Rules to live by if you want to make money
1. If a financial advisor is enthusiastically selling something to you; don’t buy it.
2. If everyone is talking about buying into something; don’t buy it.
3. If something has a permanent market, buy it when no one wants it.
4. If you have something, don’t sell it until everyone wants it.
5. Don’t put all your money into one thing. There are plenty of things no one wants.
6. If you fuck up, learn from it
7. Avoid managed funds working off ‘modern portfolio theory’ or ‘CAPM’. It means when something starts to turn good they sell too early. When something starts to turn to shit they have to get more.
8. Have a bit of patience.
9. Practice making money before you try and make money.
10. Ignore ‘real estate is unproductive’ comments from people that don’t know how to to use a hammer.
11. Keep entry costs cheap.
12. Don’t get emotional.
14. If superstition works for you, listen to it.
14b. Avoid advisors that say real estate is the only way to make money.
15. Use your gut.
16. It’s only money. If it really matters to you, you’ll never make any.
17. Take your losses early.
18. Admit you’re wrong when you’re wrong.
19. Listen to advice but also listen for agendas.
20. Scare yourself. Be poor for a year. Like really poor.