THE MILLIONAIRE NEXT DOOR SUMMARY (BY THOMAS STANLEY)

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Animated top 5 takeaways of The Millionaire Next Door by Thomas Stanley. Describes the characteristics of a millionaire. They might surprise you …
A playlist of books that will help you to reach your financial freedom goals faster: bit.ly/38Z6I0Y
Top 5 takeaways:
0:00 Intro
0:17 The 12 Characteristics of a Millionaire
1:39 Play Defense
3:14 The True Cost of Consumption
5:27 Cash Gifts Are Bear Favors
6:51 How to Decide if You Are on The Right Track
TL/DW:
- Frist, becoming a millionaire is a result of hard work, lifestyle decisions, planning and self-discipline, not inheritance or luck.
- The second takeaway is that you must play a great defense to accumulate wealth.
- Takeaway number 3 is that opportunity costs, both in terms of money and of time, should be added to estimate the true cost of a purchase.
- Number 4 is that cash gifts are counterproductive to accumulate wealth.
- Last but not least, number 5 is that you can decide if you are on the right track towards becoming a millionaire by taking your age, multiply it by yearly pretax income, divide it by 10 and then comparing it to your net worth.
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.

[@TheSwedishInvestor]

A playlist of books that will help you to reach your financial freedom goals faster: bit.ly/38Z6I0Y

[@kennyboyle700]

Debt free by 2021 and have the foundation to my portfolio

[@rawvlogswithphelmar8136]

Reaching 7 figures net worth after 5 years through forex trading

[@aarongunnz9513]

My goal is to quit job and draw income from my investments. Right now I've started investing in unit trusts. So far im investing 17,54% of my salary. I want to increase it to 30% monthly

[@hemaladani4510]

Hello @Swedish Investor. Love your content. Can you do book summary on below books please? I read really good reviews but can't decide weather to go for it or no. 1. Quit Like a millionaire by Kristy, Bryce and JL 2. Work optional by Tanja Hester 3. Financial freedom by Grant and Vicki

[@wraithrunner2355]

Great videos very informative but if I may make one suggestion change your white Arrow at the end of the videos the one use to show all the points from white to another colour like possibly green or blue it doesn't stand out as well as it should when you're moving from category to category.

[@wewillmakeit3615]

As one who made it, I have to agree to about everything that was said. For me personally the most important factors were living below my means to save up cash. Writing down my goals. Reading a lot and learning. Sometimes it is also difficult to actually start doing something, that you only heard and read about until then. Like reading about how to find and finance real estate and then actually going out there and buy the damn thing. Its about leaving your comfort zone. One thing I'd like to add to the list: If possible, find yourself a partner (spouse?) that has similar goals and accepts the lifestyle. Because else you will have a very hard time saving up money, while your significant other doesn't get, why you don't buy as of a nice car that the neighbors/friends have. In the end a divorce is what ruins a lot of plans and dreams. And most of those divorces are about money, I think.

[@davidroush1224]

Agree - we made it as well and retired in our mid-fifties. We didn't own our own business, just worked for a large company with decent pay and good benefits. Living in a low cost of living area then investing most of one of our salaries did the trick for us. Your comment regarding choosing the right spouse as being important also rings true. We both had the same goals in life and so we were pulling together towards them which made it easier.

[@surfnbacker84]

They mention spouse in the book as well

[@learnsomethingneweveryday1539]

For those thinking luck is a major factor: Tiger Woods "The more I practice, the luckier I get"

[@bbb_888]

I'm not a fan of Tiger, but I like that quote!

[@learnsomethingneweveryday1539]

@@bbb_888 I don't like golf and not a fan either but his quote always stuck with me for years. It helps when negative thoughts sneak in like; I'm not as lucky or I wasn't born into rich family

[@TheSwedishInvestor]

Ahmet Ali thank you for sharing the quote, it's an awesome one that I live by. You can't influence luck, but you can influence other variables such as determination, courage and efficiency, so focus on those instead. In the eyes of outsiders what you achieve may all look like luck some day, but take it as a compliment in that case. They don't believe that what you accomplished would be humanly possible without it 😉

[@buildingbuildercip8292]

The harder I work the luckier I get.

[@buildingbuildercip8292]

He stole it from a golfer that said it like 30 years ago

[@kzy7182]

This video describes me exactly. I grew up poor on the South Side of Chicago. My wife grew up poor in East St Louis. We graduated college with gov. grants and scholarships, started our own businesses and invested our money in real estate and the stock market. At age 59 and 50 we are now multimillionaires and live a GREAT life w/ 3 kids. There's a lot of talent in the ghetto that never gets developed. Also, one key the video did not mention is marring someone you like and love that is like minded. So many of my colleagues have lost their foundation to build wealth due to nasty divorces.

[@aronortiz2136]

I can’t agree more! I grew up in the Eastside during the 90s and I’m now working as a traveling nurse. I’ve always joked that my living expenses are similar to that when I was still working at McDonald’s. Making it out of the ghetto is easy, but having discipline to do the work to get out is hard.

[@jumhed994]

I cannot stress to any students watching this how important this is. Invest, save, budget. 'Do something today your future self will thank you for.' If I'd followed the advice in this video/book my life would be a lot different today.

[@gregoryjeffrey8569]

I don’t get what your saying sorry

[@krabbykrabby8818]

I'm confused on if your for or against the book

[@krabbykrabby8818]

@@gregoryjeffrey8569 I think they're saying they're for the book and if they followed it they would be better off rn but not sure.

[@xXxIMMORTALxXx]

@@krabbykrabby8818yea that's what the OP meant.

[@Madcowe]

"Luck is when Opportunity meets Preparedness" So start investing in yourself and in your own financial education, don't wait for something to land on your lap, make it fall there!

[@michaelg7904]

Madcowe In other words, there is no such thing as luck.

[@Madcowe]

@@michaelg7904 the main point is that you can be the one responsible for your own "luck". Yes some times chance happens, but the more prepared you are, the more often you get "lucky"

[@audiobooksummary5279]

Agree with you 👏

[@Madcowe]

@@audiobooksummary5279 I also agree with me

[@gregoryjeffrey8569]

I don’t get it

[@mikewilliams4947]

I have moved many times during my life. My incredibly supportive wife has gone with me from spot to spot fixing up income properties until we made enough money from that income to live in our own home. We can now live and travel as our fourth kid is in home school. I'm not the smartest person you have ever met but I realized early enough that hard work and persistence are key. I remember reading many books on sales and business but never went to college. You can do it. Don't give up

[@grigoriikulikov2532]

What books can you recommend?

[@mikewilliams4947]

@@grigoriikulikov2532 easy reading all of the one minute manager books. The lean start up. Selling retail. Biographies; Ford Carnegie, Rockefeller et al. Warren Buffett, art of the deal. That’s what I got standing online getting gas.

[@agusal4487]

“It’s like building a house on the weekdays then bringing a wrecking ball on the weekend.”

[@jimboxmeyer1964]

Wonderful summary. That book has been a wonderful guide. Live modestly. Don't try to impress others.

[@audiobooksummary5279]

Great book and great summary!

[@MrOccyc]

Some people go into debt to buy things they can’t afford to impress people they don’t like.

[@k.h.6991]

The rich parent who makes sure their kids have all the educational opportunity they can afford them, is in practice laying out money. It's definitely not free - just not to the kid directly. And it IS one of the privileges that poorer people cannot give their children - certainly not to the same extent. Beyond that: great video, great advice.

[@educatedman7270]

I am the millionaire next door. I put myself through college and graduated with no debt. I chose a practical degree that offered a high probability of a six figure income. I married, but late in life after establishing myself in my career. I chose a woman who made as much as I did and we never had children. We live in a modest, 1,850 square foot Cape Cod we have long since paid off. I buy late model, moderately priced used cars, pay them off in two years or less and drive them as long as possible. (My current car is a 14 year old Toyota Camry). I NEVER carry credit card debt. I began making the maximum, tax deferred contribution to a 401K as soon as I went to work. At the age of sixty four my net worth places me in the top ten percent nationwide and I have more money just in my checking account (my cash cushion) than most people in my Baby Boom generation manage to save for retirement. You don't have to be a financial genius to get here, friends. It does take planning, discipline and a practical approach to money management.

[@user-so3sk6hd7s]

Reach me⬆️⬆️📩

[@educatedman7270]

@aa aa Hi. I am afraid I don't have any vintage albums from that era. I long ago adopted CD's.

[@snowball2039]

Please do not use beeps on 'bad words'(it is very loud) or at least put it a little down the volume. Amazing videos man. Good job!

[@TheSwedishInvestor]

Thank you for the feedback Snow Ball (btw, awesome name). I think I've improved it in my more recent videos, but I had some trouble with the audio for my first few ones indeed ..

[@GMamba]

Indeed! Because of that beep, I cannot understand what the 7th characteristics means! So what exactly was he trying to say with that piggy picture?

[@abz4852]

@@GMamba he says, "We have a go to hell fund" he is using the piggy bank as an example so you basically have a savings/investment fund that is untouched

[@GMamba]

Developer Abz Thank you!

[@KpxUrz5745]

This is quite accurate. I may be one of the few who managed to lose my shirt on Manhattan real estate. I bought a small luxury condo downtown for only $152G to rent out, carried a sizable negative cash flow the whole 7 years owned, and meanwhile the value went down every year! Finally I had to move out of NYC and tried for 2 years to find a buyer at any price, and finally got a buyer at a price far below what was paid. Had I been able to keep it, of course, it would now be worth 400% or 500% the cost. Anyway, now wealthy, I look back upon my particular path and set of missed opportunities. I could actually write my own book about the path I took. Now I spend my time closely following the stock market, trade every day, and have steady income from dividends and covered calls. Incidentally, we never had highly lucrative careers, never received inheritance, etc. Mostly just lived beneath our means.

[@MrOccyc]

Instead of focusing on rates of return in this video, listen to the behaviors that are being discussed. Proper planning prevents poor performance.

[@greenbay331]

The last place I'd ever expect to see Broscience show up.

[@TheSwedishInvestor]

Haha, I love that guy, he is great 😂

[@Kid-Silver]

Kudos for the Video! Forgive me for chiming in, I would appreciate your opinion. Have you considered - Schallingora Brain Reconstruction Scheme (search on google)? It is a good exclusive guide for learning how to acquire the mind of a millionaire without the normal expense. Ive heard some decent things about it and my mate at last got great results with it.

[@OffGridInvestor]

If your worried about "keeping up with the Joneses" YOU'VE ALREADY LOST.....

[@JGULLIF]

I am 56 and I read the MND in 1997 ... take my word for it ... it works. I have taken 24 years of middle-class income and have accrued a significant amount of wealth by the strategies outlined here. Am i objectively wealthy? ... no ... Am I wealthier than 80%+ of Americans ... easily. Remember, in the US, taxes are for suckers. The government rewards savers with endless tax-breaks ... who gives a crap about income taxes? High-consumption people do ... I don't ... in fact, I only pay taxes on a fraction of what I accrue in the course of a year. I do worry about money, but in a good way (investing is fun ... and counting your gains is fun!). Also, I've been married since 1998 ... NEVER ARGUED ABOUT MONEY (we argue over other stupid shit ... never money). Why? ... because we are NOT MATERIALISTIC ... we both enjoy saving and thinking about our future.

[@gznxked]

Great! Thank you for the content. Subscribed instantly after landing in from ad link. Just what I have been looking for couple months. Great job! Thank god your ad popped up and not that Mentor box's guy one. :)

[@TheSwedishInvestor]

Thank you man! Great to hear that you enjoyed the content, and also helpful to hear about how you noticed the channel. I hope that I'll be able to create more that you'll enjoy in the future as well!

[@davidwilliams504]

Congratulations on this presentation. I've viewed hundreds of vids on this topic over the last year and this is perhaps the best for practical, achievable advice. Well done!

[@TheSwedishInvestor]

David Williams thanks a million! 😁🙌

[@SanVB]

Number 3 is SO arguable. Many times its called enjoying!

[@umarsebyala9920]

Always enjoy watching your videos! Thanks a bunch... ama write down them goals regularly!

[@TheSwedishInvestor]

Umar Sebyala, that's awesome! I wish you the best in achieving all of them!

[@rajeshasher9769]

Your book summaries are quite informative. Thanks a lot. Please consider making a video for the book Die with zero.

[@CM-fw6hz]

Love the concise version of these books!

[@josephatie2163]

I watched only one video then i was attempted to subscribe the channel...... To be honest,, ur summaries are very unique. New subscriber from Tanzania 🇹🇿, Africa.

[@BeaverOwl]

Awesome video! Thank you for summarizing all these books so I can learn these lessons fast!

[@TheSwedishInvestor]

Cheers BeaverOwl! Glad that you've found the channel and that you find the content to be helpful 😁👌

[@aminalucid]

I listened to the audiobook and really I am going to listen every month

[@W26731]

Amazing video, keep up the awesome content!

[@NickPeitsch]

Just made a video about Rich Dad Poor Dad! This was good to hear too :)

[@mathisnotforthefaintofheart]

2:35 People do forget that houses in an upscale neighborhood typically also have (much) better public school districts. At least this is how it is in the USA. So if you have kids going to school, it actually DOES pay to go for a some sort of "upscaley" neighborhood. Chances are your kids have easier access to good colleges because the high school was better. And spending more on a nice house is certainly worth more than paying a fortune to some private school, especially if you have more than one child. Of course, it should all be within your budget, but schooling matters....a lot!

[@TOTO_209]

Schools for fools.

[@andretuwan]

Thanks for explanation. Help me a lot!

[@charlesmosley4941]

I did read the book and still own it. I am a millionaire but I will say that I disagree about keeping a budget. I did not want to work hard every day and then have to watch how and when I spent my money. The last time I kept a budget, I was in the Marines over 30 years ago. I dropped budgeting after the Corps, despite having a wife and children. That being said I have managed to maintain decent to great incomes. I also enjoy my work. I have owned businesses in the past, although I have continued full time work in a high paying profession. So, I have put in many hours of work in my lifetime. The key to not having a budget is to live a little below your means. Not that my wife and children didn’t have a great lifestyle, because they did. I just don’t do stupid stuff with money, just because I have it. Also, begin investing when you are young. Invest in sound business ventures. I did go to business school. That helped. College does teach you things, despite what folks are saying about college education these days. Professor’s have knowledge, you just gotta tap into it.

[@davidroush1224]

We also got there without consciously having a formal budget or number to stay below. We indirectly did it by paying ourselves first - automatic monthly deductions into retirement accounts, savings accounts, then investments. We would live off off what was left. When we got raises, at least half went into increasing these three areas then we spent the other half. That allowed us to always be increasing long term savings while enjoying a little lifestyle improvement along the way.

[@Nana-uv6mj]

I love your channel! HUGS!!!

[@umarshariff9819]

That ikea password killed me. So subscribed. Keep up the great work

[@juanfernandez3633]

I have this book on my shelf waiting to be read.. it's in queue.. thanks for the summary / review though. I appreciate it.

[@kevinrasmusson4005]

Ahahaha Dom Mazetti i videon. Helt underbart

[@TheSwedishInvestor]

Haha, han är klockren! Synd att han inte producerar like mycket längre bara 😭

[@andrew1470]

This is great stuff. This saves us so much time! Thank you!

[@TheSwedishInvestor]

Glad that you liked it Andrew Prang 👌

[@andrerexdianarchie6589]

Thanks for summarising the book.

[@coachaaronmba]

Love this concept! I am doing a similar one on my channel! Love getting the main points of books!

[@stephanslydignjohn639]

This channel is gold🔥

[@TheSwedishInvestor]

I appreciate it Stephan! 😁

[@MrJearley6]

Thank you for this video!!!

[@maxwelladekoje1726]

Please review these two fantastic books, "Just Eat the Worm" and "Higher is calling" by Maxwell Adekoje. Thanks!

[@BF2abc]

Great videos man, subscribed

[@TheSwedishInvestor]

Appreciate it a lot, thank you!

[@audiobooksummary5279]

This book is a real milestone to help you to reach your financial freedom goals!

[@devonpeters9458]

Good video, but I would recommend turning down the sound effects volume. It’s a little jarring with headphones when compared to your speaking volume

[@TheSwedishInvestor]

Thank you Devon for your feedback 🙌 I hope that this has been improved in the last videos

[@JD-wx3pk]

Thanks for sharing your knowledge. Great video

[@greggpuluka2182]

Great book! Thanks for the recap!

[@bighands69]

You can be a millionaire next door with a nice house, nice car and nice family. It does not mean you have live on one serving of rice and water a day. Saving and investing is the key to this. You can still spend every now and then on good quality items that will last for a decade at least. I still have a plasma TV that was purchased for a large sum of money about a decade ago and it still has the best picture on the market. My 2007 lexus is still as good as any 2020 Mercedes.

[@mathisnotforthefaintofheart]

It's been one year now, and I am sure your 2007 Lexus is as good as a 2021 Mercedes. It's as good as any 2021 German car.

[@prosperthedubaiexplorer8980]

thanks bro great book well explained

[@aarondhermanson]

I'm reading this book right now. It's amazing.

[@gmo709]

The best defense is a good offense, right? Hmm. How bout a good offense and a good defense!..or max the money creation and min the money going out the door. Good vid. Thanks.

[@Castizo.]

Great points all around! Especially no. 7 at 1:08 in particular, I too believe a go to fuck fund is crucial to have if you want to become a millionaire.

[@HoldenRiot]

Awesome. Thank you The Swedish Investor. Subscribed!

[@TheSwedishInvestor]

Welcome aboard!

[@MYOFB1]

Can you do a summary of this book called coffee can investing too please?

[@chris.asi_romeo]

Great video. 👏💯👍. Explained well.

[@larrykramer2761]

Damn, according to the formula, I SHOULD be a millionaire!

[@vishnukaruppasamy2977]

8:31 students having student loans have negative networth 🤣🤣🤣🤣🤣

[@peterpayne2219]

Wow, that formula accurately describes me, and my net worth. I’m glad I’m at least doing what I should be doing.

[@parthsharmabala]

Great videos thanks.💯👌💯

[@JollyRoger183]

*Bärendienst* we call it in German. Similar to bear favour. More like bear service/duty.

[@lakshmichoudhary3832]

You're voiceover is great! It would really be helpful if the volume of video was little high

[@TheSwedishInvestor]

Thank you for the feedback Lakshmi choudhary! Would you mind checking out one of my more recent videos to see if you think that it has improved/is sufficient now?

[@lakshmichoudhary3832]

@@TheSwedishInvestor Thank you so much for considering my feedback and working on it ! Really loved the new video, and also the voice is great !!

[@Anonymous-wb3nz]

*your. Moron....

[@CloverPickingHarp]

Wow bro.... you have a fantastic channel.... your way undervalued!!!!

[@TheSwedishInvestor]

Time to buy the stock 😉

[@brianroyce5809]

What are good self help business and personal finance books? I'm intrested in real estate and have read most books produced by "bigger pockets" and enjoy books like "law of success 1925 edition"

[@ronaldmcdonald3965]

Read 20 years ago. Multi-millionaire. Which drives 16 year old Acura I bought used.

[@shaneraja5242]

It’s the first time I had to use a 0.75 speed. Speak a little slower my dude. Anyway love your content !

[@kaizenborntowin]

Thank you!

[@captainawasome8985]

Sad to say I started late in the race towards passive income and this is why 50+% of my salary after tax goes straight into the stockmarket.

[@TheSwedishInvestor]

Damn, 50% is a fine savings ratio indeed. Great work! 👍

[@bighands69]

+CaptainAwasome I invest about 90% of my incomes but I have been at it for more than three decades. What age are you as in decade are you in your 40s,50s or so on.

[@aliballo1676]

Good luck to you too ! 🎯🚶🏾‍♂️

[@LivingInColumbus]

Well done 👍 ✅ explanation

[@charlietopg8812]

Is the next millionaire next door a follow-up to this? Because I was about to start that, but should I start at this first?

[@likevitani]

5 - have our second child and a dog. getting to pay for services like cleaning the house, and things i despise. 10 - be free to quit my job. Live from investments. 20- support friends and family when they need it. Travel the world, own condo in Japan. Spend my time being creative with art .

[@TheSwedishInvestor]

Lovely! Thank you Ida Dreier for sharing! 😁

[@bighands69]

If you do get those types of funds together. Start a small business as well and use that to supplement your income.

[@alexg8460]

So by the calculation im and average networth. I need to double my income.

[@bdas7779]

Thank you 🙏👍🎉

[@mhayato3]

Thanks for summary, does someone that watch the summary beforehand and read the book later think that it worth it reading? For The Warren Buffet Way, I think it was worth it.

[@Medhead101]

Have you read the sequel, 'the next millionare next door'? Is it better?

[@CAChintan]

Thanks a lot! Would take a world tour!!

[@TheSwedishInvestor]

Cheers man! 🙌

[@pumba6099]

5 years: Become debt free, Accumulate a stock portfolio of around $200k AUD. 10 years: Continue to compound dividends from the stocks while living below our means. 20 years: Paid for Apartelle business in the Philippines and living off the dividend from stock leftovers.

[@TheSwedishInvestor]

Love this short story. Thank you for sharing Pumba! (also - awesome name)

[@bighands69]

If you can apply the ideas of investment to business you can do really really well. You could also start little hobby businesses that do small turn over so that you can practice getting good financials in place for later when you want a larger business.

[@stopcappin3797]

What software do you use to make these vids?

[@TheSwedishInvestor]

I use a program called VideoScribe for making these videos 👍

[@bigtradingboots]

Amazing video

[@TheSwedishInvestor]

So glad to hear that Ahsan Ahad, thank you!

[@katarinakarakas7800]

The student part killed me 😂

[@GanpatiRam]

Thank you😊

[@lynninfinite]

5 years: pay off my car and have $30,000 in stocks portfolio. Buy a house. 10 years: have a consistent dividends income coming in from continuously buying stocks. Start pounding $ into house payments to pay off house quicker. 20 years: I’ll be 45?! Hmm. Having a house that’s paid off is a nice goal to have.

[@lynninfinite]

victoria man - hahhaha wouldn’t that be the dream. Nothing wrong with playing with stocks, I’m having fun!

[@jonkrispeterson6678]

I would suggest letting your dividends continue to roll into your investments.

[@andrisaleksejevs9180]

I absolutely love that BroScienceLife appearance :D

[@TonyFliesINC]

Great video!

[@escape9-527]

In 20 years: I will buy my own island

[@abhishanu1]

You won't be getting rich then... lol, have you done investment research?

[@likevitani]

@Trinder3467 wow, be nice. Don't loose your temper bc of a KZbin comment. 🥰

[@10maxnyc]

Ida Dreier lose**

[@Acedeyekewe]

There's a man made lake in the ocean. The swirling gem boasts a natural formation and is projected to continue its rapid, yet stable growth and is entirely comprised of recycled matter. The heap of plastic.. (platform )Tam'eh-toe Tom-ought'too)can be yours for only 999,999 ;)&

[@audiobooksummary5279]

why not 😉

[@lessandra602]

I don’t understand what you are saying at 3:01? About offence, eating the salary and keeping it and defence doesn’t make sense to me

[@July.4.1776]

Lessandra r .... Eating the salary meaning is spending 100% percent of your take home pay. Thus not saving and investing.

[@maheshvanjarapu5191]

Thank you very much bro

[@user-so3sk6hd7s]

Reach me⬆️⬆️📩

[@valentinstoyanov304]

Another nice video about another book I enjoyed. A deep respect to your educational mission! By the way, there is an expression "a bear favor" in the Bulgarian language too - with literally the same meaning. Your channel however is exactly the opposite. Cheers!

[@TheSwedishInvestor]

Haha, I love it Valentin! 😁 Wonderful comment, thank you for your support! Glad that you think it's the opposite of a bear favor 🌟

[@managedbywhitney8214]

6:52 Are you on the right track?

[@terryokeeffe6911]

Love your summaries. Could you please do one on ‘The Subtle Art of Not Giving A Fu*k’.

[@TheSwedishInvestor]

Hey Terry! Thanks a lot for your comment, I'm happy to hear that! At the moment I want to focus on books that are about investing (or related areas - such as personal finance and entrepreneurship) but I might make a few summaries on psychology/self-help at some point.

[@stanlegebeke4512]

I am a student and i am above 2 on the wealth formula who is 19 y/o and will be crushing it in this recession.

[@sofondadavis5028]

CC are not evil. It's all in how you use them and if you know how to play the credit game. Three terms to learn and understand how they relate to each other: statement date, due date, and utilization rate. Check out YNAB.com especially the videos. Lots of great information and I didn't buy the app. By the way, if you're in school it's free. I studied Financial Peace University from Dave Ramsey and learned a lot. I didn't agree with Dave about credit cards because we live in a credit society. YNAB teaches how to use cc responsibly and explains sinking funds for true expenses.

[@sportsaddict9104]

My net worth should be 54000 😭😭. But I started working 5 months ago and have around 4000$

[@r3v001]

This talk was good as usual until you repeated a much debated and I think erroneous idea that luck is not a factor in wealth accumulation. Luck is when circumstances out of your control work in your favour. No one in history has been in complete control of their life and so it stands to reason that hard work, smarts, discipline and time are key factors in ones success, but so is "luck".

[@brucejsanchez]

Victor Funk but can’t be lucky without the work and bad luck happens also. Which evens things out. But without the work the bad luck will win

[@r3v001]

@@brucejsanchez I agree. I was just pointing out that luck is not a non issue. It is still an important factor, but admittedly not the most important factor as you rightly pointed out.

[@jerryyoung6494]

Victor Funk on some level you might be right but I think your definition of luck is wrong. If I win the lottery that is luck. If I work hard and invest in the stock market then over time become wealthy, that’s not luck even though I don’t have direct control over the market. That’s the point the book makes

[@r3v001]

@@jerryyoung6494 Yeah, I see that. I am kind of repeating myself here, lol. Effort just increases your chance of wealth but as I said luck still plays a part in every persons success, even the person who works hard and invests. Luck is a factor and as I've said, I don't even think it is the most important factor, but it is a factor non the less, and yes winning the lottery is luck but the person had to buy the ticket which is still an effort, a small effort but effort is still put out, and investing in the market to accumulate wealth is mostly hard work , but the person investing is still to some degree getting lucky, it is not just purely hard work that leads to their success.

[@locutusdborg126]

Luck played no part in my money other than being born with a certain IQ. It is a combination of studying the stock market and taking risks.

[@dragoskw3575]

Very good .

[@user-zl3rb4rg1n]

The broscience gun's 😍

[@itsmapleman]

That formula... it needs to take into account change in income and not just your current one. 🤔

[@user-so3sk6hd7s]

Reach me⬆️⬆️📩

[@MONESHajm]

Thanks

[@bonniegaither3994]

Well, #4 doesn’t pertain to me. I received a nice inheritance and have done everything in my power to educate myself and try hard to get that money to grow. I’m so grateful. I was able to retire because of it and am still doing everything I can to make it grows.

[@EchoedHarmony1]

please could you comment bellow and tell me who is the publisher of that book

[@cffmailbox]

I read this book. It kicks butt.

[@mp6386]

I will be a millionaire this year

[@darcienotyourgirlfriend500]

M P hello 👋 making investments into mining crypto can get you there to your dreams sooner than you can ever expect...

[@mp6386]

Darcie Summers how u doing that what platform U use

[@tomlaureys1734]

MP congratulations I remember the feeling I had when I reached that milestone.