The World's Best Book Summaries
Why should you be a generalist rather than becoming an expert in one specific thing? Why do specialists struggle so much in the modern world? In his book Range, David Epstein explains that the modern world is too unpredictable to just rely on one skill. With such an unstable environment, you should be developing a range of skills instead of becoming an expert in one. Continue reading to learn why you shouldn’t aim to become an expert.
What do you think is more important when it comes to success—talent or effort? What role does inborn talent play in achievement? It was previously thought that many highly successful people were child prodigies or people born with natural talent and intelligence. However, Angela Duckworth, the author of Grit, dispels that myth and says that the most important trait that will lead you to success is grit— the combination of passion and purpose. Here is why success is dependent on effort, and less so—on talent or luck.
What are the benefits of owning a home? In a financial sense, how does renting compare to owning a house? According to David Bach, the author of The Automatic Millionaire, you’re more likely to build long-term wealth if you own your own home and accelerate your mortgage payments. Bach believes that renters are less able to build wealth because they’re funneling the majority of their money towards their rental expenses. In this article, we’ll first explore the benefits of owning your own home. Then, we’ll cover how you can get on the property ladder and automate your payments to pay off
What is compound interest? How does putting even a small amount of money into an account that accrues compound interest benefit your finances? Compound interest is the interest accrued on a loan or deposit. According to David Bach, the author of The Automatic Millionaire, everyone can leverage the power of the compound interest to start building wealth. While investing a few dollars itself won’t make you a millionaire, putting those dollars in an account that pays compound interest is much better than keeping them in a checking account. Keep reading below to learn about compound interest, explained with examples.
How many years do you have left until you hope to retire? Considering your age and the time you have until retirement, how would you balance your investment portfolio? According to David Bach, the author of The Automatic Millionaire, the key factors to consider when it comes to investing for retirement are how long you intend to invest your money for and how aggressively you want to invest. The younger you are, the more you can afford to take risks with your money because you have more time on your side. In this article, we’ll explain how to invest for
Why is clarifying your values important? What is the problem with having too many values? Clarifying your values will ensure you have a blueprint to serve as a guide when taking risks and making tough decisions. You should settle on just two values. It will be difficult for you to commit when you have too many values. They will only become meaningless feel-good words. Read on to learn more about the importance of having clear personal values.
What is The Automatic Millionaire about? What is the key premise behind Bach’s Automatic Millionaire process? In his book The Automatic Millionaire, David Bach provides a simple yet powerful plan to quickly grow and automate your finances. He argues that financial freedom doesn’t come from how much you earn, but how you manage your earnings—if you’re not saving your money with your current income, you’re unlikely to save it in the future. Here is a quick overview of the book’s key ideas.
Why is it important to have a financial safety net? How many months’ worth of living expenses should your safety net cover? No matter how much money you earn, it’s important to have a financial safety net—a savings account with money you can use for emergencies—to prepare for worst-case scenarios. To start building your safety net, figure out how much you need to save to cover your living expenses so that you can decide how much money to set aside each month. In this article, we’ll explore how to automate contributions toward your safety net to ensure that you’re prepared
Do you have trouble sleeping at night? What affects sleep that you should avoid before bed? Many people struggle to get a proper night’s sleep. There are five main influences that drastically affect how we sleep: caffeine, light, temperature, alcohol, and alarms. Keep reading to learn about each factor and for tips on how to improve your quality of sleep.
How much money do you set aside towards your retirement savings? What can you do to minimize how much taxes eat away from your retirement fund? According to David Bach, the author of The Automatic Millionaire, you need to contribute to your retirement account before you pay your taxes to make the most out of your income. You can achieve this by using a tax-deferred retirement plan—a plan that allows you to send money to your retirement account without having to pay tax on it. In this article, you’ll learn how paying taxes impacts your retirement savings, and how you