On the show, today Rich and Marcus discuss millennial money advice learned from the 15 personal finance books Marcus set out to read in 2018. So far Marcus has read 10 of them. The guys share the lessons learned from these books and give you recommendations on which books are most important for your age range. There are different strategies for money management in your 20s, 30s, and 40s and in this 2-part discussion P&B breaks down money management for these three key decades in your life.
Memorable Quotes: “Money is not taught in school. Schools focus is on scholastic and professional skills, not finances. Children spend years in an antiquated educational system studying subjects they will never use, preparing for a world that no longer exists.”
- Be more purposeful with the time you have available.
- Read 10 minutes or 10 pages a day to build your financial education. (Here’s how!)
- If you’re limited to one book, Marcus recommends “The Millionaire Next Door”.
- DINK: Dual Income No Kids.
- Get rich quick schemes DON’T EXIST.
- People born into wealth tend to stay wealthy; people born into poverty tend to stay in poverty. Very few move from the middle class into wealth. But it is possible!
- The average 2-income family today, is worse off than a single income family of a generation ago. (Source:The Two-Income Trap: Why Middle-Class Mothers and Fathers are Going Broke)
Key Takeaway: Reading books about different perspectives on money management and investing can provide you with the knowledge you need to make smart financial decisions throughout the different stages of your life.
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