Quote:
Originally Posted by DTEJD1997
PMAN:
Good luck to you! Keep blogging, learning and networking!
A). You need to work/do something you like. You don't have to be ecstatic to be doing it, but it is something that you've got to have GENUINE interest in and don't mind working long hours at it. You've also got to stay on top of industry trends.
- I love poker. I agree 100%.
B). You've got, Got, GOT to have an edge. How do you set yourself apart from your competition? Simply working harder is not really going to do it.
You've got to understand your competition. What is their level of education, what are their bankrolls & resources? What are they doing right, doing wrong? Are they rational in their pricing and business? How do you compare to that? How can you exploit your edge?
- Very good point. I have a few edges. Some i talk about, some i don't.
C). Stay away from debt. I simply can't emphasize this enough. Only borrow money for things that will DIRECTLY produce income. Do NOT borrow for lifestyle...if you can't pay cash for it, don't buy it. This includes vehicles.
- Agree 100%, i haven't been in debt since I was a teen lol.
D). Which leads to having more capital than what you think you need. One of my huge mistakes has being frequently undercapitalized. It is a terrible thing to get 1/2, 2/3, 3/4 of the way into something and run out of capital. This is easier said than done, and I've made this mistake several times unfortunately.
- Working on this, might take up a part time job doing data entry to help pay the bills.
E). If it is CLEAR that you have made a mistake...get out of it QUICK. Even if that means taking a loss, cut your losses relatively quickly.
- Also strongly agree. I used to degen hard in the pits, especially online casinos. Cut that **** cold and have been hapy.
F). Start up a retirement account ASAP. Put money into it right away. Once that money is in that account, it doesn't come out till retirement! I wish that I had done mine 10 years earlier.
- I've been researching this on and off the past couple of months actually. I have to talk to some people and figure some stuff out, but yeah the thought of a roth IRA + investing in like the s&p 500 seems good.
G). Watch who you work with. The best things have happened when I've worked/partnered/collaborated with others. Some of the worst things have happened this way too. As the years have gone by, I've gotten MUCH better at this. Try your best, be fair, keep your reputation intact, even if it costs you.
- you keep spitting truth. absolutely. alot of life is who you know.
H). The library is one of the best resources there is that most people don't take advantage of. Physically being in a library kind of forces you to stay focused (as opposed to being at home).
- one thing i might disagree with you on. i'm too ADD for an actual library and book. i prefer audio books and the internet. i always educate myself though. i listen / read every night.
I). Learn about investing ASAP. Start investing ASAP....even if you make mistakes and lose a bit of $. If you are 24 and lose $500, that is not good...but in the grand scheme of things, it is very little. When you are young, it is more important to learn and especially learn from your mistakes. Of course, losing $500 is much different than losing $50,000. As long as your mistakes are not life altering, don't sweat it.
- I agree!!! Right now i'm only invested in Bitcoin, but as i said earlier i want to get into stocks.
J). If everybody else is doing it, and everybody "knows" something, how do you get/keep an edge? Markets are generally efficient, but not always. This is in stocks, real estate, and business.
- No comment really, good questions.
K). Money is very important, so incredibly important...but family and friends and doing the right thing is MORE important than $.
- Amen!!!
L). Be skeptical, and investigate on your own.
- Always.
Sorry to be so rambling.
- I appreciate you very much. It took you time and effort to think of all that and write it down for me. I don't see it as a ramble, I see it as a ton of free advice. Thank you.