Where to learn about how money works

[WonderSeeker]

Okay.

I grew up without a good foundation in $$$ and am seeking a better understanding.

Anyone have solid resources for learning about:

• Banking and how banks work
• Personal finance
• Macro-economics
• Micro-economics
• Stock exchange
• Crypto

Looking for the most practical resources (for dummies).

Not videos about money corruption, bank corruption this and that.

Just looking to develop a foundation so I can stop wasting money and learn where to put it and how to spend it.

Ideally I want to go global (possibly even pull all of my money out of the U.S. with everything that's going on).

As I'm bootstrapping my current small business, I'm looking to go global with my life.

This channel has inspired my thinking lately:

Thanks y'all!

[WikiRando]

My number 1 recommendation is the book Central Banking 101  by Joseph Wang. In it you will find a very big picture description of how the global financial system works. 

 

You can also find his podcast material and weekly updates but just get the book for real, as the foundation

Edited yesterday at 07:03 PM by WikiRando

[WikiRando]

For blockchain and the history of money, imo there is no better book than the Bitcoin Standard by Saifedean Ammous as well as the What is Money Saylor series. Note that most of these are very materialistic stage orange worldviews full of their own biases and errors so never take it wholesale. But they are great foundations

 

Edited yesterday at 07:16 PM by WikiRando

[Schizophonia]

Americans live beyond their means.

[LastThursday]

In terms of personal finance, it is actually pretty simple. I like the bucket with a hole analogy.

If you pour water into a bucket, it will keep filling up. It will fill up at the same rate your pour water into it. Seems obvious right?

If you make a hole in the bottom of the bucket, then things are different. As long as you have water in the bucket, you will keep losing water at a constant rate. If you don't pour any water in, then eventually your bucket will be empty.

If you start pouring water in faster than the you lose water, then the bucket will start to fill up. If you pour in water slower than you lose it then eventually your bucket will be empty.

That's it.

Pouring water in is your income, the hole is your outgoings, the water in the bucket is your savings.

What people get wrong with personal finance is not keeping track of the rate of what's going out, against the rate of what's going in. There's several ways to do this. But the easiest is to check how much water is in the bucket at the same time month to month (if you're paid monthly), If it's going down month on month, then you will go into debt eventually.

[WonderSeeker]

@WikiRando Awesome man I'm going to 100% be watching these videos. May even snag the books tbh.

 

@LastThursday Cool analogy. Reminds me of the systems thinking book on Leo's book list

[Applegarden8]

 

[NewKidOnTheBlock]

You go to the job. You work from 9 am to 5 pm. You leave the job. Repeat at least 10 000 times.

[JosephKnecht]

I suggest you read the following book: https://en.wikipedia.org/wiki/How_an_Economy_Grows_and_Why_It_Crashes 

It is exactly what you are looking for. 

Hope you enjoy!