This is a great “personal finance” book. It covers all the fundamental elements that are needed to build wealth.
If you don’t like finance and numbers, but you still understand that these are important aspects of living a life of abundance, this is the book for you.
If you want to go deeper, I’d recommend “A Random Walk Down Wall Street”. Yet, Tony’s book does a great job of explaining everything you need to know to achieve financial freedom.
Flow: 4/5, can be read in less than a couple of weeks.
Actionability: 5/5, filled with practical and tactical advice.
Mindset: 4/5, if this is your first finance book it will definitely expand your mindset around this topic.
Some Of My Highlights:
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“When a person with experience meets a person with money, the person with experience ends up with the money; and the person with the money ends up with an experience.”
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“…even a man with a broken watch can tell you the correct time twice a day.”
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“Regardless of the title, what you really need to know is that 90% of the roughly 310,000 financial advisors in America are actually just brokers.”
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“Warren Buffett jokes that you never want to ask a barber whether you need a haircut.”
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“One way to achieve asymmetric risk/reward is to invest in undervalued assets during times of mass pessimism and gloom.”
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“Because let me tell you: if you live in fear, you’ve lost the game before it even begins. How can you achieve anything if you’re too scared to take a risk?”
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“You’ll even learn to welcome bear markets because of the unparalleled opportunities they create for coolheaded bargain hunters.”
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“None of us knows when a bear market will come, how bad it will be, or how long it will last.”
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“The last thing you want is to be a forced seller during a prolonged bear market. How do you avoid that fare? For a start, don’t live beyond your means or saddle yourself with too much debt.”
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“More aggressive investors might keep a portion of their money in bonds to provide them with ‘dry powder’ that they can use when the stock market goes on sale.”
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“Neuroscientists have found that the parts of the brain that process financial losses are the same parts that respond to mortal threats.”
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“For airlines, it’s imperative that they follow the correct procedures every time. SO they minimize risks by implementing a series of system solutions and a series of checklists along the way.”
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“As Ray Dalio told me, ‘If you know your limitations, you can adapt and succeed. If you don’t know them, you’re going to get hurt.”
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“The key is to actively seek out qualified opinions that differ from your own.”
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“The power of thoughtful disagreement is a great thing.”