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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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How I Invest My Money summary
Edited by Joshua Brown
Brian Portnoy
Finance Experts Reveal How They Save, Spend, and Invest
20 mins
Brief summary
How I Invest My Money is a collection of essays by experts who share their personal and unique approach to investing. It offers a diverse range of perspectives that inspire readers to find their own individual investment strategy.
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How I Invest My Money
Summary of 6 key ideas
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Key idea 1 of 6
There are no universal truths when it comes to investing.
Sandy Gottesman is a billionaire who founded the New York-based investment firm called First Manhattan. He always asks interviewees hoping to join his team the same question. He doesn’t quiz them about the best stocks to buy right now or which economy is heading into a recession, though – what he wants to know is what candidates own, and why.
What, in other words, do they do with their own money? Financial writer Morgan Housel, the first investor we’ll be looking at in these blinks, loves this question because it underscores how personal money is. How you spend or save your money says something about who you are.
The key message in this blink is: There are no universal truths when it comes to investing.
According to the financial services firm Morningstar, just half of all mutual fund portfolio managers in the US invest in their own funds. At first sight, that might look like hypocrisy. If those funds were so great, wouldn’t the people managing them put their money where their mouths are and invest in them too? Not necessarily.
We can see why by turning to an article titled “How Doctors Die” published in 2011 by the American professor of medicine Ken Murray.
Murray shows that doctors diagnosed with terminal illnesses typically choose much more minimal end-of-life treatments than they prescribe for patients in the same position. Why? Well, their patients aren’t medical experts. Unlike doctors, they may not fully understand their situation; some may even continue to hope for a miraculous recovery. In short, they want more treatment.
Doctors and non-doctors, it turns out, have different needs in identical situations, which is why they get different treatments.
That just goes to show that it’s not always a bad thing when someone tells you to do something they don’t intend to do themselves. Financial experts are like doctors in this respect. Their job is to help you meet your needs – not to hand out universal prescriptions that also meet their needs.
So, what you do with your money depends on what you want to achieve. Housel and his wife, for example, value nothing more than independence, and that shapes their financial decisions.
Despite enjoying rising incomes for over a decade, they’ve kept their lifestyle pegged at the same level it was at when they married. Every cent of every raise since then has gone into an independence fund – a financial buffer which will allow them to do what they want on their own terms later on in life.
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What is How I Invest My Money about?
How I Invest My Money (2020) isn’t about the right way of planning your financial future. Instead, it offers a rare insight into what financial industry insiders do with their own money. So how do the pros play the market? Well, it turns out there’s no single answer to that question. How people invest depends on who they are and what kind of values and goals they have.
How I Invest My Money Review
How I Invest My Money (2020) is a book that offers valuable insights into how successful individuals manage their finances. Here's why this book is worth reading:
- Featuring personal stories and strategies from various renowned investors, it provides practical guidance that can benefit readers in their own financial journeys.
- The book dives into different investment approaches, allowing readers to gain a comprehensive understanding of various methods and choose what aligns best with their goals.
- With its relatable narratives and relatable examples, the book manages to make a typically complex and dry subject like investing engaging and accessible.
Best quote from How I Invest My Money
I believe being willing to stick to a diversified portfolio of index funds is the closest thing to an investing superpower that exists.
—Edited by Joshua Brown and Brian Portnoy
Who should read How I Invest My Money?
- Savers looking to invest their nest eggs
- Would-be retirees
- Financial greenhorns
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How I Invest My Money FAQs
What is the main message of How I Invest My Money?
The main message of How I Invest My Money is to provide insights and advice on personal investment strategies from a diverse group of individuals.
How long does it take to read How I Invest My Money?
The reading time for How I Invest My Money varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.
Is How I Invest My Money a good book? Is it worth reading?
How I Invest My Money is a valuable read for anyone looking to enhance their investment knowledge. It offers unique perspectives from different experts in the field.
Who is the author of How I Invest My Money?
Edited by Joshua Brown and Brian Portnoy.
What to read after How I Invest My Money?
If you're wondering what to read next after How I Invest My Money, here are some recommendations we suggest:
- Stop. Think. Invest. by Michael Bailey
- 21st Century Investing by William Burckart and Steven D. Lydenberg
- Partnering by Jean Oelwang
- Playing with FIRE (Financial Independence Retire Early) by Scott Rieckens
- Quit Like a Millionaire by Kristy Shen and Bryce Leung
- How to Speed Read People by Patrick King
- Knowledge by Jennifer Nagel
- Buddhism – Plain and Simple by Steve Hagen
- The Four Pillars of Investing by William J. Bernstein
- Think and Grow Rich by Napoleon Hill