How Millennials Can Get Rich Slowly | Honest Book Review | William J Bernstein
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- เผยแพร่เมื่อ 30 ก.ย. 2024
- First thing I want to say about this book is that the title is terrible for sales in a way, but I think the author knew exactly who he was trying to reach. Most people want to get rich fast and get some intricate ideas on how to make it happen. But the people that buy this book are know that that doesn’t work.
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1. First the Overall Summary of this book is this, before I go into Full detail
- The author presents a simple to retire with enough money
- and then he tells you about 5 hurdles that may keep you from reaching the goal
- he also tells you, that you won't be able to make it just by reading this book, for it is only a map, so he proceeds to give you around 7 book recommendations to along with the hurdles and some other things he wants you to see (+1 that I gave you )
It's not just a book to read, but it’s a book of actions, with assignments, task, and results.
- This book is a Diet, it's simple to understand but you have to follow it each day, and you could be using it for years to come.
2. The 5 Hurdles and my Thoughts on them and the main advice of the author
#1 People Spend too Much Money, Clean up your Debts
#2 You need to comprehend Finance and how it works
#3 Learn the history of finance and investing
#4 You are the biggest threat to your financial goals
#5 Watch out for Wallstreet its filled with monsters
Overall plan:
- Get debt-free ( only invest if you have an employer match )
- Save for emergencies
- Then start investing that 15% or as much as you can
- Investment split 3 ways into total US, total international and total bond market US ( do most of your investment into qualified investments Roth is usually best, and 401k if they offer good funds with low fees - less than .5%)
Things the author leaves out on purpose: Rules change, and it’ll be a while until you have to worry about that
- Estate planning
- How to spend money in retirement
3. Is this book worth $20, one hour of your time is about $20 usually
- Plus 7 books and hours of reading to come from it
- I think it is a bargain
- I think if you read and do as this author says you’ll thank yourself
However, I do recommend one more book
- Read “ your money or your life”
- The thing about these retirement books is that they lay out a plan for decades to come
- But, there are ways to get to the end faster, instead, 65 If you start at 25, you could be done by 40 or even sooner
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
Any plans to make a video soon - ‘Must Read Top 10 Books’? and discuss an overall list of investing / money / mindset-psychology / budgeting / entrepreneurship / wealth / communication-bodylanguage books?
Doing more book reviews weekly on individual books. Will be doing a top soon
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