I want to learn how to be good with money and how finances work, any good advice/starting point/ book recommendation?

I want to learn how to be good with money and how finances work, any good advice/starting point/ book recommendation?
I am financially retarded, no debt but no money either to speak of.

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Start by learning basic economics. Coincidentally enough, Thomas Sowell has a good book called ... Basic Economics, it's a long read, but it gives the fundamentals of a capitalist free market take on economic systems.
If you learn how money and wealth is moved, acquired, where it's generated etc. and how every aspect of life contributes to the outcome of where wealth ends up, you can understand wealth management much easier.

Some advice I can give, but will probably go in one ear and out the other, is live far below your means. Don't fall into the consumerist trap. And open a TFSA, and slowly build a small savings account that you can invest into a safe guaranteed return, and build from there. I started out with 1200 dollars, my portfolio grew from a simple government bond, to a diversified stock portfolio worth about 13,000 now. I started three years ago.

There are a few good channels on YouTube to watch. Dave Ramsey is very basic but it has a lot of good real world scenarios that help you learn from other peoples mistakes. It’s content that’s aimed at the average person so it’s dumbed down but there’s a lot of good info there. There’s also the often recommended “the millionaire next-door” book. Another one is called “think and grow rich”

Watch this channel: m.youtube.com/channel/UCDXTQ8nWmx_EhZ2v-kp7QxA

Realise that people on Zig Forums are retard degenerate gamblers.

Leave this place and actually make money with solid long term strategies.

hazlitt in one lesson.

also, being debt free is crucial for everyone if they start pushing the great reset.

dont get into debt. dont accept their 'free money' (with strings attached).

Thank you both for the advice/ recommendation!

also the advice about living below my means won't be ignored. I'm already anti-consumerism and the only reason I pursue wealth is because I want to be free, not to buy flashy clothes or cars.

I'll check that youtube channel and those three books. I appreciate the advice

kek, noted. I'll check that channel

Redpilled user, I'll check it out.

Think in terms of money.
List where you spend it, save mone, increase income, invest in ETF's, invest in drcreased living cost/sustainability, eventually your passive is greater than your living cost.

Economics? Kek
Literally a waste of time.

What's ETF and why should I invest in that in particular?

Isn't this the thread for it? I think it would help me be good at investing

It's a basket of stocks. You simply hold your small part of the global market which goes up in the long run

I Know Jack shit about economics, but it doesnt matter for An investor

How counter-intuitive. Why do people study economics? How is it useful?

Do you recommend investing in ETF because you've had success with it? Because it's a safe investment?

Look up the gold standard and after that look what happens since it's no more in use. You will see that ETFs are a good investment after that.

I will, thanks for the suggestion

There was a really good post about it on Zig Forums yesterday, I would suggest to search it up in the archives.

It's simple and safe yes. Simply don't sell for as long as possible
If you wanna pick stocks i guess you need some economics, but even Warren buffet struggles to keep up with a simple passive index

> *tard spinning a roulette wheel*
> "I'm A bIg BoY! i'M aN iNvEsToR!!"
> *drools*

Oh? I know that Warren Buffet is a well known man but I dunno what a passive index is.

If you wanna get into serious investing, there’s no better tip i can give than to watch martin shkrelis investing seris. Should still be on yourube somewhere he really is good at teaching

Series** fucking phoneposting

Noted, thanks for the suggestion my dude

It's a fund that tracks the market passively. Lowest fees you can get, and built in diversification.
All serious academic studies have shown that the vast majority of investment firms cannot beat index funds in long time frames.

Saves you both time and money.

Search for index fund / ETF on YouTube. Watch a guy called Ben Felix.

Some other user recommended Ben Felix too so I'm definitely checking him out. Passive indexes sound based as heck

Pic related is 90% of what you need to know.
Expanding on the other user's post, the value of an ETF is diversity. If you own 500 stocks and 1 fails, you're down less than 1% because the other 499 are propping up the value of the ETF. In that sense it's great for loss prevention. The other key element is the trend for the past century for stocks to go up, so you can "generally" assume that whatever you buy today will build over time and be worth more in 30 years. The only real downside is that it is a slow grind and you won't moon with any ETF, so your time horizon is basically "keep this in this ETF until I retire".

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Thanks for the image brother! seems really full of good information.

So ETF are until retirement, why invest in ETF instead of retirement savings account? does it make me more money on average with the interests and because of inflation?

Based personal finance education right here.
If you're able to follow this, you've got your shit together.

Retirement savings accounts are often invested in index funds and ETFs.
Check the details of yours.

But you can also buy into index funds and ETFs outside of a retirement savings account. The money is not locked in, but you might miss out on some really good tax benefits. Check the rules in your country.

>Sowell

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The Art of the Deal

I'll check it out.
what's the issue with Sowell?

would unironically start with Glitch wp

i've no clue what that is