I've been planning to write a book for some time now. My goals for this are starting to crystallize into a roadmap - going from poverty to wealthy in an efficient manner. I'm still trying to figure out how to plug people into that pipeline since everyone will be on a different part of that scale, but I think it is doable with some online tools.
Topic wise, what subjects do you think need to be discussed? I want to get a person with zero financial literacy to not make the mistakes that put them in debt, and to know when and where to invest, when to rent, buy, and so on..
If you could help me brainstorm with things like "all high school kids should be taught X" or "what I wish I had known about student loans" etc... that would be awesome.
Define "wealthy". My idea of wealth is a lot different now (at age 50) than it was when I was a broke college student who thought being a millionaire was "wealthy".
What is poverty? I know guys with millions who have a poverty of ideas (full of right wing meanness and bible thumping hypocrisy) who are some of the sorriest and most stupid humans I've ever met. And then I've met sharpest guys who'd give you their last dime, who live in actual fiscal poverty (often only because they were unlucky to be born with tinted skin in a distant country) and where reading a book on finance/wealth would have zero ability to change their financial circumstance.
But a big pet peeve that almost never gets discussed properly (yet is key to one's success) is the notion that simply getting an "education" is a recipe for success. The only problem is that the vast majority of all college degrees are worse than worthless as they teach you nothing the world values (by way of a living wage) but do get you massively in debt (or rob you of precious capital that should have been put to use in worthwhile endeavors).
Reality is you need to get educated in law, science, medicine or engineering to have a good chance at success. Yes, of course there are a lucky few who buck the trend, but go ask the millions of "college educated" bank tellers, baristas, bar tenders, hair dressers, telephone sanitizers (HHGTG reference), waiters, middle managers in dead end jobs what their degrees are in - and the vast majority are liberal arts nonsense - and then ask how big their student loans are - and if they ever think they'll earn enough to pay them off before they "retire".
My book on how to achieve wealth would be a page long:
1) Get an education that offers you a career - or be the one-in-a-million who are so damn talented or lucky in some other pursuit to "make it"; 2) Work your ass off - that means 80+ hr weeks for 20 years without whining about it; 3) Live within your means and save until it hurts - forget the boat, the fancy vacations (unless you MS it!), the motorcycles, the new cars - let the schmucks buy them; 4) Take reasonable risks - investing in bonds and sector funds aren't going to make you wealthy; 5) Learn to understand money - nobody else should care about your money the way you should - to everyone else, it's something of yours to take or tax so they can afford their second homes in the Hamptons; 6) Don't have children you can't afford (and/or can't spend time with).
Do those few, relatively simple, things and you'll be setup to have as good a chance as possible to be happy, healthy, wealthy and fulfilled.
The End.