The Millionaire Next Door

The best Personal Finance book I've ever read?

The Millionaire Next Door.

Here are 7 critical lessons you should know: https://twitter.com/QCompounding/status/1678764926553190400

  1. 1️⃣ Live below your means - Spend less than you earn. Save and invest the difference.
  2. 2️⃣ Invest a significant portion of your income - Invest at least 10% of your income in stocks every single month. When you invest periodically, you also don't have to worry about market timing.
  3. 3️⃣ Have a long-term plan - In the land of the blind, the one-eyed man is king. Set clear financial goals and develop a plan to achieve them.
  4. 4️⃣ Create passive income - If you aren't making money while you sleep, you'll work until you die.
  5. 5️⃣ Be frugal - Always avoid unnecessary expenses. Investing is all about delayed gratification.
  6. 6️⃣ Avoid debt - Debt can be very dangerous. If you're smart you don't need it and if you aren't smart you shouldn't use it. Buying a house is the only justified event to use debt.
  7. 7️⃣ Invest in yourself - Always keep learning and improve yourself. Reading as much as you possibly can is the best way to do this.

Door

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