Financial Planning Books Quora – Due to low financial literacy, many people often cannot control themselves even with high salaries. There is also a great risk of falling prey to fraudsters and losing accumulated savings. Therefore, it is appropriate to pay special attention to the formation of knowledge in the financial field. In this article, we will consider the basics of financial literacy and answer the question why absolutely everyone needs to develop it.
You will be surprised, but the ability to earn a lot of money does not guarantee you that you will live comfortably all the time. To manage your well-earned money, you need to develop a whole new set of skills that will help you achieve independence in the future. Financial literacy is a set of knowledge about how to control and manage financial flows, distribute money correctly and increase income. The main rules of financial literacy: expenses should never exceed income, and the rest of the money is always allowed to be invested in any form.
Financial Planning Books Quora
Surely you have come across people who earn a decent income, but at the same time, money is always tight. They can be great professionals in programming, management or marketing, but they don’t know how to communicate with finances and can even pay their debts. As a rule, the money of such people goes to useless things that are simply thrown away over time.
How To Get My Finances In Shape
The formation of financial thinking, the study of economic theories, the development of conscious consumption is the basis of a comfortable and rich life. Remember that your future well-being depends on how you manage your money today. The most important point is the development of financial thinking. For example, someone is convinced that you should do better. On the one hand, this is true, but on the other hand, you need to work wisely and not burn yourself out. And also think better about your expenses. Because if your expenses are equal to your income, it makes no sense to earn more.
No one is born with financial knowledge. It doesn’t matter whether you are born in a rich family or a poor one, it still doesn’t matter. Financial thinking has been developing for a long time, but in a few days you can change the way you think about costs and start studying the theory of money, how to invest and the financial market.
Another important skill in proper distribution of money is discipline. If you start to strictly control your spending and do not go beyond the allocated budget, learn to count money and control the balance on the map, you will be surprised by the result.
More than 80% of people spend their salary without thinking and allow themselves to buy whatever they want at the moment, and only 20% think and weigh each expense. Therefore, by developing the habit of conscious consumption, you will multiply your budget and for 10 years you will have the opportunity to earn passive income and live for your pleasure.
Books That Can Change Your Life In One Long Weekend
This book is dedicated to the famous experiment organized by the legendary Chicago businessman Richard Dennis. After once debating with his colleague William Echard whether he should teach the “man in the street” trade, he placed an ad in the newspaper and invited everyone to join him for two weeks. As a result, only twenty-three people were adopted. They became the legendary “Tele businessman”, Dennis earned $ 100 million. The book is written, what and how they were taught, including market entry and exit rules, personal advice from Dennis and Echand, the system itself is described, trading philosophy, biographies of all graduates are also given. . Available here.
The subtitle of the book refers to “Hidden Keys to Future Economic Trends and Investment Opportunities”. This publication is dedicated to macroindical. It’s no secret that macro statistics often drive markets. This publication describes what this or that index means, how it is calculated and to what extent it affects the dynamics of financial assets. This is a reference type. And although these are mostly American indices, this is often sufficient, as they are based on government statistics, which financial markets usually base their movements on. Available here.
This book is dedicated to the principles of interaction between financial markets. This is the relationship between stocks, bonds, currencies and commodities. The generator of this publication was an “interconnected technical analysis” devoted to the situation of the 1980s. The current book is supplemented by a visual explanation from the early 2000s. There are many graphical examples, but this is not a purely technical analysis. The use of cross-flow indicators makes it possible to make a basic assessment of the situation, to make a forecast for one type of asset, starting from the dynamics of another type. It should be noted that after the financial crisis of 2008, due to the active policy of the World Central Bank, the picture has undergone changes. However, in a universal sense, general principles remain relevant for all time. Available here.
In this book, famous speculator George Soros reveals the secrets of making decisions when playing the stock market. In addition, he presents the reader with his philosophy that not only do actors affect the market, but the market also affects the players. We are talking about the reflexive concept. In addition, there is an experiment in “real time”, an analysis of socio-political events that occurred in late 1985 – early 1986. Available here.
What Can I Do To Start Learning How The Financial World (economics) Works?
This book shows the principles of “behavioral economics”. In reality, coincidence is often taken as a pattern, cause and investigation go wrong, revealing considerable self-confidence. Often it is coincidence that rules the world. If we mistake chance for skill, Taleb warns, we are inevitably “fooled by chance.” This is also relevant for financial markets. It is difficult to predict a random event, but you can prepare to meet him and even try to turn it to your advantage by controlling his behavior. Available here.
Robert Shiller, an American scientist, won the Nobel Prize in Economics in 2013. The book highlights the psychological factors in the behavior of markets and refutes their “efficiency” in the presence of “rational” participants. The irrationality of human thinking is described, which leads to the emergence of inappropriate asset prices, the emergence of bubbles and collapses. The first edition of the book, published in 2000, drew attention to the extreme heat of the US stock market, and the collapse of the NASDAQ was not long in coming. In the second edition of the book in 2005, the author drew attention to the overheating of the US real estate market, followed by the mortgage crisis of 2007-2008. Available here.
This book focuses on derivatives markets and risk management. It is characterized by a wide coverage of materials. This book contains information about the operating mechanisms of various derivatives markets, derivatives pricing, trading and hedging strategies. This publication’s balanced combination of accuracy and accessibility requires no prior knowledge of options, futures, exchanges, etc. For successful mastery, basic knowledge of finance and mathematical statistics is enough. Available here.
The author of the book, one of the most successful traders in the world, suggests approaching futures trading not only from the point of view of technical analysis. According to Williams, you should focus on the biggest players. An important source of information can be the mandatory trading reports of traders (COT) published weekly by the US Commodity Futures Trading Commission. The author describes the reporting system in detail, suggests ways to interpret it, and provides an action plan that allows you to maximize income and minimize risks when trading futures for various financial instruments, including commodities and currencies. Minimize. Available here.
For 30 Years, Chris Ware Has Chronicled The Adventures Of American Misfits
Written by Simon Vine, a seasoned trader with over a decade of experience on Wall Street, Options is the definitive options book for traders, investors and risk managers. Options provides a step-by-step approach to options trading, hedging, and investing, and shares the key concepts needed to successfully use options. Options also explores how to use a wide range of options strategies and shows readers how to choose the strategy that best fits their psychological risk profile. Filled with real-life examples and proven strategies, this valuable resource will be of interest to all professionals and beginners who wish to use options for strategic advantage, risk management or profit. Simon Wein (Moscow, Russia) is Vice President of Investment Banking at Alfa Bank, Russia’s largest private financial institution. He holds an MBA from Columbia Business School and a BA from the Moscow Institute of Finance and Economics. Available here.
Adam is an internationally recognized financial writer, with over 522.5 million answer views on Quora.com, a best-selling book on Amazon, and a Forbes contributor.
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