Money and Entrepreneurship: Stanley, DeMarco, Badziag
Trader's Library #106 · Habits, learning and the mind. Wealth, entrepreneurship, and why trading isn't a shortcut to a lifestyle.
Author: Thomas J. Stanley, MJ DeMarco, Rafael Badziag · Original: The Millionaire Next Door; Stop Acting Rich; Unscripted; The Millionaire Fastlane; The Billion Dollar Secret · Year: 1996 · Usefulness for traders: ★★☆☆☆
What it's about
I cover Stanley's “The Millionaire Next Door” and “Stop Acting Rich” (on how real millionaires usually live modestly), DeMarco's “The Millionaire Fastlane” and “Unscripted” (on entrepreneurship) and Badziag's “The Billion Dollar Secret” (interviews with billionaires).
What it gives a trader
For a trader one of Stanley's ideas matters: wealth is built on how much you keep, not how much you earn. Trading shouldn't be a route to a fast lifestyle, and your living costs mustn't depend on one month's result.
Lessons for traders
- wealth is what you keep, not what you show
- pressure for quick results increases risk
- living costs that are too high force you into excessive risk
What to watch out for
DeMarco and Badziag write about entrepreneurship, not markets. Stanley's research covers the US in the 1990s.
Discussion
The discussion takes place in Hetman Capital Club (in Polish). Join the discussion in the Club →
Navigation
← #105 Cal Newport: Deep Work and Digital Minimalism · Library index · #107 Jim Dalton: Market Profile and the Auction Process →
Educational content, not investment advice. The book description is my own summary and assessment, not quotations. Edition details were checked in catalogues and bookshops, and where there was doubt I said so plainly.