The Ten Roads to Riches: The Ways the Wealthy Got There (... and over one million other books are available for Amazon Kindle. Learn more
CDN$ 16.89
  • List Price: CDN$ 26.95
  • You Save: CDN$ 10.06 (37%)
FREE Shipping on orders over CDN$ 25.
Only 1 left in stock (more on the way).
Ships from and sold by Amazon.ca.
Gift-wrap available.
Quantity:1
Add to Cart
Have one to sell?
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See all 2 images

The Ten Roads to Riches: The Ways the Wealthy Got There (And How You Can Too!) Hardcover – Oct 20 2008


See all 4 formats and editions Hide other formats and editions
Amazon Price New from Used from
Kindle Edition
"Please retry"
Hardcover
"Please retry"
CDN$ 16.89
CDN$ 15.16 CDN$ 0.01

Join Amazon Student in Canada



Customers Who Bought This Item Also Bought

NO_CONTENT_IN_FEATURE

Product Details



Inside This Book (Learn More)
Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
Search inside this book:

Customer Reviews

There are no customer reviews yet on Amazon.ca
5 star
4 star
3 star
2 star
1 star

Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 28 reviews
29 of 31 people found the following review helpful
An insightful and humorous read about building wealth Nov. 1 2008
By T. Faranda - Published on Amazon.com
Format: Hardcover Verified Purchase
This is a fun, breezy read, as investment advisor and long-time Forbes columnist Ken Fisher has written a serious, but humorous book about how to build wealth. And at 216 pages a quick read.

Fisher's last book, "The Only Three Questions that Count", was superb. This latest book is very different from "The Only Three Questions...", which is all about personal investing but which also has application to other areas of a person's life.

"The Ten Roads to Riches" is about the varied ways a person can build personal wealth. Fisher draws from his own experience of meeting many successful people, as he charts the paths. The chapters are insightful and written in a tongue-in-cheek style with ideas that can be easily visualized.

Some examples: The first chapter "The Richest Road", which is founding your own business and building it into the next Microsoft, Nike, or Charles Schwab. The third chapter, about the "Ride-alongs", people who hitch theirselves to the Bill Gates's or Warren Buffett's of the world and rise as they and their firm rise. If you are Warren Buffett's longtime sidekick, there's got to be wealth in that, right? (Yup. Charlie Munger is his name and his net worth is $2 billion.)

Chapter four is "Rich ... and Famous". Some tips: compose songs, don't sing them, and star high school baseball players have slightly better odds of making the big leagues then star football players.

Chapter five is "Marry Well, Really Well", which is very amusing, but also serious. Hey, if you want to get married, hang around with rich people and fall in love with one of them! Plenty of examples including John Kerry (twice) and John McCain.

Chapter six is "Steal It - Like a Pirate, But Legally", making a career as a plaintiff's lawyer and suing companies. Enough said.... And chapter nine is "Trumping the Land Barons" - all about real estate.

The last chapter is "The Road Most Travelled", about doing it the old-fashioned way - get a good job, work hard, save and invest wisely.

Each chapter is a survey, giving multiple examples of people who took the particular road, and offering ideas, but no detailed plan. At the end of each are brief reviews of suggested additional readings for anyone who might be inclined to follow that particular path. I was surprised that there are actually serious books about how to "Marry Well", but maybe I shouldn't have been?

An enjoyable, quick read about one aspect of the business of life.
14 of 14 people found the following review helpful
Book Review from the Aleph Blog Jan. 23 2010
By David Merkel - Published on Amazon.com
Format: Hardcover
Many dream of riches. Few achieve them. Why? It usually involves self-denial and hard work. It's not that anyone can't achieve riches, if they start young enough, but they won't make the sacrifices to do so. A strong education helps, but is not absolutely required. As my old boss Eric Hovde said to his staff repeatedly, the biggest difference in success comes from the degree of effort put forth. I would only add that working smart amplifies the effort of working hard.

Ken Fisher the billionaire asset manager, identifies the ten ways he has seen to become wealthy. They are:

1) Build a significant business.

2) Manage a significant business.

3) Be the right hand man of a wealthy person.

4) Be a star athlete, entertainer, or one who significantly facilitates star athletes and entertainers.

5) Marry a wealthy person.

6) Be a lawyer that helps clients sue for major amounts of money on a contingency fee basis.

7) Manage a lot of Other People's Money.

8 ) Be an inventor of something popular, a popular writer, a prominent politician, or invent an organization that a lot of people want to give money to.

9) Borrow a lot of money and speculate on property appreciation.

10) Work hard, save a lot, and invest wisely.

I think he has nailed it. My way of summarizing it is that you have to do something that makes a lot of people happy, or at least has the potential to make a lot of people happy. Or, make one wealthy person very happy or unhappy. Three groups -- how do they work out?

A) Those who do something that makes a lot of people happy can earn a lot:

* Successful business founders, CEOs, right hand men, inventors
* Stars and their significant enablers
* Good asset managers
* Good writers
* Successful real estate developers

B) But even those that promise to do something to make people happy and fail at it can earn a lot:

* Any CEO of a big enterprise can earn a lot -- at one investment firm, we used to joke that you got paid $50 million to destroy a company -- it is what they had to pay to get rid of you. Their right hand men will still prosper too, just not as much. In the current financial crisis, that is what gores many about the large surviving firms that were bailed out. The executives are still prospering after previous dumb decisions. Easy to complain about it, but it is nice work if you can get it. (Note: this is why they should not have been bailed out, especially not at the holding company level. Government officials lie when they say they could not have done it differently. I for one suggested alternatives ahead of time.)
* The same applies to CEOs that tweak the company's earnings while they are there, but leave their successor in the hole.
* Many still follow stars as their stars fade; they may not make as much, but it is still a lot. Same for writers that lose their knack.
* Many asset managers have an early period where they don't have much in the way of assets, and their track record is great; their ideas for excess return are executable with the current assets under management [AUM]. That leads to growth in assets, until they are too big for the asset class in which they have expertise. They become index-like, or they venture outside their circle of competence, and their track record suffers. But AUM is high, and the fees can provide a nice income. Assets are sticky if you don't do too badly, and are a good salesman/storyteller.
* Politicians can make a lot of money off of contacts or giving speeches once out of office, even if they were on net harmful to the nation while in office.
* Some charities (or nonprofits like mutual insurers or credit unions) can be less than scrupulous about what managers get paid.
* The real estate speculator, the CEO, and certain investment managers can have a "Heads-I-win, Tails-you-lose" attitude. America gives people a lot of second chances before you are permanently branded as a fraud. It only takes one big win to make a lot for yourself, even if you destroy the well-being of others in the process.

C) Then there are those that only have to serve a few:

* The spouse of a wealthy person.
* The right hand man of a wealthy person, and
* The Trial Lawyer going after a big tort
* Serve yourself, as an ordinary person working at a job.

No one begrudges the wealth of those in group A -- they have served society well. Many begrudge the wealth of those in group B -- they have not served society well. Group C? It depends on motives. More later on this.

One thing is certain, though. There aren't many seats in each of the "roads to riches," except for the last ordinary one, #10. Few are founders of massive enterprises, or CEOs, or stars, or investors of must-have products or processes. Few can serve in high office, or write best-sellers, or be able to source a lot of assets to manage. Few can get the capital markets or banks to loan them millions, even billions. Few get to try a lawsuit where a huge award is won. Few get to marry rich. Also, most succeeding have to hit their right path while young, to allow enough time for compounding their success.

It takes a lot of effort and good breaks in order to be at the top of any economic situation where there is a lot of wealth. Even road #10, doing well at your job, saving a lot and investing wisely is tough. Few get to become "The Millionaire Next Door," but more achieve reasonable wealth that way than all of the rest combined.

Ken Fisher writes about all of these areas in an entertaining way, and gives practical advice on how to follow each road, including additional books to read, and techniques for getting started. It is an ambitious and compact book weighing in at around 230 pages of text including the preface. It is an easy, breezy read. As a bonus, in road 10, Ken Fisher shares basic investment advice for the retail investor.

More than Quibbles:

I owe a lot to Ken Fisher for advice that he gave me in Winter 2000, and though I enjoyed the book, I can't endorse it wholeheartedly. He is out to tell you how to do it, even in cases where there might be significant moral compromise. He acknowledges that, but says it is a part of the game.

To me, the key question is what your motives are. It's one thing to enter into a risky business, offer full disclosure to all stakeholders in advance, make a best effort, and fail. It is quite another to trick/cajole people into backing you without full knowledge, and fail.

It is one thing to try a legal case where the damages are proportionate to the harm caused, and another thing to help create disproportionate judgments. It is one thing to serve a wealthy person who asks you to do things that are ethical, and another thing to serve in things that are unethical. Once you have fans, a privileged job, or "sticky assets," do you start giving less than your best? I write this as one that is himself prone to laziness when things go well. It is a common sin that one has to fight.

Are you looking out for the best interests of those you serve, and society more broadly? A tough question for any of us, but society itself does not do well when a dominant proportion of it does not serve for good motives. If it gets bad enough, the society will lose legitimacy and vitality.

Finally, it is one thing to marry because you love the person, and want to give your all to your future spouse. It is quite another thing to enter in with crossed fingers, and say, "Maybe this will work, maybe it won't. I will be careful to protect myself, because the odds of failure are significant. But economically, it will work out for me either way. I'm wealthy if we marry, whether it works or not, because the prenup will leave me well off."

Here's the common vow: I, (Bride/Groom), take you (Groom/Bride), to be my (wife/husband), to have and to hold from this day forward, for better or for worse, for richer, for poorer, in sickness and in health, to love and to cherish; from this day forward until death do us part. Maybe promises don't mean much any more, but I can't see how one marrying for money can say that with a clear conscience.

Before my wife and I married, but after we were engaged, we were at a bookstore together, and we were looking over some marriage books to find one our pastor recommended. She found a book entitled, "Marry Rich." She said to me, "This is a joke book, right?" I said, "Uh, you would be surprised at the motives some have in marriage." She began leafing through it, amazed at the level of greed involved. She married her poor graduate student boyfriend anyway. 23 years later things are still working out well for her (and me).

One final note, not from the book: greed wears people out. It is one thing to do what you love so long as money is not the sole purpose. But those that are greedy for gain at all costs destroy themselves, and those around them. It is not a good trade.
6 of 6 people found the following review helpful
Straight scoop, not a quick path to wealth, includes political viewpoints and explanation of services being sold July 31 2011
By Citizen John - Published on Amazon.com
Verified Purchase
I was skeptical because I've received junk mail from the author's investment firm. This mail is geared toward getting those with funds invested in stocks through his firm. Fisher was pretty main-stream in his views on how people tend to get wealthy. Interestingly, he wouldn't want to manage a publicly traded company given all the red tape and bureaucracy, while he strongly believes in the stock market.

Mine is the book on CD. It was easy to listen and absorb the material on the first hearing. The facts are straight-forward, yet this is a subject that can get cloudy due to emotions. My impression is that most of us will not always appreciate how much time, hard work and sacrifice was usually required for somebody to get rich. Suddenly such people are celebrated in the media and we can tend to think of them as a special breed.

There is value in this book, not just for informing on the actual ways that people tend to become wealthy over time. The reader/listener is encouraged to select the paths that best correspond to their own situation. The main pros and cons for each path are listed, putting the paths themselves into perspective. Each path, other than marrying into wealth for example, does not resemble a short cut. One is encouraged to select a path while they're still young.
6 of 6 people found the following review helpful
An Outstanding Work Nov. 28 2009
By Maxim Masiutin - Published on Amazon.com
Format: Audio CD Verified Purchase
I'm a fan of Ken Fisher's books. While he's other books are mostly about capital markets, but this one is a completely different book. It is based on Ken Fisher's experience in observing Forbes 400 list and managing wealthy people's money as a CEO of Fisher Investments. Based on these observations, the author have identified ten most usual patterns on becoming rich. The book isn't about getting rich quick. It's about getting mega-rich in ways that work over time.
What is the difference between this book and the author's other books about capital markets? The books on capital markets will teach how to invest wisely, but they don't teach how to become a billionaire, they just assume you already have enough investable money to have interest in capital markets and how they work.
To have enough investable money, it's better to be rich. And this is what this book about. While books like "Millionaire Next Door" in a plenitude, they teach you to save, to live beyond your means, to have compounding interest work for you as a way to get rich. But a majority of billionaires, like Bill Gates, never saved a penny. They have just created their wealth, rather than accumulated it by saving.
If you liked the chapter "Managing other people's money", I can also recommend the author's subsequent book "How to smell a rat", that augments and expands the topic of this chapter.
Pros
- Lots of statistical figures to proof the author's assertions
- Lots of useful tips throughout the book
- Lots of myths demystified about different professions, commonly believed to bring megawealth, e.g. sports players, actors, musicians, lawyers, etc.
- Each chapter has valuable references to further reading
Cons
- Minor factual errors: for example, the author wrote that Warren Buffett bought a "tiny" company Berkshire Hathaway. In fact, in 1955 the company had 15 plants employing over 12,000 workers.
- An audio version on CD (released by HarperAudio on November 4, 2008) has a foreword read by Ken Fisher with very awful quality, the sound seems to be distorted by excessive compression, voice sounds like "electronic" and is hard to tolerate. The rest of the book, read by J.s. Gilbert, is OK.
8 of 9 people found the following review helpful
Ten Paths to Financial Wealth Dec 20 2008
By Kevin Quinley - Published on Amazon.com
Format: Hardcover
Billionaire and author Ken Fisher offers ten pathways to wealth:

1. Start your own business
2. Become a CEO
3. Become a "ride-along" to a successful CEO
4. Become rich and famous
5. Marry into wealth
6. Become a plaintiff attorney
7. Use other people's money
8. Invent something
9. Real estate
10. Save and live frugally

Fisher's book is entertaining and will likely never leave you bored. His tone is at times facetious but he offers a "macro" view of major pathways for those who want to achieve financial independence and security.

Look for similar items by category


Feedback