Items in italics are direct quotes from the articles below
Investors today have more information at their fingertips than ever before. Real-time stock apps, trader blogs, 24-7 streaming business news, fintweets, Reddit communities — there are countless ways to get your due diligence on. It’s high time we add YouTube to that list — the Alphabet-owned GOOG, -0.42% GOOGL, -0.45% video streaming platform has a deep bench of traders, experts and would-be Warren Buffetts (or perhaps would-be Jim Cramers) proffering advice. For every season of investing, there is a YouTube channel. Youngsters looking to understand the basics can find intro courses. Those who’ve caught the trading bug and want to turn pro will find countless gurus to guide the way (though many will be looking to turn free viewership into a paid subscription). For the chartists, there is plenty of chart porn, and for veterans, channels that delve into the nitty-gritty, from how to trade off specific news events to the optimal number of screens you need, to when to hold a trade over a weekend. As with most things on the internet, it can be difficult to wade through the millions of offerings to identify which ones are truly worth your time. This article is filled with numerous channels and I suggest reading the pros and cons of each channel. Here are the channels recommended by the author: L2inc, Khan Academy, Bulls on Wall Street, Fous4Trading, PrestonPysh, Sasha Evdakov, Timothy Sykes, Warrior Trading, Market Gauge, Forex News by DailyFx, Martin Shkreli, SMB Capital, Meir Barak, shadowtrader01, Tasty trade with Tom Sosnoff and team, Anne Marie Baiynd, Financial Education Channel, Peter Schiff, and Brian Shannon. What I like about this article is that the author recommends the most frequently watched episode, provides a summary of the channel, shows how many subscribers the channel has, the frequency of posts, and the type of investor the channel is for. No matter what asset class you’re passionate about, take the time to learn more about it. Never stop learning. Living in the Information Age, you have access to too much information. It takes wisdom and experience to discern the information that will be useful to you. I also recommend finding a mentor and like-minded individuals who are committed to the same vision as you. Two is far better than one.
If you ask many entrepreneurs, striking out on your own is all-consuming. It’s living on ramen. It’s having six roommates in two bedrooms. It’s getting down to your last $10 before catching a break. But that’s not exactly necessary, says Patrick McGinnis. On an episode of Farnoosh Torabi’s podcast “So Money,” McGinnis, a venture capitalist and investor, says this vision of entrepreneurship excludes a lot of people — and it’s not necessary. The idea that “unless you are living on the side of the road on the box, eating ramen for every meal and suffering, you’re not an entrepreneur,” he told Torabi, is a “very dated way of thinking about entrepreneurship.” McGinnis explains that you don’t have to quit your day job to be an entrepreneur. He invests 10% of his time and resources into a new venture while still holding his full-time job. McGinnis himself still holds a day job. “I have invested in over 20 different ventures over the last six years,” he told Torabi. “I have a day job, I’m not looking to leave that day job, but I’ve used entrepreneurial activities investing, advising in startups in order to create a diversified portfolio of ownership positions and exciting companies that teach me new things to get me upside.” Before you invest yourself fully into your business full time, ask yourself these questions. Can you afford the benefits that your employer would normally provide? What will you do to take care of your retirement? I highly encourage anyone to invest in passive income generating assets, however I would never encourage anyone to quit their job to start a business that they hadn’t at least been operating on their spare or part time. Personally, my wife operates a spare time business while she works full-time. I remember telling my mother-in-law about her business and she assumed that we were going full time in this venture to which I immediately clarified and said absolutely not. If over time the income generated is greater than the profession then possibly. But currently my wife loves her job, so why take away something she loves and is being paid for, when there isn’t a guarantee that she can thrive. Life is about thriving and not just surviving. In the end know your numbers, and be a 10% investor.
I’ve added two new pages involving self-improvement and technical analysis. Feel free to visit them.
If you are interested in creating a budget, then contact me for a financial checkup in the contact me section. Also, learn more about the self-lending principle in the mustard seed section.
This week, I’ve included How The Economic Machine Works by Ray Dalio from the Bridgewater YouTube channel.
“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”
Proverbs 28:26 MSG
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