The One-Page Financial Plan Summary

The One-Page Financial Plan SummaryA Simple Way to Be Smart About Your Money

Earning money has become an inescapable pursuit, with no end in sight.

To help you better organize your resources, Carl devised a plan of activities that you must undertake in order to enjoy life thoroughly.

Our summary gives a preview of the financial plan and all its features.

Who Should Read “The One-Page Financial Plan”? And Why?

Sometimes, a beacon of hope is all we need. Nevertheless, it’s way better to be at the mercy of plans and facts, than to rely on mere luck and superstition.

The One-Page Financial Plan” is a book, designed to provide support to all people struggling to handle daily/monthly/yearly expenses.

We firmly recommend it to anyone in need of such guidance.

About Carl Richards

Carl RichardsCarl Richards is an American author born in Pittsburgh, Pennsylvania. He provides consulting services at Yahoo, and weekly columns for New York Times.

Carl is the author or coauthor of several books all in the realm of financing.

“The One-Page Financial Plan Summary”

As soon as we leave college, the money-mania transforms from a part-time job into 24/7 obsession. Even though most of us hate to admit it, we are all part of the same system.

Paying off your mortgage, providing good healthcare and education for you and your children, are only a few of the responsibilities one can think of.

All of these liquid assets must be pointed towards monthly liabilities in order for the person to stay on track – but, that’s easier said than done.

At the end of the month, if there’s nothing left in your bank account, you need a change of pace and plan.

Every journey starts with the first step, and investors know best that without proper planning, every endeavor is doomed to fail.

What is the deal about money? Do you want our advice? – Don’t skip town, when things are about to get serious!

Answer this question, examine your needs, test your capabilities and perhaps you’ll be able to turn the useless into useful.

In reality, money is just an exchange paper without real value, which reflects your status in the society.

Not only that finances give us a sense of independence and secure our future, but these assets also help us to understand our role in these hypocritic processes.

Let’s say that your main concern is spending quality time with your family and your yearnings for financial security are intertwined with the possibility of running a company.

Nevertheless, it’s not too easy to allocate all your resources (including time) to serve a higher purpose.

Being honest with yourself and understanding the value of money can assist you in measuring the impact of various factors – both internal and external.

Having well-defined goals and vision is an unavoidable approach if you intend to make your business grow and expand.

Nevertheless, the personal agenda is not too happy about the involvement on a professional level. Next in line is checking to see whether your goals fit your vision.

It’s evident that without the right set of skills, one cannot prosper in the long run. These individuals stumble on the very first obstacle, or as soon as some of the processes take a surprising turn.

Once you make a peace treaty with the future, you can then move over to the next stage.

Use the expertise you acquired over the years to remain flexible and not so easily disheartened by the passing situation. Rejoice in every opportunity and adjust your strategy to apply to your goals.

Write these plans down, be concise and clear when doing so!

How should the structure look like?

  • In the next two years, I plan to increase my yearly income by a whopping 100%!
  • Next year I’d like to pay for my daughter’s singing lessons.
  • I want to invest some of my savings into a low-yield bond or retirement funding organization.

Without these, be sure that you’ll get nowhere, and remain rooted in one spot. Your values provide you with an assessment and reveal the actual position and status.

Improving your decision-making depends on previous preparations, and the one mentioned above must be taken into account.

Having a clear understanding of your assets and liabilities will help you take the necessary steps to reach your goals.

To assess your current financial situation, Carl advises that you should draw or make a balance sheet. How to do it? – Draw a T shape on a piece of paper – put all the investments and liquid assets on the left side of the paper, and all your liabilities on the right side.

In the end, a simple mathematical calculation ends the endeavor. Subtract the liabilities from the savings, and you’ll ascertain your net worth.

We assure, once you reduce those expense, you’ll see such attitude illustrates an upward trend. Instead of paying for gas, use public transportation or a bike.

Find a way to improve your financial situation and don’t rest until the accumulated debt is paid.

Key Lessons from “The One-Page Financial Plan

1.      Look broader and expand your perspective
2.      Don’t deceive yourself with unrealistic predictions
3.      Flexibility is like a key that open multiple doors

Look broader and expand your perspective

To do well, you need to make up a list of the monthly expenses to get the big picture.

Once you are finished with the process, you can then plan the budget and adjust your spending habits.

Find gaps in the structure and find a way to cut those unnecessary costs.

Don’t deceive yourself with unrealistic predictions

The minute a person becomes aware of its standings, it can begin planning its next move.

Basically, allocating these assets or budgeting explains the ability to make trade-offs between costs and investments.

Achieve your goals by planning them both.

Flexibility is like a key that open multiple doors

Before we execute this step, one must comprehend the unsurpassable truth of unpredictability.

According to management experts, being flexible is perhaps the most valuable trait one can have.

For instance, who would have thought 20-30 ago, that in the next few decades, the telecommunication industry will face a deadly opponent – The Internet.

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“The One-Page Financial Plan” Quotes

if you don’t ever find yourself recalibrating your decisions, you’re likely ignoring some issues that might become problems down the line. Click To Tweet Don’t be committed to the guess, be committed to the process of guessing. Click To Tweet When the paint on the car starts to chip and the gadget gets tossed into the closet with all the others, you can’t help but wonder if you’ve been pouring all your hard-earned money into the wrong things. Click To Tweet The best financial plan has nothing to do with what the markets are doing, nothing to do with what your real estate agent is telling you, nothing to do with the hot stock your brother-in-law told you about. It has everything to do with… Click To Tweet

Our Critical Review

We can say with some confidence, that Carl’s instructions are much appreciated, and we certainly learned a lot.

Nothing can overshadow a practical book, enriched with all sorts of financial tips, assembled in one place to make our future brighter and better.

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Charlie Munger Summary

Charlie Munger SummaryThe Complete Investor

You want to be the best? Then learn from the best. Because, after all, “learning from the success and failure of others is the fastest way to get smarter and wiser without a lot of pain.”

No wonder the guy who said that is one of the best: Mr. Charlie Munger, Warren Buffett’s personal partner. And, Tren Griffin’s book is all about him and his worldview!

Who Should Read “Charlie Munger”? And Why?

If we presented you with a summary of a biography of Michael Jordan, then obviously it would have been a book we’d recommend to future basketball players and current sports buffs.

Consequently, a book about Charlie Munger is, most obviously, a book about wannabe investors. But, it may be also interesting to students of investments strategies. As well as to those who are curious to learn how one can earn so much money by simply investing.

About Tren Griffin

Tren GriffinTren Griffin is a senior director at Microsoft. Before that, he was a partner at Eagle River, a private equity firm which invests in tech and telecommunications startups.

Griffin is and the author of few well-received books, such as “The Global Negotiator”, a book dedicated on building strong international business relationships, and “A Dozen Lessons for Entrepreneurs.”

He also writes for https://25iq.com/.

“Charlie Munger Summary”

Charlie Munger is the vice president of Berkshire Hathaway – which, if it doesn’t ring a bell straight away, is Warren Buffutt’s multibillion conglomerate.

In other words:  Charlie Munger has a lot of money. To be more exact: he’s one of the 2,000 or so living billionaires, with a current net worth of almost 2 billion dollars!

Now, that’s a lot!

And if you want to learn the secrets behind his success – this is the book for you!

Unassumingly titled “Charlie Munger,” Tren Griffin’s 200-page analysis of Charlie Munger investment strategies boils down to something painfully simple: if you aren’t investing into something you know, your story of success is nothing more but a story of luck!

So, invest in the things you know best!

Now, how can you do that?

First of all – by reading. And reading a lot! Both Munger and his partner Warren Buffett spend about four fifths of each of their working days reading almost anything they find interesting. Just like possibly every great person you hear about, they weren’t born geniuses. They became such – by absorbing information, by fact-checking it, and by thirsting for some more all the time!

But, what interests you more is probably not how they got to be so smart, but how they got to be so rich.

Interestingly enough, the answer is, if not the same, pretty much related. Because Munger and Buffett were reading so that they can know where to invest. And because, when it comes to investing, they are intelligent investors.

Namely, firm believers in security analyses and value investing.

As Charlie Munger explains, the logic is fairly simple. You invest only in what you know. That’s why he has three baskets of investment opportunities: In, Out, and Too Tough.

The first one is for the opportunities they know enough about to invest in; the second about those they know nothing about; the third – about those that seem good on the face of it but are yet too tough for them.

That’s what we call reality-check. And what you lack if you want fast stocks and fast money. A lesson from the best: there’s no such thing.

What there is are four rather simple ideas Munger shares with Warren Buffett.

First of all, you must treat a share in a business as if you’d treat the whole business. Buy it – only if you’d buy and run the company. Value it as much as you’d value the company itself.

Secondly, buy shares as you buy chocolate: on discount. This will give you a margin of safety, i.e., you probably won’t lose money, even if you don’t win it in the end.

Thirdly, always stay on the safe side. Or, in other words, disregard the behavior of that bipolar creature, Mr. Market. Don’t try to beat him. And the best way to do this is by not challenging him at all!

Which brings us to the final advice: if Mr. Market is irrational, you don’t need to be. So, stay as cold as ice. Choose investment opportunities with your head – not with your emotions!

And in order to do this, cultivate traits such as patients and courage. “Don’t just sit there: do something!” is a completely wrong philosophy when it comes to investing. The point is, quite contrary, to site and wait.

And even go boldly against the herd mentality – you know, where no man has ever gone before!

Key Lessons from “Charlie Munger”

1.      Meet Berkshire Hathaway: It’s a Giant!
2.      Investing Is Not a Mysterious Art: It’s as Simple as 1-2-3… and 4
3.      Be an Intelligent Investor: Read as Much as You Can!

Meet Berkshire Hathaway: It’s a Giant!

Do you know that Berkshire Hathaway was, in fact, a textile manufacturing company? And that Warren Buffett bought it when its business was declining, so that he can fire a guy who undercut the initial offer to buy his shares? In fact, buying the company was Buffett’s worst trade!

Sixty years later, the company is the third largest public company in the world! It owns GEICO, the fast food restaurant chain “Dairy Queen,” “Fruit of the Loom,” “NetJets”… – you name it! And it has shares in “American Express,” “Coca-Cola” and “Apple”!

The guys who did that: Warren Buffett and Charlie Munger.

Investing Is Not a Mysterious Art: It’s as Simple as 1-2-3… and 4

Both Buffett and Munger are considered sages of investing. However, they claim that they owe everything they have to worldly wisdom and a fairly simple investment strategy: Benjamin Graham’s value investing.

It’s based on a simple premise: only buy what you know. And it’s built around four principles.

First of all, there’s no difference between buying a share and buying a whole company. Secondly, when you buy – buy at a discount. Thirdly, stay on the safe side. And finally, be rational.

Or, in other words, don’t buy Berkshire Hathaway to fire a guy! Warren Buffett says that you would have earned 200 million dollars more otherwise!

Be an Intelligent Investor: Read as Much as You Can!

Benjamin Graham’s most famous book is called “The Intelligent Investor.” And Charlie Munger has taken this quite literally. To him, reading is everything: he reads about 80 percent of the day. That’s exactly how he knows where to invest. And even more: how to differentiate between herd mentality and a Giffen good.

Oh, you don’t know what that is?

Well, educate yourself a bit!

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“Charlie Munger” Quotes

I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart. Click To Tweet Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s a lot of pain and no fun. Why would you want to get on that trolley? Click To Tweet Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day. Click To Tweet If you want to get rich, you’ll need a few decent ideas where you really know what you’re doing. Then you’ve got to have the courage to stick with them and take the ups and downs. Not very complicated, and it’s very old-fashioned. Click To Tweet If something is too hard, we move on to something else. What could be simpler than that? Click To Tweet

Our Critical Review

“Charlie Munger is, arguably, the world’s best investor. His ‘worldly wisdom’―a latticework of understanding separate disciplines―is a powerful way to achieve superior investment results. Without it, success in the market―or anywhere else―is a short-lived fluke.”

You know who wrote that?

Robert G. Hagstrom, the author of one of the best books on Charlie Munger’s partner, Warren Buffet.

So, a book which unifies and neatly structures Charlie Munger’s investment philosophy should be a delight for all those interested in finance, right?

It is. Of course it is.

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The Total Money Makeover Summary

The Total Money Makeover SummaryA Proven Plan for Finance Fitness

Do you sometimes feel that, no matter what you do, your financial situation never improves? Well, Dave Ramsey has the solution for you. A simple plan of seven steps he likes to refer to as “The Total Money Makeover.”

About Dave Ramsey

Dave RamseyDave Ramsey is an American author and businessman. He is the host of the econd most listened-to radio show in history, “The Dave Ramsey Show.”

He is the author of numerous bestsellers, such as “EntreLeadership,” “Financial Peace,” “More Than Enough,” and “Smart Money Smart Kids.”

See more at https://www.daveramsey.com/

“The Total Money Makeover Summary”

If you have a decent job, a car and a house, you’d probably think twice before casting a second look at a book like this.

Dave Ramsey says: do it at your own peril.

Because financial difficulties sometimes come step by step, sometimes suddenly. Either way – it’s better if you’re prepared for them in advance.

The absolute best way to do this is to avoid debt at all costs – and at all times! Ramsey says that about three fourths of the Forbes 400 companies believe that staying debt-free is the best way to becoming wealthy.

And if they can do it – why shouldn’t you?

After all, increasing wealth is nothing more than earning more than you spend constantly.

However, let’s just say, for the sake of the argument, that this advice arrives a bit late for you. Is there some way to turn your financial situation around?

Of course there is! Dave Ramsey calls it “The Total Money Makeover” Plan. And it’s as short as seven steps!

Step #1: Begin an emergency fund.

Ramsey is pretty illustrative: “Start with a little fund to catch the little things before beginning to dump the debt. It is like drinking a light protein shake to fortify your body so you can work out, which enables you to lose weight.” If your household income is greater than, say, $20,000, then your emergency fund – which is for emergencies only! – should be $1,000. (Aim for twice as little if you earn less than $20,000.)

Step #2: Start the debt snowball.

First, list all of your debts. And then, with a “gazelle focus,” start checking them one by one. But, don’t start with the big ones! The idea is to build a momentum by paying them one by one, with the smallest one first.

Step #3: Finish the emergency fund.

In about a year and a half or two, you should succeed in moving from step 3 to step 4. By now, excepting the mortgage, you should be free from debts, and with at least $1,000 in your emergency fund. Focus on improving that number. Don’t buy a house until you finish this step.

Step #4: Invest 15% of your income in mutual funds.

The emergency fund has to be liquid (i.e. you must be able to use it at all times). And it is only at step #4 that you are allowed to invest some of your money for retirement. And some means 15% of your income. The answer to “where?” is “mutual funds.” That’s what the intelligent investor would do, after all.

Step #5: Save for college.

As far as Dave Ramsey is concerned, if you should go into debt to get your kid to a private college, you can’t justify that decision with quality. It’d be better to get him or her into a state school. If you don’t want to do that – then save! But, apply for scholarships – even if you have the money.

Step #6: Pay off your home mortgage.

Finally! The biggest debt of all! Two things concerning paying it off. First of all, don’t take a longer mortgage. Because, if the law doesn’t force you, you won’t make the extra effort to pay the mortgage earlier. And secondly, when you do it – you’ll be among only 2 percent of all Americans.

Congratulations – it’s time for the cherry on the top!

Step #7: Build wealth!

Not much to say there, right? Except maybe a clarification when you’ll know that the time for Step #7 has come. Allow us to quote Ramsey: “When your money makes more than you do, you are officially wealthy.”

Key Lessons from “The Total Money Makeover”

1.      You Are Not Financially Secure
2.      If You Haven’t Gone So Far – Don’t Go into Debt
3.      Become Wealthy in Seven Steps

You Are Not Financially Secure

Whatever you’re thinking, unless you’re making millions, you’re probably not financially secure.

Why?

Because many things happen on a daily basis. In fact, “Money Magazine” has estimated that over a period of ten years, about 80 percent of Americans will experience a major problem. It can be a car accident, unexpected pregnancy, or the loss of a job.

Be prepared!

If You Haven’t Gone So Far – Don’t Go into Debt

The best way to prepare yourself for the worst – is to never allow yourself to go into debt. Yes – that means credit card debt too.

In fact, according to the American Bankruptcy Institute, almost 70 percent of the people who file for bankruptcy do that due to credit card debt problems.

Become Wealthy in Seven Steps

No matter how horrible your financial situation is, there are seven simple steps to go from rags to riches. You just need some discipline and a determination to follow them through.

The seven steps are: begin a $1000 emergency fund; start paying off your debts from the smallest to the largest; build upon the emergency fund; start investing 15% of your income in mutual funds; save for college; pay off your mortgage; and, finally, become a millionaire!

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“The Total Money Makeover” Quotes

We buy things we don't need with money we don't have to impress people we don't like. Click To Tweet For your own good, for the good of your family and your future, grow a backbone. When something is wrong, stand up and say it is wrong, and don't back down. Click To Tweet Change is painful. Few people have the courage to seek out change. Most people won’t change until the pain of where they are exceeds the pain of change. Click To Tweet You must walk to the beat of a different drummer. The same beat that the wealthy hear. If the beat sounds normal, evacuate the dance floor immediately! The goal is to not be normal, because as my radio listeners know, normal is broke. Click To Tweet I tell everyone never to take more than a fifteen-year fixed-rate loan, and never have a payment of over 25 percent of your take-home pay. That is the most you should ever borrow. Click To Tweet

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Why Most Things Fail Summary

Why Most Things Fail SummaryEvolution, Extinction and Economics

Who Should Read “Why Most Things Fail” and Why?

“Why Most Things Fail” is Paul Ormerod’s successor to his popular “Butterfly Economics.”

In it he does what he did best in his previous book as well: he explains phenomena in economics by examining lessons from biology.

He presents a wide array of theories and subjects to gain better access to the nature of the failure.

We recommend this remarkable book to all readers that have pre-knowledge in this field.

About Paul Ormerod

Paul OrmerodPaul Ormerod was a founder of a consulting firm, the head of the economic assessment unit at The Economist, a professor at the universities of Manchester and London, and the director of economics at the Henley Center for Forecasting in England.

“Why Most Things Fail Summary”

No corporation is immune to failure.

Even monopolistic corporations are not completely safe.

Risk is accompanying every business endeavor.

At the end of the 19th century, pioneering economist Alfred Marshall argued that big companies, just like old trees, will eventually die out.

Later in his career, around the beginning of the 20th century, he changed his thesis, arguing that large corporations come to a point when they stagnate, but they do not die out.

But, guess what?

He was right the first time.

When you look at history, you will notice that most of the companies that existed in Marshall’s time do not exist anymore.

However, economists seem to ignore this fact of business reality, treating failure like some kind of exception to the rule.

In other words, traditional economics is connected to equilibrium (the balance between demand and supply), which is static.

However, societies are made of people who act in different circumstances, which has nothing to do with being static.

In fact, they are continually changing and moving.

Furthermore, traditional economics simplifies the approaches for business management, which is an extensive and complex subject.

Hence, most of the data that traditional economics offers, such as pricing, costs, and competitive response, are frequently not adequate.

People need to understand that failure shows itself in many faces since economic systems are almost random.

Any economic phenomenon is a combination of countless small decisions. So, it is not possible to assess how individual choices influence the “big picture.”

Big effects do not always result from big causes.

In his time Marshall came up with an economic theory, which ignored all uncertainty in economics. His supply and demand graphs leave no room for chance.

However, think of auctions.

Auctions show that Marshall ignored a vital fact of market life.

Then there is the game theory which was thought to be a right approach to examining the market since it offers techniques which can be used to analyze different strategies and payoffs.

However, the inventor of game theory, Merrill Flood, gave the argument up realizing that people do not act in a way that would be “rationally” the best.

Game theory has numerous limitations indeed when applied to real life condition. For one, it is highly unpredictable.

Yes, at first the theory may sound, but unexpected things and interactions happen which mess up the “logical and reasonable” outcome that one would expect.

Hence, logic and reason will not help us in any way to predict how others would act in a particular situation.

Then there are the borrowings from evolutionary biology that many economists make, believing that evolution is survival of the fittest, which should be true for the business environment and well.

However, that is not the case.

The relationships among species are very complicated, and absolute fitness cannot be determined. Fitness is related to a particular moment when all connections are aligned.

The truth is, evolution is random.

Predators and prey may at first glance seem antagonistic, but they actually cannot survive without one another.

Extinction seems to be required for the world to keep functioning well.

Similarly to animals, businesses operate in an environment that cannot be thoroughly analyzed.

Even well made, reasonable models do not resonate with businesses since they do not allow for the unexpected, uncertain and unclear to play its part.

Key Lessons from “Why Most Things Fail”

1.      The Prisoner’s Dilemma Game
2.      The Reality of Extinction
3.      Government Regulation

The Prisoner’s Dilemma Game

Two prisoners face a choice: if both confess they will get a moderate sentence. If neither confesses, they go free. If one confesses to the other, he will go free, and the accused will get a life sentence.

The best individual option is a confession, and the best option for both of them is to be silent.

Although accusation of the other is a guaranteed way to get released, prisoners always choose remaining silent, defying reason and logic.

The Reality of Extinction

Firms do not need to face a massive external shock, such as unstable politics and war, to become extinct. Yes, failure can be a result of external factors, but it does not have to be.

The same goes for “mistakes.” Companies do not always fail because of bad decisions.

Extinction is built into the system. The relationships between all actors in the economic order are impossible to enumerate.

Hence, just a small change can result in failure.

Government Beware

Governments often set rules and penalties for different economic events, guided by the logic of the traditional economic theory.

However, since economics is random, it is easy to come up to the conclusion that it cannot be regulated.

Governments should instead encourage experimentation and innovation.

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“Why Most Things Fail” Quotes

Paradoxically, failure at the detailed, individual level, whether plan or animal, company or government policy, is absolutely necessary for the health and vitality of the system as a whole. Click To Tweet We need change and evolution to make progress. Click To Tweet Evolution implies extinction, the discarding of ways of working that have outlived their usefulness. Click To Tweet Societies that attempt to shut themselves off from the process of change are the real losers. Click To Tweet Change is difficult. Change is disturbing. Change brings uncertainty. Change creates failure. But it also creates success. Click To Tweet

Our Critical Review

“Why Most Things Fail” is a remarkable book, on a compelling subject.

However, it is far from easy to read, so readers who lack at least basic knowledge of economic studies and scientific writing may find it too hard to understand.

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The Millionaire Next Door Summary

The Millionaire Next Door PDFThe Surprising Secrets of America’s Wealthy

You want to someday be a wealthy person who’ll live in an affluent neighborhood and drive a Rolls Royce?

Nice dream you have there! But how can you be sure that you’re doing the right things to turn it into reality?

Well, join Thomas J. Stanley and William D. Danko to meet “The Millionaire Next Door” and learn a trick or two.

Who Should Read “The Millionaire Next Door”? And Why?

Judging by its title, “The Millionaire Next Door” may sound like one more in the long line of think-and-grow-rich one-advice-fits-all books. And if you add to this the fact that, actually, it is just one more book in a series of related similar studies by Stanley – which extends the “Affluent” series (“Marketing to the Affluent,” “Selling to the Affluent,” “Networking with the Affluent”) and includes “The Millionaire Mind” and “Millionaire Women Next Door” – you can be excused for thinking right off the bat that you may be better off without ever opening this book.

However, you’ll be wrong!

Thomas J. Stanley is a serious financial theorist, and “The Millionaire Next Door” is everything the think-and-grow-rich books aren’t. in fact, at one point, the authors even explicitly state that they are offended by authors who say something along the lines” Just buy my educational/study-at-home kit, and your new business venture will be a success.”

Because, in Stanley’s and Danko’s opinion, such things just don’t exist. And “The Millionaire Next Door” is more of a sociological study than a get-rich manual. Using real-life data and examples, it analyzes the habits of the wealthy and wheedles out their common attributes, practices, and ways of life. So, the book, in essence, should be much more interesting to social scientists who study affluent people than the regular Joe, right?

Well yes – and no.

Because if it’s its wealth of real-life cases which makes “The Millionaire Next Door” a social scientist’s wet dream, it’s the conclusions which give the book its popular appeal. After all, if you investigate the habits of a thousand millionaires and see what they have in common, you can always reverse engineer the equation.

But, “The Millionaire Next Door” will not be attractive merely to people who want to adopt the lifestyles of the rich and famous to become part of them. It’s also about the rich and famous. So, if you are one of them, this book may feel like a great helping hand in your struggle to hold on to your money and your status.

About Thomas J. Stanley and William D. Danko

Thomas J. StanleyThomas J. Stanley was an American business theorist and author of seven bestselling books.

Among them: “The Millionaire Mind” and “The Millionaire Next Door.” He died in an accident caused by a drunk driver in 2015.

Find out more at www.thomasjstanley.com.

William D. DankoWilliam D. Danko is the co-author of “The Millionaire Next Door” and a Professor of Marketing at the School of Business at the State University of New York in Albany.

He has also co-written “Richer Than A Millionaire” with Richard Van Ness.

“The Millionaire Next Door PDF Summary”

You may think that becoming a millionaire is something rather impossible. However, in “The Millionaire Next Door,” Thomas J. Stanley and William D. Danko reveal that it’s not even difficult.

You just need to follow a certain set of rules.

Start with separating the facts from the fiction. Ousting the fantasy of the luxury-loving Gatsby who spends thousands of dollars in a single day is step one of the “crack the code to wealth” mission.

Simply put, the majority of millionaires are actually modest.

That’s how they became rich in the first place, in fact. For every 100 millionaires who are reckless, there are at least 120 who are careful with their budgets!

Saving for retirement and avoiding to spend money on things you don’t actually need is such a commonsense strategy because it has worked for many.

In fact, self-made millionaires are not in it for the money in itself; they just want to be financially independent.

And financial independence doesn’t mean driving a Rolls Royce. It means being able to maintain your lifestyle even after you retire.

Think of it this way: even if you manage to earn a million dollars, buying a Rolls Royce will cost you about a third of that. And, as Shaquille O’Neal would tell you, buying three cars in a day may even result in a call from the bank!

Millionaires, however, are usually much more clever.

First of all, they don’t live in a status neighborhood and would never buy a Rolls Royce to be the center of attention. Instead, they usually spend their money investing.

Moreover, investing the Warren Buffet way. In other words: only in spheres, they understand.

One mistake millionaires can sometimes make is spoiling their children.

This results in some devastating statistics: almost half of the wealthy Americans send their adult children at least $15,000 yearly!

The problem, however, runs much deeper. These adults don’t know how to take care of themselves, because, as children, they were catered to and mollycoddled.

So, they usually become the irresponsible millionaires. The self-made ones – know full well that money doesn’t grow on trees. And that, as they say, “money saved is money earned.”

the millionaire next door summary

And, in general, all of them share these seven traits, or as the authors of this book say, “common denominators.” No point in beating around the bush anymore: here they are – and in the words of the authors.

So, what do the wealthy do to become wealthy?

1. They live well below their means.

2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.

3. They believe that financial independence is more important than displaying social status.

4. Their parents did not provide economic outpatient care.

5. Their adult children are economically self-sufficient.

6. They are proficient in targeting market opportunities.

7. They choose the right occupation.

Key Lessons from “The Millionaire Next Door”

1.      If You Want to Get Rich – Just Spend Less Than You Earn
2.      Status Items Are for Showoffs
3.      Calculate if You’re a UAW, AAW or PAW

If You Want to Get Rich – Just Spend Less Than You Earn

There’s a formula for success, and it’s fairly simple: “a penny saved is a penny earned.” Or, in other words: if you spend less money than you earn, your net worth will increase over time.

And if you plan it well enough, by the time you reach your retirement age – you may be a millionaire even on an average income.

Status Items Are for Showoffs

Buying status items is a big “no-no” for most self-made millionaires. After all, if you’re spending your money on something you don’t need, how are you going to earn the money for the things you need it?

In “The Millionaire Next Door,” Thomas J. Stanley and William D. Danko reveal that many unassuming millionaires are probably living around you. They just don’t show it – because they have found smarter ways to use their money than on designer clothes and expensive cars.

In fact, half of the millionaires surveyed by Stanley and Danko spent less than $400 on their last suit, $235 for the last wristwatch they purchased, and no more than $140 on the last pair of shoes. Few of them were gourmets eating caviars and drinking high-quality Bordeaux wine. As a matter of fact, when Mr. Bud, one of a group of examined millionaires, was offered the latter one, he replied quite wittily that he merely drink “scotch and two kinds of beer – free and Budweiser!”

Calculate if You’re a UAW, AAW or PAW

There’s a simple formula to calculate if you’re on the right path to becoming a millionaire. Multiply your age by your annual salary and divide the result by ten.

If you’ve saved less than the amount you’re getting, you’re an Under Accumulator of Wealth (UAW); if you’ve saved about the same, you’re an average accumulator of wealth; finally, if you’ve saved twice as much, you’re a prodigious accumulator of wealth (PAW).

So, in practice, if during the last 12 months, you’ve earned $30,000 and you’re about 50 years old, by now, you should have saved about $150,000 to be an AAW.

If you’ve saved more than that – congratulations! You’re doing quite a good job!

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“The Millionaire Next Door” Quotes

Whatever your income, always live below your means. Click To Tweet Good health, longevity, happiness, a loving family, self-reliance, fine friends… if you have five, you’re a rich man… Click To Tweet Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline. Click To Tweet Many people who live in expensive homes and drive luxury cars do not actually have much wealth… Many people who have a great deal of wealth do not even live in upscale neighborhoods. Click To Tweet If you’re not yet wealthy but want to be someday, never purchase a home that requires a mortgage that is more than twice your household’s total annual realized income. Click To Tweet

Our Critical Review

“The Millionaire Next Door” fully lives up to its appealing subtitle: “The Surprising Secrets of America’s Wealthy.” Because the moral of the book is indeed quite astonishing and even counter-intuitive. Namely, that the wealthiest around you may be the ones least suspected to be wealthy. Those who do seem affluent and prosperous, on the other hand, are, quite probably, only temporarily wealthy.

So, another paradigm shifter! Who would have seen this coming? Apparently, it doesn’t mean that one is not wealthy if, instead of a Rolls Royce, he/she drives a “Toyota”; in fact, it may be the other way around: not driving a Rolls Royce may be the common-sense indicator that a person is on his/her path to becoming a millionaire!

However, as Nassim Nicholas Taleb explains in the eighth chapter of “Fooled by Randomness,” Stanley and Danko somewhat miss the main point. “I see,” Taleb writes, “no special heroism in accumulating money, particularly if, in addition, the person is foolish enough to not even try to derive any tangible benefit from the wealth (aside from the pleasure of regularly counting the beans).”

In other words – what’s the point in earning money if you don’t use them to indulge in your favorite habits? Money should not be an end in itself but means to achieve some other end. And what if that end is a Rolls Royce? Well, then, don’t you think you’d be happier as a poor driver of a Rolls Royce, than a rich one driving a “Toyota”?

Yes, we think so too.

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A Wealth of Common Sense Summary

A Wealth of Common Sense SummaryWhy Simplicity Trumps Complexity in Any Investment Plan

Let’s face it: as far as most people are concerned, the simpler a plan is, the less credible it seems. However, most of the algorithms of life are fairly simple. And, according to Ben Carlson, the same holds true for investing.

Hence, if you want to be the next Warren Buffett, what you need is not some complex strategy, but “A Wealth of Common Sense.”

About Ben Carlson

Ben CarlsonBen Carlson is a chartered financial analyst (CFA) and the Director of Institutional Asset Management at Ritholtz Wealth Management.

He has written two books so far, the second of which is “Organizational Alpha.”

You can read more from him at http://awealthofcommonsense.com/.

“A Wealth of Common Sense Summary”

For some reason, we tend to give complex ideas unwarranted credibility.

Why?

Because, simply put, if it’s simple, then the obvious question is “why everybody doesn’t do it?” Just think of Monty Python’s “Meaning of Life.” When at the end of the film, they finally reveal what it is, we learn that it’s nothing very special.

But, how could it be? So many books and millions and millions of pages have been written to uncover it. So, how can it be so simple?

Well, why shouldn’t it be? Who says that it has to be complex?

The same applies to investing too.

You may have heard of many complex strategies on how to get rich (usually, in fairly short period of time), but the simple fact is that most of them are either for already rich people or work from time to time because of luck.

Because, every investor is different and, consequently, every investing strategy should be different as well.

Consequently, don’t expect Ben Carlson to put yours down in writing. In fact, he states clearly that any investment strategy should begin with a personality test – and he can’t make that one for you. However, expect him to give you few common-sense advices which will be applicable in any case.

First of all – the three don’ts.

And the most important among them: never – ever – enter the world of investing with an expectation to get rich in a relatively short time. The simple fact is – that almost never happens. There’s no such formula, no shortcut to instant success.

Don’t believe anyone who tells you anything differently.

Secondly, don’t be overconfident! We can’t predict the future, and the same is true for the markets. The intelligent investor knows this and tries to find a safe strategy which will make him as independent from market fluctuations as possible.

And the third “don’t”: don’t follow the herd. If everybody does something – it’s probably the wrong thing. Because, then, everybody would have been rich, wouldn’t it?

Now, that we summed up the three don’ts of common sense investing, let’s have a look at the three dos.

First of all – be emotionally intelligent. High IQ has nothing to do with being a good investor. Managing your feelings does.

Which brings us to our second point: stay calm and invest. The reason why some people can perform well under pressure is that, unlike you, they are still rational even then.

Finally, be wary. Or, as Warren Buffett would say – don’t invest what you don’t understand. No matter how tempting it looks like: see don’t #3 for that.

Key Lessons from “A Wealth of Common Sense”

1.      Want to Invest? Take a Personality Test!
2.      The Three Don’ts of Investing
3.      The Three Dos of Investing

Want to Invest? Take a Personality Test!

If you want to invest, you shouldn’t forget two general truths. First of all, every investor is a story in itself. And secondly and consequently, that there can’t be one applicable-in-all-situations investment strategy.

So, before embarking on your investment adventure, a good common-sense idea may be to take a personality test. So, you can find out whether you’re a trend follower, risk taker, short-term trader or what-not?

Then, develop your strategy accordingly.

The Three Don’ts of Investing

However, no matter which strategy you choose, there are three common-sense don’ts of investing you must take into consideration.

First of all, don’t expect to get rich in a short period of time. Because, that will almost certainly not happen. Secondly, don’t be overconfident. Because, nobody knows what will happen on the market. And, finally, never follow the majority. They are probably wrong.

The Three Dos of Investing

Of course, there are three common-sense dos as well. And these are even simpler and as important to follow.

Firstly, be emotionally intelligent and try to manage your feelings well. Secondly, stay calm and don’t stress out when the stocks (inevitably) fail. Finally, be wary: don’t invest in anything you don’t understand.

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“A Wealth of Common Sense” Quotes

It’s amazing how easy it is to do worse by trying to do better. Click To Tweet Investing doesn’t have to be about beating others or beating the market. It’s about not beating yourself. Click To Tweet One you start to take the market’s movements personally you’ve already lost. Click To Tweet Only invest in active strategies or factor tilts if you are prepared to do worse for the possibility of doing better. Click To Tweet Diversification is the best way to admit you have no idea what’s going to happen in the future. Click To Tweet

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Get a Financial Life Summary

Get a Financial Life Summary

Personal Finance in your Twenties and Thirties

It is never too early for saving. It is time you read our Get a Financial Life summary and start investing for the future.

About Beth Kobliner

Beth Kobliner

Beth Kobliner is a writer, a contributor to the New York Times, and a former a staff writer at Money magazine

“Get a Financial Life Summary”

If you have so far tried to save money many times but without much success, you share similarities with most people.

However, living like that should not be an option.

There is no better time “to get your financial life in order” than now.

And to do that, you can look at the following seven steps which will help you in your quest.

First, get health insurance.

If you do not have it, a single health problem can take you to the verge of bankruptcy. If your company does not offer it, buy it yourself.

Second, reduce your debts.

The interest rates on some of the loans are far greater then what you would get if you invested the money. So, put all spare cash into reducing your debts.

You can do this by either paying it off entirely, if you have big savings, or you can refinance it, by transferring money from high-interest debts to ones with lower interest rates.

Third, start saving for retirement early.

As we already said, the best time to start saving is now, while you are still young.

Next, reduce your banking costs, such as ATM and checking account fees. Some banks do not charge them if you have a minimum balance.

Furthermore, save up for emergencies, before you think about investing.

A good rule of thumb is saving enough money that could cover your expenses for the minimum of three months, in case you experience a setback.

After you do this, it is time to become an investor.

To reduce your risk consider joining a mutual fund. Just make sure it is one with low expenses and that you embark on this journey wisely.

Lastly, reduce your taxes, by calculating if you can save money by moving from standard deduction to itemizing your deductions.

Key Lessons from “Get a Financial Life”

1.      “The Debt Rule”
2.      “The Housing Rule”
3.      “The Savings Rule”

“The Debt Rule”

Your total incurred debt should never exceed 20% of your annual salary. Of course, student loans and mortgage payments should not be calculated as part of it.

“The Housing Rule”

Never spend more than a third of your monthly salary on housing. If you live in a big or an expensive city, you may consider moving in with roommates to succeed obeying this rule.

“The Savings Rule”

Savings are a serious matter, and you should treat them as such. They are just as serious as your bills.

Save at least 10% of your pay each month. Some months, when you feel you can handle it, put away 15%.

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“Get a Financial Life” Quotes

Many people in my generation - those now in their 20s and 30s - do not expect to live as well as their parents. Click To Tweet Be forewarned that you’re likely to come across people who’ll tell you you’re too young to lock up your money in a retirement savings plan. Ignore them. Click To Tweet Saving isn’t easy for most people, and putting aside a fixed amount each month seems like an impossible task. Click To Tweet One reasonable approach might be to put about half your holdings into stocks, one-third into bonds and the rest in money market funds. Click To Tweet The good news is that there has never been a better time to get your financial life in order. Click To Tweet

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Flash Boys Summary

Flash Boys SummaryA Wall Street Revolt

“Flash Boys” is a story of high-frequency trading and the effects it has on the marketplace.

About Michael Lewis

Michael LewisMichael Lewis is a bestselling author who has also written for The New York Times, Vanity Fair and Slate.

“Flash Boys Summary”

Imagine you are at a flea market, trying to get a better price from the vendor for an item you like.

Just as you are about to wrap up your deal, someone shows up, snatches the item from the seller and sells it to you for a higher price.

This type of buying and selling, and pocketing the difference, happens daily on market exchanges in the form of high-frequency trading.

At the end of October 1987, the Wall Street insiders were taken aback as they witnessed the crash of the US stock market.

Nobody could explain what happened since nobody saw the situation coming.

This is where Michael Lewis’s tale starts, explaining the steam-rolling move from human traders to algorithmic trading, that followed the crash.

In “Flash Boys” he focuses on a few people he considers crucial for the events.

First, he presents Brad Katsuyama, a former executive of the Royal Bank of Canada. Brad started a quest to battle this high-frequency trading.

Next, he paints a picture of Ronan Ryan who was recruited by Katsuyama for his banking team.

Ryan explained to Katsuyama all there was to know about HFT: the rules of the game, the grip on the exchanges and the impact on the markets, after which Katsuyama decided to educate other investors in the hope of changing the system.

And finally, John Schwall, who joined Katsuyama’s team, and who saw the loophole in the regulations that high-frequency traders could exploit.

Telling the story through Kutsuyama’s eyes makes the events personalized, and simplifies the real complexity of the facts.

Some critics and bloggers question Lewis’s interpretation, although it cannot be denied that Lewis gives his subjects a full hearing.

Key Lessons from “Flash Boys”

1.      Price Instability
2.      Battling HFT Illiteracy
3.      The Investor’s Exchange Steps to Avoid Predatory Trading

Price Instability

After the crash of 2007, Katsuyama faced a big problem: he noticed that he could no longer trade at the prices which he saw on the trading screen.

As he tried to make a transaction, the prices changed.

His team found the answer to why this was happening.

Namely, when Katsuyama pressed a button, the signal was sent to different high-frequency traders in milliseconds. Hence, they picked up the information, and they beat him to other exchanges.

These price changes made it very difficult for him to assess risk, and he started to question trading.

Battling HFT Illiteracy

Katsuyama had a hard time fighting the supporters of HFT who believed that it provides liquidity. Katsuyama, on the other hand, thought otherwise and noticed that high-frequency traders profited from buyers and sellers without assuming any risk.

The Investor’s Exchange Steps to Avoid Predatory Trading

  • A “350-microseconds delay.”
  • No co-location
  • No kickbacks or rebates
  • Limited types of orders
  • Owned by investors only

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“Flash Boys” Quotes

The world clings to its old mental picture of the stock market because it’s comforting; because it’s so hard to draw a picture of what has replaced it; and because the few people able to draw it for you have no interest in doing so. Click To Tweet Shining a light creates shadows. Click To Tweet Dark pools were another rogue spawn of the new financial marketplace. Private stock exchanges, run by the big brokers, they were not required to reveal to the public what happened inside them. Click To Tweet People no longer are responsible for what happens in the market, because computers make all the decisions. Click To Tweet Every systemic market injustice arose from some loophole in a regulation created to correct some prior injustice. Click To Tweet

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The Disciplined Trader Summary

The Disciplined Trader SummaryDeveloping Winning Attitudes

Human history carved a new mentality that is driven by a hunger for either food, success, love or motivation.

The Disciplined Trader” gives a few thoughts on improving your trading skills and reducing the chances of a potential loss.

About Mark Douglas

Mark DouglasMark Douglas is a trade expert, who gained a lot of experience while traveling the world.

“The Disciplined Trader Summary”

Trade is an ancient way of satisfying the needs by exchanging the goods you possess for either money or other pleasures. The world instigates a new mindset that is no longer based on routine and superficial beliefs. Successful trading requires more than just know-how and communication skills.

The capitalist regime and democratic rule stimulate free markets that influence the world economy. Acting in a specific way is no longer regulated, the banks and international funding organizations insist on enforcing a fair competition. Trading has been a part of the modern civilization and continued to support the prosperity.  

Traders are independent masters of their own little world. As a trader, you must be self-sufficient and a smooth talker who is not afraid of making mistakes.

The market price varies according to the external reality. The ability to make compromise distinguishes prominent from mediocre traders. In truth, the market price is defined by neither traders nor banks. It’s merely an outcome of the supply-demand ratio. To confront monopoly, we must allow the market to regulate the price and consequently improve the economy.

Aversiveness to risk is only natural because the threat of potential losses is overwhelming in every trade. For instance, gamblers can much more easily calculate their chances of winning than traders. Their knowledge about each transaction or exchange is often based on intuition.  

After the transaction is being completed, traders unlike others, analyze their “shrewdness” and the outcome deriving from it. Losers hope for a quick turn of events to compensate for the loses. Winners are always on the lookout for new possibilities in the open market.

  • Traders must not be driven by emotions because in such regards the decision-making ability is affected.
  • Trading blindness occurs when a merchant refuses to acknowledge bad decision-making and accept loses.
  • Don’t rely on past strategies, whatever worked yesterday may not be suitable tomorrow.
  • The market has nothing to do with right and wrong – The market is a force, that’s it.
  • Your beliefs and thinking patterns create your reality. Don’t allow superficial occurrences to destroy your chances of winning.
  • Memories are a subtle form of energy that can affect anyone’s behavior.

Key Lessons from “The Disciplined Trader

1.      The mind affects your decision-making
2.      Memories can be dangerous
3.      No one is responsible for neither your failures nor successes

The mind affects your decision-making

It’s evident that we live in one world, shaped in billions of ways. Our minds create a new sense of reality that forms an inner environment and develops a mental shield against any potential threats.

Don’t forget that you are not supposed to become a slave, but the master of the house.

Memories can be dangerous

Often, we come to a conclusion based on some previous events. It’s not advisable to rely too much on what has happened; it’s best to use current assets to control the situation.

Beware of all hidden dangers that may generate severe financial loses.

No one is responsible for neither your failures nor successes

It is you who is accountable for designed a strategy under which you will operate on the market.

Make sure you invest in expanding your knowledge, but never neglect your intuition when it comes to making the final decision.

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“The Disciplined Trader” Quotes

Much of what we experience of the outside environment is shaped from the inside. Click To Tweet Any new knowledge comes from those who question the status quo and have a willingness to go beyond it and a willingness to accept the next answer. Click To Tweet Once you know what traders believe about the future, it’s not that difficult to anticipate what they are likely to do next, under certain circumstances and conditions. Click To Tweet Losing all my possessions was a complete life-altering experience, an experience that taught me a lot about the nature of fear and the debilitating effects it has on a person’s ability to trade effectively. Click To Tweet Furthermore, I discovered that my mental framework was structured to avoid losses at all costs and in my desperate attempts to do so, I actually created them. Click To Tweet

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Naked Statistics Summary

Naked Statistics SummaryStripping the Dread from the Data 

Numbers are everywhere.

Learn the language of “Naked Statistics” and reap all the benefits that come with it.

About Charles Wheelan

Charles WheelanCharles Wheelan is an author, economist, professor and political candidate. He has also written Naked Economics.

“Naked Statistics Summary”

Many number-based events and predictions rely on statistics and statistical analysis. In fact, we use statistics each day of our lives.

Just think of all those movie-grade averages, academical averages, etc.

When you search online, the suggestions that pop up connected to your search are also a result of statistics.

You can make good use of statistical analysis when it comes, say, to different investment or betting decisions.

So, what is statistics?

Simply said, statistics is a result of combinations of different types of data, which various people have analyzed, and collapsed it into easily understandable numbers.

In other words, statistics summarizes vast quantities of information into simple numbers, which enable people to make better and more informed decisions.

It also enables researchers to work with small amounts of data, otherwise known as representative samples, and come up with powerful conclusions that apply universally.

When applying statistics, it is important that you learn the statistical language, so you can correctly comprehend the data, and not make mistakes.

Of course, context also plays an essential role when it comes to numbers.

However, the most critical step of the statistical analysis is gathering good data.

Good results are impossible without reliable data. When an analysis is not right, bad data, and not a bad formula, is usually to blame.

All statistical facts are subject to bias since it is impossible to get completely clean and accurate data. However, strive to decrease the bias as much as possible.

Knowing this, we can conclude that statistics does not guarantee the conclusions with a 100% certainty. Instead, it uses estimates and hypotheses.

When a hypothesis is made, it can only be further proven by testing.

So, we can conclude that statistics gives probabilities and estimates, and facts are a result of observations and testing.

Key Lessons from “Naked Statistics”

1.      Correlation and Probability
2.      Possible Data Biases
3.      Seven Common Cases of Abuse of Regression Analysis

Correlation and Probability

Differentiate between correlation and causation. When variable changes it may affect another variable, but it is not always the case.

When it comes to probability – it deals with uncertain outcomes.

Sometimes, the likelihood of an event is very low, but that does not mean that the event is impossible.

The improbable always happens.

Maybe not to you, but it will happen.

Possible Data Biases

  • Improperly sampled data
  • Purposely misreported data
  • Data based on false memories given as fact during surveys

Seven Common Cases of Abuse of Regression Analysis

  • “Using regression to analyze a nonlinear relationship.”
  • “Correlation does not equal causation.”
  • “Reverse causality.”
  • “Omitted variable bias.”
  • “Highly correlated explanatory variables.”
  • “Extrapolating the data.”
  • “Data mining (too many variables)”

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“Naked Statistics” Quotes

It’s easy to lie with statistics, but it’s hard, to tell the truth without them. Click To Tweet Probability doesn’t make mistakes; people using probability make mistakes. Click To Tweet The most dangerous kind of job stress stems from having “low control” over one’s responsibilities. Click To Tweet Descriptive statistics exist to simplify, which always implies some loss of nuance or detail. Click To Tweet Statistics is like a high-caliber weapon: helpful when used correctly and potentially disastrous in the wrong hands. Click To Tweet

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