Jan 4, 2022
Everyone has the exciting decision to make about what kind of assets you want to invest in. If you have chosen Stocks and Bonds (or want a piece of your portfolio to include them), then I can think of no better books to read than Millionaire Teacher by Andrew Hallam, and Retire Before Mom and Dad by Rob Berger (as a side note, you may also wish to read A Random Walk Down Wall Street). Andrew Hallam became a millionaire even though he was a teacher, and Rob Berger is a lawyer who also was a Forbes deputy editor.
Stock investing has its own lexicon, its own unique behavior,
and also its own culture. This can be very confusing and lead many
investors to just throwing their hands up and randomly putting
money in any fund because they don't know the difference. Sadly,
there are several financial organizations that prey upon the
ignorance of investors and encourage them to invest in much higher
cost funds because the the sales-people get a bigger commission.
Even worse, many groups deceive investors into thinking their funds
are superior because they "actively manage" the investor's
portfolio. Don't be one of them!
BIGGEST 3 TAKE-AWAYS:
1.) NEVER invest in an actively managed mutual fund. NO ONE CAN PREDICT THE MARKET. You're paying massive fees (sometimes as high as 1%+) just to underperform.
2.) The MOST proven way to succeed with stocks is a low-cost index mutual fund. (These can be as cheap as .02% in fees! Checkout Vanguard)
3.) For more autonomy, efficiency, and less involvement, but slightly higher fees, consider a life-cycle fund or a robo investor (~.2% for life cycle, and ~.35% for robo investors)
-Millionaire teacher - Andrew Hallam - the 9 rules of wealth you
should have learned in school.
-Retire before Mom and Dad - Rob Berger - the simple numbers behind a lifetime of financial freedom