Reddit mentions: The best wealth management books

>Americans who make minimum wage are some of the wealthiest humans on Earth by global standards.

I agree, but it has not much to do with the point i made.

>They money for welfare states in Europe came from colonialism, genocide, and slavery in places like Africa, Asia, and South America.

No, the wealth of the west is based on that. The money for welfare comes from taxes. Every country with a certain level of wealth can create a welfare state. It is not important how that wealth was created.

>As long as people provide informed consent, there's nothing immoral about it. That applies to sexual partnerships, and it applies to business partnerships as well.

So doing something immoral is not immoral if the person knows that she is doing something immoral? Thats not how ethics work.

>Even if consumers just want cheaper stuff, the best way to make things cheaper is to use fewer resources.

Wrong, the best way is to use cheaper resources. Cheaper resources does not equate fewer resources.

>Which problem do you solve? The capitalist focuses on the biggest problem because that means they make the most money.

My friends in Biotech would cry if they red that. Treating a disease by treating symptoms without treating the underlying cause is far more profitable than treating the underlying cause. There are a 1000 medications that are not used because they can be found in nature and can therefore not be patented. Thus, nobody invests the money to get these medications approved.

>Can you provide any data to support your view?

"Nutrition is the main cause of death and disease in the world." - https://www.who.int/nutrition/topics/world-food-day-2019-malnutrition-world-health-crisis/en/

I also worked for Plan International and traveled around Asia and South America.

​

>I don't care about an equal playing field.

Says a rich guy from a rich country. I don't care what you care about. I care about doing the right thing.

>I want to maximize innovation and growth on Earth because that increases the standard of living for all humans, especially the poorest ones.

What makes you think that? We are living in the fucking future and there are people dying of starvation. Capitalism, by nature, favors the rich, so they are the ones profiting. Pleas elaborate how the next generation of quantum computers will help to feed people in Africa.

>And currently, giving someone like Elon Musk another billion dollars would improve the standard of living for humans much more than giving a billion humans $1.

Would you say the same if that one dollar would make you able to afford food or medication, so that you can live another day? Your problem is that you simply cannot imagine absolute poverty, because you have never seen it and it is so far out of reach.

>This is explicitly the reason why we have to innovate more and faster.

But then again, your premise that money = innovation is wrong. Great minds and the freedom to create what you want to create = innovation.

>It's very easy to have a good idea. But 99% of success is execution. Capitalism ties everything to successful outcomes, not just creativity.

This is simply wrong. A good ideas in the terms you are referring to are rare. Furthermore, if 99% of success is execution, you can sell shitty stuff as long as your advertisement is good. This is the sole reason companies like apple exist. 0% Innovation, 99% marketing, 1% suicide nets.

​

>It's very easy to have a good idea. But 99% of success is execution. Capitalism ties everything to successful outcomes, not just creativity. And it's essentially a do or die system. If you don't come up with something special, there isn't much of a safety net.

I don't see how this is an argument against the point I made. If 99% is execution, you can have a completely useless thing that sells very good because its advertisement is good. #fidgetspinner

>Furthermore, capitalism incentivizes people who would normally lose because of your innovation to support you.

Besides the fact that this sentence does not make any sense whatsoever, I get that capitalism is not normal. Looks like you are making progress.

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>You aren't locked into a given worldview, because you can always sell your stock in your company and invest in something completely new.

This isn't an argument either.

> The only way to make more money is to keep investing in new, better ideas. That's why 70% of wealthy families lose their money by the second generation and 90% lose it by the third.

" Specifically, Cole, whose new book “More than Money” is out today, says he believes that about 60% of the wealth disintegration is due to a lack of communication and trust, 25% to a lack of preparation for how to handle the money; and about 10% to a lack of a shared vision about family goals around money.

It is advisable to read the articles you link.

​

>For these reasons, innovation and economic growth has been far more common in capitalist countries than in socialist or communist ones.

The fact that the cat eats the mouse is only an argument for being a cat if there are cats around. If there are only mouses, there is no need to favor being a cat over being a mouse.

On a planet on which people compete for live and death, obviously the person that reaches their hand will get slaughtered.

" In a globalized world a change to socialism could only work globally. This is why the "socialist" countries you are mentioning are not socialist. "

Wow...that's awesome! That's a CRAAAZY increase in income!
Congratulations! You're definitely very blessed to be in this position. Some people never even make $150k/yr, and you just made that in an increase! Good for you!

So since you stated that you're fairly knowledgeable about personal finance already, I'm sure that a lot of the advice you'll receive or read - you already know. The HARDEST part sometimes...is actually DOING what you read.

So with that being said - why do you still have a car loan if you make $150k/ year?
If I were you - I'd use part of this $150k increase and pay off that loan right away! You can afford to do it - so get rid of it. Why pay interest on an asset that is DEPRECIATING in value everyday? That makes no sense. So get rid of the car debt like it was an STD! hahaha.

I don't know how old you are, if you're single, married, etc.
But next I'd figure out what my life goals are. I'd ask myself these questions:

1. What are the big ticket items I want to do in the next 5,10,15 years? (buy a house, get married, have kids, travel, rental properties,etc...)

2. What do I want to do in my retirement?

3. How much will my lifestyle cost me in my retirement?

Once you have the answers to those questions, plan backwards to meet these goals.

So let's say for example 5years from now you wanted to buy a house. Let's say the house costs....hmm..I dunno...$300k(for simplicity sake)

I'd work back and say "in 2.5 years, I should save up $150k(half of it), in a little over a year, I should save up around $75k"
So basically work back from the 5 year date and set milestone dates to hit along the way.

I would be thinking ..."If I could keep my expenses low, and live like I didn't get the increase, then I could save my $150k pay raise each year and be able to pay for a house in cash" (I'm assuming that the $150k is before taxes, so you won't be saving $150k)

You're in a very unique position to set yourself to never have to worry about money again in your lifetime.

So use this opportunity to

1. Plan first
   
   
2. Then take the appropriate steps to reach your goals
   
   Invest your money wisely, make smart, well informed decisions and you'll be fine.
   
   One book I read that helps me make great decisions when it comes to investing in stocks is :
   
   Warren Buffett and the Interpretation of Financial Statements
   
   http://www.amazon.com/Warren-Buffett-Interpretation-Financial-Statements-ebook/dp/B001ISOQI0/ref=sr_1_1?ie=UTF8&qid=1416420542&sr=8-1&keywords=warren+buffet+competitive+advantage
   
   Great book that teaches you how to evaluate a company to see if it's really a good company to invest in Warren Buffett style!
   
   He's one of the wealthiest men on the planet - so why not learn from the best.
   
   All the best and again..congrats on that amazing job offer!
   

Build it Together: Thrive in Network Marketing Without Driving Your Spouse Crazy

https://www.amazon.com/dp/B07R6FZRQ9

FREE until May 4th

> Discover proven steps to maintain a happy marriage while creating a thriving Network Marketing business. Learn to deal with the emotions and struggles that occur when you build a business from the ground up.

>Benefit from the stories of real-life couples who have succeeded in business and in marriage. Network Marketing is hard on relationships. This book demonstrates how you can meet challenges, support your spouse, work as a team and create a life you enjoy together.

>My wife and I built a profitable network marketing business and an amazing lifestyle while preserving a happy and balanced marriage. We cried, laughed and learned together. It was not easy, but it was worth it. This is a short simple guide to making network marketing a blessing for couples instead of a curse.

---

On Investing Well: The Elements of Good Investing

https://www.amazon.com/dp/B07QNRYFZR

FREE until May 5th

> LEARN HOW TO NAVIGATE THE COMPLEX WORLD OF INVESTING

>“Many people run into trouble while investing because they focus on methods first, ignoring principles. They think they can find the perfect method with which to invest, but there is no magic formula for investing success. Successful investors’ secrets lie not in the methods they use, but in the principles to which they adhere.”- Chris Merchant, CFP® BFA®

>The United States is entering an Era of Personal Responsibility. Gone are the days when you could work for the same company for forty years and retire with a generous pension. In this new system, you bear most of the burden for saving for a college education, health care and retirement. If you want to survive and thrive, it is up to you to make it happen. No one else is going to do it for you

Amazon seems to have a lot of recent books on the topic.

Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators (2015)
https://www.amazon.com/Family-Trusts-Beneficiaries-Protectors-Bloomberg/dp/1119118263

Executor's Guide, The: Settling a Loved One's Estate or Trust (2018)
https://www.amazon.com/Executors-Guide-Settling-Loved-Estate/dp/1413324800

Trustee's Legal Companion, The: A Step-by-Step Guide to Administering a Living Trust (2017)
https://www.amazon.com/Trustees-Legal-Companion-Step-Step/dp/1413323650

Plan Your Estate (2018)
https://www.amazon.com/Plan-Estate-Denis-Clifford-Attorney/dp/1413325114

Every Californian's Guide To Estate Planning: Wills, Trust & Everything Else (2018)
https://www.amazon.com/Every-Californians-Guide-Estate-Planning/dp/1413324681

I know his background and I also know some of the allegations, cases, etc. I don't want to get embroiled in either trying to refute the allegations or researching more now...

But I just want to point you to this book; I've read it (just download it here) and it told me how the richest people in the world became rich (no, it's not a self-motivation book. Those books are worthless. The writer is an economist and a PhD holder) through various means that are less than... pure. The ways that Sandi got his riches were almost certainly not through that straight of a path. Still, I've met him personally a few times, I've talked with people close to him and one of them is my close friend, so suffice to say that I believe that he has integrity, at least in term of making Jakarta better and in the term of being a good, competent public servant.

Do you have access to free printing by any chance? perhaps you can get an electronic copy and just print it?

I'm guessing that you're young, based on your talk about allowance. I don't recommend Intelligent Investor, as there might be some prerequisites that you are missing. The book is pretty accounting heavy terms, and you should have at least a basic knowledge of corporate accounting before reading it. Save this one for when you can look at all 3 financial statements and know what ever item on those statements mean.

You might this one to be more of an easier read: "The Little Book That Beats The Market". This one tries to get you to think about companies as businesses instead of tickers with a fluctuating price. You won't need any knowledge of corporate accounting for this one.
http://www.amazon.com/gp/offer-listing/0470624159/ref=sr_1_1_olp?ie=UTF8&qid=1394658640&sr=8-1&keywords=the+little+book+that+beats+the+market&condition=used

If you want to learn some corporate accounting, I recommend this one as it an easy read and catered to beginners. Also, it's $4 on Amazon so your allowance can go a long way.
http://www.amazon.com/gp/offer-listing/1416573186/ref=sr_1_2_olp?ie=UTF8&qid=1394658943&sr=8-2&keywords=interpretation+of+financial+statements&condition=used

I don't recommend Random Walk On Wall Street for your level. EMF is basically something that says the average investor cannot do better than the average investor (duh), in the grand scheme.

Wow, this is such simplistic answer to an issue with a lot of nuance. I encourage you to read: http://www.amazon.com/Pound-Foolish-Exposing-Personal-Industry/dp/159184679X.
In it, the author exposes the basic lie that all you have to do is save here and there to make a big financial impact. Like cutting out Starbucks every day and saving it, for example. Most wealthy people acquire their wealth via inheritance, period. There is no meritocracy; median wages have been flat for a decade or more, while prices have risen steadily during that time. The socio-economic/political structures are all designed to protect the ruling class’s wealth and maintain the existing power dynamics. Saving your daily Starbucks money in some 4% account won’t change the fact that you will likely live and die in the same financial/socio-economic class as your parents.

Nobody knows. Maybe the S&P will do the best. Or it might be VTSAX, small value stocks, foreign stocks, or emerging markets. That's why you diversify.

Over the long haul, small stocks tend to outperform large stocks, and value stocks to outperform growth stocks, so the S&P isn't even the most likely to win. See for example this book by Berkin and Swedroe.

• A John Bogle Indexing Book or any book that covers indexing and why its more prudent than active management. I know this isn't what you asked, but the rest of the points on my list will fall apart without a solid foundation.
  
  
• Index Fund Advisors website For an introduction to both indexing and academic investment factors. An absolute ton of videos and articles, and even a Risk Capacity survey (if you fill out the survey, they will email you about wealth management, but there is a ton of free information on the site).
  
  
• Paul Merriman's website for factor based investment strategies and portfolios. He also has a weekly podcast.
  
  
• Larry Swedroe's website and his books for more factor-based investment advice. My favorite book is this one
  
  
• Vanguard video webcasts for coverage on a myriad of investing, economic, and financial planning topics, with CFAs, CFPs, and other professionals.

"For clarity, the book has many interviews about successful and talented traders with questions on their daily routine, their success/failed strategies, etc. I would highly advice you to take a look."

​

https://www.amazon.com/Traders-New-Era-Interviews-Frequency/dp/8591671309

Here are all the local Amazon links I could find:


amazon.com

amazon.co.uk

amazon.ca

amazon.com.au

amazon.in

amazon.com.mx

amazon.de

amazon.it

amazon.es

amazon.com.br

amazon.nl

amazon.co.jp

amazon.fr

Beep bloop. I'm a bot to convert Amazon ebook links to local Amazon sites.
I currently look here: amazon.com, amazon.co.uk, amazon.ca, amazon.com.au, amazon.in, amazon.com.mx, amazon.de, amazon.it, amazon.es, amazon.com.br, amazon.nl, amazon.co.jp, amazon.fr, if you would like your local version of Amazon adding please contact my creator.

Andrew Stotz's How to Build Wealth Investing in the Stock Market is a great introduction to investing in equity for the long-term

Hi

Economics is the study of offer and demand. It's all about common sense.

Finance is the inverse of Investing. It's all about how you spread risk. Finance is the study of the relation between the hard working guys with no money who needs money, and the rich guys with money who want to avoid working.

There is a lot of jargon in economics, but it always boils down to big common sense.

For economics, I would suggest you to start with game theory. A good book to start is "the evolution of cooperation".

For finance, I would suggest you learn how to read financial statements. There is a good book called "Warren Buffet and the Interpretation of Financial Statements". The book has nothing to do with Warren Buffet.

http://www.amazon.com/Warren-Buffett-Interpretation-Financial-Statements/dp/1416573186

I would think twice about ANF because fashion is so crazy. I bought 100 shares of LB for $90, watch it go to $110 then drop to $80... I couldn't take it and accepted my loss. Athleisure was taking over and instagram influencers destroyed the super model. Now LB is trading in the 30's. Luckily my shares of Nike kept going up, hedging my loss. After this experience, it put me on a quest to study companies much more in depth. I would highly recommend reading Warren Buffet and the Interpretation of Financial Statements if you have the time.

https://www.amazon.com/Warren-Buffett-Interpretation-Financial-Statements/dp/1416573186

​

But who knows. Maybe some instagram social influencer will blow up ANF and put it back on the map. Maybe Kanye will do a collab. You never know. Good Luck!

The Wealth Elite by Dr. Rainer Zitelmann fits most of the post, except the plane. The cover on Amazon is plain black with gold lettering.

There's a book I read called Pound Foolish a few years ago that helped me put the volume of information out there in perspective for me. Basically it looked at a bunch of websites and authors claiming to have all of the answers to help you get rich and showed that maybe their claims weren't as good as they said they were.

The take-home was that I shouldn't pay for newsletters or subscriptions and be choosy about the books I buy (nothing wrong with the Dummies series!) and think that I'm that much better off because of it. And no, the author's no fan of Suze Orman...

I read the books years ago, so I can't remember anything specific, but she might have been somewhat involved with BRK administrative duties? Don't quote me on that. The one book (Interpretation of FS) seemed like she just perused his acquisitions and found common attributes.

A recommendation from a doctor turned venture capitalist friend of mine:

https://www.amazon.com/Reducing-Risk-Black-Swans-Volatility-ebook/dp/B07BDPSR7X/ref=nodl_

The Next Millionaire Next Door is an updated version.

The Next Millionaire Next Door: Enduring Strategies for Building Wealth https://www.amazon.com/dp/1493035355/ref=cm_sw_r_cp_apa_i_mYFmDb6C9BSW1

http://www.amazon.com/Pocket-Idiots-Guide-Investing-Stocks/dp/1592574734

I'm not trying to be a smartass. It is just way more then I could explain here. If you sign up for an online broker, they will have guides you can use, but you're probably better off reading online or get a book.

I have good news for you, they did update it the past year.

I read it and thought it was meh compared to the first one. I thought the first one spoke about how small business owners were mainly the millionaires, this one talks more about how there are more 401K millionaires out there.

https://www.amazon.com/Next-Millionaire-Door-Enduring-Strategies/dp/1493035355

The daughter of the original author did just that last October: https://www.amazon.com/Next-Millionaire-Door-Enduring-Strategies/dp/1493035355/ref=mp_s_a_1_2?keywords=millionaire+next+door&qid=1563107404&s=gateway&sprefix=Millionaire+n&sr=8-2

Warren Buffett and the Interpretation of Financial Statements
www.amazon.com/dp/B001ISOQI0

Immobilien zu bewerten, unterhalten und zu vermieten erfordert erhebliches Fachwissen. Deine allgemeine Frage und der Hinweis zu den USA lässt mich darauf schließen, dass du eigentlich gar keine Ahnung von der Thematik und deinen Markt hast? Am besten übernimmst du gar keine Informationen aus den USA und lernst Grundlagen deines Marktes kennen, bevor du auch nur daran denkst aktiv zu werden.

• https://www.amazon.de/gp/product/0993950647 (wsl. nicht zu 100% für CH übernehmbar)
  
• https://www.amazon.de/dp/3947059000/ (wsl. nicht zu 100% für CH übernehmbar)
  
• http://immopreneur.de/forum/
  
• https://www.vermieter-forum.com/
  

The Millionaire Next Door (2016 or 2018) is the second book in the set

Simplicity is generally better, especially as you're implying with a small portfolio. Check out these sources for more info:

http://www.investopedia.com/articles/basics/08/simplify-investing.asp

http://www.investopedia.com/articles/01/051601.asp

https://www.amazon.ca/Wealth-Common-Sense-Simplicity-Complexity/dp/1119024927

http://www.theglobeandmail.com/globe-investor/advisers-view/investors-resist-it-but-simplicity-is-better/article33266009/

Given that you're just slicing up the same pie into different pieces, I don't see the point of having more ETFs which causes more confusion. But then again, I don't follow the CCP portfolio and I think eventually some people may want to graduate from that level (i.e., the kindergarten of investing) and do some more work after they've done more research. Maybe you're at that level, but buying ETFs that do the same thing as the CCP portfolio wouldn't really help you move beyond that level.

> Não opinião de vocês, quais são os livros essenciais para alguém interessado em controlar e maximizar a eficiência da sua vida financeira?

Não vou recomendar livros de finanças pessoais/orçamento doméstico pq desconheço. Sei apenas o princípio comum: guarde pelo menos 10% do que ganhar, pague todas as dívidas. Se não é possível com seus ganhos atuais, busque aumentá-los (estudando, mudando de emprego, etc).

Livros essenciais para aprender a investir:

• Comece pelos Guias da Suno Research. Não, eu não ganho nada indicando-os. É apenas o material mais básico e educativo que eu conheço sobre investimentos...em nosso idioma.
  
• O Investidor Inteligente. É a Bíblia dos investidores.
  
• Ações comuns, lucros extraordinários. O autor inspirou Warren Buffett, o maior investidor da História, a mudar seu jeito de investir.
  
• Investindo em Ações para o Longo Prazo. O autor mostra como investimento em ações é mais lucrativo e menos arriscado que renda fixa, no longo prazo (realidade dos EUA).
  
  Uma dica: prefira sempre a leitura no idioma original dos livros. Nossas traduções são péssimas, ainda mais em assuntos de nicho como investimentos. Os caras colocam um tradutor que não conhece o ambiente, e aí um livro bom fica medíocre.
  
  Bons estudos.

Not really, Pound Foolish talks about how the "Latte effect" is a farce.