If you’ve ever wondered why some people seem to quietly build wealth while others struggle paycheck to paycheck—no matter how much they earn—then The Millionaire Next Door might just change the way you think about money forever.

Written by Thomas J. Stanley and William D. Danko, this groundbreaking book is based on years of research studying America’s real millionaires. But here’s the kicker: most of them don’t look like millionaires at all. They don’t drive flashy cars, live in mega-mansions, or wear designer clothes. In fact, many live in average neighborhoods, work ordinary jobs, and shop with purpose. They’re the millionaires next door—and their habits are both surprising and inspiring.

What You’ll Learn

The Millionaire Next Door dives into the common traits that set wealthy individuals apart from the rest:

• Frugality over flash – Millionaires are often more focused on value than brand names.
• Planning is key – They know where every dollar goes and are intentional with spending.
• Financial independence matters more than social status – Instead of chasing a high-consumption lifestyle, they chase freedom.
• Wealth is what you don’t see – Big earners can still be broke, while modest earners can build lasting wealth.

Why It Matters Now More Than Ever

In a world driven by social media and keeping up with the Joneses, this book is a refreshing—and necessary—reminder that true wealth is built quietly over time. Whether you’re just getting started on your financial journey or looking for a mindset reset, this book delivers timeless principles anyone can apply.

My Take

I’ve read dozens of personal finance books, but few have had the staying power and insight of The Millionaire Next Door. It doesn’t try to sell you on a get-rich-quick plan. Instead, it lays out what real, lasting financial success looks like—and it’s surprisingly attainable.

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How To Invest in Real Estate Without Buying Property

Real estate has long been one of the most reliable paths to building wealth. But for many people, the idea of becoming a landlord—complete with the responsibilities of managing tenants, dealing with maintenance, and coming up with a hefty down payment—isn’t very appealing. The good news? You can still invest in real estate without ever buying physical property.

Here are several smart, accessible ways to get started:

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1. Real Estate Investment Trusts (REITs)

REITs are companies that own, operate, or finance income-producing real estate. Think shopping malls, apartment complexes, office buildings, and hotels. When you invest in a REIT, you’re essentially buying shares in a real estate portfolio.

• How to Invest: Most REITs are publicly traded and can be purchased through a brokerage account, just like stocks.
• Pros: High liquidity, lower investment minimums, and dividends.
• Cons: Subject to market volatility like regular stocks.

Tip: Look for REITs that pay consistent dividends if you’re looking for passive income.

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2. Real Estate Crowdfunding Platforms

Real estate crowdfunding allows individual investors to pool money together to fund large real estate deals. These platforms offer access to commercial and residential properties with lower capital requirements.

• Popular Platforms: Fundrise, RealtyMogul, CrowdStreet.
• Investment Minimum: Typically ranges from $10 to $5,000 depending on the platform.
• Pros: Diversified property portfolios, passive investing.
• Cons: Less liquidity (money is usually locked in for a few years).

Tip: Always read the fine print about exit strategies and platform fees.

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3. Real Estate Mutual Funds & ETFs

These funds invest in a collection of REITs or real estate-related companies. They’re a great way to gain exposure to a broad mix of properties and geographies.

• Pros: Instant diversification and professional management.
• Cons: May include management fees, and performance is tied to broader market conditions.

Tip: Consider low-fee ETFs like Vanguard Real Estate ETF (VNQ) for broad exposure.

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4. Private Real Estate Funds

These are pooled investments from accredited investors (those who meet specific income or net worth criteria) that target high-return real estate opportunities.

• Pros: Potential for high returns, managed by professionals.
• Cons: High minimum investment (often $50,000+), long lock-in periods, less transparency.

Tip: Only consider this if you’re an experienced investor with capital to spare.

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5. REIT Preferred Stocks and Bonds

These are hybrid investments offering more stability than common REIT shares. They typically pay fixed dividends and are less volatile.

• Pros: Steady income and priority over common shareholders.
• Cons: Less upside potential than regular REIT stocks.

Tip: Useful for conservative investors seeking real estate exposure without the rollercoaster of the stock market.

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6. Real Estate Notes

When real estate investors or developers borrow money from private lenders, you can invest in those debt instruments—known as real estate notes.

• Pros: Earn interest on your money, secured by real estate.
• Cons: Risk of borrower default, typically illiquid.

Tip: Make sure the note is backed by a solid asset and borrower history.

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Final Thoughts

Investing in real estate doesn’t have to mean buying a duplex or managing a short-term rental. Thanks to technology and financial innovation, there are now more ways than ever to tap into the real estate market without the headache of owning property.

Whether you’re looking for long-term growth, passive income, or just to diversify your portfolio, there’s a real estate investment option out there for you. Start small, do your research, and invest based on your financial goals and risk tolerance.

If you’re serious about growing your wealth and making informed investment decisions, there’s one book that should be at the top of your reading list: Mastering The Market Cycle: Getting the Odds on Your Side by legendary investor Howard Marks.

This powerful guide isn’t just for hedge fund managers or Wall Street pros—it’s a must-read for anyone looking to better understand the rhythms of the market and how to use them to your advantage.

What Is Mastering The Market Cycle About?

In Mastering The Market Cycle, Howard Marks—a co-founder of Oaktree Capital Management—breaks down the natural patterns that drive financial markets. Unlike other investment books that focus solely on picking stocks or timing trades, Marks explains how cycles work across the economy, interest rates, investor psychology, and more.

His core message? The most successful investors aren’t the ones who predict the future—they’re the ones who understand where we are in the cycle and adjust accordingly.

Key Lessons From the Book

Here are some of the most valuable insights you’ll gain:

• Recognizing the current phase of a market cycle so you can make smarter buy/sell decisions.
• Avoiding the traps of euphoria and panic that cause so many investors to buy high and sell low.
• Building patience and discipline by focusing on probabilities, not predictions.
• Why timing isn’t everything—but awareness is.
• How to use cycles to reduce risk and increase your long-term returns.

Whether you’re an experienced investor or just getting started, Marks offers timeless wisdom that will change the way you look at investing forever.

Why Investors Trust Howard Marks

Howard Marks is not just another financial guru. He’s earned a reputation for writing some of the most insightful memos in the investment world—memos that even Warren Buffett reads religiously. His first book, The Most Important Thing, became a cult classic. And with Mastering The Market Cycle, Marks takes things a step further—giving investors a roadmap to navigate market ups and downs with confidence.

Who Should Read This Book?

• Beginner investors who want a clear and accessible way to understand market dynamics
• Intermediate investors looking to sharpen their market timing and risk management
• Seasoned professionals seeking a macro view grounded in decades of real-world experience

If you’re tired of chasing market trends or reacting emotionally to volatility, this book is your guide to a more strategic approach.

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Ready to Master the Market Cycle?

Don’t leave your investments to chance. Let Howard Marks show you how to get the odds on your side.

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A recession can bring financial uncertainty and hardship, especially for low-income families. However, with careful planning and smart strategies, you can weather the storm and come out stronger. Here are some practical ways to survive—and even thrive—during tough economic times.

1. Create a Bare-Bones Budget

During a recession, it’s crucial to prioritize essential expenses. Create a budget that focuses on necessities such as rent, utilities, food, and transportation. Cut out or reduce non-essential expenses like dining out, subscriptions, and entertainment.

2. Build an Emergency Fund

If possible, start setting aside even small amounts of money into an emergency fund. Having savings can prevent you from relying on credit cards or loans during financial hardships.

3. Find Additional Sources of Income

Look for ways to increase your income, even if temporarily. Some options include:

• Side hustles like freelancing, gig work, or selling items online.
• Part-time work or odd jobs such as babysitting, tutoring, or delivery services.
• Monetizing skills through services like graphic design, writing, or handyman work.

4. Utilize Government and Community Resources

There are many programs available to help low-income families during economic downturns. These include:

• Food assistance programs like SNAP and local food banks. (if available)
• Utility bill assistance programs.
• Housing support or rental assistance.
• Free or low-cost healthcare through government programs or community clinics.

5. Reduce Debt and Negotiate Bills

If you have debt, focus on paying off high-interest loans first. Contact lenders and service providers to see if they offer hardship programs, reduced payment plans, or temporary relief options.

6. Cook and Meal Plan at Home

Eating out can quickly drain your budget. Planning meals, buying in bulk, and cooking at home can save a significant amount of money.

7. Learn New Skills to Improve Job Prospects

Use free or low-cost educational resources to gain new skills that could lead to better job opportunities. Websites like Coursera, Udemy, and local workforce programs offer courses in high-demand fields.

8. Strengthen Your Support Network

Community is key during difficult times. Reach out to family, friends, and local organizations for emotional and financial support. Sharing resources and tips with others can also ease financial strain.

9. Be Smart with Transportation

If possible, use public transportation, carpool, or bike instead of driving to save on gas and maintenance costs. If you own multiple vehicles, consider selling one to reduce expenses.

10. Stay Positive and Adapt

While a recession can be challenging, maintaining a positive outlook and adapting to new financial habits can make a big difference. Stay informed, keep learning, and be proactive about managing your finances.

By taking these steps, low-income families can build resilience and navigate financial difficulties with greater ease. Hard times don’t last forever, and with strategic planning, you can set yourself up for a brighter financial future.

The Thrift Savings Plan (TSP) offers loans to federal employees and military personnel, allowing them to borrow against their retirement savings. Here’s a breakdown of the pros and cons of borrowing money from your TSP account:

Pros

1. Low Interest Rates: TSP loans typically have lower interest rates compared to other loan options like personal loans or credit cards. The interest rate is equal to the G Fund’s interest rate at the time the loan is processed.
2. No Credit Check: Borrowing from your TSP does not require a credit check, making it an accessible option for those with poor credit.
3. Repayment Flexibility: Repayments are made through payroll deductions, which can be convenient and help ensure timely payments.
4. Use for Various Purposes: You can use a TSP loan for general purposes (up to $50,000) or for the purchase of a primary residence (up to $50,000).
5. Potential Tax Benefits: If you use a residential loan for a home purchase, the interest you pay might be tax-deductible (consult a tax advisor for specifics).
6. No Early Withdrawal Penalty: Taking a TSP loan is not considered an early withdrawal, so it does not incur the 10% penalty that applies to early withdrawals from retirement accounts.

Cons

1. Reduced Retirement Savings: Borrowing from your TSP reduces the amount of money working for you in your retirement account, potentially affecting the growth of your savings over time.
2. Opportunity Cost: The money borrowed from your TSP is not invested, which means you might miss out on potential investment gains.
3. Repayment Risk: If you leave federal service before repaying the loan, the outstanding balance is due within 90 days. If not repaid, it will be considered a taxable distribution, and you may owe income tax and a possible 10% early withdrawal penalty if under age 59½.
4. Double Taxation on Interest: While you repay the loan with interest, the interest is not tax-deductible. Additionally, you pay the loan interest with after-tax dollars, and you will pay taxes again when you withdraw these funds in retirement.
5. Strict Repayment Terms: TSP loans have specific repayment terms (up to 5 years for general purpose loans and up to 15 years for residential loans). Failure to adhere to these terms can result in the loan being declared a taxable distribution.
6. Impact on Contributions: Loan repayments do not count as contributions to your TSP account. Therefore, if you reduce your regular contributions to compensate for loan repayments, it could further diminish your retirement savings.

In summary, while borrowing from your TSP can be a viable option in times of need due to its lower interest rates and lack of credit checks, it’s important to consider the long-term impact on your retirement savings and weigh these factors against other potential borrowing options.

How much can I borrow?

The minimum amount you can borrow is $1,000.
The minimum amount you can borrow is $50,000.
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Repayments

General Purpose – Up to 5 years
Residential Loan – Up to 15 years

Reference:

https://www.tsp.gov/tsp-loans/

Preventing consumer debt involves developing healthy financial habits and making informed decisions about spending and borrowing. Here are some strategies to help you prevent consumer debt:

1. Budgeting: Create a monthly budget to track your income and expenses. Allocate a portion of your income to savings and prioritize essential expenses. By having a clear understanding of your finances, you can avoid overspending and stay within your means.
2. Emergency Fund: Build an emergency fund to cover unexpected expenses. Aim to save three to six months’ worth of living expenses. Having this cushion will help you avoid relying on credit cards or loans when unforeseen events occur.
3. Differentiate Wants from Needs: Distinguish between essential needs and discretionary wants. Before making a purchase, ask yourself if it’s necessary or if it can be postponed. Avoid impulsive buying decisions and focus on buying items that align with your priorities and financial goals.
4. Avoid Credit Card Debt: Credit cards can be convenient, but misusing them can lead to debt. Pay your credit card balance in full each month to avoid interest charges. If you carry a balance, make larger than minimum payments to reduce debt faster. Consider using debit cards or cash for purchases if you find it difficult to manage credit cards responsibly.
5. Save for Major Purchases: Rather than relying on loans or credit cards to finance big-ticket items, save money in advance. Set up a separate savings account for specific goals like buying a car or taking a vacation. Saving ahead of time will reduce your reliance on debt and minimize interest payments.
6. Prioritize Debt Repayment: If you already have consumer debt, focus on paying it off as quickly as possible. Consider using the debt snowball or debt avalanche methods. The snowball method involves paying off the smallest debt first, while the avalanche method focuses on the highest-interest debt. Whichever approach you choose, stay committed to reducing and eliminating your debt.
7. Financial Education: Increase your financial literacy by learning about personal finance. Understand concepts like interest rates, credit scores, and debt management strategies. The more knowledgeable you are, the better equipped you’ll be to make sound financial decisions.
8. Avoid Lifestyle Inflation: As your income increases, resist the temptation to inflate your lifestyle by acquiring more expensive possessions or taking on unnecessary expenses. Instead, focus on saving and investing the extra income, which will contribute to long-term financial stability.
9. Seek Affordable Alternatives: Look for affordable alternatives when making purchases or engaging in activities. Shop around for the best deals, use coupons, and consider buying second-hand items. Additionally, explore free or low-cost leisure activities to enjoy without straining your budget.
10. Regularly Review and Adjust: Continuously monitor your financial situation and adjust your habits as needed. Regularly reviewing your budget, tracking your expenses, and assessing your financial goals will help you maintain control of your finances and prevent consumer debt.

Remember, preventing consumer debt requires discipline, self-control, and a willingness to make informed financial choices. By implementing these strategies and being mindful of your spending habits, you can establish a solid foundation for long-term financial well-being.

A covered call is a strategy used in options trading where an investor sells a call option on a stock or other underlying asset they already own. By selling the call option, the investor earns a premium, which is the price paid by the buyer of the call option for the right to purchase the underlying asset at a specific price (called the strike price) for a set period of time.

The term “covered” refers to the fact that the investor already owns the underlying asset that the call option is based on. This means that if the buyer of the call option exercises their right to purchase the underlying asset at the strike price, the investor can simply sell the asset to the buyer and fulfill the option contract. The investor is said to be “covered” because they have the underlying asset to sell if needed.

The goal of the covered call strategy is to earn income from the premiums received from selling the call option, while potentially also benefiting from any increase in the price of the underlying asset. However, the investor’s potential profit is limited by the strike price of the option, since they would have to sell the underlying asset to the buyer of the call option at that price if the option is exercised.

ETF stands for “Exchange Traded Fund.” It is a type of investment fund that is traded on stock exchanges, just like stocks. ETFs are designed to track the performance of a particular index, commodity, or basket of assets.

ETFs are similar to mutual funds in that they pool money from multiple investors to purchase a diversified portfolio of assets. However, ETFs are traded on exchanges like stocks, which means they can be bought and sold throughout the trading day at market-determined prices. This makes ETFs more flexible than mutual funds, which are typically only priced once per day.

There are many different types of ETFs available, including those that track stock indices, bond indices, commodity prices, and even specific sectors or industries. Some ETFs also use complex strategies such as leverage or shorting to amplify or inverse the returns of the underlying assets.

Investing can be a great way for young adults to grow their money and secure their financial future. However, getting started with investing can be daunting, especially for those who are new to the world of finance. Here are some tips for young adults who are just getting started with investing:

1. Start early: The earlier you start investing, the more time your money has to grow. Compound interest can work in your favor, and the longer your money is invested, the more it can grow.
2. Educate yourself: Investing can be complex, so it’s important to educate yourself about the different types of investments and the risks involved. Read books, articles, and online resources to learn more about investing.
3. Create a budget: Investing requires money, so it’s important to create a budget and stick to it. This will help you save money to invest and ensure that you are able to meet your other financial obligations.
4. Diversify your portfolio: Diversification is key to reducing risk and maximizing returns. Don’t put all your eggs in one basket. Instead, spread your investments across different asset classes, such as stocks, bonds, and real estate.
5. Start small: Investing can be intimidating, so it’s important to start small and gradually increase your investments as you become more comfortable. Consider using a robo-advisor or a low-cost index fund to get started.
6. Be patient: Investing is a long-term game and it’s important to be patient. Don’t get caught up in the short-term fluctuations of the market and don’t make impulsive decisions based on fear or greed.
7. Have a plan: Before investing, make a plan. This plan should include your investment goals, risk tolerance, and a strategy for achieving your goals. Review it regularly and make adjustments as needed.

In conclusion, investing can be a great way for young adults to grow their money and secure their financial future. However, it’s important to educate yourself, create a budget, diversify your portfolio, start small, be patient, and have a plan. With a bit of knowledge and discipline, young adults can set themselves up for a successful financial future.

Fractional shares refer to the ability to purchase a portion of a share of stock rather than having to purchase a full share. This can make it easier for individuals to invest in stocks, especially high-priced ones, as it allows them to invest smaller amounts of money.

One of the main benefits of fractional shares is that it allows for greater diversification of an investment portfolio. Instead of having to save up a significant amount of money to purchase a full share of a high-priced stock, investors can purchase fractional shares and invest in a variety of stocks. This can help to spread out risk and potentially increase returns.

Another benefit of fractional shares is that it allows for more flexibility in terms of investment size. This can be especially useful for younger investors or those with smaller amounts of money to invest. It also allows for more frequent investments, which can help investors to take advantage of market opportunities as they arise.

Fractional shares also offer more accessibility to retail investors, it can provide access to stocks that otherwise would be too expensive to invest in.

Fractional shares can be purchased through a variety of platforms, my platform of choice is Webull. Deposit $100 or more to receive free stocks too! They offer the ability to buy a fraction of a share and also provide access to a wide range of stocks and ETFs.

It’s important to note that while fractional shares can be a great way to invest in the stock market, they also come with the same risks as any other stock investment. It’s important to do your own research, understand the risks and have a well-crafted plan before investing.

In conclusion, fractional shares allow investors to purchase a portion of a share rather than having to buy a full share. This can make it easier for individuals to invest in stocks, especially high-priced ones, as it allows them to invest smaller amounts of money. It also allows for greater diversification of an investment portfolio, more flexibility in terms of investment size and more accessibility to retail investors.