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I want to become financial literate. Where should I begin? Suggested Books?
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nicolahcm Offline
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I want to become financial literate. Where should I begin? Suggested Books?
Hi, I never studied financial subjects at school or at university. Now I think is a good moment to learn about Accounting, Investments, and so on.
I don't want to become an accountant. I think it's worth knowing such stuff.
Do you have any particular books to suggest?
Laws, taxes, retirement plans, social securities and so on change from country to country. Most of the books are probably for US situation. If you think is useful, share. Maybe some important ideas independent by country are to be found there.
Also I am looking for more technical stuff.
Any suggestions?

I have already read some books, for example , "The student's guide to financial literacy". I am looking for other ways of treating the subject, some more examples, etc.. etc..
10-06-2019 05:03 AM
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Kona Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
People will tell you all kinds of books by inspirational people. Rich dad poor dad, certain youtubers, the secret, etc. Screw all of that. Especially since you want technical, I say get the real estate exam book for your area and read that. You'll be happy you did.

Aloha!
10-06-2019 05:27 AM
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N°6 Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
The youtube algorithm directed me to a guy called MGTOW Money. He has a lot of good advice for men who are not married and a lot of book recommendations.

Don't spend all your energy on sex and all your money on women; they have destroyed kings. (Proverbs 31:3 GNB)
10-06-2019 05:57 AM
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H1N1 Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
Warren Buffet Accounting is a great entry level book if you know very little. It's got great explanations of fundamentals - what inflation is, interest rates, their impact on business, why assets have value, why sensible investing based on inherent value will yield respectable results over time. All that kind of stuff. And it is really readable. The guys who wrote it also run a good podcast on youtube, if that's your thing. I find podcasts a really unsatisfactory way of absorbing information, generally, so I don't follow it, but it is really well done despite my own personal preferences.

A good way of getting started is to look at economists or financially literate people you find engaging, and then look out their work, and even books about their work. Milton Friedman, for example, is a really engaging guy - amusing, thoughtful, and full of illustrative examples that makes his points easy to comprehend. Consequently, I personally find his writing really clear, accessible, and logically structured. For me, he is easy to read. Other guys who are really smart and clearly know their stuff can be very difficult for me to get my head around, even with a fairly high level of financial competence myself. To quite a high level all the important stuff is agreed on by serious economists - the same is true of any serious discipline - so you can really find someone you like and find engaging and just go with them if you're not doing this for any deep rooted professional or academic reasons. To say you could go a very long way on Milton Friedman alone, for example, is something of an understatement.
10-06-2019 06:13 AM
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NoMoreTO Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
(10-06-2019 05:27 AM)Kona Wrote:  People will tell you all kinds of books by inspirational people. Rich dad poor dad, certain youtubers, the secret, etc. Screw all of that. Especially since you want technical, I say get the real estate exam book for your area and read that. You'll be happy you did.

Aloha!

Nice!

On a similar note:

If you're not already doing them, Do your own income taxes this year. Read up on your tax code, read some basic tax planning books. You can read the stuff people read who work at H&R Block, they aren't accountants but have basic training in taxes.

Investments are always placed over taxes in terms of importance. But you give 30-50% of your money back to the government, so learning how that works, and what above board abilities you have to get around that is more important. Point is, once you know how taxes work, you can adjust your life and purchases with the tax implication in mind. This is a huge advantage.

“Where the danger is, so grows the saving element.” ~ German poet Hoelderlin
(This post was last modified: 10-06-2019 07:37 AM by NoMoreTO.)
10-06-2019 07:31 AM
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monsquid Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
https://www.amazon.com/Investors-Manifes...1118073762

Above book is what I read 10 years ago to build a basic foundation and it's been very helpful. I also give it to friends and family frequently. Written by a doctor with common sense financial goals it's the best primer to get started.

After the baseline knowledge from this book then you should look into The Intelligent Investor by Graham, A Random Walk Down Wall Street by Malkiel, and whatever specific interests/needs you need. There's a wealth of information available but most importantly you have to identify your financial goals before you take action.
10-06-2019 09:56 AM
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Emperor Constantine Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
I Will Teach You to be Rich by Ramit Sethi has very detailed, step-by-step instructions for the financial stuff you need to know how to do, like talking to your credit card company, opening a brokerage account, and many other things. I wish I'd read it before I moved out of my parents house, sink or swim style.

Early Retirement Extreme by Jacob Fisker opened up my eyes to how to be frugal. I've always spent less than my peers, but this book really showed me how extravagant my lifestyle still is.

https://www.rooshv.com/how-to-get-your-f...s-in-order
^ And this article by our hero got me to start tracking my spending, which has made an immense difference in how much I spend each month.
10-06-2019 12:33 PM
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redbeard Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
(10-06-2019 12:33 PM)Emperor Constantine Wrote:  I Will Teach You to be Rich by Ramit Sethi has very detailed, step-by-step instructions for the financial stuff you need to know how to do, like talking to your credit card company, opening a brokerage account, and many other things. I wish I'd read it before I moved out of my parents house, sink or swim style.

Big co-sign. Ramit is a millenial who wrote this *before* getting rich. It's applicable advice that's presented in a fun, easy-to-digest way.

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10-06-2019 01:13 PM
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marocboy95 Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
Hey Nicolah,

I would suggest you learn a specific high income skill..I know this was not the answer you were hoping for, but unless you want to get into finance, it won´t make sense to become "financial literate".

The idea behind is to spend as little time as possible outside your area of competence (which in itself is very highly financial literate) and work on one skill that will make you money.

You can pay financial advisors to help you out later.
10-06-2019 06:38 PM
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TheFinalEpic Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
A lot of this can be condensed to a few universal topics that you'll find everywhere:

1. Live below your means.
2. Take the extra money and invest in a combination of yourself, a business, real estate, and the broader market.
3. Don't trade, dollar cost average into the market.
4. Keep fees as low as possible from institutions and brokerages.
5. Repeat.

I would personally suggest that you also develop marketable skills in an in-demand area, and work on the side, building a business that allows you to dictate your own hours and location. You'll be much happier this way, and there is most definitely a freedom to being able to go to the gym when it's dead in the middle of the day, avoid rush hours, and the time that you save is invaluable.

At the end of the day, time is the resource you should care about most.

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10-07-2019 09:29 AM
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whitewashedblackguy Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
Why We Want You to be Rich, by Donald Trump and Robert Kiyosaki.

African-Americans were horrified that the history of their ancestors was being, quite literally, whitewashed.
10-07-2019 09:43 AM
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sonoran_ Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
read the daily articles on greaterfool.ca

He was a previous member of parliament in Canada and talks a lot about Canadian real estate and personal fiscal responsibility which can be translated to people in any country.

Obviously you dont have to take 100% of it as gospel but I agree with 90% of what he says.
10-07-2019 02:08 PM
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nicolahcm Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
(10-06-2019 05:27 AM)Kona Wrote:  People will tell you all kinds of books by inspirational people. Rich dad poor dad, certain youtubers, the secret, etc. Screw all of that. Especially since you want technical, I say get the real estate exam book for your area and read that. You'll be happy you did.

Aloha!


Looks a good idea. I'll begin with that. I was always looking for english books. While there could be nice books from authors that come from my country, probably not much feedback behind. I'll find out.
10-07-2019 02:41 PM
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nicolahcm Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
(10-06-2019 06:13 AM)H1N1 Wrote:  Warren Buffet Accounting is a great entry level book if you know very little. It's got great explanations of fundamentals - what inflation is, interest rates, their impact on business, why assets have value, why sensible investing based on inherent value will yield respectable results over time. All that kind of stuff. And it is really readable. The guys who wrote it also run a good podcast on youtube, if that's your thing. I find podcasts a really unsatisfactory way of absorbing information, generally, so I don't follow it, but it is really well done despite my own personal preferences.

A good way of getting started is to look at economists or financially literate people you find engaging, and then look out their work, and even books about their work. Milton Friedman, for example, is a really engaging guy - amusing, thoughtful, and full of illustrative examples that makes his points easy to comprehend. Consequently, I personally find his writing really clear, accessible, and logically structured. For me, he is easy to read. Other guys who are really smart and clearly know their stuff can be very difficult for me to get my head around, even with a fairly high level of financial competence myself. To quite a high level all the important stuff is agreed on by serious economists - the same is true of any serious discipline - so you can really find someone you like and find engaging and just go with them if you're not doing this for any deep rooted professional or academic reasons. To say you could go a very long way on Milton Friedman alone, for example, is something of an understatement.


I thought that big researchers in economy mostly study the macro-economy. And I have the idea that macro-economy won't have any resulting benefit for me but the simple knowledge.
I would like to know better economical stuff that could help me to get financially okay.
Do you think that reading these stuff is worth? Maybe in trading stocks, currencies ... How can a single person benefit from that knowledge?
10-07-2019 02:48 PM
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bacon Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
(10-07-2019 02:48 PM)nicolahcm Wrote:  
(10-06-2019 06:13 AM)H1N1 Wrote:  Warren Buffet Accounting is a great entry level book if you know very little. It's got great explanations of fundamentals - what inflation is, interest rates, their impact on business, why assets have value, why sensible investing based on inherent value will yield respectable results over time. All that kind of stuff. And it is really readable. The guys who wrote it also run a good podcast on youtube, if that's your thing. I find podcasts a really unsatisfactory way of absorbing information, generally, so I don't follow it, but it is really well done despite my own personal preferences.

A good way of getting started is to look at economists or financially literate people you find engaging, and then look out their work, and even books about their work. Milton Friedman, for example, is a really engaging guy - amusing, thoughtful, and full of illustrative examples that makes his points easy to comprehend. Consequently, I personally find his writing really clear, accessible, and logically structured. For me, he is easy to read. Other guys who are really smart and clearly know their stuff can be very difficult for me to get my head around, even with a fairly high level of financial competence myself. To quite a high level all the important stuff is agreed on by serious economists - the same is true of any serious discipline - so you can really find someone you like and find engaging and just go with them if you're not doing this for any deep rooted professional or academic reasons. To say you could go a very long way on Milton Friedman alone, for example, is something of an understatement.


I thought that big researchers in economy mostly study the macro-economy. And I have the idea that macro-economy won't have any resulting benefit for me but the simple knowledge.
I would like to know better economical stuff that could help me to get financially okay.
Do you think that reading these stuff is worth? Maybe in trading stocks, currencies ... How can a single person benefit from that knowledge?

Trading currencies via the FX markets is something that is quite risky and amounts to essentially making "bets" on the movement up or down of a currency. These markets are 24/7 so you basically have to follow them closely.

Stock trading is far less risky. The drivers of stocks are largely based on company fundamentals, investor psychology and macro movements affecting a sector. Most people recommend index funds but I have had more success building my own portfolio over time, usually buying value stocks when they are sold off for some specific reason unrelated to fundamentals. I usually just buy and hold until unless the investment thesis goes away and something substantial changes with the company.

The hardest part of investing is overcoming the psychological factors that drive buying and selling. It can be difficult to hold onto a stock when it sells off and conversely buy a stock when it gets sold off hard, even though that is the best time to buy.

I will offer up an example: I bought Corecivic recently, which is a private prison operating in the USA. The stock is offering a 10% dividend, is growing its business and is part of the critical infrastructure. Sounds attractive right? Well, the bear thesis is that large pension funds have dumped the stock since its a "morally objectionable" business. Banks have also stopped lending to the company. Also, politicians are calling for the business to be closed down and many investors believe that Trump will not get reelected so this company will be in trouble as a new administration might get rid of it. My thinking in overcoming the bear objections is that even if the stock stays out of pension funds I collect 10% a year to wait until it's fundamentals once again gain traction with investors, that in a low interest rate environment it will find some one to lend to it in search of yield, and that Trump will win reelection and even if he lost and the government wanted out of the private prison industry tomorrow that would require a massive investment in new prisons which it can barely afford now so its not likely.

Obviously, this is one example but you could be fine starting small and building up a small portfolio of stocks overtime. As an investor you could make a list of companies you want to own and when there is a downturn in that stock or in the market as a whole, use your cash to buy it. This is a simplistic way that loosely explains how Warren Buffet invests. He knows what companies he wants and waits for the opportunities to buy stocks trading at an attractive evaluations. Furthermore, when a stock is cheap and you are curious about pulling the trigger to buy you can look up insider shares traded to see if the CEO, CFO or board of directors of the company are buying or selling as that is public record. If the CEO is buying company shares when a stock is sold off that usually means he knows the stock price is undervalued since he knows his industry and company better than a layman investor.

So to wrap things up, if you are curious about investing my advice is to start reading about companies or industries you are interested in. From there you can start to get an idea of what companies are quality ones you want to own. Then you can wait for the opportunities to arise. Btw there are a number of sites, forums and blogs out there that cover all types of investor interests be it specific to industry, value, dividend, or growth.

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10-07-2019 05:20 PM
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Tail Gunner Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
I just wrote about this topic on another thread. Fundamental economic principles apply to all nationalities and nations.

https://www.rooshvforum.com/thread-74227...pid2027499


One of the best books on economics for the beginner is "How an Economy Grows and Why It Crashes" (2010) by Peter D. Schiff. It is in a comic book format and begins with the most simplistic economic models and then builds upon that foundation by slowly adding one more economic concept at a time.

https://www.amazon.com/How-Economy-Grows...047052670X
(This post was last modified: 10-07-2019 11:10 PM by Tail Gunner.)
10-07-2019 11:09 PM
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Captain Gh Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
I would recommend a book called Unscripted by MJ Demarco. Not necessarily a financial technical book per say, but it will a clear outlook on how to truly build wealth via the uncommon way of entrepreneurship, and why you should aspire to do so. His first book, the Millionaire Fastlane is also a good read! You could skip right ahead to Unscripted... but the best would be to read the first one Millionaire Fastlate, let it sit for about 2-3 month, and then read Unscripted.
10-07-2019 11:45 PM
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John Michael Kane Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
The link in my sig has info on how to build credit.

John Michael Kane's Datasheets: Master The Credit Game: Save & Make Money By Being Credit Savvy
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10-08-2019 12:50 AM
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RE: I want to become financial literate. Where should I begin? Suggested Books?
Time = Money

Learn about Time Management before you tackle anything else. Bryan Tracy put out a great book on the subject. Master your time before you dive into the world of high finance. You'll be thankful you did.
10-08-2019 03:26 AM
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RE: I want to become financial literate. Where should I begin? Suggested Books?
Subscribe to YouTube Channel on Finance.
Go to their YouTube Channel Homepage & Search Through their Past Videos.
Watch the ones that apply to you & Take Notes..

Some that I enjoy are:
Entrepreneurs in Cars (also talks TRP)
Graham Stephan
Meet Kevin

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- Heat

"That's the difference between you and me. You wanna lose small, I wanna win big."
(This post was last modified: 10-08-2019 07:02 PM by bgbusiness.)
10-08-2019 06:59 PM
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Emperor Constantine Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
(10-06-2019 06:38 PM)marocboy95 Wrote:  Hey Nicolah,

I would suggest you learn a specific high income skill..I know this was not the answer you were hoping for, but unless you want to get into finance, it won´t make sense to become "financial literate".

The idea behind is to spend as little time as possible outside your area of competence (which in itself is very highly financial literate) and work on one skill that will make you money.

You can pay financial advisors to help you out later.

Learning a high income skill is a great idea, but failing to become financially literate can wreck even extremely high earners. If you can't spend less than you earn, you are fucked. Completely. No matter how much you earn. I know people who make twice as much as me and are drowning in debt. On the flip side, I've saved enough to live for several years without work despite a pretty average salary.

It's not difficult. Anyone can learn and begin applying the basics of good financial practices in a few months.
10-08-2019 07:37 PM
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Thomas Jackson Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
A basic finance textbook and a basic accounting textbook would be a great place to start. Understanding time value of money is critical for every man.
10-09-2019 06:02 PM
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jackster Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
look at the mr money mustache blog....good advice there
10-09-2019 08:58 PM
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cosine Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
(10-08-2019 06:59 PM)bgbusiness Wrote:  Subscribe to YouTube Channel on Finance.
Go to their YouTube Channel Homepage & Search Through their Past Videos.
Watch the ones that apply to you & Take Notes..

Some that I enjoy are:
Entrepreneurs in Cars (also talks TRP)
Graham Stephan
Meet Kevin

I agree, all three of those channels are great. In particular, I am surprised by how deep Meet Kevin goes. For an under 30 guy, he has a surprising amount of experience in the real estate world, but isn't a one-trick monkey. Buying, selling, investing, all angles.

In addition, for real estate there is biggerpockets.com, which has a lot of podcasts to listen to if that's your preferred way of absorbing knowledge, perhaps on a commute.

But, I really have to suggest doing some things yourself for education:
1. Purchase a stock through a brokerage. Literally one share of Home Depot or something boring, something in the $30-100 range.
2. Sell it.
3. Repeat #1, but make sure to use limit orders, market orders, stop limits, understand all of them.
4. Repeat #1 but collect a dividend for one month or quarter.
5. Repeat #1 but with a foreign stock that produces a dividend. Any price, as little as $10, just to see what you have to do and literally how the market works.
6. When tax time comes, you can do it all in TurboTax. You'll connect the account you used and have to enter in taxes on foreign dividends paid.
7. Understand all the main financial statements that a company produces: income statement, balance sheet, statement of cash flows.
8. Understand that if you buy any Chinese company, the numbers in #7 are all made up. Understand why, and how.
9. Purchase a bond.
10. Purchase an ETF share. Research it thoroughly on Morningstar.com
11. Trade some options. Not a lot at all. You get the point. Play in the market for a tiny amount of money to see how it works.
12. Explore buying a house or investment property: talk to a lender and see how much you can borrow
13. Even if you can't get a loan, ask to work with a real estate agent(go to an open house and say you're looking to buy a small starter home).
14. Look at some houses, put in a total asshole lowball offer. Like $100k on a $500k home, something nuts that they won't accept. But offer as if you mean it, you'll understand the process of how buying a home works.

None of the above is expensive; you'll spend $10-100 in each of those steps, possibly make some good money, and have more financial education than 90% of the world. You'll know how the stock market works, and how to acquire a loan, or why you can't right now. You'll understand the hurdles that the average person has to overcome to acquire real estate. I do not like the stock market despite having a degree in finance. Unless you are 1. A person ultimately selling companies to the public, 2. You are a wealthy enough investor($50 million or more) to have access to special knowledge 3. You live and breathe the stock market, then you are more likely to get greater returns if you just proceed reasonably in real estate, as long as you do it in a place that is growing. But it's important for a guy to understand the stock market and know what is going on.

Bonuses:
1. Try to make your taxes MORE complicated. Donate $100 to charity, track it, include it. If you have any ability to acquire multiple asset types, even if they are all very cheap, you will learn how taxes really work for all the different asset classes. Once you start actually making money, lowering your tax burden (legally) becomes dramatically more important. Overall the best way to get rich is to acquire real estate in the path of progress(not places like Cleveland or Ukraine) and never sell. You only ever borrow against it to pay for more assets. When you sell you pay taxes; when you borrow you don't. This is as true in Europe as it is in the US.
2. Buy and SELL a cryptocurrency and get the money back. Something cheap!
3. Open an offshore account. Cayman islands or some shit.
4. Purchase a business, however small. You'll have to value it properly first.
(This post was last modified: 10-10-2019 02:00 AM by cosine.)
10-10-2019 01:46 AM
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christpuncher Offline
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RE: I want to become financial literate. Where should I begin? Suggested Books?
Beyond understanding the very, very basics of making a budget, not paying credit card interest, and signing up for available Work-place pensions and matching savings plans, one should first be focused on in-demand skills and getting yourself to a high income. Everything else pales in comparison.

Many a 20-something man has thrown away their energy and youth (myself included) on personal finance and investing. It's an addictive hobby that doesn't pay off. Go play an instrument or hit the gym instead.

When you've got a good income, late 20s, and 100k+ in the bank, then you can start thinking more about your "finances".
10-11-2019 04:33 PM
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