Weekend Edition – Time to Get off the Carousel
For years, I spent my time watching business media television, sitting on my computer, checking as many sources I could find each day to make money as a trader. The excitement of coming into a new week and seeing positions move higher faster than they ever have (talking late 90′s) was like an adrenaline rush that you can’t even imagine.
I was able to formulate a discipline that helped sustain years of trading success, but the empty feeling of contributing little to the world from my “job” pushed me back to realizing time was flying. My legacy was going to amount to nothing more than a good trader. Sure, I provided a good living for my family, and that’s certainly not a bad thing. But that’s all I was contributing. Besides, I always knew that one day, even the best traders could hit a big bump in the road. Many are never able to bounce back from their one huge blow-up. I didn’t want that to be me, and I don’t want anyone who reads my newsletter to do that either.
What am I getting at exactly? It’s time for many to get off of the media carousel that is fixated on fast money and making rapid-fire investment decisions based on what it being fed across our television/computer/tablet/mobile device screens. I can’t stop you from doing what you want to do, but seeing once again just how volatile the markets and media have continued to become, my best advice is to consider limiting the amount of data you are trying to absorb on a daily basis, and instead, turn down the noise. As I mentioned in Friday’s newsletter, wealth isn’t built sitting in front of a screen scalping stocks for pennies, nickels, or dimes, but from from buying assets that produce income. Whatever the income source you have (job, dividend-paying stocks, positive cash-flow real estate), this is where you should be dedicating your resources to making sure those streams flow seamlessly.
Also, take the extra time to live a better and healthier life. Instead of being mesmerized by the media on how terrible things are going to be, or how investing in Groupon (GRPN) was going to make people rich, do what I mentioned above. If you can, also try to get more exercise and eat better (you want to be around long enough to enjoy the benefits of your hard work, don’t you?). Look around and notice what your family is doing, and make an effort to spend some extra time with them. You won’t regret it later in life.
Time goes by too quickly to be hypnotized by the media carousel that is coming at us each minute of the day. As the holiday season approaches, let’s all keep in mind what’s really important in our lives!
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And here’s one last thing to remember about what we do here at Dividend.com. It’s not just the names that we recommend that can help you build wealth, but also the things we try to steer you away from that are just as important. Forget about speculative or penny stocks, chasing unprofitable IPOs, and listening to the manic talking heads in the business media!
Thank you for sharing part of your weekend with me, and please be sure to pass this post on to anyone you think we can get inspired and educated about money, building wealth, and using common sense to do so.
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