11/09/2022
Here are 5 tips I have for anyone wanting to start themselves up for success…
1️⃣ Expect saving money to be really hard.
Everyone is wasting money on something. The world wants to take money from you, it’s not easy to commit to saving and investing instead. You have to have the discipline of finding $1000 and putting it to work, no matter how hard it is to say no.
2️⃣ Have a long-term investment strategy.
I’ve made some really stupid choices along the way, but one thing I’ve always done is take a portion of my wins and put them aside in long-term investments. If you have no long-term investment strategy, you’re naked in the wind, and you’re in a very bad place when you reach 65.
3️⃣ Use history as your guide.
There are no guarantees in investing, of course, but history is a pretty good guide. If you trust the stock market to do what it’s done historically, which is deliver average annual returns of 6% to 8%, you’ll retire at 65 to 68 with a million and a half bucks in the bank.
4️⃣ Understand the difference between speculation and investing.
Day trading is highly speculative. My style is to put money aside for my whole life and leave it invested. I have no problem with people day trading if they enjoy it, I just want people to understand that it’s not investing.
5️⃣ Never feel selfish for investing in yourself.
It’s not selfish to think about you. The biggest reason to invest for your own future: No one else is going to do it for you.