Daily writing prompt

List three books that have had an impact on you. Why?

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I know what you are thinking. Didn’t we see an article on ThriftyInvesting.net talking about books already? The answer is yes, but that doesn’t mean this new post lacks information you might have missed before.

Books have a way of opening up your mind, wrinkling the brain, causing you to learn. I can absolutely say that there are 3 books that have had an impact on me, especially in the sense of investing or working on myself to be a better investor.

The first book I will discuss is called, One Up On Wall Street, from Peter Lynch. Peter Lynch is a legend when it comes to stock picking and running large funds, but his book gives insight on how he became a great stock picker. You, the consumer, have one up on Wall Street, and that is, you know what people are buying. You know what brands are in, what new stores are popping up, or what new products are hitting the shelves.

Armed with that knowledge, you can start looking into the companies that have released those new products or opened those new stores. Find if they are a public company, and then choose to purchase shares of stock from that public company. You have the ability to look around you, see what stores are popular in the mall or what clothing store everyone is shopping at. What new technology is hitting the shelves or who has a new app that is a must have. This is the one up, because you are ground level, seeing which companies are taking market share and what companies are left behind.

The second book I will discuss is called, The 5 A.M. Club, from Robin Sharma. This book is extremely good at telling a story, but at the heart of the story are the core rules and steps to take to join the 5 A.M. Club. Joining the club is no easy feat. You must be willing to get up earlier than you might be used to, but it gives you the steps to do it, and not only just to start, but how to stay consistent with it.

When you wake up at 5 A.M., you have an advantage on the day. You are able to get in a workout, write down your daily goals, and start accomplishing those goals. It gives you the time to quietly reflect on what is needed from the day, instead of waking up late and immediately thrown into chaos. It gives you time to breathe and take care of your mental self. I loved being in the 5 A.M. club, but it takes work. Consistent effort is needed as this is not a walk in the park, especially if you are one who always sleeps in.

If you’ve read my previous posts about books, you probably know what my third most impactful book I’ve read, is. The Richest Man in Babylon by George S. Clason. This book single handedly change my life and my families life. It opened the door to something that we can no longer ignore. We’re awake now and could never go back to how we did things before. Paycheck to paycheck, it doesn’t have to be that way. By reading this book, you will understand, and clearly understand, that you can live within your means, and pay yourself first. Eventually turning those payments into investments that go to work for you. Generating money from your money, putting your money to work for you.

This book is a must read if you would like to become financially savvy as well as financially free. It tells a story, and within the story are lessons that apply to today just as they would have way back when. The idea of compounding your wealth, you need to start with something. Save 10% of what you make. Every time you are paid, save 10%, throw it into an account, let is build. Eventually taking that money you built, and put it to work. If you want to be financially free, you need to have your money go to work for you. I have recommended this book so many times to anyone I talk to, because of the knowledge gained is undeniable.

All of these books offered so much information to me. I would love for these books to help you. The knowledge that is already within you just needs unlocked. That untapped potential is waiting for it to be tapped. Let us know if you’ve read these books or what your top three most impactful books are!

The fear of investing and the fear of putting yourself out there. Those are the two fears that came to mind when I read this prompt.

When I first started learning about the market, it was a very big deal to open the brokerage account, but even more so to fund it. Starting with $100, then a $20 here and a $20 there, it felt like I was sending my money somewhere, unsure of what to expect.

The more I learned from losses and silly trades, the more I decided to take investing more seriously than I had before. Reading books on how to find companies, financial statements, moats, earnings, and more Wall Street terms. Once comfortable, I started searching for companies, exploring ETFs, and figuring out dividends. This caused me to become more confident with the market, and I started to buy more and more shares.

This confidence and this new knowledge had become so exciting to me that I began listening to podcasts, reading even more, and researching terms, acronyms, and words that I didn’t understand.

Now, I’m managing a large account for our family. I feel no fear because I now understand more than I did before. I used my fear to dive into the market instead of avoiding it like so many others do.

My other fear is putting myself out there. This website is not my first, but it is my favorite. I come here to share what I have explored and learned along my investing journey, hoping to help anyone who is new to the market. I want to stoke the flames of interest and get you into investing. The flames brightening the door you must open to start your own investing journey.

I had an interest in the stock market as a sense of wonder, but I never knew I would become so interested that I needed to make a website to write down my thoughts. I didn’t know that this would become a passion and one of my favorite things to talk about.

The fear of putting yourself out there, writing personal words and thoughts on such an expansive subject, can be daunting, but it is exciting. Every read post, like, or view is exciting because I might be helping retail investors just like me.

Thank you to all who read my posts and I hope your investing journey is as exciting as mine!

This is a simple question for me, but it is loaded. I want my wife and I to leave a legacy for our future family members, a legacy of generational wealth.

Generational wealth would be huge for the futures of our kin, allowing them more possibilities to exist in this world. This world can be expensive, and education is even more expensive.

We want them to be able to travel the world, become culturally savvy, and experience life and nature. We want them to be able to pursue a job they want instead of needing. Go to college anywhere they want instead of what they can afford.

We want them to know hard work and how to be sensible with money. That way, it stays generational. We also want them to have flexibility. If they want to help change the world for the better, it allows them to do so.

My wife and I work very hard and have learned a lot financially. It has become a big topic in our house, especially investing. We are looking down the road, and we are happy with the direction we are going. We hope to accumulate enough to break the wheel of paycheck to paycheck. Deep debt with credit cards and loans. We want generational wealth!

Daily writing prompt

What’s the oldest things you’re wearing today?

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I am going to put a bit of a spin on this question. Since this is Thrifty Investing, we want to make sure that the topic matches our website and what we are here for. And what are we here for? Thrifty Investing Tips!

The question: “What’s the oldest things you’re wearing today?” Well, that answer is simple, yet loaded! I am wearing a shirt that I have had for at least 6 years, shorts for a few years, and socks that, as long as they don’t get too big of holes I will keep. How does this have anything to do with Thrifty Investing?

I’m glad you asked! I am currently reading “The Millionaire Next Door” and it’s very interesting the relation of millionaire’s who watch their spending and don’t particularly purchase brand named clothes or accessories. Instead, they watch how much they spend on the clothing category, stretching the dollar to buy what is needed.

It’s a duality of being Thrifty! Not only can you be thrifty in your finances as well as investing, but you can be thrifty in what you shop for. If you want to be wealthy, affluent, part of the millionaire class, then you have to mind your spending.

A perfect harmonizing of thrift! My wife and I don’t seek out name brand clothing or accessories, instead, we usually buy what we need, when we need it, rather than go on spending spree after spending spree. Our retirement is worth more than sitting at home in our $100 jeans or t-shirts. There are plenty of great deals out there to help you with your thrifty needs, especially with stores like (name drop) TJ Maxx, Gabriel Brothers, and others.

If you know your appetite for brand name is growing, but your wallet isn’t, it’s time you face the music. You cannot possibly be saving or investing if you are pouring your money into what wealthy people “should” dress like. Same goes for cars, houses, watches, and jewelry. If you have to put it on credit, make sure you don’t regret it!

That was much longer than I imagined when I first saw this writing prompt. It spoke to me as a great way to help/assist the ones in an endless parade of spending. When you are old and gray, will those fancy items help you on your journey of retirement? Or are they going to cause you to have to work through your retirement? Don’t let the things you own, own you!

Tell me, what’s the oldest thing you are wearing today? Do your spending habits align with your investment and savings approach?

Daily writing prompt

What’s one small improvement you can make in your life?

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I really enjoy these writing prompts and I typically only take advantage of the prompts that can relate to investing.

The question, “What’s one small improvement you can make in your life?”

Well for me, it’s a small improvement that turned into big improvements that eventually turned into a whole new interest for me. When I first was learning about investing, I was only using small amounts of cash to start. $1.00 fractional shares, $5.00 here and there. Eventually this all snowballed into putting more money that I ever thought I would into the market.

If your money isn’t working for you, then it’s losing value for you. Instead of just keeping your money in a savings account that gives hardly any interest, you can learn to make small improvements in education about investing. You only need a few dollars to get started, and before you know it, it’s snowballed into one of the greatest hobbies you might ever have.

My small improvement came when I decided that Day Trading was not right for me, but something within the market was. I could feel it. Seeing the news, learning about companies, financial statements, up days, down days. I needed to learn more of how it all worked. I needed to understand where my money was going and what could it do for me.

Once I started investing, I read a book (yes, I am bringing it up again!) called The Richest Man In Babylon. This book isn’t just about investing, but about paying yourself first. Build your savings, so that you can invest or have dry powder for great opportunities. The Richest Man In Babylon is a great way to show that these small improvements with your savings, turns into bigger and bigger sums.

The snowball effect or compounding interest is one of the greatest wonders of the world, and if you aren’t taking advantage of it, you are missing out. So why not start with one small improvement in your financial knowledge. This small improvement will turn into a big improvement, and it will help you help others down the road.

Tell me, have you had any small improvements lately? Have you read The Richest Man In Babylon?

Daily writing prompt

Do you have a quote you live your life by or think of often?

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Especially in this type of market, a quote I often think about is from Warren Buffett. “Be fearful when others are greedy. Be greedy when others are fearful.”

If you are invested in this market, whether you’re in Real Estate or stocks, you are probably feeling some heat. I know I just talked about this quote the other day, but here we are again. Another day more than likely in the red, and we need a way to get our minds off of it. Well, what better way than flip it on it’s head.

Oh, the market is down today? Better hop in and buy some good deals. I know it’s harder to do than to say, but it’s better if you walk away. Things will turn around, and all this fear mongering about recessions, inflation, interest rates, job numbers, CPI, GPD, and anything else they can throw at you, will settle down.

Looking at the history of the market, the bears can’t hold it down forever. Eventually the bulls will take the market, and probably will take us higher than ever before.

So remember, if you can’t handle the red numbers today, walk AWAY!