#353 How To Be Rich by J. Paul Getty

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Jun 23, 2024

Delve into the essential principles from J. Paul Getty's teachings on building relationships and embracing innovation. Discover the resilience of an oil entrepreneur who triumphed against fierce competition. Learn about the importance of optimism and extreme ownership in achieving business success. Nonconformity emerges as a vital ingredient for wealth, encouraging independent thinking among entrepreneurs. Plus, explore a groundbreaking tool for accessing wisdom from history's greatest entrepreneurs.

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ANECDOTE

Getty's Early Days in Oil

J. Paul Getty's father, George, instilled a strong work ethic and a love for the oil business in him from a young age.
Unlike his father's early success, Getty faced initial setbacks, but his belief in geology and adaptable approach helped him persevere.

ADVICE

Aim High, Stop the Bleeding

In business, aim high and go straight to the ultimate decision-maker.
Stop the bleeding by taking immediate action to mitigate losses when facing challenges.

ANECDOTE

Getty's Contrarian Bet

During the Great Depression, Getty went against the advice to liquidate and doubled down on the oil business.
This decision, driven by his vision of a vertically integrated company, ultimately led to his immense success.

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How to Be Rich

J. Paul Getty

In this book, J. Paul Getty shares his secrets for achieving wealth and financial success. Getty, who was once considered the richest man in the world by Fortune magazine, provides a blueprint for those who want to follow in his footsteps. The book covers all arenas of wealth creation, including practical advice on investing, managing money, and living frugally. It emphasizes the importance of wise financial decisions and offers a straightforward, insightful look into the mindset and strategies of a highly successful businessman.

Michael Jordan: The Life

Roland Lazenby

This biography, written by Roland Lazenby, delves into the life of Michael Jordan, from his early days in North Carolina to his rise as a global ambassador for basketball. It covers his growth from a skinny rookie to a legendary player and business icon, highlighting his ruthless competitiveness and insatiable drive. The book draws on Lazenby's personal relationships with Jordan's coaches, friends, teammates, and family members, as well as interviews with Jordan himself, to provide a detailed and compelling portrait of the man behind the myth.

Les Schwab

Pride in Performance - Keep it Going!

Les Schwab

In this book, Les Schwab shares his life story, from his challenging childhood during the Great Depression to his success in building Les Schwab Tire Centers. The book highlights his business philosophy, which includes empowering and rewarding employees, maintaining a long-term focus, absolute transparency, a win-win culture, continuous innovation, and prioritizing front-line employees. Schwab's memoir also emphasizes his personal mantra, 'Life is hard. Keep it going!' which reflects his determination and resilience in the face of challenges.

Titan

The Life of John D. Rockefeller, Sr.

Ron Chernow

This biography by Ron Chernow provides an in-depth look at John D. Rockefeller, Sr., the founder of Standard Oil and one of the most influential figures in American history. Drawing on unprecedented access to Rockefeller’s private papers, Chernow reconstructs Rockefeller’s troubled origins, his single-minded pursuit of wealth, and his profound religiosity. The book also delves into Rockefeller’s philanthropic efforts, including his generous donations to the Rockefeller Foundation, the University of Chicago, and Rockefeller University. Chernow’s narrative synthesizes Rockefeller’s public and private lives, revealing a complex and multifaceted individual who was both a ruthless businessman and a devoted philanthropist. The book captures a pivotal moment in American history, documenting the post-Civil War shift from small businesses to giant corporations and featuring cameos by notable figures such as Ida Tarbell, Andrew Carnegie, and J.P. Morgan.

Bubble in the Sun

The Florida Boom of the 1920s and How It Brought on the Great Depression

Christopher Knowlton

This book explores the Florida land boom of the 1920s, detailing how speculation and overdevelopment led to a financial bubble that ultimately contributed to the Great Depression. Knowlton provides a comprehensive look at the economic and social factors that fueled this boom and its subsequent collapse.

A Few Lessons for Investors and Managers From Warren Buffett

Peter Bevelin

Warren Buffett

This book compiles timeless wisdom from Warren Buffett's annual reports and public speeches, focusing on business valuation, corporate governance, risk management, and the importance of trust and culture. It offers practical advice for managers and investors to think more like each other, enhancing success and reducing harm.

What I learned from reading How To Be Rich by J. Paul Getty.

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(2:00) My father was a self-made man who had known extreme poverty in his youth and had a practically limitless capacity for hard work.

(6:00) I acted as my own geologist, legal advisor, drilling superintendent, explosives expert, roughneck and roustabout.

(8:00) Michael Jordan: The Life by Roland Lazenby. (Founders #212)

(12:00) Control as much of your business as possible. You don’t want to have to worry about what is going on in the other guy’s shop.

(20:00) Optimism is a moral duty. Pessimism aborts opportunity.

(21:00) I studied the lives of great men and women. And I found that the men and women who got to the top were those who did the jobs they had in hand, with everything they had of energy and enthusiasm and hard work.

(22:00) 98 percent of our attention was devoted to the task at hand. We are believers in Carlyle's Prescription, that the job a man is to do is the job at hand and not see what lies dimly in the distance. — Charlie Munger

(27:00) Entrepreneurs want to create their own security.

(34:00) Example is the best means to instruct or inspire others.

(37:00) Long orders, which require much time to prepare, to read and to understand are the enemies of speed. Napoleon could issue orders of few sentences which clearly expressed his intentions and required little time to issue and to understand.

(38:00) A Few Lessons for Investors and Managers From Warren Buffett by Warren Buffett and Peter Bevelin. (Founders #202)

(41:00) Two principles he repeats:

Be where the work is happening.

Get rid of bureaucracy.

(43:00) Years ago, businessmen automatically kept administrative overhead to an absolute minimum. The present day trend is in exactly the opposite direction. The modern business mania is to build greater and ever greater paper shuffling empires.

(44:00) Les Schwab Pride In Performance: Keep It Going!by Les Schwab (Founders #330)

(46:00) The primary function of management is to obtain results through people.

(50:00) the truly great leader views reverses, calmly and coolly. He is fully aware that they are bound to occur occasionally and he refuses to be unnerved by them.

(51:00) There is always something wrong everywhere.

(51:00) Don't interrupt the compounding. It’s all about the long term. You should keep a fortress of cash, reinvest in your business, and use debt sparingly. Doing so will help you survive to reap the long-term benefits of your business.

(54:00) You’ll go much farther if you stop trying to look and act and think like everyone else.

(55:00) The line that divides majority opinion from mass hysteria is often so fine as to be virtually invisible.

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