AUDIOBOOK
About
The author, Bayfamily, was the forum moderator of Investment BBS on Wenxuecity.com, a popular Chinese American social website. Since 2005, he has published a series of blogs on investment and personal finance, and he has attracted millions of page viewers. In 2006, he posted a blog on this investment forum about his goal to make ten million dollars in ten years by investing. He named his plan "Ten Million in Ten Years Investment Plan for an Average In-come Family." Since then, he has published his investment activities and financial records every year for 11 years, and eventually he achieved his goal and made ten million in 2018; a total of eleven and a half years, which is a bit longer than the planned 10 years. This book is a memoir and a record of his efforts to fulfill his ten-million-dollar goal. The book includes details of all of his investment activities, how he prepared himself, how he accumulated capital, how he found investment opportunities, and most importantly, the failures and hard les-sons learned throughout the process.
Under his “Money Walks” theory, a good investor should understand their own personality first before investing, whether they are a “lazy man” or a “diligent man”. In an efficient competitive market, investors should use the “lazy man” investment strategy; in an inefficient competitive market, they should use the “diligent man” investment strategy. In terms of saving, Bayfamily believes diligent work and a simple life are virtues. An extravagant and exorbitant lifestyle is wasteful. People can always save one third of their money, no matter what income level. This is simply because those who earn one third less than you are still living with a similar quality of life. On his first day in the US, he was taught five simple rules on personal finance, which was passed down by generations of new Chinese Americans immigrates. The rules of saving money are: keep a good credit score, avoid loans and excessive consumption, avoid legal disputes, fix and repair stuff yourself, and stay fit and healthy. This book “Money Walks” uses the author’s own life experiences as an example to describe all these rules and principles.
Under his “Money Walks” theory, a good investor should understand their own personality first before investing, whether they are a “lazy man” or a “diligent man”. In an efficient competitive market, investors should use the “lazy man” investment strategy; in an inefficient competitive market, they should use the “diligent man” investment strategy. In terms of saving, Bayfamily believes diligent work and a simple life are virtues. An extravagant and exorbitant lifestyle is wasteful. People can always save one third of their money, no matter what income level. This is simply because those who earn one third less than you are still living with a similar quality of life. On his first day in the US, he was taught five simple rules on personal finance, which was passed down by generations of new Chinese Americans immigrates. The rules of saving money are: keep a good credit score, avoid loans and excessive consumption, avoid legal disputes, fix and repair stuff yourself, and stay fit and healthy. This book “Money Walks” uses the author’s own life experiences as an example to describe all these rules and principles.