Season 2, Episode #27 Not Me, But You!
Review of finance, investing and how many of us don't learn in school how to become wealthy. But if you have an internet connection, you can learn all that you need to know, in order to retire wealthy.
Most jobs don't pay the employee a pension when they retire (a guaranteed dollar amount each month, otherwise known as "cash flow"). But if you won't require with a pension, there is hope for you. I may have a solution for you. On your own, you can invest into high yield dividend stocks which will pay you cash flow on a schedule (every month or every 3 months).
Remember that wealthy people buy assets, poor people buy things. We can all retrain our brains to buy/hold assets. Look to acquire new assets.
And with all your successful investing, don't forget to also invest in yourself and exercise/diet to that you can enjoy your wealth and be healthy when you no longer need to go to a traditional job.
If you like growth stocks like Microsoft and you can't afford to buy a whole share for $400 or more per share, then buy a "slice" of that stock for as little as #10. My favorite platform to buy/sell stocks is Charles Schwab. You can buy "Schwab Slice" which is a portion of a whole share of stock.
You can also do the same thing with Bitcoin, Ethereum, Solana etc. You don't have to purchase a whole coin. You can buy "a slice" of each coin. And with crypto you can invest $2 at a time if you wish.
Options. Selling cash secured puts on stock that you wouldn't mind owning anyway, is a strategy for you to potentially acquire your favorite stock at a discount price. Plus selling cash secured puts, generates "a premium" which means you are paid money right away, at the time you execute the trade! Another way to create cash flow! But doing this is a more advanced strategy. You can do options also at Charles Schwab or at Robinhood. But you need to have enough cash to purchase 100 shares of the stock is you are assigned
One of the smartest things we can do, is to have a Roth IRA. Why? Because the money grows TAX EXEMPT, meaning you pay ZERO tax on the money you withdraw if you meet two conditions: 1) are you age 59 1/2 or older? 2) have you had the Roth IRA account open for at least 5 years?
You can also buy Bitcoin using the Cash App. It will take you 2 minutes or less. Bitcoin is the best performing growth asset on the planet. But you need to buy/hold it for 4 years or more to get the benefit.
Food prep your own meals at home. It takes time but you will end up eating much healthier and you will save money. The money you save, you can use to buy/hold more assets!
I'm not a financial advisor. This podcast is for education/entertainment purposes only. You will need to do your own research and accept responsibility for the results of any money you choose to invest. I love using Schwab.com to buy/sell stocks/ETF's/closed end funds/options. Schwab has a very user friendly app/website and their customer service is excellent. I can easily get to speak to a human being whenever I have questions.
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