I added a new book to my collection.

My takeaways [Thread]

1. Pay Yourself first - This may be the most basic maxim in all of personal finance, but if you don’t follow it, you will never escape the paycheck to paycheck cycle. This is an important step to break the cycle of living paycheck to paycheck.

2. Live Within Your Means - By adjusting your mindset and making your greatest desire be saving a portion of your income (The Richest Man in Babylon uses 10%), you will be satisfying your desire and still living within your means.

3. Put Your Money to Work - Money is the best employee, it never gets tired. In your money in things that will earn more money like stocks, real estate, or even a side hustle business.

4. Keep Your Money Safe - Invest in what you know. Ask questions of wise people. Protect your money like your life depends on it because it does.

5. Become a Home Owner - Owning a home is a major accomplishment. It takes a lot of discipline and requires constant work to maintain. Homeownership can be scaled. House hacking is a good strategy to invest in a home.

6. Insure Your Future Income - Get insurance to protect yourself, your family, and your assets. Build an emergency fund AND an emergency plan to like on that income for a temporary period.

7. Improve Your Skill to Earn More Income - Work smarter, not harder. Once you have learned the basics of personal finance and have a clear budget, then earning income can be a powerful tool to build wealth.