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The Richest Man in Town: The Twelve Commandments of Wealth

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Have you noticed that almost no one ever seems to ask the rich about the subject they know best?

No, on the "Fiddler on the Roof" theory --- "When you're rich, they think you really know" --- the rich get to sound off on all manner of topics outside their expertise. We're regularly served their views on inheritance taxes, wars, medical research and the arts. What's harder to ferret out: what they know about becoming and staying rich.

Randy Jones --- W. Randall Jones to you, but I once worked for him when he was the publisher (and founder) of Worth Magazine --- got interested in money when he was a kid in Georgia. As far as I can tell, he has amassed piles of it. In addition to the duplex in Manhattan, there's a house in Westchester. I doubt his kids have ever been shamed by clothes from The Gap. And his wife needed an operation on her earlobes a while back, thanks to decades of wearing earrings encrusted with massive diamonds. (No. Not really. But you get the idea.)

A few years ago, Jones decided to write a book about his favorite obsession: how you make money. In 'The Richest Man in Town: The Twelve Commandments of Wealth', he crisscrosses America to interview a slew of self-made millionaires. (Actually, the poorest of the people he interviews has at least $100 million.) Then he divides their knowledge into buckets --- "the twelve commandments of wealth".

It's a simple structure. It's a simple book. There's almost nothing here that you haven't read, heard or thought before.

So why aren't you rich rich rich?

For one thing, you may be confused. "It's good to be rich" is not the same as "Greed is good", but because so many of the visible rich are selfish bastards who would greatly benefit from a stunning increase in the tax rate, it's easy to think that wealth and bad values go hand in hand. "Yeah, I'll have no money worries if I get rich," you think. "But I'll also be a jerk."

Not so, Jones says. Wealth is the byproduct of worthy activity. It's what happens when you perform a useful service or make a decent product, then market it aggressively and treat customers decently. It's about Right Livelihood, not pursuit of money. Sharks may score big for a while, say Jones and his interviewees, but over the long haul it's the good people who win biggest.

And good people don't put "success" and "wealth" in the same sentence. They measure success by satisfaction: their pleasure in the enterprise they've created, in the work they do each day, in their families and their causes. The high life in the big city? Most shudder at the prospect --- they're still living in their hometowns.

Each chapter in "The Richest Man in Town" is peppered with anecdotes, and they serve that chapter's commandment. Don't work for other people. Trust yourself. Be obsessive. (Robert Stiller sold his first company --- he made EZ Wider "cigarette" papers --- and started Green Mountain Coffee Roasters, which required him to use every dollar he ever made and go out to sell the product himself.) Early work experience gives you a solid work ethic. (Your kid is 14 and still going to summer camp?) Education matters; Harvard doesn't. Take care of your health.

A lot of kids will be given this book for graduation, birthdays and holidays. Good. They'll get something out of it. And so will Randy Jones, who not only has made a very good product here but made very sure I got a copy.

According to The Richest Man In Town by W. Randall Jones, Stephen Bisciotti is the richest man in my hometown. Do you know who is the richest man in your hometown? If you have ever wondered you can probably discover him in Jones' new book. In addition to listing the local Donald Trumps The Richest Man In Town attempts to answer how they became so successful.

To that end Jones interviews many of the richest men, from both large and small towns, to discern the twelve commandments of wealth:
-- Seek Money for Money's Sake and Ye Shall Not Find
-- Find Your Perfect Pitch
-- Be Your Own Boss
-- Get Addicted to Ambition
-- Wake Up Early--Be Early
-- Don't Set Goals - Execute or Get Executed
-- Fail to Succeed
-- Location Doesn't Matter
-- Moor Yourself to Morals
-- Say Yes To Sales
-- Borrow from the Best - and the Worst
-- Never Retire
Many above the commandments are counter-intuitive and it was interesting to read how taking the proverbial road not taken led to their success. I also enjoyed the vignettes of various wealthy men. For example, I learned that Dell Computer wasn't Michael Dell's first business. Rather he started at age twelve by selling stamps on consignment and made $2,000! Not many twelve year olds have that drive or success. The Richest Man In Town is filled with other equally awe-inspiring stories.

As in everything in life, there is a downside to being the richest man in town. For instance, Leroy Landhuis, the richest man in Colorado Springs, confesses, "I have not been successful in my personal life the way I would have liked to be. My marriage wasn't successful and at times, I have been much too occupied with business." Such candid admissions, however, are few in far between in The Richest Man In Town.

It is clear that Jones is enamored with his subjects. In fact, he admits, "as hard as I tried to be a totally dispassionate journalistic observer of these big buck creators, I found that a very, difficult, near impossible task." A little journalistic distant, however, might have led to more insights and made a more balanced view. Still if you are curious as to what it is like to cruise down the yellow brick road of success then The Richest Man In Town provides a front row seat!

Synopsis:

W. Randall Jones, founder of Worth Magazine, identified and interviewed the Richest Man in Towns (RMITs) in one hundred American towns and cities. Jones selected self-made types who found their own paths to success through hard work and their creativity. While members of this select group span a range of companies and industries, they share certain traits. Jones calls these traits the Twelve Commandments of Wealth.

Here are the first few:

1. Seek Money for Money's Sake and Ye Shall Not Find.
- Wealth comes from a contribution of real value

2. Find your perfect pitch
- Know your own unique strengths and talents and match them with your personal passion.

3. BYOB: Be your own boss
- Don't work for someone else, found your own enterprise. Choose partners carefully - only those who bring something critical to your success.

The bulk of the book is devoted to describing these Twelve Commandments of Wealth and sharing how successful men demonstrated these traits. Anecdotes come from a diverse group of successful folk. Here are just a few: Michael Dell, Stephen King, Sam Zell, Fred Smith, Carl Icahn, John McAfee, Bill Gates, Sergey Brin, and Larry Ellison.

Aside from describing the traits, Jones offers exercises to help us find our strengths and individual paths to wealth. For instance, when describing the need to look for more than money, he suggests writing your own obituary to visualize your lifetime goals.


Review:

I found The Richest Man in Town: the Twelve Commandments of Wealth to be an interesting and absorbing read largely because of the wealth of stories shared by his sources.

Some of the quotes are particularly memorable and here are a few that I can't resist sharing:

"I always tell young people there is no substitute for hard work and diligence. It takes eight hours a day of hard work to be a success, but it takes most people twelve or thirteen hours a day to do eight hours of good work."
- Joe Taylor, former CEO of Southland Log Homes and secretary of commerce for SC

"Everyone should have at least one silent goal. This is a goal that is known only by you. It's a reach goal, one that is extremely hard to attain, but potentially life altering, even world changing. These kinds of world-changing golas are realized by only very few people. If you don't reach them, you certainly won't be judged by others-it's your well-kept personal secret."
-Dr. Thomas Frist Jr., co-founder of Hospital Corporation of America (HCA), the largest for-profit hospital management company

As I read, my copy slowly filled up with post-it tabs and notes. I highly recommend the book for those interested in business books and personal finance and for their loved ones who might need personal finance tips.

This book, "The Richest Man in Town: The Twelve Commandments of Wealth" was an interesting read. One think I found different from other books that talk about being rich was the concept of doing what you're good at and not what you want to do.

A lot of books talk to you about being able to do anything you want as long as you set your mind to it. There is nothing wrong with that but when you really think about it you'll see that it makes more sense to do something that you have a passion for and are very good at.

This book looks at many people, a lot of them who started out with little to nothing, and how they made their fortunes. I would recommend this book to friends and family that would like to be inspired.

A really fun and informative ride. One part Biography. One part Self-Help. The Richest Man In Town is a modern book that picks up where Napolean Hill leaves off and takes the secrets of success to a new level. Randy Jones interviews and deconstructs the characteristics that define the most successful self-made men and women in 100 cities and towns across America. What drives them? What do they have in common? Jones underlines the keys to their success and provides a map for anyone to follow in their footsteps.

This is NOT a bible for the greedy. It's a book that clearly shows the results for the hard-working, early risers who have balanced their passions with what they are really good at. Some RMITs include Carl Icahn, Bill Gates, John McAfee, Fredrick Smith, Michael Dell, Bernard Marcus, and so on...

The book is organized into 12 commandments that encourage you to Wake Up Early, Be Your Own Boss, Fail to Succeed, Say Yes to Sales, Never Retire, etc., etc... Some of them seem obvious although some may surprise you. Jones weaves through them using the experience of his wealthy subjects and includes a countless number of inspirational quotes to push you on your way.

Most success manuals will tell you that if you work hard enough and set your mind to it, you can accomplish anything. Jones says that's not true and backs it up with his counter-intuitive commandment to "Find Your Perfect Pitch".

This is a book for anyone who loves real life stories of success. Where else can you get the bullet points from the biographies of the wealthiest people in America?

As Mal Mixon, the RMIT of Cleveland, Ohio says, "Don't procrastinate because in only two days, tomorrow will be yesterday."

I highly recommend - Read it soon.

This was a great book. I was able to read it quickly and enjoy it very much. I thought that it was very insightful. It lets the reader get into the mind of some of the nations' most successful people.

this book is worth it. the ideas are not truly 'deep' but then again, you don't have to be deep to learn how to be rich. buy the book. it's worth it.

As an entrepreneur I could not stop nodding my head in agreement while reading The Richest Man in Town. Everything I believe to be true about making it big was outlined and reinforced through dozens of examples and endless insight from the nation's most successful business minds.

I'm a fan of biographies and I love reading about others who have done it. Somehow the author convinces the most successful people in the nation to talk to him, which can't be an easy feat. And then he distills the methods in which these leaders made it into 12 awesome commandments. Be a founder. Following your passions. Have integrity. It reinforces your confidence in the hard work it requires to do things the right way. All of these RMITs worked their tails off for dozens of years. As we all know, there are no shortcuts. You won't find any Enron or over-paid Bank of America CEOs, but true American success stories. A refreshing read in these hard times to know that you can do it. And that we all have time since the average age of a RMIT is in their 50s--the founder of Home Depot didn't even start until he was 49!

If you want a book about tricks to get rich or the latest buzz words and theories or a bunch of mathematical equations, then this is NOT your book. But if you want to be inspired by a fun and well written book on those who have really done it and the 12 commandments in which they all did it, then this is your book. Well worth the money and then some. And I like that the author does not claim to be a management or consultant guru. He is much more than that. He somehow gains access to the best minds in the nation (and probably all of business in the world) in order to give us invaluable insight. That is impressive. And the results leave me wanting more. I want more info from the 100 RMITs. More insight, more of their time.

Again, this is not a get rich quick book. But a more valuable tool that inspires and delivers extraordinary insight and motivation.

This book is very similar to Think and Grow Rich as the author interviews millionaires, asking for the "secret" to their successes. Good advice for people trying to build wealth. Practical things that will help you do that. Not sure if this would work for the guy off the street though. If you're into making money and success at business, you're probably already doing these things, but you'll get the concepts mentioned from a different perspective. This book will help you tweak more than establish them, I'd think. If you're brand new to business though, you still might get something out of it.

I think it's a great idea for a book and well executed. I wish more people would do books along these lines, not just on this subject, but any subject where mastery has occurred and people are willing to share how they did it.

I read this book at the time when there is a recession in America that affected the whole world. Despite of that, the richest man in America transcends even the most economic downturns by their proven habits and disciplines.

Most of the RMITs believe that you can never become rich if you're just working for others. So most of them have gotten successful by being an entrepreneur by themselves. According to Carl Icahn, you can't gamble to greatness, so almost all of them advises the people who want to get rich by starting early in their life. Since failures are bound to happen one way or another, the book illustrates how the RMITs were able to surpass and accept them as part of the business. They say that goals are only as good as your execution. And the important thing is focus specially on the improvements of daily activities.

There's a lot more things to learn for this book. And I'd say it is an inspiration to those who operates their own business.