Wealth Hacking Material

I have read through all of the topics on this section of the forum, there are some very good book and online material suggestions. I am new to "wealthhacking" and as a young man I'm looking for ways to generate income. Techniques to get ahead in a world that doesn't want young people to get ahead.



There are some very smart, experienced people on this board, and I know you didn't get that way by chance. Hard work and dedication to education is something everyone needs. With all that hard work comes many mistakes, I was hoping that by creating this thread I could convince the more advanced to give me some tips on avoiding those mistakes.



Some of the things that would be appreicated by me; and im sure many other members of this board would be. Books that changed your way of thinking, Tales from your experience, Resources on the topic of generating income and Tips on avoiding mistakes that come with being new.



I'm personally looking for; Investing, Constant flow of income, and Managing income and spending resrouces. However feel free too share any advice you think would be pertinant.



Thank you,

Ethan
Tagged:

Comments

  • RodRod The Rodfather
    Hi Ethan,



    I am with you on this. I hope more exposure to this thread can help us get started.



    Ty,



    R

    Everything I learned about "biohacking" has been baby steps to "circadian biology", that's where the real biohacking comes in. You can buy a bunch of cool shit to "hack" but if you don't have context, you're not winning. Paleo is just a brand now and too many have opinions, it's on you to read and reread the material to not only find truth but to connect the dots. Much love to everyone who has helped me on my journey for restoring my health, please keep in touch. Feel free to message me with health questions [email protected] 

  • Main stream media and news is not enough anymore. Finding the truth within economies takes time and digging. A great resource I have found and have been using for several years now is a man by the name of Peter Schiff. I am not associated with him in any way. Schiff is a economist and CEO Euro Pacific Capital. This guy is straight forward and tells it how it is. Don't get caught up in the mainstream 'next big thing' bubbles that collapses right when you enter. Check him out: http://www.schiffradio.com/



    Speaking of bubbles, with CO and WA passing Amendment 64, I think buying into marijuana stocks may be a decent investment short or long term. I have already quadrupled by money on some of them and even 10 fold on one of them. The way I see this movement, if there is no negative impact such as crime rising, productivity decreasing, health issues, this movement will continue to grow. You could actually see the exact opposite impact of the 3 things I just mentioned, but we wont know until time goes on. If all goes well, the revenue generated by this industry to these states will create surpluses. With the financial state that California and many other states are in, they will join the movement as well. Medical marijuana stocks could be the next Apple or Google. I put around $500 (penny stocks) bucks into several different companies in the related field. I plan to ride it out long term and see where this goes.
  • ZakZak
    edited February 2013
    Think and Grow Rich by Napolean Hill is a great place to start!
  • Think and Grow Rich by Napolean Hill is a great place to start!


    And it's free to download via the gutenberg project at gutenberg.org.


     


    The 4-Hour Workweek is something to look into re: constant flow of income. It garners some extreme reactions, which is exactly why it's worth a look. 


     


    For risk, I would recommend Nassim Taleb's masterpiece Antifragile.


     


    And as far as my mistakes... thinking a summer internship in consumer finance and 4-year Economics degree was enough to understand personal finance. The reason people don't find financial freedom is because they have a massive disconnect between their present and future selves, not because they don't understand a balance sheet.


     


    I spent a year in reverie, tramping around the country with $1000 to my name, unconsciously trying to prove to myself that I was better than money. It took that entire year to figure out that money was not about metrics, it was an existential issue. I wouldn't recommend taking that approach, but I would recommend figuring out what brings you joy (and make sure you have thoroughly defined joy!) and make it your life's task to manifest that joy given your unique gifts. And eliminate everything else.

  • OceanRayOceanRay
    edited September 2013

    James Rickards 'Currency Wars' has many flaws, but is also a v.  good introduction to some ideas that may be new to you, especially that the next international currency system will be have gold as reserve (marked to a much higher price) after the destruction of the dollar. He writes in quite an entertaining way.


     


    He is also one of the very few US/UK commentators who understands the role and future of the Euro. 


     


    Edit; I also found Richard Duncan's "The New Depression" persuasive and powerful.


    In summary; he calls our current era 'creditism' not 'capitalism' and predicts a dire end for the huge credit bubble the world is sitting on (either hyperinflation or deflationary collapse). It is not cheerful reading and quite dry, but gives a good overview of what the end of the biggest credit bubble in human history might look like. 


     


    Overall, I believe that most of the previously successful investing books/strategies are now worse than redundant as the rules have changed. A 40-year phase of credit-fuelled expansion is giving way to de-leveraging and what worked before will not work now. 


     


    The dollar is toast. 


  • StevoStevo Upgrade in Progress

    My top recommendations:


    - Rich Dad Poor Dad (Kiyosaki)


    - The 4-Hour Work Week (Ferriss)


    - The Richest Man in Babylon (Clason)


    - Think Big and Kick Ass (Trump)


    - The Compound Effect (Hardy)


     


    and for a great CD, get The Art of Exceptional Living by Jim Rohn.


  • I am currently reading "Goals" from Brain Tracey, really, really good.


     


    "Write down your goals, make plans to achieve them and works on your plans EVERY SINGLE DAY"


    "Decide EXACTLY what you want"


    "Nature does not care about the size of your goals"


    "If you set large goals, this natural capability will enable you to achieve large goals"


    "People are afraid that if they set a goal and are not successful, others will criticize or ridicule them"


    "You feel truly happy only when you are making progress, step by step, toward something that is important to you" (This is probably why BP-ers are so happy!!)


     


    Those were a few highlights from the first few pages I read... 


     


    A great post on goals on this page: http://www.empowernetwork.com/plan4success/blog/what-are-goals/?id=plan4success


  • GhastlyPrezGhastlyPrez Ghastly Prezence

    "The Art of War" is definitely a must read. One can find just about a hundred different ways to interpret each chapter of it to be utilized in the business world. I have to say of all the books that have helped me on becoming a successful individual would be this book.


  • I cannot more highly recommend "I will teach you to be Rich" by Ramit Sethi... it is perfect for anyone in their 20s.  I also like the Clark Howard website/books/podcasts... although pretty vanilla, he gives extremely practical advice for the wise consumer.


  • I am not wealthy, but two things that are helping me, are the notion of "paying myself first" (saving), and getting out of my credit card debt. I have 6 months to go before it's GONE. Next, I will focus on my students loans. I have become very conservative in my spending, and pick up overtime in order to do fun things- travel, etc. I have a 401K set up through my work, and am looking at other investing/ moneymarket options. I would really like to learn the art of daytrading. 


  • StevoStevo Upgrade in Progress


    I am not wealthy, but two things that are helping me, are the notion of "paying myself first" (saving), and getting out of my credit card debt. I have 6 months to go before it's GONE. Next, I will focus on my students loans. I have become very conservative in my spending, and pick up overtime in order to do fun things- travel, etc. I have a 401K set up through my work, and am looking at other investing/ moneymarket options. I would really like to learn the art of daytrading. 




    =====


    Good on you for sorting out those two things: paying yourself first and getting rid of debt!


    Day trading can be tough. Work on your discipline (as it seems you're already doing) as that is most people's #1 failure point in trading.



  • I am not wealthy, but two things that are helping me, are the notion of "paying myself first" (saving), and getting out of my credit card debt. I have 6 months to go before it's GONE. Next, I will focus on my students loans. I have become very conservative in my spending, and pick up overtime in order to do fun things- travel, etc. I have a 401K set up through my work, and am looking at other investing/ moneymarket options. I would really like to learn the art of daytrading. 




     


     


    Does your company provide any sort of match for your 401k?  If not, you should pay off your debt first.  Here is my strategy (in order of what I'm working on):


     


    401k (my company matches up to 6%)


    Short term emergency fund ($2,000) - done


    Paying off debt.


    Long term emergency fund (3 mos income)


     


    I have a stable job so I opted to pay off my debt before I started the long term fund.  I also went ahead and set up my short term fund so that things like tires, car troubles, home repairs, etc don't mess up my budget.


     


     


     


     

  • StevoStevo Upgrade in Progress
    edited September 2013

    Good stuff BP_Frank!


     


    I have a similar setup: 3 months of living expenses tucked away and $2k in short-term buffer.


     


    elisabethjane, or anyone, if you want to pay off debts quickly, make a list of each one with how much it is and the interest rate for each. Sort them by interest rate from highest to lowest. Tackle the highest one first. Find out, is there a way to move the balance from the high rate to a low rate? Can you get a bank loan with a low rate to pay them off?


     


    Pay the lowest amount possible on your lower rate debts so you don't get into trouble, then put all available money towards the high rate debt, then do them in descending order until they're gone.


     


    Darren Hardy is a great resource: http://darrenhardy.success.com/2011/10/money-money-money-2-of-3/


  • BrainSpankingNewsBrainSpankingNews Vitimus Maximus ✭✭
    edited September 2013

    Some of you may want to check out some of these wealth-knowledge sources:




     


    - Napolian Hill's classic "Think and Grow Rich" as well as his recently (and finally) released title, "Outwitting the Devil"


     


    - The "Rich Dad" website has been revamped and is bringing financial education a much-needed shot in the arm, with multimedia games, videos, etc. 


    Be sure to check out their free online "Cash-Flow" game, which is a staple resource for entreprenuer groups across the globe  http://www.richdad.com/Home.aspx


     


    - The Success Council (membership required)...  http://successcouncil.com/



    Are you in need of a Bulletproof Diet coach??

     

    coach-badge-blue-300x60.png

     


     

    Antony Reed

    Founder/Editor of BrainSpankingNews.com

    Health, Science, and Liberation

    Clear-out the contrary and embrace the uncomfortable!

     

  • Great topic, thanks for the many suggestions. I'm curious about the Rich Dad training -- there's a free seminar here next month that I think I'll check out. Has anyone done those and/or the follow-on paid 3 day seminars? Are they worth it? Expensive?


     


    It seems they largely target real estate investment, though it looks like there are also a couple of stock trading classes. I've been interested in real estate before, but no idea where to start or how much capital I need. If Rich Dad gives a good foundation maybe it's a good fit for me? 


    Biohacking News 

    Tracking biohacking developments and the movement to realize a higher level of human potential.

  • The automatic millionaire was pretty good I thought. Explains paying yourself first too, just automatically write off some $ to your savings account after u receive ur loan. Critical for sure. 


  • The Millionaire Fastlane by MJ DeMarco was a brilliant book that really helped to change my mindset about business and making money in general. 


     


    For bonus points: Noah Kagan's talks (find them on YouTube) about "Wantrepreneurs" is also a good kick in the pants!


  • edited December 2013

    I have spent many years studying and thinking about wealth and why some people become wealthy and others do not.

    The more I learn the more I found that the mindset about what ever it is you want to accomplish is a lot more important than your intelligence, talent or even hard work. Becoming wealthy is a little like exercise; your mind will usually give out first before your body. This is why mindset is so important. Your relationship with money and how you view it is a lot more important than any business skill.


    As I went from being to poor to being wealthy, I can recommend a few books that made a difference in my life.


    Prosperity Consciousness by Frederic Lehrman (Audio Course). - Focuses on your relationship with money. This is the one audio that really changed everything for me.


    Any and every book on Warren Buffett, - Taught me to view business decisions and money in a very simple, logical way.


    Black Swan by Nasim Taleb – Taught me to go through life with the idea that everything I currently believe might be completely wrong. Never fall in love with your ideas, be willing to change as better data becomes available. Spend more time thinking why you maybe wrong rather than reaffirming what you already believe.



    Cheers,


    Michael Page


  • Read this book slowly and understand its concepts. EVERYONE will tell you its a bad idea. Its not.


     


    Becoming your Own Banker


     


    View the videos on this site:


     


    http://paradigmlife.net/


     


    If you understand Permanent Life Insurance and how to properly utilize the concepts, you will know more than 99% of the financial professionals in the industry. (I was once one)


  • GarrettGarrett
    edited January 2014

    I 100% cannot agree with Ryan Mercer's advice with regards to reading books.


     


    I will close my argument with this  - Warren Buffett's favourite book, and the one that he's felt most helpful, so helpful that he named his son (Howard Graham Buffett) after the author.... Benjamin Graham. The book is called "The Intelligent Investor". Buffett has attributed his gain of his $58 BILLION DOLLARS of Assets within Berkshire Hathaway... to this specific book.


     


    The world's wealthiest and most successful investor, has read, and reads... books.

    I rest my case.

     


     


    Edit: 


    I do, however, agree with working hard, and with working smart. Especially with a plan. Make a plan, do stuff, then revise your plan as you move along.


     


    Do read books. Be wise about which books you read, since there are some books which, as Ryan says (and I agree with), are simply just to get people to 'buy the next book' or 'come to the next seminar'. Not all books are those, though. So one should not write off all books just because some books are like this. That would be, as many say, "Throwing the baby out with the bathwater".


     


    This all said, it may be wise to start with the book that the wealthiest investor credits to his success. The aforementioned book "The Intelligent Investor" by Benjamin Graham. Then go from there.


     


     


    Edit 2:



    After reading "The Slight Edge" by Jeff Olson, I came across a wonderful, and appropriate, quote.



    "Illiteracy is a much greater problem today than many people realize. Of the slightly more than six billion people on earth, according to the Wycliffe


    organization, one billion cannot read! Can you imagine that?! One person out of every six—one billion people—cannot read, and that rate is on the rise. But consider this: If you are one of that fifty-eight percent who never reads after high school, what’s the difference between you and the billion people around the world who couldn’t read if they wanted to? No difference at all."

  • edited June 2014


     


    I 100% cannot agree with Ryan Mercer's advice with regards to reading books.


     


    I will close my argument with this  - Warren Buffett's favourite book, and the one that he's felt most helpful, so helpful that he named his son (Howard Graham Buffett) after the author.... Benjamin Graham. The book is called "The Intelligent Investor". Buffett has attributed his gain of his $58 BILLION DOLLARS of Assets within Berkshire Hathaway... to this specific book.


     


    The world's wealthiest and most successful investor, has read, and reads... books.

    I rest my case.

     


     


    Edit: 


    I do, however, agree with working hard, and with working smart. Especially with a plan. Make a plan, do stuff, then revise your plan as you move along.


     


    Do read books. Be wise about which books you read, since there are some books which, as Ryan says (and I agree with), are simply just to get people to 'buy the next book' or 'come to the next seminar'. Not all books are those, though. So one should not write off all books just because some books are like this. That would be, as many say, "Throwing the baby out with the bathwater".


     


    This all said, it may be wise to start with the book that the wealthiest investor credits to his success. The aforementioned book "The Intelligent Investor" by Benjamin Graham. Then go from there.


     


     


    Edit 2:


    After reading "The Slight Edge" by Jeff Olson, I came across a wonderful, and appropriate, quote.


    "Illiteracy is a much greater problem today than many people realize. Of the slightly more than six billion people on earth, according to the Wycliffe


    organization, one billion cannot read! Can you imagine that?! One person out of every six—one billion people—cannot read, and that rate is on the rise. But consider this: If you are one of that fifty-eight percent who never reads after high school, what’s the difference between you and the billion people around the world who couldn’t read if they wanted to? No difference at all."

     




     


    There's a quote attributed to Mark Twain that seems relevant:  "A person who won't read has no advantage over one who can't read."  While your statistic claims 1 in 6 people in the world can't read, how many of the 5 in 6 people don't read.


     


    While I understand and half agree with Ryan Mercer's comments, there is a lot of power in reading (and by reading, this could also mean reading articles and blogs).  Where we're at in this world with respect to technology and information is mind-blowing.  We have an infinite amount of information at our immediate disposal--information that is empowering to unimaginable levels.  People can now become wealthy if they put even half effort into what they're doing.  Being wealthy is no longer "reserved" for the elite and privileged (and lucky anomalies).  Go online, learn something, and most importantly (this is the point Ryan was emphasizing) take action.  Just like all those people who buy self-help programs but don't follow through, did that information even help?  Perhaps a little, if any.


     


    Just to drive this point home, remember Kim Peek?  You know, the guy the movie Rainman was based on?  Well, he could read, memorize, and accurately recall some 12,000 books he read.  I thought about this a while back and wondered... If he read all those books, could he make some sort of connection, analysis, and process of the information from those books?  Or did he just simply memorize the words in those books?  It's my understanding that he just memorized the words, but can you imagine if he would be able to process that information and form some sort of analysis and take action based on his new found theories?  It would be like Limitless.


     


    Don't get me wrong.  I am continually reading, learning, studying, interpreting and thinking.  But I'm also doing.  Because what good is knowledge without action?  What good is knowledge if it just sits in your head unused?


     


    The world is smaller and more connected than ever.  Information about banking, financing, different cultures, wealth management is available in abundance.  Speaking of abundance, there's an awesome talk at the SuperheroYou conference by Peter Diamandis about abundance and the future of technology and information, I would recommend watching it.


     



     


    There's another video that's good.  It's a talk by Ben Benson called The 7 Laws of Wealth.  http://www.the21convention.com/2013/03/01/7-laws-of-wealth/


     


    As previously mentioned, I also recommend reading (or listening to the audiobook of) The Automatic Millionaire.


     


    Another very interesting and informative podcast I recently came across was an interview of Dr. John Demartini.  Very interesting.  http://instantteleseminar.com/?eventid=1313832


     


    Here's another quote attributed to Albert Einstein, which supports my suggestion:  “Life is like riding a bicycle. To keep your balance, you must keep moving.”  I've attached a picture that I personally use as a reminder to myself for when the going gets tough.  When you see it on the street, remember it.


  • could anyone recommend an easy to comprehed entry level book for learning finance?


  • Brian Tracy speaks about Entertainment vs Education.


     


    Most people don't read. There is a lot of power in reading - "It isn’t what the book costs; it’s what it will cost if you don’t read it." - Jim Rohn


     


    I agree that people can become wealthy. We are in a time of unprecedented opportunity, I agree. And you're right. The magic IS in the doing. Every success book SAYS that ACTION.... mixed with proper PHILOSOPHY and ATTITUDE and KNOWLEDGE... makes for results :) There are tons of people who take action. They take action for hours and hours and days and days. Yet they're not really doing so well. So action alone isn't the answer. The answer is to find the right knowledge, read the right books, listen to the right audios, attend the right seminars, and put that right content into action. :) Even Think and Grow Rich speaks of action. The creation of Plans + the follow-through of ACTION. Darren Hardy speaks of the same thing in The Compound Effect. 


    "Affirmations without action leads to Delusion" - Jim Rohn


     


    Your bicycle quote from Einstein reminds me of some words that Darren Hardy mentioned in our Insane Productivity course :) 


    Also, this webinar might be of interest to you - it's hosted by Darren Hardy, the Editor and Publisher of SUCCESS Magazine, and the author of The Compound Effect - http://www.successinsiderworkshop.com/


     


    I do plan on reading "The Automatic Millionaire" or listening to it via Audiobook. I was gifted Jim Rohn's "Challenge to Succeed" audio program, which I began listening to yesterday, and will do an in-depth study of, come Saturday/Sunday/Monday.


     


    Fantastic suggestions, awesomelyhumble :) 


     


     


     




    There's a quote attributed to Mark Twain that seems relevant:  "A person who won't read has no advantage over one who can't read."  While your statistic claims 1 in 6 people in the world can't read, how many of the 5 in 6 people don't read.


     


    While I understand and half agree with Ryan Mercer's comments, there is a lot of power in reading (and by reading, this could also mean reading articles and blogs).  Where we're at in this world with respect to technology and information is mind-blowing.  We have an infinite amount of information at our immediate disposal--information that is empowering to unimaginable levels.  People can now become wealthy if they put even half effort into what they're doing.  Being wealthy is no longer "reserved" for the elite and privileged (and lucky anomalies).  Go online, learn something, and most importantly (this is the point Ryan was emphasizing) take action.  Just like all those people who buy self-help programs but don't follow through, did that information even help?  Perhaps a little, if any.


     


    Just to drive this point home, remember Kim Peek?  You know, the guy the movie Rainman was based on?  Well, he could read, memorize, and accurately recall some 12,000 books he read.  I thought about this a while back and wondered... If he read all those books, could he make some sort of connection, analysis, and process of the information from those books?  Or did he just simply memorize the words in those books?  It's my understanding that he just memorized the words, but can you imagine if he would be able to process that information and form some sort of analysis and take action based on his new found theories?  It would be like Limitless.


     


    Don't get me wrong.  I am continually reading, learning, studying, interpreting and thinking.  But I'm also doing.  Because what good is knowledge without action?  What good is knowledge if it just sits in your head unused?


     


    The world is smaller and more connected than ever.  Information about banking, financing, different cultures, wealth management is available in abundance.  Speaking of abundance, there's an awesome talk at the SuperheroYou conference by Peter Diamandis about abundance and the future of technology and information, I would recommend watching it.


     



     


    There's another video that's good.  It's a talk by Ben Benson called The 7 Laws of Wealth.  http://www.the21convention.com/2013/03/01/7-laws-of-wealth/


     


    As previously mentioned, I also recommend reading (or listening to the audiobook of) The Automatic Millionaire.


     


    Another very interesting and informative podcast I recently came across was an interview of Dr. John Demartini.  Very interesting.  http://instantteleseminar.com/?eventid=1313832


     


    Here's another quote attributed to Albert Einstein, which supports my suggestion:  “Life is like riding a bicycle. To keep your balance, you must keep moving.”  I've attached a picture that I personally use as a reminder to myself for when the going gets tough.  When you see it on the street, remember it.




     


     


    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


    The Richest Man in Babylon


     




    could anyone recommend an easy to comprehed entry level book for learning finance?



  • edited October 2014

    This isn't wealth hacking. Learning is great, but you can start creating value for people and getting rich right away. For real wealth hacking see what Dane Maxwell and The Foundation are doing.


     


    Create value in the world for other people. Profit. Start now.


     


    It's hands on, simple, and no skills required. You don't need to "come up" with any ideas -- just get out and instantly create value in the world for other people. Their information is free even though they run it as a course. Check out interviews with their students who are earning $10K, $20 and $90K per month in their first 3 months! Young twenty year olds, professionals and experienced businessmen are using this. Sign up on their home page for TONS of interviews and the exact resources their students used. They're also just starting a free mini course sending you loads of content to get started without their program, see that here.


     


    Everything else in this thread: Stocks, reading, productivity, mindset and eradicating debt, are important -- but they are not wealth hacks. I call them "important support systems" -- but they're only useful if you can get something valuable in place to support first. Learn as much as you can -- but for f***s sake make sure that you do something right now -- you don't need anything first before you can be valuable.


  • Give me 10 dollars and I give you back one. Repeat Repeat Repeat....rich Bitches!
  • StevoStevo Upgrade in Progress

    This is wealth hacking, because you are taking control of your wealth abilities. Just the same as any biohacking stuff we do. Taking Vitamin C doesn't sound cool and biohacky but its still biohacking. Reading a book on challenging your knowledge of how wealth accumulates counts as wealth hacking.


  • It's funny because if you listen to podcasts where successful people are interviewed, they all reference reading every day. Buffett reads 4+ hours a day. Tim Ferriss reads 3-4 books a week. I guarantee you that if you asked Dane Maxwell how many books he reads a week, the answer is far more than 0. You need to be reading at least one book a week, it doesn't matter what it's about. I would challenge you to find someone at the top of their game in any knowledge industry who does not credit at least some of their success to reading.


Sign In or Register to comment.