重点摘要
1. 只管买：财富积累的箴言
只管。继续。买。
持续投资是长期财富创造的关键。这种简单而强大的策略涉及定期购买一组多样化的收益资产，无论市场状况如何。通过持续投资，你可以利用复利增长并减轻市场波动的影响。
定投法是这种方法的正式术语，涉及在固定的时间间隔内投资固定金额。这种方法有助于减少市场时机和情绪决策的影响。通过自动化投资，你可以避免试图预测市场走势的陷阱，而专注于长期增长。
- 只管买的好处：
- 减少市场波动的影响
- 消除市场时机的需求
- 利用复利增长的力量
- 随时间稳定地积累财富
2. 贫时存钱，富时投资
存钱是为穷人，投资是为富人。
根据财富优先排序。当你以有限的资源开始你的财务旅程时，专注于提高储蓄率和建立应急基金。随着财富的增长，将注意力转向优化投资策略。
储蓄-投资连续体有助于确定你的努力方向。计算你下一年的预期储蓄，并将其与预期的投资增长进行比较。如果预期储蓄更高，专注于储蓄并增加投资。如果预期投资增长更高，专注于优化投资策略。
- 储蓄-投资连续体计算：
- 确定下一年的预期储蓄
- 计算预期的投资增长（当前投资 x 预期回报）
- 比较两个数字
- 专注于较高的数字（储蓄或投资）
3. 存你能存的，而不是别人告诉你的
最好的储蓄建议是：存你能存的。
个性化你的储蓄策略。诸如“存收入的20%”之类的通用储蓄建议往往未能考虑个人情况和收入波动。相反，根据你当前的财务状况，专注于存你能存的。
增加收入以提高储蓄率。由于收入是储蓄率的主要决定因素，专注于通过各种方式增加收入：
- 增加收入的方法：
- 出售你的时间/专业知识
- 开发并出售有市场的技能或服务
- 教授他人（在线课程、辅导）
- 创建并出售产品
- 在公司内部晋升
记住你的储蓄能力会随着时间而变化，因此随着收入和支出的变化，定期重新评估你的储蓄策略。
4. 使用2倍规则无负担地花钱
每当我想挥霍时，我必须拿出同样的钱进行投资。
平衡消费和投资，使用2倍规则。这条简单的准则允许你享受你的钱，同时确保你也在为未来储蓄。当你想进行重大购买时，投资等量的收益资产。
专注于最大化满足感而不仅仅是幸福感。考虑你的购买如何为你的长期满足感和个人成长做出贡献。使用以下框架来指导你的消费决策：
- 购买前要问的问题：
- 这会为我的长期满足感做出贡献吗？
- 它是否符合我的价值观和目标？
- 它值得不投资这笔钱的机会成本吗？
通过遵循2倍规则并专注于满足感，你可以在享受现在的钱和保障财务未来之间保持健康的平衡。
5. 投资多样化的收益资产
没有一条通往财富的唯一道路。
多样化是长期投资成功的关键。不要依赖单一资产类别或投资策略，而是将财富分散在各种收益资产上。这种方法有助于减轻风险并增加实现财务目标的可能性。
考虑投资于以下资产类别的组合：
- 可考虑的收益资产：
- 股票（个股、指数基金、ETF）
- 债券（政府债券、公司债券、市政债券）
- 房地产（投资物业、REITs）
- 小型企业或特许经营
- 农田
- 版税
- 你自己的产品或服务
每种资产类别都有其自身的风险回报特征，因此根据你的财务目标、风险承受能力和投资时间线仔细评估你的选择。记住，多样化不能保证利润或防止损失，但它可以帮助减少整体投资组合风险。
6. 不要试图择时市场或挑选个股
即使是上帝也无法战胜定投法。
避免市场择时和个股挑选，因为这些策略通常在长期内表现不如简单的买入并持有方法。研究一再表明，即使是专业的基金经理也难以持续超越广泛的市场指数。
投资于指数基金或低成本的ETF，这些基金跟踪广泛的市场指数，而不是试图挑选个别赢家。这种方法有几个优点：
- 指数投资的好处：
- 较低的费用和开支
- 广泛的多样化
- 减少表现不佳的风险
- 研究和监控所需的时间和精力较少
记住，成功的投资更多的是在市场中的时间，而不是择时市场。通过持续投资于多样化的低成本指数基金组合，你可以捕捉整体市场的长期增长，而无需承受试图战胜市场的压力和不确定性。
7. 接受市场波动作为入场券
如果你不愿意以平静的心态应对每世纪两三次50%的市场价格下跌，你就不适合做普通股东，你将得到平庸的结果。
接受波动作为投资股票和其他增长资产的固有部分。市场波动是正常的，应该预期，即使在整体增长期间也是如此。与其害怕波动，不如将其视为你为潜在的长期回报所支付的代价。
将市场下跌重新定义为购买机会。当市场下跌时，你有机会以折扣价购买资产。考虑在市场波动期间采取以下策略：
- 处理市场波动的策略：
- 保持你的定期投资计划
- 如果有额外的现金可用，增加投资
- 重新平衡你的投资组合以保持目标资产配置
- 避免基于短期市场波动做出情绪化决策
通过接受波动并保持长期视角，你可以潜在地从市场波动中受益，而不是被其阻碍。
8. 优化投资策略以应对税收
关键不在于你拥有什么，而在于你把它放在哪里。
了解资产位置以最大化税后回报。你如何在不同账户类型中分配资产会显著影响你的整体投资表现。在决定持有哪些资产时，考虑每种资产类别的税收影响。
资产位置的一般指南：
-
应税账户（如经纪账户）：
-
低增长、税收效率高的资产（如市政债券）
-
低周转率的指数基金
-
税收优惠账户（如401(k)、IRA）：
-
高增长资产，预期回报较高
-
产生频繁应税收入的资产（如REITs、高收益债券）
记住，税法可能会改变，因此定期审查你的资产位置策略，并咨询税务专业人士，以确保你根据具体情况优化投资。
9. 重新思考关于退休账户的传统智慧
最大化你的401(k)远没有看起来那么有利。
批判性地评估常见的退休储蓄建议。虽然为你的401(k)贡献到雇主匹配通常是个好主意，但最大化你的贡献并不总是对每个人都是最佳策略。
在决定为退休账户贡献多少时，考虑以下因素：
- 需要考虑的因素：
- 雇主匹配（始终贡献足够以获得全部匹配）
- 401(k)计划中的投资选项和费用
- 你的整体财务目标和时间线
- 投资的流动性和灵活性需求
- 当前和预期的未来税率
对于某些人来说，仅贡献到雇主匹配的401(k)中，然后将额外的储蓄投资于应税经纪账户可能更有利。这种方法可以提供更多的灵活性和潜在的较低费用，具体情况视你的具体情况而定。
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FAQ
What's "Just Keep Buying" about?
- Wealth-building strategies: "Just Keep Buying" by Nick Maggiulli provides proven strategies for saving money and building wealth over time.
- Two-part focus: The book is divided into two main sections: saving and investing, offering practical advice for each stage of the wealth-building journey.
- Philosophy of continuous investment: The core philosophy is to continuously invest in a diverse set of income-producing assets, regardless of market conditions.
- Data-driven insights: Maggiulli uses empirical data to challenge conventional financial wisdom and provide actionable insights.
Why should I read "Just Keep Buying"?
- Actionable advice: The book offers practical, evidence-based strategies that can be applied to real-life financial situations.
- Challenging norms: It challenges traditional financial advice, encouraging readers to rethink their approach to saving and investing.
- Comprehensive coverage: From saving strategies to investment decisions, the book covers a wide range of financial topics.
- Empirical support: The advice is backed by data and research, providing a solid foundation for the recommendations.
What are the key takeaways of "Just Keep Buying"?
- Focus on income: Growing your income is more effective than cutting spending for long-term wealth building.
- Invest consistently: Regularly investing in a diverse set of assets is crucial, regardless of market conditions.
- Avoid individual stocks: The book advises against picking individual stocks due to the difficulty in consistently outperforming the market.
- Time is valuable: Emphasizes the importance of time as an asset, encouraging readers to invest early and often.
What is the "Just Keep Buying" philosophy?
- Continuous investment: The philosophy centers on the idea of consistently buying income-producing assets over time.
- Ignore market timing: It discourages waiting for market dips, advocating for regular investments instead.
- Psychological motivation: The approach includes a psychological component to encourage habitual investing.
- Long-term focus: Emphasizes the importance of a long-term perspective in building wealth.
How does "Just Keep Buying" challenge conventional financial advice?
- Saving less: The book suggests that most people need to save less than they think, focusing instead on income growth.
- Debt perspective: It presents a nuanced view of debt, arguing that it can be beneficial in certain contexts.
- Investment timing: Challenges the idea of waiting to buy the dip, advocating for immediate investment instead.
- Stock picking: Advises against buying individual stocks, highlighting the difficulty of outperforming the market.
What are the best quotes from "Just Keep Buying" and what do they mean?
- "Just. Keep. Buying.": This mantra encapsulates the book's core philosophy of continuous investment.
- "Saving is for the poor, investing is for the rich": Suggests that the focus should shift from saving to investing as wealth grows.
- "Time is your most important asset": Emphasizes the value of time in the wealth-building process, encouraging early and consistent investment.
- "Fund the life you need before you risk it for the life you want": Advises securing financial stability before taking investment risks.
How does "Just Keep Buying" address the concept of lifestyle creep?
- Acceptable lifestyle creep: The book acknowledges that some lifestyle creep is acceptable, recommending saving at least 50% of future raises.
- Balance enjoyment and saving: Encourages readers to enjoy the fruits of their labor while maintaining a disciplined saving strategy.
- Impact on retirement: Highlights how excessive lifestyle creep can delay retirement, emphasizing the importance of balance.
- Practical advice: Provides guidelines on how to manage lifestyle inflation without compromising long-term financial goals.
What does "Just Keep Buying" say about debt?
- Debt as a tool: The book views debt as a financial tool that can be beneficial if used correctly.
- Context matters: Emphasizes that the impact of debt depends on the context and how it is managed.
- Credit card debt: Discusses scenarios where holding credit card debt might be a strategic choice for liquidity.
- Investment in education: Highlights the potential positive returns of taking on debt for education or business opportunities.
What investment strategies does "Just Keep Buying" recommend?
- Diversified assets: Recommends investing in a diverse set of income-producing assets like stocks, bonds, and real estate.
- Avoid individual stocks: Advises against picking individual stocks due to the challenges of consistently outperforming the market.
- Regular investment: Encourages regular investment regardless of market conditions to benefit from compounding.
- Long-term focus: Stresses the importance of a long-term investment horizon for building wealth.
How does "Just Keep Buying" suggest handling market volatility?
- Accept volatility: Views market volatility as the price of admission for successful investing.
- Stay invested: Encourages staying invested during downturns to benefit from eventual recoveries.
- Reframe downturns: Suggests viewing market crashes as buying opportunities for long-term gains.
- Diversification: Recommends diversifying investments to manage risk and reduce the impact of volatility.
What does "Just Keep Buying" say about retirement planning?
- Beyond finances: Emphasizes that retirement planning is about more than just money; it's about lifestyle and purpose.
- 4% rule: Discusses the 4% rule as a guideline for sustainable withdrawals in retirement.
- Spending declines: Highlights research showing that spending often declines in retirement, affecting planning.
- Crossover point: Introduces the concept of the crossover point, where investment income exceeds expenses.
How does "Just Keep Buying" address the role of luck in investing?
- Luck's impact: Acknowledges that luck plays a significant role in investment outcomes.
- Focus on behavior: Emphasizes the importance of long-term behavior over short-term luck.
- Mitigating bad luck: Offers strategies to mitigate the impact of bad luck, such as diversification and consistent investing.
- Sequence of returns: Discusses the sequence of return risk and its impact on investment success.
评论
《Just Keep Buying》提供了关于储蓄、投资和财富积累的实用建议。读者们欣赏其数据驱动的方法和易于理解的写作风格。许多人认为这本书对初学者特别有启发，尽管有些人指出其内容偏向美国市场。作者挑战了传统的金融智慧，强调了依赖具体情境的决策。尽管有些人不同意某些建议，大多数评论者认为这是一本个人理财的宝贵资源，赞扬其现实的视角和对长期投资策略的重视。
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