So Many Investment Resources… Who Can You Trust?
Hello dear,
I hope you really, really love me.
Why? Because I have been burning the midnight oil these last two weeks for you.
In less than two weeks I have:
- Read or re-read 4 books on investing.
- Gone through all my notes to put together the best advice.
- Organized it all into a nice series of only 13 letters. For you, my wonderful reader.
And I still have:
- 1 book to read, and 1 book to re-read.
- To understand this little jewel.
- If I have time, maybe (just maybe) read this book which keeps being recommended to me over and over again.
Do YOU Need To Read All Those Books?
Let me be clear, you don’t need to read a lot to be a good investor.
Reading these books hasn’t made me change my mind on anything. If anything, it’s reinforced my investing beliefs/ strategies.
A few solid rules are all you need. Solid rules I use and always recommend to my friends.
“If it’s so easy, why are you reading so much?”
Because what I’ll teach you will court some controversy. Especially from investment “advisors.”
Therefore, I need my arguments and numbers to be bullet-proof. Hence all the reading/ note taking.
“Ohh got it. But if it’s so easy, why are there so many books on investing?”
I’ll talk about this more in detail some other day. For now, know the main reason is people are greedy.
There’s Only One Warren
Here’s the thing. My series will teach you how to be a good investor.
This is a great thing! You’ll be far better than 79% of millennials who don’t invest at all.
The problem is, most people aren’t happy with good. They want to be Warren Buffett.
This is why there are so many books, courses, and/or blogs aimed at teaching you “How to get rich in the stock market” or “How to invest like Warren Buffett”.
… And yet there’s only one Warren.
What does that tell you?
Unless you want to be a full-time investor, I suggest staying away from 99.9% of investing books out there.
So What Should You Read?
Well, my next 12 letters are a good place to start.
However, since last week’s letter, a couple of people have asked me about investing in specific stocks.
I wanted to answer “just wait 12 weeks and you’ll know everything I know!!”
But that’s not enough. Some of you want answers now (and I totally understand).
So, here are my 3 favorite resources on investing (which is all you need, in my opinion):
1. The Simple Path to Wealth — J L Collins (Book: 286 pages)
I love this little book so much, I’ve recommended it before. In fact, I said “if you’re only going to read one book about investing, let it be this one” and I haven’t changed my mind. Most of my investing advice comes straight from this book. However, if you don’t want to spend the money, JL Collins also wrote a fantastic, 30-page stock series (which was the basis for the book). Highly, highly, highly recommended.
2. Unshakeable—Tony Robbins (Book: 257 pages)
Last time, I recommended Tony’s other book (which is great). But, it’s a monstrous, 689-page book. This book just came out and is much shorter (and the advice is pretty much the same). I have to warn you though, this book is basically a big advertisement for Tony’s investment company (I still love him though). Simply, ignore the giant sales pitch. The numbers, arguments, and tips in this book are amazing (and will teach you a lot about investing and the market in general).
3. How The Economic Machine Works — Ray Dalio (Video: 30 minutes)
I have watched this Ray Dalio video countless times. After 30 minutes, you’ll understand the economy far better than the people you see screaming on TV. You’ll also understand why investing is a long-term game, not a get-rich-quick scheme. The New York Times said “Forget Econ 101. Take a look at the lessons in Dalio 101”. I heartily agree.
And that’s it for today!
Today, we started the conversation on why you shouldn’t trust all the financial advice out there (and we’re just getting started, believe me). We also looked at three investing resources you CAN trust.
See you next week (follow the series here to be notified).
Be well.
R
P.S.: Right on time for my investing series, Mr. Money Mustache wrote this great post titled “Great News: There’s Another Recession Coming”. I highly recommend you read it (especially since I noticed a lot of people around me are buying new homes).
P.P.S.: I noticed my Twitter follower list growing slowly but surely since I added the Twitter button at the bottom of every letter. Thank you so much if you added me on Twitter! It’s my favorite social network by far.
Since I write about finance, legal jargon is obligatory (because the guys in suits made me). Before following any of my advice, read this disclaimer.
Thanks for reading! 😊If you enjoyed it, test how many times can you hit 👏 in 5 seconds. It’s great cardio for your fingers AND will help other people see the story.You can follow me on Twitter at @richardreeze to find out whenever others just like it come out.📚 Do you like books? If so you might enjoy my latest obsession:
Most Recommended Books.📚
