Let Your Money Make You Money
Hello, my name is John Butler.
I recently joined the ranks of Park Avenue Digest.
I’m young, ambitious, and eager to continue my education in the real world.
When I asked my boss, Brian Hicks, "how do I cut my teeth in this industry?" he told me to do three things:
- Take the initiative.
- Read everything under the sun.
- Keep it simple.
It was with that advice that I started reading Charles’ book Hitting Wall Street’s “Fat Pitch”: Secrets from a 35 Year Stock Market Insider.
It’s great stuff.
Charles gives you his three decades of trading insights, which will help you to better understand how to trade on the market. If you haven’t picked up a copy yet, follow this link to get the book.
Reading the introduction to Hitting Wall Street’s “Fat Pitch” reminded me of an important lesson that we could all benefit from. It's a lesson that brings me back to the choices I’ve made that have led me to where I am today.
I'd just graduated from West Virginia University — go Mountaineers! — and got some lucky money from relatives.
There were so many things that I could’ve done with the money. I could’ve taken a trip to Miami and soaked in the Vitamin D on the beach. I could’ve saved it for when Sallie Mae inevitably came knocking on my door...
Or I could act on a saying that I’ve heard time and time again...
"Have your money make money for you."
After I concluded that this was a sound idea, I set my eyes on trading stocks. Young and straight out of college, I wondered where I should begin. The internet became my best friend, and I read as much as I could about trading stocks.
The problem was that the more I read, the more intimidated I felt. I brooded on this for a week, almost losing all confidence, before it hit me...
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You Can Do This
Yes, I was young and fresh out of academia, only armed with the little investing knowledge I'd gotten from Professor Google. And I didn’t have millions or even thousands in my pocket. I had just enough to get started.
And that’s exactly what I did: I got started.
Unfortunately, some people don’t get this far. They associate trading stocks with people wearing suits in New York City buildings and laying down huge sums of money.
It’s not like that at all. Everyday people trade stocks and make gains in the market.
Here are three investment philosophies that I follow...
- Don't pick the "hot stocks" and zigzag around the market daily. Do your research, pick a reliable company, invest, and let your money make you money via compounding interest.
- Start small. Don’t bite off more than you can chew.
- Diversify your portfolio. Invest in different companies in different sectors.
If you start investing and keep those philosophies in mind, you’ll see your wealth grow.
These are only a few points that Charles explains in Hitting Wall Street’s “Fat Pitch.” If you haven’t received a copy yet, why not check it out for yourself?
John Butler Jr.
Contributing Editor, Park Avenue Digest