1/ I consider myself to be relatively knowledgeable when it comes to personal finance...I’ve invested a lot of time educating myself over the years. The ~10 focuses & my beliefs will always change which is why it’s such an interesting topic. It also may be the most important.
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4/ These 9 themes influence every aspect of personal finance (and business, relationships, life, government, etc.): * Simplicity * Cycles * Expertise * Time * Diversification * Judgement * [Low] Fee’s * Risk Management * Unfairness
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5/ Investment portfolios are heavily influenced by cycles. Everything around us including ourselves are in a cycle of some sort. Learning to recognize & embrace cycles in investing and life is both
opening & liberating. This
is a great primer:https://www.amazon.com/dp/1118270118/ Prikaži ovu nit -
6/ Lean on Bogleheads. The single most impactful actionable advice I can give to anyone is to spend as much time on https://www.bogleheads.org as you do on Facebook. Your life will be altered for the better, even though you may not realize it for 10yrs.
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7/ Im not advocating for die-hard Bogleheadism; Im advocating for perusing the forum & seeing how far down the rabbit hole you go. Altho Ive been heavily influenced by Boglehead philosophies, I’m more practical & open minded than those who confuse low risk/costs for deprivation.
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8/ “There’s no such thing as a free lunch.” Bullshit. There’s actually free lunch & free trips. We’ve been to Greece, Vegas, Florida, Colorado... for free. It’s called Credit Card sign up spend bonuses. They’re dope af and well worth it. Check out
@thepointsguy &@Drofcredit.Prikaži ovu nit -
9/ I bought a used 2014 Honda Accord
in 2017 from @CarMax. It’s perfectly sufficient and will be much cheaper to maintain over the years than a sexier BMW, Audi, Mercedes... Also, CarMax really is on the path towards being the way car buying should be. Simple, in, and out.Prikaži ovu nit -
10/ PSA: U dont need to buy a
. Renting isnt ‘throwing away money’ & it actually has many advantages (financial & otherwise) over owning. Homes arent good financial investments historically.https://affordanything.com/is-renting-better-than-buying-should-i-rent-or-buy/ …Prikaži ovu nit -
11/ Buying a
for the right reasons can make sense.
1. Plan to own it for 10+yrs
2. Strongly desire the lifestyle (especially understandable if u have a family)
3. Acknowledgement that u may not make money off it
Its hard for me to be concise when it comes to homeownership
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12/ Buying a property outright is owning it. That *could* be a good investment. But since when is borrowing hundreds of thousands of $$ from a bank & using it to buy something considered an investment? Have u thought about the opportunity cost of the down payment? Moving on!
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13/ "If your plan is clear, it will be easier for you to stay on plan" - Charles Ellis. This quote has really influenced how I invest and how I build at work. For investing, this means to buy & hold low cost broad market index funds primarily.https://www.amazon.com/Elements-Investing-Lessons-Every-Investor/dp/1118484878 …
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14/ He’s basically saying to avoid load funds, expensive mutual funds, & speculation in the form of individual stock picking. Overwhelmed? Well priced Target Date Retirement Funds are great also. See if your 401k offers these from a firm like Vanguard. Simple, cheap, and clear!
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16/ Speculation cont’d: I feel very disadvantaged w/ public stock picking so have never bought more than 1-2 in a given yr. Now seems like the right time to intro crypto. Yes, Ive been stuck in the rabbit hole. Buy some
$BTC or at least learn about it:https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861 …Prikaži ovu nit -
17/ You’re not going to nail market timing. I struggle as much as the next guy with this.. Remember, cycles.. Things will take a turn down, but when? Im more on the sidelines now than the past 3yrs, which may be a bad decision. We’ll see. Timely thread:https://twitter.com/billsweet/status/1032298219793985536?s=21 …
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18/ Dollar Cost Averaging. Struggling w market timing? DCA in or out. If you dont know what this means but are contributing to an account like a 401k every paycheck then don’t worry... you’re averaging in.
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19/ Time... solves a lot of problems in life. Its also 1 of the biggest factors in investment returns. Time in the market can make up for years of poor market conditions. Long time horizon w/ a windfall? May be better off not DCA if u can stomach it:http://awealthofcommonsense.com/2015/08/investing-a-lump-sum-at-all-time-highs/ …
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20/ Are u or a family member on a high income medical professional path? Med student, resident, dentist, doctor...? You're in a unique position. High income (eventually) but super high debt. The earlier you discover
@WCInvestor, the better. Buy this
:https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106 …Prikaži ovu nit -
21/ Follow strategist
@RyanDetrick from@LPL for insightful, thought-provoking market updates. He frequently shares interesting trends and patterns. You shouldn't use this info to try to time the market, but you also shouldn't be ignorant to cycles. E.g.https://twitter.com/RyanDetrick/status/1032704150214201344 …
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22/ One of my favorite beginner investment planning books is by
@awealthofcs of@RitholtzWealth. He hosts a dope podcast focused on current financial events w@michaelbatnick called Animal Spirits. Shoutout to@ritholtz while we’re at. Buy the
:https://www.amazon.com/Wealth-Common-Sense-Simplicity-Complexity/dp/1119024927 …Prikaži ovu nit -
23/ How do I sleep at night? Exercise,
x2, melatonin, and Diversification.
Diversification is key. Diversify investments across industries, geographies, etc. Diversify income streams. Diversify hobbies.
Diversity lowers risk.
From @awealthofcs:pic.twitter.com/rMBeYFEZRP
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24/ Diversification deserves 10 tweets but I cut homeownership off after a few so I’ll do the same here. The chart on this
@Wealthfront blog post shows why you diversify & why u shouldn’t chase returns.https://blog.wealthfront.com/the-benefits-of-diversification/ …Prikaži ovu nit -
25/ When talking about Diversification &
@Wealthfront, u have to talk about Burton Malkiel (their chief investment advisor). He wrote one of the best investing books of all time. “'The Get Rich Slowly but Surely' strategy. “ Buy the
:https://www.amazon.com/Random-Walk-down-Wall-Street/dp/0393352242 …Prikaži ovu nit -
26/ Time to touch on Robo advisors
.
We have accounts w both @Wealthfront &@Betterment. As previously stated, time in the market is hugely important. If you’re young & on the sidelines due to decision paralysis w how/where to invest, just choose 1 of them. You’ll be fine.Prikaži ovu nit -
27/
@Betterment’s Director of Behavioral Finance and Investments@daniel_egan is a must follow. Since we just touched on Diversification... he puts out
posts like:https://www.betterment.com/resources/diversification-war/ …Prikaži ovu nit -
28/ It’s healthy to be humbled & made aware of how much of a disadvantaged u r compared to really smart people.
@CathieDWood of@ARKInvest is 1 of those
who u listen to & are reminded to KISS & just index.
Listen to her on @patrick_oshag podcast: http://investorfieldguide.com/cathie/Prikaži ovu nit -
29/
@ARKInvest puts out some interesting white papers and emails a daily newsletter. U may be interested in following some members of@CathieDWood’s team at@ARKInvest.@yassineARK,@wintonARK and@jwangARKhttps://ark-invest.com/innovation-white-papers …Prikaži ovu nit -
30/ Life insurance
Bad shit happen to good ppl. Lifes unfair. Fuck cancer.
I have a 10 yr term policy w option to extend later thru @NewYorkLife. Fortunate to be healthy enough to qualify? Married or have kids & make
? Stop delaying; its simple.https://www.newyorklife.com/ Prikaži ovu nit -
31/ Don't veer from simplicity. Opt for Term Life Insurance instead of Whole Life, Universal, Variable, an Annuity, etc. Don't mix investing with insurance
.
Complex, hard to understand products are not better. Similarly, more expensive doesn't always mean better either.Prikaži ovu nit -
32/ Crypto Twitter (CT) is a dirty, dirty place. Don’t trust anyone.
@AriDavidPaul of BlockTower Capital is 1 of the good guys. Get to know him & the current state of the universe regarding token projects on@WhatBitcoinDid:https://www.whatbitcoindid.com/podcast/2018/08/24/wbd-031-interview-with-ari-paul …Prikaži ovu nit -
33/ Understand basic Operational Security (OpSec). Dont need to be full-on paranoid, altho its not the worst idea in the world. VPN, PW Manager,
@protonmail > Gmail.. Great guide by@tayvano_ for businesses & most lessons can be applied to personal life:https://medium.com/mycrypto/mycryptos-security-guide-for-dummies-and-smart-people-too-ab178299c82e …Prikaži ovu nit - Još 82 druga odgovora
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