Tips from entrepreneur Dirk Kessemeier
This is how you get rich
The entrepreneur Dirk Kessemeier with his book “Better nouveau riche than never rich”.
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Dirk Kessemeier made it from a poor background to become a millionaire. Here he gives tips on how anyone can achieve wealth.
From car mechanic to multimillionaire. Dirk Kessemeier’s career is impressive: growing up as a working-class child in a socially disadvantaged area, he earned his first million DM as a croupier in the casino. He founded the company “Euro-Leasing” and ultimately sold it to VW. With his new book “Better to be nouveau riche than never rich”, the investor and entrepreneur wants to show his readers the path to prosperity, happiness and health. In the interview he tells us what his secret to success is.
Mr. Kessemeier, being “nouveau riche” is not exactly popular in society. You’re obviously not embarrassed. Why?
Dirk Kessemeier: I deliberately chose my title as a provocation because the term “New Kingdom” originally came from the rich heirs of the old families from the third generation. They disliked the fact that there were people from the lower classes who, with a lot of hard work and a willingness to take risks, had made greater fortunes. I would also like to encourage young people to try it. My CV in particular shows that the path to financial freedom can work, even if you come from humble beginnings!
They come from so-called “small backgrounds” and have become multimillionaires. Your secret to success in one sentence?
Kessemeier: Pursue your goal, give 100 percent full throttle in your first 10 years and then reward yourself for the rest of your life. You can then enjoy this as a free person at a high level with 20 percent work and 80 percent income.
Do you have any tips on how you can build wealth even with a manageable income?
Kessemeier: Absolutely! Increase your income by changing jobs or taking on a part-time job and check your consumer behavior. Reduce consumption significantly, especially in the first ten years. Build up a stock portfolio! Once you have reached the first 100,000 euros, use it as equity for rentable properties or self-employment. This approach works. However, it’s like sport and fitness to achieve your dream figure – without discipline and perseverance it won’t work!
How can you learn this if you didn’t learn it from home or through school or friends?
Kessemeier: It is indeed a shame that there is no school subject for personal financial planning. But that doesn’t surprise me either – there are people teaching there who are strangers to life and who haven’t seen much outside of the school desk. What should you expect from people who have made themselves financially comfortable between salary levels A12 and A13 and think ETF is a GenZ girl group? And the curricula are not designed by experienced entrepreneurs either. They arise in the encrusted ivory towers of the ministries of culture. My advice: Orient yourself towards successful people, seek them out, read about them in books and on the Internet and learn from them. Every day.
In your book you also talk openly about mistakes in building wealth. What were the worst?
Kessemeier: Too much disproportionate willingness to take risks and trust in people who have been completely misjudged.
What did you learn from it?
Kessemeier: Healthy growth with a manageable and balanced willingness to take risks leads to the goal more easily in the long term. Less roller coaster is easier on your nerves. It’s also a shame that there are now more people who are willing to do anything for quick money. They used to be commonplace, but today I’m cautious about handshake transactions. I also recommend reading each contract three times.
What are the biggest myths about wealth creation?
Kessemeier: These are the life lies of all losers – the guaranteed path to poverty in old age: 1. The stock market is only for gamblers. 2. The safest thing is the employment relationship. 3. Self-employment leads to insolvency. 4. The pension is secure. 5. With a savings account you know what you have.
What do you recommend to employees who are planning to become self-employed?
Kessemeier: If possible, try to build up your independence on the side. Full throttle! If necessary, you can also take a break for a manageable period of time. Make sure you have enough equity to implement your carefully researched business idea. No matter how good your business idea is, it is still important to always have a plan B in case of an emergency.
Many people shy away from the risks of entrepreneurship. Do you understand that?
Kessemeier: I can totally understand that. Due to the lack of financial education, people only see the risks but not the opportunities. The kids are taught early on that an income as an employee is secure. What an absurd fallacy! I am fundamentally apolitical and detest extremes on the left and right. But the left-wing sect in our country has now managed to portray entrepreneurs as evil with their criticism of capitalism in schools and universities. When the crime scene is shown on ARD, 50 percent of the murderers are entrepreneurs and only then are 28 percent serious criminals.
What does wealth mean to you?
Kessemeier: Freedom. Money itself is meaningless. What counts is what you can gain in return: freedom and independence for my family and me. What is almost as important: the opportunity to build something for the community. I have created many jobs and make an important social contribution to our society through my high taxes.
What role do beliefs and attitudes play in financial success?
Kessemeier: They mean everything. The right attitude with a lot of hard work, unconditional discipline and a higher willingness to take risks than average are the basis. The unwavering belief in achieving the goal is the most important step for success.