Fred Young - How to Get Rich, Stay Rich and Be Happy

Frederick Fell Publishers, Inc

2131 Hollywood Blvd., Suite 305

Hollywood, Fl 33020

Copyright 2012 by Fred Young. All rights reserved.

All rights reserved, including the right to reproduce this book or portions thereof in any form whatsoever. For information address to Frederick Fell Subsidiary Rights Department, 2131 Hollywood Boulevard, Suite 305, Hollywood, Florida 33020.

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Designed by Elena Solis

Manufactured in the United States of America

14 13 12 11 10 9 8 7 6 5

Library of Congress Cataloging-in-Publication Data

Young, Fred

How to get rich, stay rich and be happy / by Fred Young.

p. cm.

Rev. ed. of: How to get rich, stay rich and be happy. Completely rev. ed. c1988.

ISBN 978-0-88391-182-2 (pbk. : alk. paper)

1. Finance, Personal. 2. Investments. 3. Success in business. I. Young, Fred How to get rich, stay rich and be happy. II. Title.

HG179.Y665 2009

332.6dc22

2009032321

ISBN 13 978-0-88391-182-2

eBook ISBN 978-0-8839-1271-3

GETS

This book is dedicated to the airlines to United, American, TWA, Delta, Northwest, and Air Canada because it was written while I waited for or rode on their airplanes. My many hours airborne came as I traveled around the country making speeches on How To Get Rich, Stay Rich and Be Happy.

Yes, Fred Young is for real. He was vice-president of the Harris Trust and Savings Bank of Chicago and has been a dear friend and colleague of mine for over 25 years. Throughout his banking career, he remained an enthusiastic, hard-working, and productive employee in the field of investments. For 15 years, he was a security analyst and developed a well-deserved reputation for counseling customers and fellow employees on financial and personal matters. His empathy, friendliness, self-confidence and Tennessee horse sense, enabled him to build countless friendships throughout Chicago and, more recently, throughout the entire United States.

If he has a fault, it is excessive dedication to his work to the detriment of leisure. I once accused him of having no avocation, but he set me straight by assuring me that his consuming hobbies were cashing dividend checks and clipping interest coupons!

Fred hit his stride when he was given the responsibility to develop, sell, and service Institutional Investment Service, which counsels such other professional investors as trust departments, insurance companies, and mutual funds. Mainly through his efforts, this service then had more subscribers than any other similar service in the countrymore than 500 satisfied customers. In addition to distributing Harris Bank's research on securities and economics, Fred wrote a spritely and widely read monthly commentary on the investment scene, making inherently dull financial and economic analysis relevant and interesting. In addition, he is witty, articulate, and a much-sought-after speaker, especially on the subject of How to Get Rich, Stay Rich and Be Happy!

For several years, I urged Fred to write this book. I am convinced that his wide investment knowledge and experience deserve an even larger audience. If you read and adopt the principles that Fred has developed over a lifetime of experience and reflection, you too will have an opportunity to enjoy the benefits of well-managed financial independence and security. Even if you decide you prefer to live it up, I assure you that you will enjoy reading this book. Yes, there is only one Fred Youngbut the principles that he lives by can become your own.

Beryl W. Sprinkel

Former Executive Vice President and Economist Harris Bank

Note: Dr. Sprinkel was appointed as Under Secretary of the Treasury for Monetary Affairs in the Reagan Administration. He was then assigned as the Chairman of the Council of Economic Advisors.

For 27 years, I worked in the Trust Investment Department of the Harris Trust and Savings Bank in Chicago, IL. Most of my time during this period was spent helping rich people 1) stay rich, and 2) get richer. The Harris Bank Trust Department at that time had more than $10 billion under management (and has since grown). These assets belonged to wealthy individuals or institutions of all kinds; including pension plans, profit sharing plans, hospital endowment funds, college funds, and foundations, among others.

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. I am delighted to share those observations with you in this book. I hope that these observations will be an inspiration to you to manage your own financial affairs better. I have made the most of them in my own financial management and now comfortably qualify as a multimillionaire. I am convinced that anyone with patience and persistence can do at least as well as I have. I am also convinced that happiness starts with good personal financial management.

I do want to include a disclaimer here. This book is not all inclusive on the matter of how to get rich, stay rich and be happy. It includes only my personal observations on the matter plus my own personal success. I am sure most bank trust officers and other professional money managers could add to it. I doubt, however, that any would eliminate anything from it. I firmly believe in everything that I have included here.

Anyone who wants to badly enough, can get rich. This is a rather blunt statement, and I firmly believe it is true, so I will repeat it. Any reasonably healthy American of normal intelligence (or less) can make himself or herself rich under our free enterprise system if he or she wants to badly enough and starts early enough in life.

Then why aren't we all rich? There is a certain percentage of our population who do not care to be rich. At least, that is not their primary goal in life. I am talking about Salvation Army people, religious workers, social workers, some teachers people whose primary interest is in serving their fellow man, not in accumulating great wealth. And I submit that we are fortunate to have these people in our midst. Without them, the world that you and I live in would not be a fit place in which to live.

A much larger percentage of our population do not realize early enough in life that it is possible for them to get rich under our system. By the time they discover that they can, it is too late; time has run out on them.