And 2 that I’m still working on to do better. — Like many of you, I grew up in a middle-class family. We weren’t poor, but we certainly weren’t rich either. I attended public schools, rode in my parent’s used cars, and lived in modest houses. For fun, I looked up the current estimated values of my three childhood homes on…

Plus links to my best stories by topic. After struggling to build wealth early in my career while following traditional financial advice, I set out on a path to learn about investing. Over a decade later, I’m financially secure and working towards full financial independence through real estate and the…

What the conventional wisdom gets wrong and how you can slay your three-headed dragon — Everyone learns something about how to build wealth growing up. We learn from our parents, friends, teachers, and others that we associate with. The problem is, much of what we learn is not very effective in reality. …

Wealth inspiration #46 Wisdom can often come in small packages, and wisdom about building wealth is no different. Today’s quote is from Charlie Munger, vice-chairman of Berkshire Hathaway and Warren Buffet’s right-hand man: “There is no way you can live an adequate life without making many mistakes.” Like so much…

Doing what you want vs. doing what you need — We can learn a lot from our kids. It’s not just in the new info they bring home from school, but in trying to help them understand the world. It’s well known that you learn more by teaching than just studying on your own. Called the protege effect, when you…

How to buy wonderful companies at fair prices. There have long been two main schools of thought when it comes to long-term investing. Value investing, led by Benjamin Graham, focuses on buying companies for less than they are worth. Growth investing, led by Philip Fisher, focuses on finding companies that…

The knowledge and tools you need to be successful When buying single-family rentals, it is important to know what price to pay. While you should always do a cash flow analysis to ensure the property will make money every month, it is also critical to know the market value of…

Why I’m upgrading my portfolio this year — As Charlie Munger says: “All intelligent investing is value investing — acquiring more than you are paying for.” But, of course, this is not easy to do well. Fortunately, there are a couple of ways to try. The first is the traditional Ben Graham strategy of buying companies at massive…

What I learned the hard way and what you can do instead. — I love photography and have spent several years and not a small sum of money trying to get good at it. When I first started thinking about trying a side business, I went for photography. Why not? My images were beautiful, and I was already putting in most of the…