The Path: Accelerating Your Journey to Financial Freedom (Peter Mallouk, 2020)

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  • Power of compounding: double it 30 times and it is a billion times better.
  • Types of needs
    1. Certainty
    2. Variety/uncertainty
    3. Significance
    4. Love and connection
    5. Growth
    6. Contribution
  • Understand what is driving you allows you to eliminate the self-imposed roadblocks and prioritise your needs in a more fulfilling and impactful way.
  • If financial advisor's advises work, why they are not making themselves rich?
  • Investment rules
    1. Have a clearly defined plan.
      1. Create a net worth statement.
      2. Know your financial goals and develop a financial plan.
      3. Run a projection.
      4. Determine if you need to adjust your goal.
      5. Construct a customised portfolio.
    2. Build a portfolio that aligns with your goals.
    3. Revisit the plan.
  • Reducing your premium to save money.
    • Avoid umbrella policy that does blanket cover on items you do not need or with excess coverage that is beyond your current financial standing.
  • Annuities are like Hotel California: once you check out but never leave.
  • Estate planning
    1. Incapacity planning
    2. Distribution of assets
    3. Avoiding probate
    4. Minimising or eliminating estate taxes
  • "Don't wait to buy real estate, buy real estate and wait." Will Rogers
  • Never invest in hedge funds as you have no control on where they will invest in.
  • "I can say almost certainty that cryptocurrencies will come to a bad end." Warren Buffett

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