover they can, it's too late. Then why aren't more people rich? Young says that some people have no desire to be rich their purpose in life isn't money-centric. Young believes that “any reasonably healthy American of normal intelligence” can become rich - if she wants to badly enough. ![]() Anyone can get rich if they want it badly enough.Young's eighteen pieces of advice about how to get rich and stay rich: I am delighted to share those observations with you in this book.” “During those 27 years of working with rich people, I made a number of observations about getting rich, being rich, and staying rich, and about the difference wealth makes. “Most of my time during this period was spent helping rich people 1) stay rich, and 2) get richer.” “For 27 years, I worked in the Trust Investment Department of the Harris Trust and Savings Ban in Chicago, Ill.,” Young writes at the start of the book. In 1979, after he retired from Harris Bank, Young collected much of this material into a book called How to Get Rich and Stay Rich. After military service, he worked for Harris Bank in Chicago, where he spent three decades advising wealthy clients.ĭuring the 1960s and 1970s, Young supplemented his bank income by giving motivational talks on how to get rich and stay rich, basing his presentations on observations of his clients. Young decided he wanted to do something more than be a farmer, so he left Tennessee to become a lawyer. ![]() His family was poor, as were all of their neighbors. Young, the author, was born and raised in rural Tennessee during the 1910s. How to Get Rich and Stay Rich is a marvelous prototypical book about early retirement. You see, everything about this book exudes scamminess. Spoiler alert: I liked it! But I almost didn't read it. In my ongoing quest to build a library of pre-1990 money books, I recently heeded a reader recommendation to buy and read How to Get Rich and Stay Rich by Fred J. ![]()
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