The latest book review here at Richer by the Day is How Come That Idiot’s Rich and I’m Not? by Robert Shemin.
The author has always had trouble getting things right. He constantly made mistakes. As a result, he also got it wrong when trying to make the mistakes that hold people back from wealth. By understanding this double negative, backwards logic (he can’t even screw up right) he was able to rewrite the rules for success, which are oftentimes the complete opposite of the things we do when aiming for success.
Following his own advice to keep things simple, the simplicity of the philosophy is what makes it so powerful and achievable. Simplicity inspires focus and focus leads to action. Everyone should find a part of their personality to relate to in this book. Whether its your good habits, or your bad ones, you’ll either be inspired to keep up the good work or drastically change your ways.
There were a few times throughout the book that the bad habits he described sounded just like me. (Luckily I was also doing a lot right). Rather than getting insulted by his criticism of people with these habits, I tried to keep an open mind. In all cases, I couldn’t fault his logic, which means that I believe that he had the correct solution to problems I often didn’t even realize I had.
Of particular interest were the multiple quizzes provided to gauge which mindset you are in; that of the Rich Idiot or that of the RUB (Right Side Up and Broke, i.e. everybody else).
One of the most counterintuitive suggestions for getting ahead is to start living the rich life now. When you realize that as people become more wealthy, they actually negotiate better deals, lower rates, etc, you understand that nothing stops you from doing the same. Being wealthy may actually make you more frugal, even if you do spend more on discretionary items and status symbols. Going to the best restaurant in town and wearing your nicest clothes, even if you can only get a water at the bar, will give an inspirational glimpse into the life you could lead and also put you in the presence of successful people. I long ago realized that eating at a nice place once a month felt so much better than eating at a lesser place once a week.
This is the book I’ve been waiting for. It had many of the successful (if counterintuitive things) I’ve learned through the years, plus it filled the gaps I had not yet figured out. Even some of the secrets I thought I had figured out were tweaked slightly in the book, with justification taking them in a whole new direction.
I realize after reading this book that I was on the right track and may have found success, but applying the principles I now will find even greater success. The brilliance of simple ideas, such as those presented, is that they are obviously correct once you think about them, and so simple that you wonder why you never figured them out yourself.
People will dismiss this book for many reasons; because it goes against conventional wisdom, puts too much (or any) emphasis on God, seems too simple to be effective, and many more. These will all be the latest excuses standing in the way of success. Of all the books I’ve read since I began this journey, this is by far the best single book for a success philosophy. In How Come That Idiot’s Rich and I’m Not, I finally found a book that delivers on the promises that Napoleon Hill’s Think and Grow Rich failed so miserably to deliver.
People well read in personal finance, business, and wealth books won’t find a ton of new information, but all of the best ideas presented elsewhere are covered, supplemented with some great new ones. If you only want to read one book about how to build wealth, this is the one with the philosophy to follow. It doesn’t go into great detail of how to do it, but describes what to do. You can then educate yourself on the how or leverage other people who already know how. Once you know what to do, the how to do it is just a minor detail. Until a better candidate comes along, if it ever should, How Come That Idiot’s Rich and I’m Not is my new gold standard for success, which I’ll now recommend first and above all others.
Bravo Robert Shemin, Bravo!
Congratulations to Chad from Maryland, recipient of the Perfectly Legal book giveaway. I’ll be parting (very reluctantly) with my copy of How Come That Idiot’s Rich and I’m Not on July 6th. For details on being considered, see my free book giveaway post.
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