Yanjun Qi

I am science curious.

1 minute read

The millionaire next door

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  • an interesting overview of some good financial habits:
    • make more AND spend less
    • live below your means and prioritize financial security over social standing;
    • investing the rest, over time you’re going to be in great shape.
    • interesting observation: Parents giving money to their children develops and reinforces poor financial habits.

five tips for people saving for retirement.

  1. Start saving now
  2. Invest in low-cost index funds
  3. Ask if your adviser is a fiduciary
  4. Gradually shift investments from stocks to bonds as getting older
  5. Keep your fees under 1%

Thinking and grow rich

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  • Based on researching successful folks, the author summarize “laws” to success:
    • step1: Desire, Faith, Autosuggestion
    • step2: Specialized Knowledge, Imagination
    • step3: Organized Planning, Know very clearly where you want to go.
    • Decision
    • step 4: Persistence
    • Tips: Power of the Master Mind process
    • Tips: The Mystery of Sex Transmutation, the Subconscious Mind, the Brain and the Sixth Sense

Rich dad poor dad

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  • A few key tips /
  • 1) Assets vs. liabilities: assets put money in your pocket even when on vacation. Liabilities take money out of your pocket, e.g., your house is a liability
  • 2) Wealthy buy assets first, and then let assets buy luxuries from the surplus cash flow.
  • 3) Wealthy people continuously increase their assets by reinvesting their surplus cash flow in more assets.
  • 4) Three primary asset classes: Real Estate, Businesses, and Paper assets (stocks bonds notes, etc)
  • 5) Cash Flow is more important than Net Worth. Net Worth is to use it you have to spend it, then it is gone. Cash Flow is like power that can be constantly replenished.
  • 6) The rich don’t work for money, they work for assets.
  • 7) learn how to use the tax laws. Passive income is taxed less, and it’s also a result of cash-flowing assets, not selling your time as an employee.; the majority percent of the tax law is written to help you reduce your taxes, therefore understand how to use it!

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