in Book Notes

Money: Master The Game

Anyone who wants to master money, and make it work for them should read this book. This book will teach you how to achieve financial freedom.

My reading notes.

1. Let your money work for you by compounding. 

Compounding is letting our money develop year after year, by allowing interest to build up. Assuming you invest $100 and this generates a 10% profit. If you leave the investment untouched, you’ll generate another 10% on $110 the year after, then on $121 the following year.

2. Put money into your investment fund, each month. 

According to the author, the first rule of financial security is to add money to your savings. If do not do this, our situation cannot improve. We should not consider this as a boring process. Instead, see it as a freedom fund which is like a personal ATM. Where we can place and withdraw funds. The author recommends aiming to save 10% of our income.

3. We should not fall for investment myths, but do our homework and research the best places for our cash. 

We should never invest if we don’t know the market. Therefore, sometimes it could be wise to use the services of professionals to manage our investments. But who?

The author argues that financial professionals do not know what is best for your or your money. Many people let stockbrokers manage their investment funds, but they get paid, whether we profit or not. Their job is to sell our things, whether good or bad. In other words, they want to earn their income even if it means selling your stocks for less than you bought it.

Unlike stockbrokers, fiduciaries are professionals required by law to have no other interests except your own. You can trust their advice.

You can also learn to invest on your own, but bear in mind the following rules: do your research, learn about what other successful people did with their investment, and be cautious.

4. Consider your financial goal.

It is important to consider how much money do you think you’ll need to feel completely free from financial stress? Is it a couple of hundred dollars, or a few thousand or a few million?

Once we have answers to these questions, then we can start thinking about how and how much money we want to invest.

5. The path to financial freedom could be slow, but don’t give up.

You will not only be distracted by self-doubt but also by short-term thinking. “Many people overestimate what they can accomplish in a year, but then underestimate what they can accomplish in a decade”.

6. You should diversify your investments to make the most of your freedom fund. 

Have you saved enough money in your investment fund? It is time to diversify your investments. But where?

You can invest in Bonds. They don’t offer massive returns but are also unlikely to lose value.

You can invest in Equities. Meaning stocks and shares.

7. Take advice from smart investors to guide you. 

If you want to be successful in anything, it is wise to learn from those who have been successful before you. If we analyze and copy what other successful investors have done, we’ll have a much better chance of reaching our goals.

Ray Dalio could be a good role model. He founded Bridgewater Associatiotes, the largest hedge fund in the world.

Ray Dalio recommends putting 7.5 percent of your assets in gold and 7.5 percent in commodities. Gold and commodities are often good investments, even during periods of high inflation. Then put 30 percent in stocks, especially during seasons of high growth in which you can earn more. Finally, put 55 percent into US bonds. 

 

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