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Top 10 Personal Finance Books

⚡️Book Thread⚡️

+ Best quotes

These ten books have ten different and powerful approaches to accumulating personal wealth.

1. Think and Grow Rich

”The object is to want money, and to be so determined to have it that you convince yourself that you will have it.”

2. Secrets of the Millionaire Mind

"The vast majority of people simply do not have the internal capacity to create and hold on to large amounts of money and the increased challenges that go with more money and success."

3. The Money Book for the Young, Fabulous & Broke

"You picked up this book because you are broke. Keep reading and you will discover what you need to know--and do--so you will not be broke forever."

4. Total Money Makeover

"What I have done is packaged the time-honored information into a process that is doable and has inspired millions to act on it."

5. The Millionaire Next Door

‘People whom we define as being wealthy get much more pleasure from owning substantial amounts of appreciable assets than from displaying a high-consumption lifestyle.’

6. The Science of Getting Rich

"No man can rise to his greatest possible height in talent of soul development unless he has plenty of money."

7. Your Money or Your Life

"Conditions have changed, but we are still operating financially by the rules established during the Industrial Revolution--rules based on creating more material possessions. But our high standard of living has not led to a high quality of life"

8. The Millionaire Fast Lane

"Show me a 22-year-old who got rich investing in mutual funds. Show me the young twenty-something who got rich clipping coupons. Where are these people? They don't exist."

9. Rich Dad, Poor Dad

"The key to financial freedom and great wealth is a person's ability or skill to convert earned income into passive income and/or portfolio income."

10. The Richest Man In Babylon

"Budget thy expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings."

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10 TOP Lessons From the Book “Think Again”

📗Book Review

1• Achieve confident humility

✅that sweet spot of confidence where you’re confident of attaining a goal in the future, but are humble about your existing tools/methods.

2• Embrace mistakes,

💯Such that errors and mistakes become a helpful part of your learning and discovery process.

3• Leverage constructive conflict,

👉Whereby you seek out constructive conflict and invite others to challenge your thinking.

4• Keep rethinking your future,

✅where you avoid identity foreclosure, use regular “life checkups” to adjust your path, and find happiness without actively seeking it.

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10 Incredible Lessons From the Book “Zero to One”

⚡️Book Review⚡️

1. Focus on One Thing

👉 The truly successful ones will put all of their effort behind one unique idea or business plan and throw all of their weight behind that effort.

2. The 80/20 Rule

80% of your profits or yield will be produced by 20% of your customers or products.

👉This fact is also true for most of the other topics.

3. Invest Early

Maximizing retirement savings should be a key interest to any successful entrepreneur.

👉It will lead to greater dividends as you age and will generate wealth much more quickly than you might think.

4. Ignore the Common Wisdom

To be successful, to truly create a 1 from 0, you’ll need to:

👉 think for yourself and come up with a new product or solution that people don’t already know that they need.

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10 Insightful Lessons From the Book “Ego is the Enemy”

⚡️Book Review⚡️

1: Your worst enemy lives in you

It is true that all of us, with no exemption, harbors a certain level of pride and ego.

Since pride is in us, it is either we feed it or starve it.

👉How you deal with your pride makes the big difference.

2: Manage your pride

As soon as you feel you are becoming egoistic, boastful, and proud – you can tell yourself to stop.

👉Instead of directing people’s attention to you, choose to direct attention to others.

3: Pride tells you to talk, humility tells you to listen

Ego encourages you to lift yourself and base your worth on nothing or false worth.

On the other hand, humility tells you how important it is to listen to people.

👉So, we listen twice as much as we talk.

4: Become a student

Ego tells you not to listen to anyone. As a result, you stop learning. You stop growing.

So, if you want to keep on learning, learn to be humble first.

✅That’s how you become Great.

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10 Insightful Lessons From the Book ”Man’s Search For Meaning”

(Over 12 Million Copies Sold)

⚡️Book Review⚡️

1. He who has a why to live for can bear almost any how.

✅You will be able to face hard times way much easier if you manage to find meaning for your life.

2. You can adapt and get used to literally any condition.

It is not the strongest species that survive, nor the most intelligent, but the ones most responsive to change.

🔴 Stepping out of our comfort zone will make us understand how further we can actually push our limits.

3. Have courage to accept the things you can’t control.

While being high in self-control is important in achieving our goals, we must not waste our time with things we can’t control.

👉What matters is how we react to situations that are beyond our control.

4. Avoid thinking about success

If you focus on making success your target, you are more likely to miss it.

✅Dedicate your time and effort to a vision that is more significant than yourself, and let success becomes a by-product of this dedication!

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10 Key Lessons From the Book “Black Swan” By: Nassim Taleb

⚡️Book Review⚡️

1. Don’t chase black swans, instead, let them permeate your life.

👉You can do this by experimenting, cultivating serendipity,

🚫not taking bell curves too seriously, and investing in lots of small outlier but high-risk opportunities.

2. Black swan events Key attributes:

- Extremely impactful
- Are outlier events
- Are retrospectively predictable, not prospectively predictable

🚫Try to avoid situations that can fool you in a huge way, and avoid depending on huge, and potentially harmful predictions.

3. Randomness mainly comes from lack of knowledge

Surviving until tomorrow could mean that you’re either more likely to be immortal, or closer to death.

👉Both of these conclusions are based on the same exact data.

4. Unknowns are more important than the knowns

👉We can master things in one field and fail to transfer the same to another.

Everyone has their own limitations when it comes to learning from experience or observation.

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Here are 20 books that might just change your life forever:

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The Almanack of Naval Ravikant

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2/

The Choice

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3/

Atomic Habits

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4/

The 48 Laws of Power

@RobertGreene

Matt Dancho (Business ...
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The MOST overlooked skill in data science...

And it could get you a $20,000 promotion.

Here's how. 🧵

#datascience #stats #rstats

Text analysis is a treasure trove of predictive information.

Yet 90% of companies don’t know how to use it.

They are overlooking one of the most powerful and predictive sources of information…

In fact, text analysis is part of the strategy that I used to help double my business in 2022...

While companies like Facebook (Meta) lost 70% of their value.

My company went from $0.9M/year to $2,000,000 per year.

Using text analysis was a key piece.

So imagine how valuable you could become to your company if you doubled the part of the business you touch...

In less than 12 months.

They'd be more than happy to give you a $20,000 raise...

You just made them $1M. (or more)

But you need to learn Text Analysis so you can improve model performance...

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JACK BLY
@TheJackBly

I went from "shyest man alive" to speaking on stage.

If you're a man struggling with confidence, read this:

I was arguably the shyest man alive.

I feared rejection
I rarely spoke up
I barely made new friends or approached women

People told me to my face "why do you never talk?"

Today I've realized the root of why I was so shy (you may have a huge epiphany moment reading this)...

As humans, we have a strong instinct to be liked by the people around us.

You see, 2000 years ago roaming the earth in tribes, you NEEDED to be liked or else you'd get kicked from your tribe, and face the mountain lions, disease, & conditions by yourself (basically meant death).

My route to achieve this human instinct - to be liked, was speak as little as possible.

Other people take a different route - speak as much as possible.

But at the end of the day, we are all aiming to be liked.

Now, I knew the root cause... how did I overcome this lack of confidence?

1st - you must accept shyness does not serve you.

Once you fully accept this and are open to change, there are 7 keys I identified that helped me become confident.

Here are the 7 keys to confidence:

Sahil Bloom
@SahilBloom

Lifelong learning is a competitive advantage.

But contrary to what you’ve been told, lifelong learners are built, not born.

THREAD: 20 lifelong learning habits you can start developing today.

Stimulate Dynamically

The mind is a muscle - it needs to be stimulated dynamically to continue to grow.

Don’t rely on one “exercise” - develop a menu of options.

Write, read, listen, watch. Solve puzzles, play games. Enjoy it!

Stimulate dynamically, learn dynamically.

Build Learning Circles

The most powerful learning is communal, not individual.

Build learning circles with other intellectually curious minds.

Engage regularly with no set intention or goal.

Community is everything. Embrace it.

Keep Asking Why

“Why?” is the most useful tool in our learning toolkit.

But somewhere along the line, we are told to stop asking why and just accept “facts” as we are told them.

Reject the norm.

If you want to understand the world, take a cue from our kids - keep asking why!

First principles thinking is a powerful mental model for driving non-linear outcomes. It also requires a willingness to ask difficult, uncomfortable questions.

Here are a few to help you get started: pic.twitter.com/KyuAr7IUf7
— Sahil Bloom (@SahilBloom) March 14, 2021

Adopt a Process Orientation

Prioritize process.

Learn for the sake of learning, not always for a specific goal.

When you prioritize process, you become flexible in where you are headed.

Life is a winding, confusing journey - forward progress is all that matters.

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Influence - The Psychology of Persuasion by Robert Cialdini

Charlie Munger probably read enough on human psychology to become a professor himself.

His legendary talk at Harvard showcased this.

Robert Cialdini’s “Influence” was one of the books he learned from.

The Outsiders by William N. Thorndike Jr.

The Outsiders is about extraordinary CEOs who outperformed their peers by being radically different.

It’s an industry classic and recommended by Munger and many greats of the industry.

Man’s Search for Meaning by Viktor E. Frankl

Viktor Frankl was an Austrian psychologist and Auschwitz (concentration camp) survivor.

Man’s Search for Meaning is Frankl’s autobiography and deals with his theory of “Logotherapy.”

A theory about finding meaning and purpose.

The Autobiography of Benjamin Franklin

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A thread-

What is pyramiding?

It is simply adding to your winners.

Why use pyramiding?

1. It makes your winners bigger than your losers.

• Because you are adding positions when your trades are going your way, you are increasing your gains but your losers will be small comparatively.

2. You lose less during Draw-down time ( it saves you from losing big during whipsaws )

• Many times when the market is in sideways mode, Entering a trade with full risk might not be the best idea.

• So, you test the waters with a small position first, it could be ⅓ or ¼ of your total risk.

• So if the Breakout fails or whipsaws come, then you will only lose a small part of your overall risk.

• Then when position starts to go in your favor you can add to it.

3. It helps you to concentrate on a few trades,

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How you can filter stocks for Intraday trades - 🧵

As a kid, we would do homework before school the next day - you have to do homework here too. A specific sector performs on a particular day and studying things a day before will help you spot that particular sector. (1/11)

To prepare for the next trading day, you got to check the Index charts of all sectors. You got to keep an eye on a specific Index if you see a few factors:

- If any Index closed exactly at the resistance, you can get a trade on either side on the next day. (2/11)

- If it gave a rejection candle at resistance.

- If any Index closed exactly at support, you can get a trade on either side the following day.

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- If any Index gave a breakout or breakdown and then gave a good closing. (3/11)

- If any Index has taken support at 50 or 200 EMA.

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- Start with checking the top gainers/losers list. I observe market from 9:15 to 9:45am to check the sectors performing well on that day.(5/11)