Book of the day - Wealth by Virtue by Chad Gordon
I’ve read a metric ton of personal finance and investing related books. What’s great about Wealth by Virtue is it’s like reading a dozen personal finance books condensed into a single actionable book. Another thing about investing is the dumber you are these days, it feels the better off you will be. In the book uncommon stocks and uncommon profits, Philip A. Fisher reasons there are two options, you can be an active trader where you constantly study the market, momentum, and strategies or you can passively put your money into index fund and walk away. Both options work, choose which you are going to be.
Wealth by Virtue is broken down by topics. You are graduating in your financial knowledge with each chapter passing.
Section 1: Banking - You can’t beat inflation with your money in a bank. Get it out or spend it fast!
Section 2: The Time Value of Money - Compounding interest is what’s going to make you and I rich!
Section 3: Investments - Indexing, get your money into equities up front, fast, and right now.
Section 4: Real Estate - Finally a place outside of equities to put your money that Chad feels is reasonable. - STILL READING.
I find there to be a strong bias towards equities in this book, specifically index investing. While this is right inline with my own beliefs and investment strategies, I have a feeling some might be put off. There are almost too many charts and numbers in the book. I’m the type of person that validates charts and numbers, but the book has so many charts and numbers that I get exhausted after the first number checks out.
