Danny Baldus-Strauss has managed to build a seven-figure portfolio. Danny Baldus Strauss
Danny Baldus-Strauss is 31 years old and a self-made millionaire. In his early career, four books in particular inspired him to develop the approach to which he attributes his financial success.
One of his favorites is Atomic Habits, the book that helped him build his own brand and grow it on Twitter.
Other books include: The Daily Stoic, The Psychology of Money and The War of Art.
Self-made millionaire Danny Baldus-Strauss credits some of his financial success to the books he read in his 20s.
“For the first five years of my career, I read a lot in my spare time,” Baldus-Strauss told Business Insider. The 31-year-old previously worked at IBM and left the company in 2020 to start his own business. Towards the end of his career, he began to put into practice the concepts he had read and learned. “I’m focused on building income streams.”
Today, the 31-year-old has various sources of income, works as a sales consultant, is a cryptocurrency miner, runs an e-commerce shop and rents his house through Airbnb. In his employment at IBM, he earns more than before.
It took a few years, his own brand, Finance backpackers, Make. He told us he has 97,000 followers on Twitter, which he earns through affiliate marketing.
11 Books Every Millennial Should Read to Reduce Debt, Save More, and Invest Wisely
Here are four of Baldus-Strauss’ top book recommendations for anyone looking to get ahead financially and build wealth. Most of these books deal with the attitude towards money. Baldus-Strauss told us that, in his own experience, changing the way you think about money is just as important as changing your financial habits.
Baldus-Strauss himself reads about ten pages a night and listens to an audio book for 30 minutes five times a week while exercising. That said, it’s not a lot of time, but the consistency is enough to read 30 or more books a year.
The Nuclear Habits by James Clear
In early 2020, the year Baldus-Strauss retired from his career as a clerk, he read James Clear’s Atomic Habits. The book inspired him to build his Twitter followers, which are now a significant source of income for him.
“I knew that eventually I could make money from Twitter, after that I could either work with brands or run classes,” he explained. “I knew I had to build a following first and then there would be opportunities for monetization, so I started writing and tweeting every day.”
“What the 31-year-old author clearly took away from the book was that “small, consistent measures can achieve big results,” says Baldus-Strauss.
Like most things in life, success didn’t come overnight for him. “Sometimes I would stand at 3000 or 4000 followers and doubt I would ever make it because of the amount of work that went into creating the content. I spent two hours on a post that only got seven likes. But I didn’t give up easily, and that consistency eventually built a following. Eventually, my message began to work.”
He said no matter what you want to create or achieve, Clear’s book will help you build good habits and break bad habits.
Ryan Holiday’s The Daily Stoic
According to Baldus-Strauss, he reads an excerpt from Ryan Holiday’s The Daily Stoic every morning. It compiles 366 rigorous insights for each day of the year from ancient philosophers such as the emperor Marcus Aurelius and the playwright Seneca.
Stoic philosophy is 2000 years old but still relevant, at least according to Baldus-Strauss: “Every page contains a little life lesson, mostly like this: You can’t always control what happens.” – but you can control your reactions, by paying attention.”
Danny Baldus-Strauss retired from the corporate world in 2020. Danny Baldus Strauss
That philosophy helps him remain calm during market downturns, including the Great Recession of 2020 when his net worth fell “by six figures,” he recalled in our conversation. While he cannot control what happens in the markets, he can control how he reacts to them. In this particular case in 2020, instead of withdrawing the money, he chose not to respond and instead stayed the course.
“The Psychology of Money” by Morgan Housley
In The Psychology of Money, author Morgan Housel examines how people think about money and how their personal experiences with money shape and change their general behavior towards money.
For example, “Those who grew up when the stock market was strong end up putting more money into stocks than anyone who grew up when the stock market was weak,” Housel writes.
Housel’s main argument is that managing your capital successfully isn’t necessarily about what or how much you know, it’s about how you behave.
“It addresses the prejudices and fears we have about money,” Baldus-Strauss explained. “And the time we grew up in is because of how we view investing. This book is great for developing some mental models around money and investing.”
A 35-year-old became a millionaire with five simple financial lessons from his mother
“The War of Art” by Steven Pressfield
Baldus-Strauss says Steven Pressfield’s The War of Art is his favorite of the dozens he’s read. Not to be confused with The Art of War, an ancient Chinese military treatise related to investment.
“It’s about the concept of resistance,” explains the 31-year-old. “Every day you wake up and you experience some kind of resistance.”
In the eyes of Baldus-Strauss, Pressfield’s book describes resistance as the worst enemy – it’s what keeps you from doing what you really want to do. Whether it’s writing or creating content or starting a business, the book offers advice on how to overcome adversity.
“It helped me a lot when I was creating my Twitter account,” said Baldus-Strauss. “There were moments when I wanted to give up. I put so much time and effort into creating threads, writing newsletters and creating free content. I didn’t even know if I would be rewarded for it in the future. Was skeptical and woke up with some resistance almost every day.”
10 books to read if you want to quit your job and start your own business, according to the people who started it
Whether you’re trying to start a side hustle or trying to save a little money each day to pay down a real estate home, the young millionaire believes Pressfield’s book will inspire you. .
Baldus-Strauss quotes the book’s authors as saying, “To be standing in an arena and being trampled by a bull is better than standing in a grandstand or a parking lot.” Except for the books that made him succeed , the young entrepreneur obviously also has a good willingness to take risks.
This article was translated from English by Meltem Sertatas. The original text can be found here.