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How Millennials Can Get Rich Slowly - The Reading List

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Written by   26
10 months ago

The inspiration for this post came from a conversation I had with @tvlachak on Publish0x and the Reading List was mentioned. @tvlachak suggested I publish this on Publish0x.   I retorted that I don't think it will be very popular with the Millennial audience, it is not what they are programmed to hear, not in their DNA......But I did share the Reading List with @tvlachak on Twitter, as I respect his opinion.

Who Are Millennials Or Generation Y (Gen Y)

Gen Y'ers are widely accepted as being born from 1981 to 1996. They are the demographic group following Gen X and preceding Gen Z. Most millennials are the children of baby boomers or the early Gen X'ers.

The Gowdie Letter 

The Gowdie Letter was a subscription newsletter put out by Vern Gowdie. 

The Gowdie Letter was more concerned with preserving wealth than the get rich quick schemes. 

I think the only recommendation Vern ever made, was buy into a British Pound ETF and hold Long Term. Then wait for the British Pound to revert to mean.

We received weekly newsletters and more substantial monthly reports.

One of the subjects he covered was the passing of wealth to the next generation. And the importance of educating your offspring on financial matters. So the transition of wealth from one generation to the next went smoothly. But more importantly it remained as wealth and not treated as income. It did not get blown on expensive cars, booze, jet airplanes, lavish lifestyle............

As part of this theme Vern sent us a 15 page booklet by William J. Bernstein ©2014.

If You Can

How Millennials Can Get Rich Slowly

Vern Gowdie had given this booklet to his children, as part of their financial education.

Now I tried giving this to some Gen Y and Gen Z'ers. The response was overwhelmingly negative, with one Gen Y lad (lil Luke), openly hostile to the ideas put forward by William Bernstein. This confused me, as I thought it made prefect sense. As you have time on your side, let time do all the work.

It did prompt me to have a more thorough read, to see if I could find the errors in William Bernstein thinking, that were so obvious to lil Luke.

That when I realised that I had glossed over the most important part of the booklet,  The Reading List. Lil Luke may have made the same mistake as i had.

How To Get Rich Slowly In A Nutshell

We received weekly newsletters and more substantial monthly reports.

One of the subjects he covered was the passing of wealth to the next generation. And the importance of educating your offspring on financial matters. So the transition of wealth from one generation to the next went smoothly. But more importantly it remained as wealth and not treated as income. It did not get blown on expensive cars, booze, jet airplanes, lavish lifestyle............

As part of this theme Vern sent us a 15 page booklet by William J. Bernstein ©2014.

If You Can

How Millennials Can Get Rich Slowly

Vern Gowdie had given this booklet to his children, as part of their financial education.

Now I tried giving this to some Gen Y and Gen Z'ers. The response was overwhelmingly negative, with one Gen Y lad (lil Luke), openly hostile to the ideas put forward by William Bernstein. This confused me, as I thought it made prefect sense. As you have time on your side, let time do all the work.

It did prompt me to have a more thorough read, to see if I could find the errors in William Bernstein thinking, that were so obvious to lil Luke.

That when I realised that I had glossed over the most important part of the booklet,  The Reading List. Lil Luke may have made the same mistake as i had.

How To Get Rich Slowly In A Nutshell

  • get rid of your debt

  • while you are doing that use the time to work through The Reading List, you’ll end up knowing more about finance than the average stock broker or financial advisor.

  • save a minimum 15% of your taxable income. Stacking pennies is the same as stacking sats.

  • invest equal amounts in a U.S. total stock market index fund, an international total stock market index fund and a U.S. total bond market index fund (note this is written for US citizens but the principals apply to most countries).

  • once per year you will adjust their amounts so that they’re again equal.

Some Of The Topics Covered

  • Even if you can invest like Warren Buffett, if you can’t save, you’ll die poor.

  • Finance isn’t rocket science, but you’d better understand it clearly.

  • Those who ignore financial history are condemned to repeat it.

  • We have met the enemy and he is us.

  • The financial services industry wants to make you poor and stupid.

This is an extract from William Bernstein's booklet. I chose this only because I find posts about "technical analysis"  boring as donkey shit. Maybe this explains why, maybe not.

The Reading List

It dawned on me if I was to be giving this booklet to Gen Y and Gen Z'ers. I should at least complete the tasks set, which was basically read the 7 books in order.

The books with the  ✔️   are the ones I have been able to source from the local library. So I did not strictly follow the instructions. But I did learn a lot about basic finance, which is the important part. 

Jack Bogle (Legend)

May 08, 1929 - January 16, 2019

  • an American investor

  • business magnate

  • philanthropist

  • founder and CEO of The Vanguard Group

  • created the first index fund

Warren Buffet paid tribute to Jack Bogle

How Do You Get Your Own Copy Of W.J.Bernstein's Booklet

Due to copyright and all that legal stuff. I am unable to reproduce the booklet on Publish0x or read.cash.  

But if you would like to read it in it's entirety.

The End

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