How I use minimalism to build wealth

I actually enjoy talking about finance as well

Here's key pointers I found helpful:

  1. Don't buy a new car. Don't lease a car. Try to buy a car about at least 3 years used. This saves you a lot of money. Let someone else get the hit on depreciation. How Cars Keep you poor
  2. If your company offers a 401k, do it as early as you can. If you start young, you'll be much better off than if you try to start much later.
  3. Get some books on personal finance. In school we aren't taught about money. Many students are so smart but don't know about taxes, how to invest, what a market order is, how to set a limit order, how to deal with a 401K, how to build good credit. For various reasons, these topics are not taught to us in school.
  4. "Do not save what is left after spending, but spend what is left after saving" - Warren B
  5. "If you can't buy it twice you can't afford it" - JZ
  6. The wealthiest people we know are often 'stealth wealth'. On the contrary the people with the fancy cars and fancy clothes and the new phones are actually poor.
  7. Start investing as soon as you can. The Rule of 72 is a powerful tool. What do Warren Buffet, the Lazy Person's Guide to Investing (Paul B. Farrell), The Little Book of Common Sense Investing (John C. Bogle) and the Simple Path to Wealth (JL Collins) have in common? Keeping it simple. Invest in the S&P 500. Set it and forget it. Warren Buffet won a bet where he beat every hedge investor and all he did was put money in the S&P 500 and nowhere else.
/r/minimalism Thread