Send us a text Season 2. Episode #66. Not Me, But You! Podcast. Great quote: "Paper money evenutally retuns to it's intrinsic value- zero." Voltaire who lived in the 1700's. Do you understand how inflation degrades the purchasing power of your money that you have in savings? What is the true rate of inflation? Probably 8% to 12% per year. What does that mean to us as investors? We need to OUTPACE that rate. Which means...we need to EARN MORE than that rate on our money (on our investments!). This is one reason why I don't mess with investments that pay a "crappy" yield like 6% or 7% per year! THAT RATE does NOT outpace the true rate of inflation! Check out the book, "The Big Print" by Larry Lepard. Would you call a piece of paper an "asset?" What is the value of "a piece of paper" as an investor? There is a serious lack of financial education in most schools. What's the typical advice students get in school? Perhaps go to school. Get good grades. Go to college. Get a "good" job. Why? So you can have "good career!" Does having a career or college degree guarantee that you will become wealthy one day?? School/college NEVER taught me how to become wealthy. Only how to work for someone else! Ask yourself, "What new asset or assets did I buy this week or this month?" This is HOW wealthy people think! Wealthy people buy/hold assets. Poor people buy/hold things! Do three basic things: 1) Buy/hold Bitcoin. 2) Buy/hold true high yield ETF's/dividend stocks that PAY YOU cash flow! 3) Sell simple option contracts (cash secured puts and covered calls). Selling option contracts pays you IMMEDIATE cash flow in your account! Look at your monthly budget. Know WHERE you are spending money each month. Then look to TEMPORARILY cut your monthly expenses SO that you have more money to save/invest. Pay off bad debt like credit cards and car loans. Do SOME research. Then reach a point where you STOP researching and take action and START investing! If all you EVER do is research, then you will NOT become wealthy. Have courage today, to pick one thing, and work on your dreams. We will talk again soon. 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.
