Table of Contents
FISHER INVESTMENTS PRESS
Fisher Investments Press brings the research, analysis, and market intelligence of Fisher Investments research team, headed by CEO and New York Times best-selling author Ken Fisher, to all investors. The Press will cover a range of investing and market-related topics for a wide audiencefrom novices to enthusiasts to professionals.
Books by Ken Fisher
The Ten Roads to Riches
The Only Three Questions That Count
100 Minds That Made the Market
The Wall Street Waltz
Super Stocks
Fisher Investments Series
Own The World
Aaron Anderson
Fisher Investments On Series
Fisher Investments on Energy
Fisher Investments on Materials
FISHER
INVESTMENTS
PRESS
PREFACE
WHY TEN ROADS?
Before reading this book further, please read this preface.
Wouldnt it be wonderful if everyone were rich and no one poor? If poverty didnt exist? If the only wealth disparities were whether she had $20 million, he had $7 million, and another one had $7 billion? Feel free to disagree, but I dont see much merit in poverty. Sadly, I cant see poverty being eliminated in your lifetime or mine. Still, I believe you can do your little part toward that goal by making yourself wealthy in a way that creates wealth for society as well. If you get yourself rich in one of a handful of appropriate ways, you make the world a better place. Others benefit as you get rich, as you will read later. I, for one, would like you to do that.
But how? Well, thats what this book is about. There are really only ten ways to get rich. This book details them and shows you the good and bad qualities of each so you can pick among them and decide which is right for you. Then, the book teaches and guides you on the basics of each.
Its true not everyone can become rich. But its clear to me that most people canthey just dont know how. If more people knew how, we would have more rich people and the world would be a better place. Im asking you to read this book and then do your part.
Now, if you know me from past books or my long-running Forbes Portfolio Strategy column, you may not know Im a roads scholar. Not a Rhodes Scholar who got money to study at Oxford, but the more important kindthat studies the various roads leading to financial success and failure.
It started as a kid in the 1950s, dreaming of becoming a professional baseball catcher and simply adoring Yogi Berra who famously said, When you come to a fork in the road, take it. For decades Ive kept a large version of that quote on a note board within three feet of me at my desk, collaged with photos and notes of people that are and have been important to me. Takes decades of wisdom to get life down that simply. Pretty much sums up how to get super wealthy, once you understand the roads.
Berra later decried most all his most famous Yogisms. He claimed this particular quote was simply driving directions to his home, and when you got to the fork it didnt matter which way you went because they reconnected later and either fork got you there. If so, its kind of a Zen-like statement about continuinglike the command, Furtherand we can use that too. But growing up I assumed Berras was a comment about making quick, fundamental, timely decisions without great road signs. Maybe I was wrong all this time. But I still prefer my interpretation of the great American Yogi. In life there are roads leading to riches and roads not. Theres nothing wrong with ones that dont, but if you travel them youll go where they take you. Dont be surprised.
To methodically get rich there are only ten basic roads. Find one making sense for you, get to that fork in the road, take it, and stick to it. But ten roads can be confusing. Ten! Hence the need for this book. Reading it may not make you a roads scholar, but youll know enough to get the rest of the way down your chosen road (or roads) on your own.
One point: If youve read any of my prior books, this isnt like them. They were largely about capital markets, primarily stocks and bonds. That is my main background as founder and CEO of a global money management firm running over $45 billion in stock and bond money for institutions and wealthy individuals. But this isnt a capital markets book at all. Its a detailed micro and macro inspection of how very wealthy people get that wayand how you can too!
Why ten roads? Why not five? Or 100? Its just the observation of this roads scholar from studying wealthy people all my 36-year investment career. Ive got over 25,000 wealthy clients Ive studied carefullysome for decades. As a 24-year Forbes columnist Ive studied and written about the annual Forbes 400 list of richest Americans for decadesand been on it and the Forbes global billionaire list myself since 2005and know people on both lists in and out of America, and interacted with many more very wealthy people. From all my observation, I can tell you they all fit into ten basic categories.
But this book isnt about what most rich folks have in common. There are plenty of those books and theyre perfectly fine. Theyre usually about one roadlive frugal and save. Like The Millionaire Next Door, Rich Dad Poor Dad, The Automatic Millionaire, on and on. They tell stories from a traditional American Calvinist, Christian backgroundabout down-to-earth, frugal folks with a great work ethic who own gas stations and trailer parks and sock away a few million. Or your typical, middle-class, modest homeowner in a modest neighborhood driving a modest, used car, working 70-hour weeks, saving and investing well. These books admonish you to be like them. Thats a fine road, to be sure. Its the most common way people get wealthy, though it doesnt generate the biggest fortunes. I call it The Road More Traveled, and its this books last chapter. Its a perfectly valid roadthe preferred road for many and the only for some. While fine, its just one road and generally not how the mega-rich did it. The richest can be frugal or notit doesnt much matter because they create so much wealth mastering one of the other nine roads. Frugality is a virtue but isnt necessary to becoming super wealthy, as youll see.
A ROADMAP TO THE TEN ROADS
No one tells you how to get mega-richwhich is why you need this book. But you may not want to be mega-rich. Well, the good news is the same roadmap to these ten roads applies if you want to be worth $3 million, $10 million, or $300 million.
One convenient featurethis book is modularone chapter for each road. You neednt read them in order if you dont want. If you want, after this preface, skip to the middle of the bookdoesnt matter where. Start a chapter. If you decide that road isnt for you, skip to another one more suitable. Throughout the book I reference the other roadsas in, No, that isnt this road, thats that road in Chapter 9sometimes earlier in the book and sometimes later. Think of it like a collection of ten little mini-books.
Now, all these roads arent for everyone. Cant be! But at least one is right for everyone who wants to be wealthy. What are these roads? To acquire big wealth, you can: