Here is a short list of some books on investing that I’ve read and found helpful
Two books that I highly recommend are by a lesser known author, Andrew Hallam, whom I heard about from my friend 3 years ago.
Getting this advice helped me to eliminate my debt and to get on the right track for investing. The two books that Andrew Hallam has written on common sense investing are called “The Millionaire Teacher” and “Global Expatriates Guide to Investing“.
If you are interested in investing in a low risk portfolio of assets which will pay you dividends in the long term then I suggest you read those two books.
Below are some of the investing methods that I recommend you look into:
This firm is recommended by some of the major “gurus” out there including Tony Robbins in His Book “Money Master The Game”, by Warren Buffett, Andrew Hallam Author of Millionaire Teacher, and by many other financial advisors and consultants.
The fact is, your wealth will grow faster if there are less fees, and Vanguard has some of the lowest fees out there while still providing asset diversitfication with their stock and bond index funds.
This is great for anyone with $6,000 ready to invest, you can get started with a traditional 401(k) and start using stock and bond index funds to grow your wealth. It is possible to see 10% growth investing in a diversified stock and bond index portfolio and leaving it in the market for 30+ years of growth.
This is definitely the slow but steady approach and Is step number 4 in “da Plan”.
This strategy, which Andrew outlines in the book “The Millionaire Teacher“, helps to reduce your fees charged and reduce your risk while maximizing the long term growth of your portfolio. Markets on average will grow around 10%, the US and Canada markets see this growth, as do many other first world countries. You may be able to get some more aggressive growth if you aim for small cap indexes, but I would personally stick to indexes to reduce your risk and keep the upside reward at maximum.
Site Resource: Vanguard.com
Money Chimp: Common Sense Investing and Tools
Simple, to the point financial site without a bunch of advertising. You can learn about index investing, and check out their savings calculator to find out how much your simples savings can spell out in retirement for you.
A $4 coffee 3x a week invested at 3% for 20 years will mean another $17,000 you can blow on a boat or a trip to Fiji for a week.
Using their money calculators you can find out just how much money you will need in retirement, in addition they offer common sense investing advice, as well as some not so common sense investing advice.
Spend a day or two navigating the site, book mark it in your browser, and come back to it when you have questions.
Site Resource: MoneyChimp.com
Schwab Investments: A fair brokerage with some really useful tools
If you are an American citizen you can get a free brokerage and begin investing today. Simple stock and bond index funds can be had for dirt cheap and you can begin investing today.
Site Resource: Schwab.com
Robin Hood Investment App
I recently just signed up for Robin Hood investment app because of my friend referring me to it. I have to say, the no commission fees is very enticing, and can save you a lot of money if you are trading frequently.
With that being said I plan to keep a maximum of 2% of my portfolio in this fund because of the risk involved. Day trading has inherent risks involved and the higher frequency you trade the greater you increase that risk of misjudgment. If you are looking for a buy and hold strategy then consider index investing with schwab.com or vanguard.com. They will provide long term growth and stability.
However, It is also a lot of fun to see your pick go up and up and up. I wouldn’t count on this as the bulk of your asset allocation, but if you really want to play, and can afford and stomach to lose money then feel free to allocate up to 10% of your portfolio, just understand that you could see 100% of that money disappear if you make a bad buy.
10% though isn’t bad considering the weight on your portfolio.
You will need to setup an account and get approved first, since it is a US brokerage, only us citizens will be able to apply. I will add more resources for non-us residents and citizens as I come across them.
Site Resource: Robinhood.com
REIT’s: Also Known as Real Estate Investment Trusts
More on these little guys to come.
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Consider Setting Up Your Own Small Business:
Using systems like Piranha Marketing, the E-Myth, or hire a business consultant to help you setup systems properly in a small business in your home town.
Like Mike and I talk about in podcast episode 1, investing in your own small business can be one of the best investments of your own resources and you can some of the most control over.
Some small businesses make over 500% ROI, meaning you invest $1 and you get back $5. Some small businesses even see an ROI of as much as $500 on a $1 investment.
Small business is definitely a great investment and can pay major dividends if you take the time to research your options and set it up right.
Consider Peer to Peer Lending
What is peer to peer lending? Peer to peer lending means that you quite literally are micro lending, lending small amounts of money to your neighbors with the expectation that they will be returned with interest.