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Vera
@vera_18
Disrupting the time-money relationship
Investing and passive income disrupt the time-money relationship.
To make money without having to trade any of your time frees up your time to ultimately do things that are more important to you.
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Paisley
@pai291
The Stoic Path to Wealth: An ancient investing strategy for the modern world
Wealth In The Modern World
Investing is about 9 percent theory, 1 percent execution and 90 percent emotion management.
Not everyone becomes a multimillionaire, at least not in the short run. The good...
Stoicism And Investing
Stoicism is a life-survival strategy, a way to protect one’s sanity while facing the ups and downs of life. It helps us focus on what we can control and to let go of the stuff we cannot control.
While not many are aware of this, stoicism embraces money and wealth, and advises a person to make money with honesty, dignity and trustworthiness.
Stoic Path To Wealth: Earn Money
No matter how little you earn using income-generating skills like writing, speaking, coding or managing, you can get started with investing by simply earning more than your expenses.
One needs to focus on the income-generation part and create value out of nothing, using one’s skills.
Valerie
@val_q29
Personal Finance Guide: Manage Your Money Like A Boss - Darius Foroux
A Definition of Personal Finance
Personal finance is about managing your own money - how much you spend, save, get into debt, and invest.
How you manage your money will depend on your age, education, ambit...
Best Personal Finance Books
- The Richest Man in Babylon, by George S. Clason. The message of this 1926 book is that rich people are rich because they save their money and don't get into debt.
- Your Money or Your Life, by Vicki Robin and Joe Dominguez. This book will change your relationship with money.
- The Little Book of Common Sense Investing, by Jack Bogle. This book is about index funds. Jack Bogle founded Vanguard and created index funds.
The 4 Phases Of Personal Finance
Consider where you find yourself as each phase requires a different strategy.
- From nothing to something. This is where you live from paycheck to paycheck without any savings. Try to build a financial buffer of at least one month of expenses.
- Gaining traction. Once you've saved at least one month of expenses, aim for saving six months of expenses.
- Peace of mind. Put your money in a savings account and don't touch it. Everything else you save from now on is meant for investing.
- Financial freedom. This is the stage where you have enough cash and investments to cover your cost of living.
Paisley
@pai291
Investing for Beginners: The Complete Investing 101 Guide for 2019
Investing
... is the trading of your money today for a lot more money in the future. It is a high yield over the long term.
What happens to your money
Banks don’t like to give away their money. That mindset is reflected in the interest rates of checking and savings accounts of 0,5% and 0.9% avg. annual interest respectively.
When you deposit your money in the bank, the bank turns around and invests that money at 7% a year or more. After they collect their profit, they give a tiny shaving of it to you.
Portfolio and Diversification
- Your portfolio reflects your long-term wealth building investment strategy – not the short term. It includes everything you own. Your retirement accounts, your investment accounts, even your home are types of investments.
- Diversification is a way to describe owning multiple types of investment assets. Diversification is smart because you both protect yourself from failure and position yourself to take advantage of multiple robust methods for building wealth.
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