Need help with economics and money management

DangZagnut · 2019-04-19T16:06:14+00:00

I'm going to give you a recommendation. The first book in the Rich dad / Poor dad series by Robert Kiyosaki is good. And people go into it being a scam, which is why I don't recommend the series, just the first book.

I only recommend the first book, because he goes into some basic concepts about how you become wealthy. The rest of the series is nonsense, but the first book gives a good basis of the difference between financially successful people and financially "middle" people by comparing his two "dad" concepts.

I'd ignore most podcasts and investing books, because they are all based on technicalities rather than fundamental principles.

Fundamental principles are "don't wast time on liabilities" and "invest in yourself". And how to identify opportunities. Ignore the "get rich" concepts, and focus on the wealth concepts.

DWShimoda · 2019-04-19T23:20:09+00:00

Bachelor Pad Economics: The Financial Advice Bible for Men

Pretty much everything you need all in one (big, fat, long*) book.

* But don't fret about the size, you don't HAVE to read the entire thing all at once, or even all in your youth -- much of the advice it contains is for middle-age & later years (like "estate planning" i.e. how to structure what & how what's left goes to kids, or friends, or whoever after your dead, etc) -- and the author guides you as to what parts you SHOULD read (or focus on) depending on your age & situation (education/career status, marital state, present financial condition, goals, etc).

storresrosado · 2019-04-19T16:15:53+00:00

I personally recommend financial peace university by Dave Ramsey. It works.

CoinSwapTrader · 2019-04-19T17:05:45+00:00

Diversify your total capital into small packets in different investments and markets and also allocate to low, medium and high risk pools all investments such that you have a well diversified portfolio. Some stocks, bonds, gold, silver, crypto and even a little land and ETFs. Usually when one of my investments go bust to ZERO....I only lose 1-2% of my total net worth! This is why it is unwise to over expose your capital to high risk investments, but also foolish is the investor who does not have some %(10% min to 30% max) of his capital invested in high risk investments!

Older_Miggy · 2019-04-19T17:29:13+00:00

Along with books, I would also suggest opening an account or two with a couple big discount stock brokers.

For example, you can open an account at Etrade without putting any cash in to start. They have various tutorials on there that help introduce one to the basics of this and that. I think TDAmeritrade is another, but it's been a long time since I opened mine there for not sure.

Tutorials cover all kinds of stuff, from stocks to bonds to options to futures to forex. It's a good way to get immersed in investing/trading and finding out what you enjoy most.

And if you have a few bucks to invest right now, I'd suggest just putting it into an index mutual fund while you're learning. That way you have skin in the game, and barring a complete collapse you're not gonna get hurt much even if the markets takes a turn down.

Edit: and stay away from cryptos. Worse than worthless.

PrinceRaj53 · 2019-04-19T18:06:36+00:00

Bachelor pad economics is a good one.

cypresstalker · 2019-04-19T16:24:57+00:00

I majored in economics and it doesn't teach you much about personal finance. I think you're looking for more day trading books.

check this book out: https://www.goodreads.com/book/show/104311.Trading_for_a_Living

CiceroVoltaire · 2019-04-19T16:27:43+00:00

"The Intelligent Investor", by Benjamin Graham.

2019-04-19T23:33:18+00:00

"If you are living the lifestyle you want, you are rich"

It's a common say that means that you need to invest and buy only to reach your ideal lifestile, the money surplus won't give you an happiness worth the effort. The best way is to invest in yourself, to reach the status of self-accomplished man, were money are a mean to reach your full potential and not used to indulge in materialism. Many usually stop at being materialistic.

Title	Need help with economics and money management
Author	i-cantfind-
Upvotes	10
Comments	17
Date	April 19, 2019 3:52 PM UTC (7 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/bf0ox8/need_help_with_economics_and_money_management/
Archive Link	https://theredarchive.com/r/MGTOW/need-help-with-economics-and-money-management.479889 https://theredarchive.com/post/479889

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Bachelor Pad Economics: The Financial Advice Bible for Men