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1. A Wealth of Common Sense

By Ben Carlson

2. Summary

- This book's purpose is to put investing into reality without the fluff.

  • Remember that the house almost and most of the time always win and once again if you don't have a butt ton of money, it will make it impossible to "follow the herd" and make money.

    • Don't Invest the same way as big institutions. Big institutions have a lot of purchasing power and can even lower the fees associated with trading. 

    • Also, big institutions have employees that work full time on their portfolios at all times, unlike most normal people.

    • The Yale Model

    • Knowing what not to do

    • High Reward, High Risk

    • Know your Personality before investing.

  • Damn, ain't this the truth. I like the subtext on the Cover though saying that "Why simplicity trumps complexity in any investment plan". Simplifying things is usually always the best plan.   

3. Unfair Advantage & Emotions

- "Yale Model"

  • David Swensen is the Chief investment officer for Yale. He is very successful with 14% gains. Yale gets so much money from grants and donations they can receive cheaper management fees and also can be established as a non-profit.

    • Well Farts, what is in it for me than, lets continue.

- What Not to DO, and What Not to Expect

  • ​Don't Expect the Get Rich Fast scheme, this isn't real. Don't follow the herd, and don't be overconfident. This could save you 3-4% in investments.​

    • Even doctors agree with me. Also, Ben Carlson went to Yale for his undergrad so he might actually know what he is talking about. Smart people are either telling you that the get rich fast scheme is BS or the ones running one. Think about it...

- Being Emotionally Aware

  • How our emotions influence our actions and the people around us can even apply with investing. Invest in things that you truly understand.

    • Listen to the man. I have invested in a lot of stupid shit in the past just because I heard about it on either social media or the friend and got really excited to invest in it, that it usually was a flop right after the buzz dropped. Remember bit coin? 

4. Taking Risks for High Rewards

- Rewards

  • Risks are always attached to rewards. There will be a bumpy ride if you're hunting big rewards. Nothing's FREE, otherwise we would all be successful.

    • Once again, aim for the stars, but be persistent to truly succeed. Having patients and knowing the "common sense" model is a helpful way to always be prepared for other options.

- Stocks, Bonds, and Cash Return Examples

  • Stocks average return from 1928-2013: Stock= 6.5%, Bonds= 1.9%, and Cash=0.5%.

    • This might not be much of a surprise to you, but the truth is investing returns pennies if all you have is pennies to begin with. My recommendation is to invest when you have money or at least invest what you are okay with losing to learn how the market works.​

- Diverse Portfolio and Commitment

  • Theory is that if one goes down, the others will go up and support your loss. If you do it right. Fidelity Investments revealed that the best investments are the ones that are forgotten.

    • Good Ole' Benjamin Franklin was a master in investing and really understood what compounding interest was. A good example of this was when he gave Boston and Philadelphia 1000 pounds with the stipulations of both cities had to invest the money compounding by 5% yearly and couldn't touch it for 100 years than to only be able to spend three quarters of it on city improvement projects which was about 3/4 of 657,506 and had to invest the 1/4 in the same way.

    • Compounding interest is huge when thinking about investing.  

5. Personality Investments

- Knowing your Personality

  • Take a Personality Quiz to better understand yourself. What are your core investment values and what is your personal long-term goals?.

    • Everyone is different and that is what you should be aware of when investing. I want different things than you do, so be aware of that. Don't just think that cause you want money, you will get it.

- Investment Plan

  • Are you a risk taker or do you want to hold on to investments? Stick to this throughout your journey so that you will never be uncertain. Put this on paper and reflect every time you invest. 

    • I am aware when I am a risk taker and when I am a invest and hold investor. I believe you can do both as long as you are aware of what you are doing.​

- Stay Calm and Composed

  • Change your personality in the investment game to become successful. Understand what your getting yourself into and know that there are risks involved always. 

    • Don't invest money that you truly need and that would really piss you off because now your bankrupt overnight. 

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1. The One-Page Financial Plan

By Carl Richards

2. Summary

- This book is about budgeting and investing.

  • Budgeting is hard, but everyone has to learn how to do it to get ahead in this world. Investing in your future and thinking about money is crucial.

    • Simple way to do both.

3. Why Money is Important to You, What are your goals, and how can you fine tune to reach them?

- You need to figure out how you value money and understand that everyone is different just like when you go to the doctors, so figure that out about yourself first. Are you really living according to your values?

  • Fine-tune your financial goals and values when unpredictable things happen in life and think of plan A, B, and C. Goals aren't set in stone. Goals an be for yourself, for your loved ones, but remember they can change.

    • Learn to Save and practice every time you get money.

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4. Make a Balance Sheet and Track 

- Your current financial situation, know your money.

  • Figuring out your assets and liabilities. Complete a T-Shape balance sheet where you write down your assets on the left side and your liabilities on the right.

    • Assets: Investments and savings​

    • Liabilities: Mortgage and debts

  • Knowing where you stand can help you save more, and pay debts off quicker.

  • Track your money and learn where you can save. Spend Less

5. Paying off Debts, Saving, and Invest like a scientist. 

- Pay off debts as a form of investment. Pay off the loans with the highest interest rate first so that you are not throwing away money. 

  • Before you invest in something, study that something like a scientist. No single stock is going to be your golden ticket, spread your risk over as many sectors as possible. Your portfolio should be in both big and small companies. 

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1. Money: Master the Game

By Tony Robbins

2. Summary

- Turn a Small nest Egg into a mountain of cash.

  • Anyone can reach financial freedom if they're dedicated, willing to save and ready to follow some steps.

    • Diversify your investments

    • Seek advice you can trust

    • Be prepared for different financial "seasons"

    • Get yourself insured

  • ULTIMATE GOAL: Spending your money the way you want.

    • THE THREE BUCKETS: Where you need to concentrate your investments​

      • First Bucket: Security Bucket. Most secure investments like bonds. Low risk, low reward.​

      • Second Bucket: Growth Bucket. A little riskier like equities, meaning stocks, and shares. Need to sit on these investments. Medium risk, Medium reward.

      • Last Bucket: Dream bucket. This bucket helps improve your lifestyle. put some profits of other buckets into this one. 

    • KEEP THE BUCKETS BALANCED

3. Compounding your Money

- Exercising your money is doing stuff with the money you make, Lazy money is letting it sit in the bank. 

  • Retirements like Pension and retirement funds will not always help you out. You have to prepare yourself for the future and always keep your finances in mind. 

  • COMPOUNDING: means letting your money develop year after year, by allowing interest to build up.

    • Benjamin Franklin gave $1,000 in 1790 for Boston and Philadelphia. They could not touch it for 100 years. in 1890 the amount was worth $6.5 Mil.

  •  â€‹Invest monthly, even if it's not a lot. It's like climbing a Mountain mentioned in the book... at first it's hard and you won't seem to be getting anywhere, but when you reach the top, you'll suddenly realize why you worked so hard.

4. Freedom Funds

- What is your financial goals? How much money do you think you could have to feel completely free from financial stress? Be Realistic.

  • Goal 1: Generate enough money from investments to cover basic bills, living costs.

  • Goal 2: Generate enough to cover living costs + fun things like clothing or entertainment.

  • Goal 3: Generate enough for financial independence. Just off compounding interest. 

    • Average american adult spends $34,688, so freedom funds would have to be $640,000.​

  • Goal 4: Don't make money to FREE you from work, but to improve your lifestyle.

  • Goal 5: Absolute Financial Freedom is when you can spend money on anything you want at any time!

5. Guide your Path

- People overestimate what they can accomplish in a year, but underestimate what they can accomplish in a decade. Make sure you are true to yourself when guiding your path.

  • Self-doubt will happen and might distract you. 

  • Short-term thinking: Don't be impatient. 

  • Lesson your tax burden and make sure you are writing things off. 

  • Follow smart investors to guide your path, always learn from people who have succeeded before you. Don't invest money you need.

    • Ray Dalio (Bridgewater Associates) ALL SEASON ALLOCATION.​

      • The market will change, just like seasons. Be aware of this.​

        • Put 7.5 % of your assets in gold.​

        • Put 7.5 % in commodities. Both good investments.

        • Put 30% in stocks definitely in high growth

        • & Put 55 % in US bonds.

        • Convert some savings in annuities where an insurance company guarantees future payments in exchange for immediate payments.

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1. Charlie Munger: The Complete Investor

By Tren Griffin

2. Summary

- Charlie Munger is the legendary investor and financial partner of Warren Buffett. He is the vice-president of Berkshire Hathaway, and has done quite well investing.

  • The four simple ideas that help keep an eye on long term opportunities.

    •  First, treat owning a share as ownership in a business. Value the companies you invest in.

    • Second, buy discount to give yourself a margin of safety. The difference between the current market price and its intrinsic value... future cash flow. Buy at bargain prices.

    • Third, stay on the right side of the market. The bargain prices happen when you can spot mispriced assets and recognize emotions of "Mr. Market.

    • Fourth, remain unemotional when selecting investment opportunities. Don't invest because of your mood.

    • Stay Cool and rational. 

3. "Mr. Market"

- The belief that the market is as emotional as humans are, so know when the market is emotionally sad or happy can be a turn for your success. 

  • Take advantage of bargain prices so that you can create a margin of safety.

4. Investing with a System

- Simple investing techniques is how Berkshire Hathaway has been so successful. They focus on simplicity and builds off what you already know.

  • THE GRAHAM VALUE INVESTING SYSTEM, Benjamin Graham.

    • Invest only in things that you understand. ​

    • Three Baskets

      • In​ Baskets

        • Holding worthwhile potential investments & is small​

      • Out Baskets

        • Uninteresting opportunities ​

      • Too Tough Baskets

        • Holds Opportunities that look great but are currently outside competence.​

    • PATIENCE

    • Great investing requires realistic approaches and don't need to hit a homerun every time. 

5. Follow Wisdom, Courage, and Cultivate Patience

- Mental Models across a range of disciplines. Psychology, history, math, physics, philosophy, and biology all have wisdom that stems from each discipline's unique way of seeing the world

  • Examining behavior and spot similarities. 

  • How do they structure knowledge.

  • Don't abandon the assets ties to the product, understand why it happened.

    • Keep an independent mind and know when to split from the pack.​

    • Take risks with courage because you are Brave.

    • Be patient to prevent paying higher taxes, fees, and expenses by moving around your investments to much. Sit and wait.

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1. The power of now

By Eckhart Tolle

2. Summary

- Do not focus on the past or the future... Live in the present and try to separate yourself from the over-thinking mind. You need pain to survive and most pain is through experiences you have had.

  • The Ego stops you from being happy, so seperate yourself from your mind and focus on your body. When you separate yourself from your ego (mind) you will separate yourself from pain.

3. Focus on the Present Moment and Surrender

- The only moment fully available to us is NOW... not what has happened or what hasn't happened (Regret, Reminiscing, Planning, or Worrying) are all things we can't control.

  • Things happen only in a continuous stream of present moments.

  • Stop clinging to the past and stop fearing the future. 

  • Someone who doesn't live in the present tend to feed off problems, while someone who lives in the present are more calm and peaceful which is experienced as a threat.

  • Relationships: Strong opposites cannot exist in close proximity. Like a candle in the darkness, the darkness disappears. Like water on fire, the flame extinguishes.

  • Living in the present though will help you stop judging others, criticizing, or trying to change your partner, and instead see him or her as an independent person. 

  • When living in the present moment, you see problems only as individual, manageable situations that you can solve, one by one. Become Effective.

4. Observe the Mind without Judgment or Pain

- Ego: a part of your mind that controls your thoughts and behavior without you noticing.

- Separate yourself from your Mind/ Ego and Focus on your Body. Since you can't alter the past or the future, you constantly worry about things you can't possibly change... that leads to pain and anxiety.

  • Your body knows what is best for you, and listen to your body...

    • "Your body is a temple". Jesus spoke of his body missing from the grave and that his body ascended with him to heaven.

    • Buddha's six-year abstinence, when he separated his mind from his body he didn't feel more at peace, he found enlightenment when he felt at one with his body not his mind.  

  • When you overreact in a conversation, this is because of your ego. Your ego is hard to observe. Your Ego always tries to gain control over your behavior and thinking. When two egos come in contact, drama ensues. 

  • The Ego wants to control and be destructive, it knows no limits,it will bring you much suffering.  

- The Mind is your "Ego" and the Ego causes you pain by thinking about what you should have been or could have been and living for only what the future holds. 

- Pain is a self-created inner resistance to external things that you cannot change.

  • You experience pain when you are unsatisfied, but powerless to fix it. This can make you feel emotional and Negative.

  • Feeling pain however will happen, as a defense mechanism to help survive, grow, and strengthen. Be aware if pain happens for an extended period of time, it will start identifying who you are and just accepting the pain will actually make you afraid to let the pain go because you will feel like your putting your identity at risk.

  • Being that pain is mostly self-created, you can do something about it. 

  • If your body wants something, listen to it. Accept your thoughts not as bad or as good, just smile at them. If you want to observe your mind, ask yourself "What will my next thought be?"... It takes a while for your next thought to arrive. Through observing you have created a gap in flow of thinking.

5. Exist in a State of Permanent Alertness

- Active Waiting. When you're aware that something important or serious could happen at any moment, all of your focus is on the NOW. No time to daydream, plan, or remember, these are all distractions from the now.

  • When you are Actively waiting you focus on your body, thus becoming more alert to your surroundings. 

    • Jesus said to his disciples "Be like a servant waiting for the return of the master" Since they didn't know when the master would come, they become in a permanent alert state of waiting so that they don't miss the return of the master.​

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1. Fail Fast, fail often

By ryan babineaux and John krumboltz

2. Summary

- Explains that unhappiness is due to fear of failure and encouraging people to go outside their comfort zone to achieve happiness.

  • In order to have fun, take risks and embrace failure.

3. Bored with the same life?

- People fear that if they don't plan enough they will fail. When we are suppose to say "action" we say "not yet".

  • Start doing small things to see small results

  • Stop waiting for things to get better, go create something that's better.

  • Award yourself before going to do something.

4. Failing leads to success and Appreciating your Journey will help you Understand how.

- Encourage failure and remember quantity not quality. Quality never improves life because they don't even know what to improve. Comedians go to small acts first before their big tour because they want to see what jokes work first.

  • Be a beginner and embrace it. Fearing failure almost results in failure.

  • Just like a promotion or asking someone out at a bar, just try and step outside your comfort zone.

  • Reclaim your curiosity like when you were a child. Innocent curiosity brings upon ideas. Schooling sucks it up and adults get even worse. 

  • Spirituality, art, and creativity just like Steve Jobs with Apple.

5. Thinking big and acting small

- Have ambitious goals, but don't bite off ore than you can chew. See small progress, a step at a time.

  • Don't jump into a career without weighing out the options, just like someone you date before you commit officially. 

    • Try something out first.

    • Don't label yourself, or else you will limit yourself.

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