W. Randall Jones

Interesting book, but I would agree - too many anecdotes - and not detailed anecdotes, more like quotes from rich guys without delving deep enough into who they are. I found myself skipping around rather than reading straight through. The twelve commandments themselves are helpful if you want to build wealth through entrepreneurship. However, it sounds like many of these traits are something you either have or don't have (like boundless energy and ambition).

I was attracted to this book because I like to see people succeed and see how they did it. I think those that envy the rich should read this book and understand how much work and risk it takes. At the same time, I find the personal success stories in the Reader's Digest better written and more compelling.… (més)

The Richest Man in Town is a book in the vein of The Millionaire Next Door and paints an interesting picture of America's most financially successful people. Author Randall Jones pulls out his notes and rolodex he amassed while putting together Worth magazine. The cross section and insights these provide are very illuminating.

Jones organizes the book into 12 Commandments of Wealth, all traits and habits he's noticed many RMITs share. He then fleshes out these ideas with interviews, history and facts provided by the RMITs he interviews. While you will probably recognize many of the people Jones interviews, the fun part is reading about the RMITs you've never heard of. He even interviews and quotes two people from Alabama! One from Tuscaloosa and another in Birmingham.

The book is equal parts personal finance philosophy and business acumen. I think it's a great read for anyone trying to grow the back account beyond the "paycheck to paycheck" cycle so many are stuck in. I give it 3 out of 5.

(In the spirit of full-disclosure, I was given this book by the publisher to read and review.)… (més)

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.… (més)