Read the Bogleheads Wiki [0] for a simple broad foundation on basic personal finance and wealth accumulation.

[0] https://www.bogleheads.org/wiki/Main_Page

Before you invest in something, determine how that thing creates value. If you can’t determine how it creates value, it is most likely a short-lived scheme. Risk aside, it has also become a principle of mine that I refuse to try to generate income or gains from anything that, at the end of the day, isn’t generating real value for society.

One reason it's difficult to "time the market" is that doing so involves selling when it's going up and buying when it's going down, exactly the two things that are most difficult, psychologically, to do.

Time in the market is better than timing the market.

That land is more valuable than money. Reminded of this while watching Lakota Nation vs United States. The Oceti Sakowin refuse the just-compensation settlement claim for the Black Hills; a people can live many generations on the land, while money is an intermediary and too easily lost.

A few of them 1. Health is best wealth. 2. Don't forget about the high risk when chasing high rewards. 3. If it's too good to be true, it's probably isn't good at all.

Invest in skills that pay money and spend less then you make.

Skills are key because they’re inflation-proof, and no person or government can ever take them away

The book, "The Richest Man in Babylon" has an incredibly basic rule in it. Save at least 10% of your income before you spend on anything else.

No joke: “Don’t buy stuff you can’t afford” - snl

https://youtu.be/R3ZJKN_5M44?si=Ahdvgr3FNIOl40Q9

Literally changed my life

Don't let the world tell you what you want.

A few days before I found out a company I worked at early was going to go public, which ended up 5x-ing my net worth, I had just been thinking, "Even if I had all the money in the world, I don't think I would want to live somewhere else, or drive something else, or own other stuff."

Everybody and their brother had an opinion about what I "should" do with my newfound wealth, but having that "Don't let the world tell you what you want" refrain in my head kept me from blowing it on a bunch of stuff that wouldn't have made me any happier.

https://thetaoofwealth.wordpress.com/2013/02/17/harry-browne...

  1. Your career provides your wealth
  2. Don't assume you can replace your wealth
  3. Recognize the difference between investing and speculating
  4. No one can predict the future
  5. No one can move you in and out of investments consistently with precise and profitable timing
  6. No trading system will work as well in the future as it did in the past
  7. Don't use leverage
  8. Don't let anyone make your decisions
  9. Don't ever do anything you don't understand
  10. Don’t depend on any one investment, institution, or person for your safety
  11. Create a bulletproof portfolio for protection
  12. Speculate only with money you can afford to lose
  13. Keep some assets outside the country in which you live
  14. Beware of tax-avoidance schemes
  15. Ask the right questions
  16. Enjoy yourself with a budget for pleasure
  17. Whenever you’re in doubt about a course of action, it is always better to err on the side of safety

Do not believe everything you read on an online forum (including HN). Always do your due diligence.

Never ever buy a property (a flat in my case) together with someone else. You should rather better offer to pay half the mortgage or have the other party pay you half the mortgage, but never buy together.

Of course I heard this and did buy a flat with my now ex anyway. I was lucky enough to manage to buy back the remaining half (burning basically all of my savings) but for a few months i was hunted by the idea of having to give up the place i worked so hard for.

Don’t… don’t do it.

Wealth is options, options are freedom. Get wealthy as fast as you can if you want freedom.

To increase your savings and investments focus on making more, not spending less.

Compound interest. Save early.

You are either born in wealth or you make it through entrepreneurship.

7 words: "Earn more, spend less, invest the difference."

That the nature of the stock market is such that it is always reaching all time highs. If you look back at any 5 year window historically on the S&P500 for the last hundred years, instantaeneously it will always seem like we are teetering at the top of an apocalyptic bubble. But stocks go up. Keep to a schedule of blindly buying index funds regardless of market conditions, being unafraid to DCA on the way down, and you are guaranteed to do well on a 10 year time frame.

Optimize your tax deductions. Things you think might not be deductible could be depending on the reasoning. Get a tax lawyer but deduct aggressively.

I've got a few i like:

Put your money to work for you.

Time in the market is better than timing the market

It's better to own a small basket of good companies than a large basket of mediocre ones

gold is an important security in some cultures; but the US economy is a better bet if you can make it.

90 something percent in SPY, the rest in speculative stocks. Hard to beat the s&p without significant risk.

Get to $1M without considering your primary residence net worth so you can invest in other mediums unavailable to the general public.

"Markets can remain irrational longer than you can remain solvent."

Passive income only after your active income has stopped growing exponentially.

The skills (or traits) that make a quick fortune are the same that lose it overnight...

Diversification is for poor people

"Buy it right, or buy it twice"

Most of the market gains occur overnight, not during trading hours.