Originally Posted by
marcal
Read "The Richest Man in Babylon".
Simple timeless investment and finance advice and practices.
I'll second that recommendation. I just read it for the first time a couple weeks ago. It's definitely on the re-read list. The e-book with the accompanying "study guide" was worthwhile because it encouraged thought and journaling about the concepts.
Originally Posted by
Trip7
Agreed on FOMO. I'd even take it alittle further and say irrational exuberance. Similar to the excitement over the internet in 1999, investors are paying nosebleed prices for EV ideas that have generated little to no revenues while having an A&M style bonfire with cash burn. Some ideas will emerge winners, but majority will fail. Definitely a different investing style(some may call it speculation not investing) that can yield eyewatering(happy or sad), life changing results.
WRT emerging winners vs failures, there are a few good books on the topic of acquisition entrepreneurship. I'm currently reading "Buy then Build" by Walker Deibel. The basic premise is that entrepreneurs are better off buying an existing business with cash flow, then building on that foundation rather than starting from scratch. Startups have a 90% failure rate whereas existing businesses with customers and cash flow have proven themselves. The same would hold true when buying shares of a company vs the entire company.
As far as a side hustle, there will be plenty of mom & pop businesses for sale in the next decade as boomers retire. Those businesses in the $1 million - $5 million price range can often be acquired with SBA financing for 90% of the purchase price. The key is having competent management, so that you are an owner of the business, not the manager. "Work ON your business, not IN your business" - Confucius AD 2020