Season 2 Episode #31 Not Me, But You! Podcast
The secret to financial success? Refuse to give up. Take action consistently. You can get rich SLOWLY! Don't underestimate how investing a small amount of money, consistently, can lead to you having a huge pile of money! But you need to get started! Take the first step, even if you are fearful, even if you are unsure. It's OK to make mistakes. Learn from them
What do wealthy people do? They buy/hold assets. What are assets? They are real estate, stocks, crypto, precious metals etc.
Our approach to success is simple. Have courage today, pick one thing, work on your dreams. Do that every day and you WILL become successful.
Think about your money like your money is your employees. You have to manage your "employees" (in my country, dollars -USD) in order to get them to perform best. Put your "employees" (fiat money) in situations where IT can perform best for you! Buy/hold assets. Only buy high yield dividend stocks when you are starting out. Dividend stocks pay you cash flow. You can use the cash to do other things with. Cash flowing toward you gives you options.
Don't expect to one day have success and zero problems. The path to wealth if full of problems/obstacles. Our job is find creative solutions to overcome problems and achieve success.
When buying dividend stocks pay less attention to increases/decreases in the share price. Focus on what the dividend yield is and focus on the dividend history. If the price per share falls, and it's still paying you dividends consistently, then BUY MORE!
Prices will continue to rise in the future. So find investments that pay an ROI that outpaces the true rate of inflation (8% per year). So find investments that pay you MORE than 8% per year.
Knowledge is POTENTIAL power. The knowledge only benefits you if you choose to take action. We have to ACT upon the knowledge that we gain in order for the knowledge to benefit us.
I'm not a financial advisor. This podcast is for education/entertainment purposes only. You will need to do your own research and accept responsibility for the results of any money you choose to invest. I love using Schwab.com to buy/sell stocks/ETF's/closed end funds/options. Schwab has a very user friendly app/website and their customer service is excellent. I can easily get to speak to a human being whenever I have questions.
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