If I were starting out investing here are the Fab Four Books and Trifecta of Business Books that everyone should read before making a purchase:
It’s important to note that reading anymore is just overkill. Don’t be that ‘Shelf’-help guy or use the crux “oh I need to read and get more educated”. You need to step up and take action how many freaking books are you going to read? Many Fortune-500 Human Resources departments use the theory of 70-20-10 in developing employees which apply here. 70% is learned by doing, 20% learned from peers, and 10% is academic/book/classroom training.
Below is another rendition of the same theory. This also explains why after a few years of doing this podcast and helping others get started by modeling the way has accelerated my own growth.
Tim Ferris talks about the $100,000 MBA, where you don’t really go to school but you jump right in with your business/investment. This method may lead you to operate at a loss but you will have far more experience than getting that silly $100,000+ MBA degree from some brick and mortar school.
And a word on real estate training: Why would someone want to spend $20-30K on training when that alone is a down payment on a cashflowing property that you can learn through doing and make 300-400 a month cashflow. Heck, you could even buy an overpriced 2nd tier turnkey property and get your education that way too.
SPC GET ‘ER DONE PLAN:
- Read these books
- Keep yourself accountable. As Arnold says, “stop being a whiny baby [and Do IT]”.
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