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NOW How to Be the Shark of the Stock Market -

 How to Be the Shark of the Stock Market 



 How to Be the Shark of the Stock Market 

this is the rich dad stock cast with andy tanner the show that kicks 401ks in the asphalt and teaches you to be the master of your own stock investing domain and heres your host greg arthur Music welcome to this episode im calling be the shark youll understand that title in a second but first i want to rip on an email robert c sake sent out where hes quoting warren buffett one of andy tayners favorites so i figured two great minds we cant go wrong here warren buffett said that as an investor it is wise to be fearful when others are greedy and greedy when others are fearful robert said that quote makes more sense today than ever why well after the corona crisis crashed the stock market people began jumping into the stock market to buy stocks at a discount and they should but they did so before they got educated they knew nothing about the fundamentals of investing or the technicals of investing and they certainly knew nothing about andys favorite risk mitigation they jumped in because of greed not because of knowledge so what happened the greed made millions jump into the deep end of the stock market but they dont know how to swim so now theyre experiencing fear remember what warren said be fearful when others are greedy and greedy when others are fearful now the sharks come out those with the scent of blood and the knowledge to turn those drowning stock swimmers into profit so its time to be the shark and go hunting and with that lets bring in our own great white rich dad stock advisor andy tanner boy i feel like we should have jaws music about there right holy you know greg that uh i actually keep my uh that quote is right there on my wall its one of the ones its one of the ones i have uh i have printed and mounted and i think i need to get it redone and make it bigger Laughter but you know what a great topic to talk about fear and greed and emotions and what drives people and its just going to be a great conversation for sure so i appreciate it hey my pleasure you know one of the stories robert always hell talk about when you when you get on oneonone conversation is people are just like those rodents i think theyre called lemon lemons lemons i dont know where they just they get afraid and they just running and they all all of them just run right off the cliff its just this this group herd mentality and it it causes so much damage if you cant think for yourself and youre just following the crowd and so i kind of think thats what what warrens talking about here a little bit of greed and fear and those are two emotions but they they both drive you to the herd and the herd mentality well lets talk about that a little bit um you know everyone i love one of the reasons i love the book rich dad poor dad is not just like when the first i tell the story a lot and and so if someones heard it before i apologize but when my wife and i read it the first time we closed the book we looked at each other said this is about assets and liabilities to reach by assets not liabilities so we went out to uh seek our fortune and buy assets and we failed miserably and i was like whos this robert kiyosaki i should call him why do you put the address of the house i was supposed to buy in here you know my wife said maybe we should read it again we dont often do encore reading usually when you see a movie once youve seen it you read a book once but she said this is books worth studying not just reading so he said all right next week well it over again and she grabbed the book and uh she says i got it i know what we missed i was like what do you mean she goes look at the cover and and this is okay she goes well rich dad poor dad we both got the poor dads were halfway there and and she realized in that moment she taught me she said um that books not just about assets liabilities its a book about someone who had someone to help him and i feel a lot of compassion with that uh idea because you know how lucky was he now knowing robert as i do he probably would have found a different mentor if it wasnt that one right but i think how many people didnt grow up with them well warren buffett almost every person you find like that had a mentor and so who was warren buffetts rich dad who was it and uh it was a man by the name of benjamin graham oh he wrote that book he wrote the book uh the intelligent investor uh in my mind its called the stock the stock pickers bible yeah and and uh the thing thats interesting about that book is ive i do encore reading and that thats another one were studying and when you think of intelligent investor you think about knowledge and you think about how to and really when i read that book the second time it struck me that that book is about what were really talking about right now which is where that quote comes from it talks about temperament in a persons temperament and how they operate and my friend blair singer you know as you know reached out advisor blair saying he says well when a motion goes up intelligence goes down and i think you know its really true how many times have i say sweetheart uh i didnt mean to say i was just emotional right whether you were angry you know some of the things ive said to the officials in the basketball games ive played in i wasnt coming from intelligence is coming from emotion and crimes of passion most of time where we commit uh either a moral crime of passion or even a a law crime you know a state law or federal law crime most of the times because people were driving by emotions rather than thinking stuff through and certainly coronavirus and the unemployment and all that has stirred emotions in people of uh you mentioned both of them on fear and greed so that might be a good place to as we talked about uh you know these people wanting to swim to sharks but you know roberto hes he always tells us that theres two kinds of iq but theres three theres you know academic iq but we always focus on financial iq at rich dad yeah but he always says in order to truly reach financial iq first you need a motion like you i think thats what were really talking about here it is so so lets talk about that quote um he said be fearful when people are greedy and be greedy when people are fearful now i have two young sons and theyre and and and i cant say that i think that fear or greed would be a solution to any problem in life financially so the council here will be fearful or be greedy i dont think being fair for greedy i think what warren buffett was really saying is be smart and dont go you know dont get caught up in the emotions of the crowd pull back and and be smart because theyre theyre usually going to do the wrong thing so um let me ill ask you what do you think greed is i mean im my demon i have my definition what i think greed is but i like to hear what yours is i think greed is wanting something you dont have yeah i thats a good i like that um yes yeah i think uh that i agree when people see an opportunity to get something that you know theres a chance for an easy score and i think its biological you know i always go back to thinking about africa and you know where theres opportunity opportunities animals take those opportunities i i think is as we evolved as creatures we actually felt before we could think i wrote a great i read it or wrote i read a great book called the happiness hypothesis and i just loved it and it kind of you know really went into that idea that you know you take a little single silver organism that really cant logically imagine the future its just oh this thing feels good ill eat it oh this feels bad itll probably eat me ill swim away and that that is so core to who we are as people is the fear of missing out on a meal or missing out on what we could have causes people do some crazy things so we might say that greed is the fear of losing out on what could be its losing out on opportunity oh i got to get on the ground floor and i got to get it now and theres the times now and you feel time sense this sensitivity of things and i think thats how guys like bernie madoff took very very intelligent people people who had made millions of dollars i mean you just dont make millions dollars unless you got a couple brain cells operating right right but but with the idea of great returns and no risk and you know great windfall without a lot of work it sucks people in it drops their intelligence and so uh greeds a big deal now panic is different panic is the fear of losing what you got so in this market it was interesting because on the one side you have people watching their 401ks die and theyre panicking so theyre selling things that they dont understand and then you have these other people and and i sent you this article um from cnbc that said young investors pile into stocks such a great headline young investors pile into stocks seeing a generational buying moment instead of risk instead of risk any thoughts on that when you read did you chance to read it yeah i did read it and you know what i thought of i thought of a horse with blinders on they can only see one thing and its probably of their vision but thats all they can see because the greed is shutting everything out and they they cant even realize the risk factor i love that myopic uh analogy of the blinders thats fantastic because it really is and whats funny is they see generational volume open instead of seeing the risk and if you were to ask me you know the the the the underlying attribute of the stock market its signature its overarching underlying essence is uh is uncertainty um the the most its the attribute of the market that i care about most is the uncertainty of it and the fact that they would get caught up in things it was like it was like a norse from sale to them oh everythings on sale you know were never going to be able to bought these prices again and the numbers are simply incredible as we go through this article from cnbc um charles schwab uh the new accounts for quarter one these are astounding numbers charles schwab for quarter one had uh new accounts wow td ameritrade had the same about accounts and you know thats a yearoveryear increase of over percent for ameritrade etrade had accounts so youve got what is that if thats million new people that decided they were going to be online investors now just like that yeah yeah thats just three brokerages that doesnt count like robin hood and you know all that other crazy stuff but in in their defense its in some ways they were right they were able to identify that theres an opportunity to be had in in the crisis and thats to me thats like awesome that they could could see that the problem is thats the only thing they saw its all they saw and i certainly uh felt like i had some pretty good pics myself during that time i acquired stocks during that time and im very very happy with with what has happened what im concerned about you know if you decide to see if you decide to get myopic i love that analogy you gave of the horse blinders and you decide to get myopic um you know if we moved it into a different thing thats risky lets talk about something else thats risky and superimpose that mentality on something else in a different con and then bring it back to stocks and see how it feels um what if all of a sudden there was a big big convention in your hometown and it was a big gun expo and all of the guns went on sale like way on sale and they say hey great time to buy a gun in fact lets get rid of all the restrictions lets get rid of all the background checks lets get rid of all the hunter safety courses lets get rid of any age requirements and lets let kids go out and get these guns because its a buying moment for guns you know i i i enjoy shooting a little bit im not uh you know a guy with a big bunker and you know machine guns in each hand ready for but we enjoy time as a family maybe down on the farm and theyll target shooting once in a while its fun to do that and before we do that greg every time we go through um safety and its about a two hour drive down to to the farm where we like to shoot you know my my wife her family has a farm in central utah and uh as we go down there i say okay son whats the rules and they say number one is always treat a farmer as if its loaded i say whats number two they say we never point the firearm at anything unless you know its gonna unless we feel its gonna be destroyed you know whats number four well we always look at our target and we uh we see whats in front of the target behind it and side to side we wonder where the bullet would go if we if we didnt hit the target and i say whats the last one they say well we never put our finger on the trigger until weve acquired a target rate of fire and those are just four basic rules that we review over and over and over we got a couple more about getting them out of the car and stuff but the fact is is when you look at stocks if you took that and superimposed it and they said well they didnt even see the risk and so i will say this theres four asset classes theres business real estate you know paper assets like stocks and commodities of all four asset classes i dont see anything with wider access easier access and more participation with less hunter safety course and education than stocks because 401ks are made up of stocks too so im going to say that again there is not an asset that is more easily accessible widely invested in right with no barriers really to entry i mean look at this we have million people just playing this game and thats a frightening thought to me because not one of them thought well am i qualified to buy stocks do i understand the market do i understand risk how many classes did i take in high school specifically on online trading and stock investing its interesting well and im sure that anyone that did have that thought still thought well i dont have time i gotta get in while the sale is going on and to your point what made them make that mistake what emotions were they feeling greed and fear of missing out so a little bit youre missing out greed yeah just like uh its just just crazy crazy thats not a reason to buy something right emotion even if you get lucky and some of them did some probably bought some pretty good stocks but you know i im not a gambler other than in investing i dont go to vegas and spend a lot of time at the tables there uh i will tell you though if i were a poker player you know i know a little bit about poker um not a lot but i would be mortified to go to vegas and sit down at the poker table because i would know as i looked around i see these guys puffing on their cigars and their brandy you know looking at me and they kind of look at each other and say oh theres the new guy right right theres the sucker and yeah and and like i i will say this like a casino a slot machine is a mechanism that transfers wealth from one group of people to another right one group of people to another and so uh thats a big deal i apologize guys i gotta pause this recording for just a second can we do that rob im having and so again uh you know i cant think of an asset class thats more widely held where people dont know what theyre doing and if im sitting at that poker table you know they know im the sucker and one of the things interesting about vegas is a slot machine a slot machine is simply a mechanism that transfers wealth from one group of people another and you might even say the educated to the uneducated or the people that on the logic side of the people are on the emotion side there you go um you ever seen a like a roulette table or or a uh a table theres a dealer on the casino side theres the gambler on the other and youll notice the people when they gamble as they exclaim when they win and they exclaim when they lose oh great great awesome awesome oh my gosh i just lost it and youll notice the dealers never explain when they win or lose oh youre right because every time a gambler wins the casino loses and vice versa and they just keep it rolling boys they never explain theyre like made out of cardboard you know uh some of them are even electronic now because its just playing that game over and over i would submit that the stock market is very much a mechanism that transfers wealth from the uneducated to the educated on a daily basis i would say that eventually this market will grind is million new people and basically transfer their money to the more knowledgeable experienced stock traders theres a literal a literalness to that that is literal in this a word literal literalness yeah theres a its literal ill give you an example i had a really good friend of mine smart guy medical doctor type guy and he heard that you could insure your your stocks you know with put options and stuff and so he asked if he could talk to me a little bit and you know get a few ideas education wise and and at the end you know we were looking at where the vix was where things were and everything i said actually if you were to buy that insurance right now in this moment i would probably be the one selling it to you and i showed him what was interesting is he come up with the trade he wanted and quite literally i showed him in my own account where i was on the opposite end of that trade where it really would have been a person like him buying those options from a person like me it quite literally and uh its just it was astounding to him to think about he had it all worked out in his mind logic and everything and then i showed him the other side of the coin hes like wow and so uh theres a theres a reality to that and i would just say to anyone listening you know how much do you really know about this and i guess thats why we have such a horrible culture of advice over education is very few people really love this enough and and people like greg i tell my kids this my kids say they want to be wealthy and every time on purpose they say well they says yeah sure you do im sure you do i give them this sure you do yeah yeah yeah sure sure you do because if you pull a hundred people and say who wants to be well if you get people say yeah i want to but they dont really have that think and grow rich burning desire they talked about his number one thing and thinking rich the burning desire and so they say well i get it all the time well just tell me what to buy i dont really want to learn it and you and i get it all the time uh being you know so intrically integrated with rich dad people all the time call in on roberts radio show well if he had ten thousand dollars what would you do with it you know advice advice advice my question is whats the last class you took whats the last seminar you went to whats the last book you read and you think one book gets it done you think you read the intelligent investor by benjamin graham youre gonna be the next warren buffett i guarantee you buffett has studied harder than most people at a younger age to get where he is so so thats the one side you know of the coin but thats like okay everything you said there makes total sense but when you go out there and you try to find that teacher to teach you how how do you judge your teacher like i swear all of them are theyre just trying to sell you crap theyre not trying to teach you they dont theyre not teachers theyre salesmen and i feel that not just in stocks real estate investing business and its hard to find a true teacher you know you make a great point right there because when marcy and i came to that epiphany that i mentioned about saying well we you know when she said hey we both have the poor dads were halfway there you know she said that with love for our poor dads because i love them more than any of my rich dads theyre just incredible human beings they just didnt learn about wealth big deal you know her that was a dairy farmer my dad was a school teacher theyre not supposed to know about money its not a fault thing so what happened in that moment is exactly what you said greg is we shifted from saying well i want to go find deals do i want to find a teacher that can help me and im telling you thats not an easy problem to solve just as you said you go through a few teachers as you as you go through so i remember my first teacher his name was greg and uh just there you go and uh you know it took a while to find him but when i how did i know number one i found him because he could show me the process of what it looked like rather than just telling me what to do yeah you fall thats a big difference because if a person says well this is what you should buy and heres my advice to you you already know theyre not a teacher but if they can show you well its like are they giving you a fit heres the litmus test are they giving you a fish or showing you how to fish and as long as theyre giving you fish you know theyre not a true teacher right if you actually can leave that person after some time with them and feel like my gosh i feel like im a better fisherman than i was yesterday then youve probably got a better teacher so really what youre saying is before you jump into the stock market you better find yourself a rich dad well its everybodys choice you know i mean they they can jump in if they want to and gamble a lot of people go to vegas gamble knowing theyll lose and enjoy the experience i suppose but yeah i i think greg well it doesnt i think it just makes sense not because you or i told them to do it but when they look at the choice they have in front of them say well i can invest as a newbie and hurry up and try to make a lot or i can invest as a wise investor heres whats really interesting what they got wrong i believe is they said this is a generational buying moment thats in quotes in this article um warren buffett bought his first stocks in and hes bought stocks every year under every us president democrat republican every congress he just kept on buying him and what i think people dont understand is theres a lottery mentality like i have to hit the big one and i have to get it right look i can go at any time and run a business and i can go at any time and collect rent uh from my real estate i didnt buy my real estate in like oh heres a buying moment right i just put up a house for rent uh last week and we got a renter in there and thatll increase increase our cash flow it has nothing to do with coronavirus nothing to do with these moments like oh i got to get it now oh now is the timer i miss out forever its that fear of missing out thats incorrect um theres no generational buying moment here you know you you could you can you can buy at any time if you buy smart right you can buy it anytime if you buy smart yeah that that makes great sense robert always says that too like like the the number one thing here is oh you cant do that here oh yeah all the time like yeah yeah and same thing with robert robert and kenny especially every year theyre buying new apartment buildings theyre adding to their asset collection and theyre not waiting for the next big real estate crash now when it happens great ready i mean the reason kennys ready you know hell have times where he understands the cycles theres no question kenny sees a buying opportunity not right now but later on and hell hell manipulate that but the reality is i got other friends that are buying right now as well and its really about a persons education more than anything else so on that you know as you look over here in this article you know they they uh you know robin hood millennial favors stock trading app that is so bad that you have a stock trading app uh they saw a mind blowing three million new accounts in the first quarter oh so so we had that before thats million people that have opened up an account and i cant imagine they took one class before they did it um despite glitches and crashes on heavy volume days uh quote the listeners quote the access to trading there are no barriers to entry anymore its on your phone so you can buy whatever you want finance fractional shares are available if you cant pony up fourteen hundred dollars to buy google uh you can still own all the fang stocks meaning you know facebook amazon right all that and so uh yeah its its its absolutely fascinating but here heres another quote that might be worth reading on it hundreds of thousands of market news comers is great for the democratization of the stock market however with newness comes a lot to learn quote if you dont know what youre doing its almost gambling its almost speculation and it sounds like fun you experience very quick run ups and run downs uh its entertainment isnt that nuts you know and they they talk about all the people who gamble and get their gambling fixed the casinos are all closed so theyre going to the stock market to bet and get that fixed is that nuts oh thats thats not a longterm wealth plan no not so much its not legacy thats not legacy stuff so so it is an interesting thing and you talk about swimming with the sharks they dont understand derivatives they dont understand jerome powell whos going to speak they dont understand federal reserve they dont they dont understand this stuff and yet theyre in there theres a i guess i get a little iron my voice greg because theres a lack of respect um i remember i might have told this story before i remember i was on a flight from salt lake to to atlanta and i was sitting next to a surgeon and for four hours he told me how awesome he was how experienced he was and how hard hed worked and all the great things hed done and finally the intercom said we were approaching in atlanta and he kind of i saw me getting my stuff together and he said so what do you do i said oh you know i teach investing we invest a little bit he says like stocks and stuff i go yeah i like stocks and stuff and immediately says oh you know ive been thinking about making a few moves you got any ideas for me and i just wanted to say dude i just sat here four hours and heard how hard you studied what if i looked at you and said you know i think im gonna trade out my tricuspid valve tonight you gotta getting you know my kitchen table you got any tips for me on that and you say son youre out of your league you dont respect how hard ive worked in med school and graduate school and internships and residencies well you know what it takes a little takes a little while to get good its like the 401k greg the thing that pisses me off most about the freaking 401k is that it sells people an idea that they can get rich without being smart yeah i dont know any rich people that arent smart i dont unless they inherited their money and they usually lose it too i just dont personally know anyone who i i feel i could look up to and got very very wealthy that i could learn from that wasnt smart yeah they they dont respect it one of the things you said is is you keep saying the word respect and i think thats one of the problems with the stock market itself because it is so easy to get into and the reality is me joe schmoe i can be doing on a much smaller scale but i can be doing the exact same thing warren buffetts doing so for your poker analogy i could be sitting at the warren buffett table of poker what guess what im going to lose my shirt thats quite fast so the person listening to this you know its important to personalize this message the person listening and ill just do it with some questions is you know how much how much do you really care about your investments and do you want to rely on other people and if you do thats fine if you if you understand you live with that result and or is this something you really care about id imagine if theyve tuned in most people that you know seek out rich dad and find themselves here they care about it and is this a life skill or a skill for hire here these people have an app now that makes us oh ill have this app that does it for me can you see the something for nothing greed in that i mean greed is the fear of missing out on a free meal an easy lunch its its walking down the the savannah in africa you know hungry and tired wanting to survive and all of a sudden you see a fawn with a broken leg and youre a tiger and its like free meal pounce and that urge is almost uncontrollable for many many people and and here we have million new accounts in just four brokerages i mean theres a lot more than four and thats thats just insane um to think about this the quarter included of the highest volume daves in schwabs history in the history of charles schwab this quarter had of the highest volume days ever i mean you think of all the crashes weve had and people getting in and out so you know thats the first half the other thing thats funny is is on uh heres uh heres almost exactly days later you know this article was published back on may 12th and days later on june 11th we have another article that says top stocks on robinhood brokerage get crushed as market violently reverses i mean this is just its almost like the guy said it in the other article right you know and i just wonder you know what are these peoples emotions like now because now that youre in and it s getting work now what do you do because theyve already put all their money in ive seen people make some of the craziest dumbest mistakes uh out of greed and then they get fearful and yank their money i mean what are they gonna do now well thats something that robert always says that it took me a while to really grasp but he said uh a a bad investor can make the best investment deal trash but a great investor can take the worst investment deal and turn it into an opportunity so its not about its not about the stock market its not about anything anything its not about the timing of it its not about the purchase its about the investor thank you greg i love that word function whats it a function of right and when people say well should i get in stocks right now or should i get in real estate right now theyre making their success they believe its a function of the investment or the asset class exactly the wise person really understands it truly is a function of the investor and what all these guys you know isnt about what you do its about what you know because you can invest knowing nothing and not be a true investor right i dont think these theyre investing theyre certainly investing does that make you an investor youre investing i mean you know i can go into the kitchen and i can be cooking Laughter but am i a chef just because im cooking you know am i a cooker you know hopefully i stay out of the kitchen i can do ribs though not too bad with the ribs theyll turn out well thats whats important its because of what uh of what people know so um heres whats amazing is they said they didnt see the wrist they saw the generational buying moment and i know you have one of these but i i said earlier that you know the access to the stock market on your phone now right the ability to play this game and come to the you know the warren buffett table as you said was unprecedented i mean you can get set up and approved and youre trading stocks all of a sudden or currencies or whatever and so this theres this broad access without education well heres another thing unique to this asset class though its the only one i know of where you can truly practice in a meaningful way and what i mean by that is theres no itd be tough to pay per trade buying an apartment building right itd be tough to paper trade buying a franchise because you couldnt really experience it without doing it well here rather than than seeing a generational buying moment what if they saw a generational education opportunity what if they looked at that and said you know what this market probably requires more smarts today than it ever has the vix is through the roof we have we have the federal reserve printing money like theyve never printed before listen at your own power you know these are unprecedented times what if they said you know now is the time for me to say yeah im proud of my degree im proud that i went to college and learned accounting or whatever but i think learning investing now at this time it might never be more valuable than ever maybe what ill do is ill open up a paper trade account what if we saw million paper trade accounts open and all of a sudden the headline says people decide to practice and begin learning the stock market because theyre sick of their brokerages and you know you talk about advice greg i had a im rewriting my book chaos and one of the things ive done is ive gone and talked to a lot of financial planners who sit down i had a friend of mine his name is jackson and i called him and and all he does every day is talk to the older folk that come in you know they got a million dollars and its not enough right and and i asked him this question i go what are the fees on all this stuff for advice how much are people paying for advice and what are the lowest ones he said well the lowest one is going to be your index funds to just buy the s p and i said well how much does intelligence does it take to do or take whatever the markets going to give you anyway right i go why are they charging anything for those i go honestly how much expertise does it do to throw someone in the s p and buy a bunch of stocks like robinhood how much expertise is there with that zero so what are you paying for nothing right you know and and and wall street gets your assets under management now why why a brokerage fee has been eliminated because it never was about the brokerage fees its about getting your assets so they can do stuff with it right because they obviously theyre doing stuff with it thats called derivatives right absolutely yeah so so it was kind of an interesting month in in retrospect to see all these people get in and in the same cnbc headline you know young investors pile into stocks seeing generational buying moments that are risk you know days later uh top robin hood or stop stocks on robinhood brokerage get crushed his market violently reverses i mean its just its the same thing every year over and over and over so for the people listening how do we help them like we told them like you know control your emotions reckon maybe recognize your emotions i dont know how easy it is to control but but what do they do because we want them to learn to invest in the stock market we want them to be taking action and if they want to you know if thats what they want i think first thing as far as emotion goes it s with awareness and emotional awareness and this will not only help you in your investing itll help you in your life uh one of the things that my wife and i do thats a lot of fun is we practice on our children a lot and we we tried to see because you know kids are going to do stuff and make you crazy and its really interesting because we try to take the temperature of each other when something stressful is going on especially like keeping the schedule right we have piano lessons here we have jiu jitsu here whatever raspberry pi whatever we might have been doing with them and when our temperature comes up we kind of look at each other and kind of that little code like boy be aware of those emotions ill tell you thats fantastic as an emotional guy thats helped me because im very you know me i cry i you know im emotional i think thats the first thing is becoming aware of emotions i think the second thing is is study what you focus on tends to expand and for you whatever your situation might be it might be a simple book you know maybe the intelligent investor by benjamin grahams a little higher level than when you want to off with ill tell you theres this book called rich dad poor dab that i really really like in cash flow quadrant that i really really like and as you read those books that you know weve been talking as advisers a lot about neuroplasticity about how your brain begins to change and its not so much about going to school at the beginning as a con change right like the first thing a person i think could do for themselves is decide okay which is it for me is it education advice once you decide its advice youre going to go on one path once you decide its education ill take you on a very different path and so that decision of con i think for anyone listening is a great and then it might be a book it might be a a an audio series it might be a class it might be a online webinar or a seminar it might be a conversation with a mentor that that you can sit down with and uh and learn from you know its interesting sitting down with mentors because you can see pretty fast if they know what theyre doing if theyll show you the financial statement all right you know robert roy said the the only shortcut he knows is to find a good coach or mentor yeah and and he was actually talking about uh real estate but whats true in stocks yeah why is it a shortcut because you get to um you get to take advantage of their life experiences and and the knowledge that theyve already acquired and you learn from their mistakes yeah absolutely back a bit youre still gonna make your own but i i love this conversation because its a high level conversation i think it gives people a chance to reflect on what they want to be and what do they want to you know what do you want to be um people love result you know right now my son he wants to be a real estate investor and i i sat him down and i says lets talk about why you want to be a real real estate investor because right now son i believe the reason youre headed that way is because youre friends with kenny mcelroy and you sat in his ferrari and you sat in roberts ferrari and sat in than merrells nice cars and and you know my son knows so many people who are wealthy i said then you got to realize i can show you real estate investors who got their butts kicked too and didnt get that what you really want to know is do you love the process and i think the reason people get caught in a robin hood app is they dont want to do the process which is fine if they dont but youre not going to get great results unless unless a person falls in love with process so the information or the invitation i have for people is look you know do you like the idea of being smarter is it just the money that you want and and thats fine if you want to try to go around ive seen a lot of people make it that way its just the money you want or do you really like the idea of waking up in the morning a year from now saying i really understand stocks i really feel confident now and going in here because i understand it im not just oh i better get in now and im not in over my head or perhaps walking into vegas at that at that table and having studied with great mentors who say well once you walk in that table let me tell you what youll find youll see this guy and this guy and this guy and this is what youll do and you come in knowing that the best advantage you have is they think youre the new guy now right right yeah i dont even know how many cars do i get is it five or seven whats the river you know and and and theres a theres a beauty and a confidence that comes in the process by being able to sit down in business and and negotiate knowing what youre doing um you said a bunch of things here you said one identify for our situation for our podcast that the stock market is your desire two get educated and theres a ton of different ways to do that depending on the way you learn best really yeah three coach or mentor and then something you mentioned earlier was be paper trading practice for sure all that stuff i think a person uh if they can trade through a dip uh i i think the problem with the 90s is you could have thrown us darts at a list of stocks and come out winning in the 90s but when you can pay per trade through a crash and say wow i handled this well i managed this risk really really well uh thats when you might be ready to hop in a little bit and do a little active trading and even the long term stuff that i like takes financial education yeah its not quite as sexy as uh buy a low sell high and make a million bucks in hours yeah its not sexy but its more realistic its like i think you like put the the robe over the girl in the bikini yeah and what you just said was important is you know you said it doesnt look as sexy and right there that comes back to that primal idea of oh this looks good and this idea looks good and this this well heres this little fawn that broke her leg free meal those emotions are always there that was one of the most difficult things i still fight it today because its part of me im not going to take that part of me out but i do have to recognize it and say hey andy settle down isnt that funny the key to stock the ski the key to stock investing is like everything else personal development yeah oh its huge damage oh but i dont want to do that greg i dont want to do personal development think about what people are saying i dont want to develop i dont want to do personal involvement thats nuts oh i dont want to get better i dont want to be smarter i want to be more disciplined more in control healthier happier oh no i dont want any of that i dont want to get better thats humanity its crazy yeah personal so awesome stuff so if youre listening you know ill give you a little advice get educated before you swim in these waters because the stock market is simply a machine that transfers wealth from the educated and disciplined and temperament to people who dont who are not tempered not smart not educated so there you go well andy thank you so much man great time man i love these weekly uh conversations we get to have added to it hopefully we help some of these minnows learn that they want to become sharks and how to do it thats right you dont want you dont want to be a middle someone with the shoulders grow some teeth thats right all right man well then lets talk next week awesome man very cool thank you thank you i appreciate you awesome Music you '

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