How can you quit a soul-sucking job and build wealth via trading and other investments?
Not that I’m an absolute expert on this, but I know a few things and I want to share that in this short post.
First of all, some context: I’m a high school dropout; I come from a poor family (my parents struggled to put food on the table), I have an average I.Q, and I always thought I wouldn’t amount to anything in my life.
A few years ago, I worked my ass off to fund a trading account.
Within 5 years, I blew away 85% of it.
At that time, I didn’t have anyone I could really count on, so had I not spend some time living in Buddhist monasteries (for free), I would have certainly found myself on the streets.
Now, eight years later, thanks to some major improvements in my trading and some good decisions on the real-estate front, I’m finally in the millionaire club.
And I’m not saying this to brag, just to make a point: I know a little bit about wealth building.
So here are my four best pieces of advice.
#1. Build Mastery
Money-making traders are the absolute best at what they do. They possess a particular set of skills that sets them apart.
If you’re going to take this road and become a virtuoso in this field, there’s a huge sacrifice that you need to make.
People think they’re just going to start trading and make a fortune right away. But that is not how it goes.
More often, this is what happens:
- 8 people out of 10 fail and leave
- Some have to blow up 3-4 times before it finally clicks
- Some spend years treading water
- Others go through cycles of doubt
So again, the sacrifice in terms of money, time and energy is huge!
You have to understand that you’re going into a big lifestyle change. I often tell people that this is not for everybody. It’s really not!
But if you’re ready and willing to pay the price –and that price will depend on factors such as are you a slow or fast learner, how persistent are you, how much time do you have, how much money do you have, what are your responsibilities, how dedicated are you – the rewards are well worth it.
In due time, you’ll be able to:
- Trade and understand the market like no one else
- Trade with size without compromising your mindset
- Turn small accounts into big accounts
And best of all: This set of skills is anti-fragile. Once you have it, you have it. Nobody can take that away from you. It’ll give you a level of freedom in your life that most people can only dream of.
#2. Find One or More Mentors
It’s not a weakness to get help and seek the wisdom of others so as to build a broader base of strength and knowledge.
Good coaches and mentors can see things that you probably can’t see and know things that you probably don’t know.
But, perhaps, more importantly, the pursuit of mastery will require at some point the guidance of a coach or mentor (or a few of them) since they can provide immediate feedback that will help you improve at a faster rate.
Their input can deeply transform you and help cut years out of your personal journey to becoming a money-making trading virtuoso.
But, in looking for a coach or a mentor, just be careful. Often, people like to show how successful they are online, which makes us automatically think that they must have some sort of secret or special knowledge.
Something to keep in mind: If someone is displaying outward signs of success, in all likelihood, that person is trying to impress you.
These days, it’s very easy to rent luxurious cars and mansions, or even fly first class when the flight attendant or pilot is your relative, and then post pictures on social media to make people envy you and your lifestyle.
I’m not saying that you should dismiss everyone on that basis. Just become a little bit more discerning and learn to pay more attention to substance instead of the superficial appearances of things.
Also, when a so-called coach or mentor:
- Displays an arrogant behavior
- Doesn’t respond well to criticism (however unjustified)
- Has a know-it-all attitude
- Spends his/her time trying to impress you
- Make claims that are substanceless
It might not be a bad idea to just pass on that one.
Lastly, if you can’t afford to pay for a coach or a mentor, just seek the company of people who lift you up instead of dragging you down, who help you understand yourself, who help illuminate your path…
That might be a friend or a partner who truly understands the journey you’re in.
Personally, I didn’t have anyone like that, not did I have a trading coach or mentor. But I’ve had the chance to hang out with some of the world’s most renowned meditation masters – from Thich Nhat Hanh to the late U Pandita.
Those people are not traders, but they’re masters of their minds in their own right, and they taught me a lot about my own.
#3. Create Different Streams of Income
When you’ve worked your ass off, have paid your fair shares of dues, and have finally developed an expertise, now it’s time to leverage it.
You see, in the beginning, my income from trading was fluctuating all over the place. What I’ve noticed is that sometimes I had really good months where I made a ton of money, but other times I had losing months, or even so-so months, making not nearly enough as I should be.
And so, I realized that I needed to have more income sources to offset each other. If one wasn’t making me a lot of money, I had the other ones I could rely on.
So, I decided to write books and create courses based on my specific expertise.
I also invested in real-estate at the right time. (With trading money.)
It all began out of this need for income diversification.
It’s no secret, the average millionaire has at least 7 sources of income. So, don’t be unidimensional in your way of thinking. Diversify. Trade, invest, create…
Some ideas will work, some won’t…
Just keep testing and keep moving.
#4. Be Frugal
This is the last point, and perhaps, the most important one: You don’t get rich by spending more money than you earn. You get rich by hoarding it.
This is something that didn’t come easy to me. Even when my trading performance started to get more and more consistent, I was still struggling financially.
Well, I lived like 99% of the people out there – I had no sense of priority, I wasted money on depreciating assets and useless stuff, and I was essentially living from trading profit to trading profit.
Eventually, I realized that I wasn’t going to get anywhere this way, and I decided to take better care of my finances.
I started living on less and putting more money on the side. Over time, I built a very nice financial cushion for myself.
Fast cars, luxurious mansions, lavish vacations… people are often attracted by things that aren’t that important and that hollow them out from the inside.
The best things in life, I have found, are not that expensive, and often even free.
That’s one of the reasons why I live very simply… I dress simply, I eat simply, and I travel simply.
I’m not cheap by any means, I’m just frugal.
And I’m not the only one…
- Jeff Bezos drove his old Honda Accord even after he became a billionaire.
- Buffet still lives in his first house and also drives an old car.
- Bill Gates wears $50 suits with a $2 haircut.
Do you see a pattern…?
Last Few Words…
I’ll be honest: This path is to riches is not for everyone. It requires a commitment to mastery, enormous financial discipline, and a long term vision.
But these four steps work! I myself have used/implemented them in my own journey, so I speak from experience.
About 14 years ago, I quit my normal day job as a count team member in a casino on Vancouver Island in BC.
The journey hasn’t been easy at all. But I was persistent, and that eventually bore fruit. And I’ve never looked back.
So, can you commit to mastery? Can you be frugal? Can you let go of pride and seek help? Can you think big?
I’ll leave the answers to you…
THE TRADING PSYCHOLOGY MASTERY
COURSE IS A GAME CHANGER!
Make a strong commitment and begin your journey now.