AUTHOR

Bayfamily

Biographies & Memoirs
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The author, Bayfamily was born in China in early 70s and came to the US in 1997 with only 200 dollars in his pocket as a PhD student in engineering. With his student stipend and interning income, he saved up ten thousand dollars in two years. Afterwards, he moved to the San Francisco Bay Area where he and his family only earned the average income. However, they made their first one hundred thousand in two years, and one million dollars in six years, all though saving and investments. After the 2008 financial crisis, Bayfamily graduated from a top MBA in the US and worked in a famous investment bank. In the meantime, he 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 at-tracted 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 finan-cial 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 invest-ment 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. During the last ten years, most of his wealth has accumulated through three investment activities: investment in the real estate market in China, bought Bay Area real estate at the market down-turn in 2010, and holding Bitcoin since 2016. Bayfamily summaried his investment strategy as “Money Walks” theory. Under this theory, a good investor should understand their own personality first before investing, whether they are a “lazy man” or a “dili-gent 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 life-style 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, Bayfamily was taught five simple rules on personal fi-nance, which was passed down by generations of new Chinese Americans immi-grates. 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 expe-riences as an example to describe all these rules and principles.
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