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So how did Phil do it?
Starting with $1,000 of borrowed money and a yearly salary of only $4,000 (who knows what that would be worth today? Maybe 10k a year?) how exactly did Phil manage to become a multi-millionare?
I believe that Rule #1 is a good way to grow your money, but I don't believe he got rich just from Rule #1, so how did he do it?
Perhaps he made a few investments that exploded and got lucky? He mentioned he had a lot of real estate at one point, perhaps this added to his residual income?
I think Rule #1 is an outstanding method of trading on the stock market, however, I don't see how people can become millionares as Phil did by only following that method. There has to be other, faster ways to accumulate wealth. Yes, we can grow our money to a million and more, but to have 10 million plus seems unlikely with just rule #1 investing. Lets also not forget that Phil also claims he made his first million in his first 5 years let alone an entire lifetime of compounded interest.
Thoughts?
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