Wealth Compendium

[Ed GeinParticipant 29]

Hello once again, MGTOW.
Today is my birthday and as I get older and closer to having a real salary of my own, I get more and more interested in the money saving and investing tricks that I see scattered about in the Money Forum.
I know that various tips and tricks are suggested and discussed in posts from time to time, but the things I see are often contradicted by people I speak to in person, or even other forum posts.

With that in mind, I’d like to make this thread a compendium of money tips and tricks that you wish you would suggest for me and others like me, whether it be a way of investing, a means of protecting the wealth I accumulate, or even ways to cut spendings and save more.

Edit: My bachelors degree is prepaid, leaving me with no student loan. I also have no plans on using credit cards.

[Jan SobieskiParticipant 28791]

Happy birthday brother.

Love is just alimony waiting to happen. Visit mgtow.com.

[Faust For ScienceParticipant 22521]

I know it is a little late. Happy birthday Eighth Wonder.

[Anonymous 42]

cut into the wiring and hijack some electricity.
OK..illegal but hey…

[chirParticipant]

Best wealth is knowledge.

Something interests you, study it.

Never take anything at face value.

Believe nothing told to you until you have researched it.

Its up to you to form your own INFORMED opinions.

It is by caffeine alone I set my mind in motion, it is by the beans of Java that thoughts acquire speed, the hands acquire shaking, the shaking becomes a warning; it is by caffeine alone I set my mind in motion.

[RoyDalParticipant]

Happy birthday!

Cash is king: Save until it hurts and then keep on saving.

Debt is slavery: Do not take out a loan unless what you are buying has a foundation under it.

Research and learn before you choose an investment strategy.
The books of Robert Kiyosake worked for me, but I have no idea what will work for you.

Society asks MGTOWs: Why are you not making more tax-slaves?

[Anonymous 12]

Happy Birthday!

If I were to go back 20 years I would save my money, possibly stayed in rent longer but invested in properties. I would buy properties on the outskirts of growth corridors which would be cheap but once growth caught up would sky rocket. I kind of did this anyway and I have started my real estate empire but I would have loved to have started it years back but was too busy having fun with my money to care.

The property I bought back in the late 90’s was worth $44,000 AUD, it is now triple that, so that is what I would be looking at, real estate.

Another good one would be old run down houses in areas that are nice, buy it cheap, knock down the house and build something new to sell, or just hang on to it until a developer wants to buy it.

Patience is everything.

[Macaulay BulkinParticipant 27]

RoyDal wrote:

The books of Robert Kiyosake worked for me, but I have no idea what will work for you.

Could you recommend a few? I’ve read rich dad poor dad and I’m not sure what to sink my teeth into next.

A smart man learns from his mistakes. A wise man learns from other's mistakes.

[rironParticipant 45]

Could you recommend a few? I’ve read rich dad poor dad and I’m not sure what to sink my teeth into next.

Not as experienced as some of the others on here but:

Kiyosaki’s books don’t really teach you anything. They’re more motivational than anything else.

If you’re looking for other wishy-washy stuff, “the richest man in babylon” will teach you everything that kiyosaki teaches, but much more concisely. If you really want more kiyosaki, I’d read cashflow, but then stop there.

In the meantime:

Bachelor Pad Economics (by Aaron Clarey): this is basically the exact opposite of Kiyosaki; he’s super to-the-point And he’s realistic about everything unlike Kiyosaki who takes an entire chapter to say what he could have said in one sentence, and even then doesn’t really say anything. Clarey basically teaches you everything you really need to know about personal finance. Also it’s targeted specifically at people of your demographic (young men just about to enter college)

Investopedia: This is all technical information, and no fluff or politics or philosophy. Super dry stuff. One of Kiyosaki’s things is that he says “the first step to getting rich is to learn about money” (or something like that). Funny thing is, he never really teaches you anything concrete. Here is what kiyosaki’s telling you to read:
http://www.investopedia.com/university/beginner/
http://www.investopedia.com/university/stocks/?rp=i
http://www.investopedia.com/university/safety-and-income/?rp=i

The thing that it comes down though is that there are things that you can only learn through doing. (also the first step is the hardest, which is why lots of people spend hundreds of hours reading personal finance books but never actually act on anything they read) I would recommend you do the following things ASAP and only after you can done those things get back to reading books; at which point you’ll be able to apply the things you learn to these things immediately: (I started off like this. and it’s worked well so far)
-Open up an investment account, put $1000 into something, anything really, just to get a taste of stock investing. You probably won’t generate any money, but you aren’t really risking anything either.
-Register an LLC with your local state. This will cost you ~$150 if you want to do it the hard way, or $500 if you’re lazy and want to use legalzoom. The moment you register an LLC, you’ll be prompted to open a business bank account, hire an accountant, read up on taxes, etc. But deal with those things as they arise. Also when they ask what the purpose of your business is for, call it “consulting and commissions” (basically give it a super-vague description; you can figure out what you actually want to do with it later.)

Any money you put into these, consider it “tuition”. Assume that you’re going to lose the money, and that you’re paying that money to learn the real experience. You probably won’t lose the money, but it takes away all the stress and fear.

Write "What is MGTOW?" on paper money and spend it. Spreading MGTOW with complete deniability. (ノಠ益ಠ)ノ彡┻━┻

[hollowtipsParticipant 681]

I read a book once that says that says always pay yourself first no matter what. So when you get your paycheque before you pay any of your bills put a certain amount of money away in savings/investments immediately. They say in your 20’s you should save at least 20-25% of your paycheque but people in asia are doing as much as 60%. I’m talking adult men are saving 60% of their f~~~ing paycheques.

Purchase assets that will make you money early, the longer you have it, the longer it can be making you money.

Don’t buy a car ever, it will cripple you forever.

Avoid debt of any kind

Make large portioned meals so you have tons of leftovers. I spent 11 dollars Canadian yesterday as I’m trying to go vegetarian to cut my grocery bill and be healthier and I got 2 meals worth of food. It’s actually impressive how much fruits and vegetables you can get for 10-20$ where as for meat 20$ is a pair of steaks.

Buy everything you can bulk if it can go a long time without expiring, such as grains.

Stay away from clubs, relationships, and pointless vacations, if you’re gonna travel commit to doing it for months or years not for days.

[Anonymous 7]

Bitcoin

[Author]

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