I believe in investing for monthly income, using complex strategies like employing leverage and pursuing a lifelong commitment to becoming a great investor.
I try to show my readers that wealth is built by acquiring income producing assets, as opposed to through a job or by getting a university degree.
While I support people’s decisions to pursue academia, I think it should be done to acquire knowledge rather than fortunes.
If you go to school to get rich, you are making a mistake.
Looking back at some of my articles, I’ve noticed that my older ones are a bit more opinionated and braggadocios than what I would write today. My views have also changed to some degree as I’ve matured with age.
Rather than removing them, however, I’ve let those posts remain for your viewing pleasure. I have no shame in admitting that I’ve been wrong in the past. If anything has been edited since, I note that therein.
I did not create my wealth conventionally. For example, I don’t have a financial advisor and I use a retirement account.
I also don’t believe in blindly trusting your money to licensed professionals, many of whom have little more experience than a paper certificate.
Instead, I perceive investing as a craft.
It takes years of practice, refinement, trial and error and study before one can be consistently successful at it.
To me, it’s similar to becoming a professional athlete or a doctor, dentist or engineer. If you don’t dedicate a big bulk of your life to it, you will probably fail to achieve your goals.
The problem I see is that most people rely on bankers and financial advisors to manage their affairs.
Instead of taking their wealth into their own hands, they hire others to do it for them. The result is that they make fee-heavy, sub-par investments.
I’ve never met a person who became financially free without at least being actively involved in her portfolio.
Using licensed professionals is probably better than doing nothing, but I don’t think it’s as effective as being hands-on.
As a general rule of thumb, the more people who get their hands into your portfolio, the more diluted your returns will be.
For instance, if you buy mutual funds from a financial advisor, you will pay a series of commissions and fees that deflate your earnings. In fact, most funds (mutual funds, ETFs, private placements, etc.) come with management and administration costs that take away from what you might otherwise earn.
That’s why I prefer to do things myself.
By taking the time to learn to invest, I’m able to enter lucrative ventures with minimal risk. 100% of my capital is also put to work. I don’t pay any fees, commissions or bonuses to anyone.
Despite the foregoing, I’m not on a crusade to denigrate financial advisors or anyone else in the industry. On balance, think they do a lot of good for people.
I’m simply of the opinion that one should take the initiative to learn and study, and seek to become an expert themselves, if they want to reach financial freedom.