The World's Best Book Summaries
Do you have trouble saving money? Do you tend to spend more than you earn? How does living above your means hinder your financial prospects? In this day and age of conspicuous consumption, it has become the norm to live above your means. While it could be fun for a while, it damages your long-term financial prospects by driving you further and further into debt. Here’s how to stop living above your means.
How does inflation influence the value of bitcoin? Why is bitcoin not affected by inflation? Bitcoin is a very “hard” currency and thus does not lose value due to inflation. According to economist Saifedean Ammous, the “hardness” of money is one of the most important factors determining how good a type of money is. Here’s why the price of bitcoin isn’t affected by inflation.
Can anyone become rich? Do you need any special talents to acquire serious wealth? Many people believe that to get rich, they need special talents. This belief implies that you have fixed skills that influence how much money you can earn. While that’s true to some extent, this belief is unproductive because it holds you back from proactively looking for money-making opportunities. Here’s why wealth isn’t a prerogative of special talents or intrinsic skills.
What role does mindset play in acquiring wealth? How can you overcome your self-sabotaging beliefs about money? According to MJ DeMarco, the state of your finances is determined by the mindset you hold about money. According to him, beliefs about money tend to fall into one of three financial mindsets—consumer, employee, and entrepreneurial. Let’s explore each of DeMarco’s three mindsets in detail.
Will bitcoin ever become the worldwide standard of value exchange? How close are we to bitcoin adoption? At present, bitcoin is a long way from being accepted as an international form of money the way gold was universally accepted as money in the 19th century. Furthermore, bitcoin may never replace money, but it has some characteristics that make it—at least potentially—a better alternative to fiat. Here’s what economist Saifedean Ammous has to say about adopting bitcoin.
Does bitcoin have the potential to become the new monetary standard? What are the benefits of bitcoin over fiat? According to economist Saifedean Ammous, there are two properties that determine how suitable something is for use as money: ‘salability’ and ‘hardness,’ and bitcoin has both of them. Then there’s the issue of trust in the payer: The form of money can influence the likelihood of a transaction failing due to nonpayment. We’ll discuss each of these factors, in turn, to show why Ammous thinks bitcoin makes good money.
Can governments control bitcoin? What are some ways governments are currently regulating bitcoin? The bitcoin network is designed in such a way that it’s impossible to control by a single overseeing authority. However, governments can regulate the use of bitcoin. Here’s why bitcoin is beyond government control and how governments can regulate bitcoin.
What is Saifedean Ammous’s The Bitcoin Standard about? What is the key message to take away from the book? In The Bitcoin Standard: The Decentralized Alternative to Central Banking, Saifedean Ammous suggests that bitcoin has the potential to become a new monetary standard. To make this argument, he explains the problems fiat money creates, and how bitcoin can solve these problems. Below is a brief overview of the book.
What is universal basic income (UBI)? What are the pros and cons of universal basic income? A Universal Basic Income is a proposed program where the government would pay everyone a monthly stipend with no strings attached. At present, polls indicate that only a minority of Americans are in favor of a UBI, while opponents worry that it would be too expensive and would reduce incentives to work. Keep reading to learn more about the pros and cons of universal basic income in the U.S.
Are you an irresponsible spender? Do you often find yourself wondering where your money actually goes? Does your credit card bill often come as a surprise? Many people are guilty of overspending and living beyond their means. When you spend all—or more than—the money that you earn, you damage your long-term financial prospects. You could have put that money to better use by saving or investing it. With this in mind, here are a few tips on how to spend less money and become financially responsible.