stuff we love
books
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A comprehensive deep dive into radical mindsets around generosity and faithful stewardship. This book is up there on the list of books I wish I’d read sooner.
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"The Psychology of Money" by Morgan Housel explores the complex relationship people have with money, emphasizing the behavioral aspects of financial decisions. Through engaging storytelling and practical insights, Housel illustrates that understanding our psychological biases is key to achieving financial well-being.
Quotes:
“You might think you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t. What you want is respect and admiration from other people, and you think having expensive stuff will bring it. It almost never does—especially from the people you want to respect and admire you […] Humility, kindness, and empathy will bring you more respect than horsepower ever will.”
“One of the most powerful ways to increase your savings isn’t to raise your income. It’s to raise your humility.”… “Savings can be created by spending less. You can spend less if you desire less. And you will desire less if you care less what others think of you.”
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Bill Perkins brings some balance to the financial independence, live-on-your-in-laws-couch-for-10-years-if-you-have-to, mentality . At the core is the idea that human health and wealth move in opposite directions over the course of our life. So extract the joy from money while you can (with discernment).
Key concepts:
The most optimal use of wealth might not always be the most optimized.
“Is each additional hour of work you do really worth it to you and your [family]? Does your work add to your legacy – or does it actually serve to deplete it?”
“Strike the right balance between spending on the present (and only on what you value) and saving smartly for the future…optimize for lifetime fulfillment.”
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Item description
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Joseph R. Dominguez and Vicki Robin bring tangible steps to transforming how you think about money.
Key Quotes:
"Money is something you trade your life energy for. You sell your time for money. The only real asset you have is your time."
"He who knows he has enough is rich."
“Once we’re above the survival level, the difference between prosperity and poverty lies simply in our degree of gratitude.”
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An oldie but a goodie, this book from Thomas Stanley breaks down common characteristics of Millionaires. Frugal freaks, Toyota lovers, future-minded…this is a good read if you love seeing the data to back something up.
Key Quotes:
“Whatever your income, always live below your means.”
"Being frugal is the cornerstone of wealth-building.”
"It’s easier to accumulate wealth if you don’t live in a high-status neighborhood."
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Robert Kiyosaki pens a classic in an engaging style that reviews core concepts that result in riches. Assets, liabilities, cash flow, expenses, and income are all Bonus: want to play a board game that reinforces the core concepts? Check out the Cashflow Game!
Quote: "Rich people buy luxuries last."
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Haven't finished it yet, but I've read a lot of blog posts by the author and I've heard it's good. Breaks down how to invest in a very simple and palatable way.
Key quote:
"Simple formula for ending up rich: Spend less than you earn, invest the surplus, avoid debt."
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A light read by George S. Clason goes big picture narrative style with investing concepts as old as time.
podcasts
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Shameless plug.
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Author of the Psychology of Money chats through big picture financial concepts and mindsets.
Key concepts:
Staying optimistic, but paranoid, is crucial to building long term wealth.
“There is no world where two equally smart and informed people should agree on the best way to save, spend, and invest money…One of the most important financial skills is figuring out what game you're playing, and playing it — and only it.”
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Brandon Turner hosts guests who talk about improving life. Real estate experts come here.
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Ever wanted to take a peek at finances through the lens of a millionaire? This podcast picks their brain on their journey. You'll hear stories of everything from a serial tech entrepreneur with $300M to a garbageman with $1.5M.
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Big fan of these guys. They may go farther in their pursuit of minimalism than suits you. But many of the concepts go hand in hand with knowing when enough is enough. Contentment is a key mitigator to frivolous spending.
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Go deeper on what makes you tick. Not a finance podcast, I know, but a healthier you paves the way for a healthier relationship with money.
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A great starting place for folks looking to get their feet wet with tactical personal finance basics.
tools
budgeting & net worth
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Our money management app of choice. Loads of beautiful graphs and reports in addition to basic budgeting tools. No free version, but at ~$100 / year, it’s worth it if you’re looking to simplify and upgrade your money management workflow.
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An absolutely fantastic platform to get started with budgeting for free. Free version is great if you’re prepared to manually enter every transaction.
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Haven’t personally tested You Need a Budget (YNAB), but have heard great things about this for budgeting.
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Fun for testing out various retirement scenarios with net-worth graphs, but not as great for day-to-day money management.
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Ol’ faithful for the DIY nerds.
calculators
banking
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Consider online banks like Ally or Wealthfront for competitive interest rates on these.
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Type the above phrase in google to find a fair number of options out there that range from 1% - 5% in rewards.