Earlier this month, I was hanging out with one of the greatest guitar players on the planet...
He has been on the cover of most major guitar magazines at some point in the last year... but he doesn't know a lot about investing. So as we were hanging out in his hotel room, just the two of us trading guitars back and forth, he eventually asked me for my investing advice.
He told me he had some savings, and he was looking for "a hot tip" to make "a quick buck." (Those were his words.) He said if I couldn't help him, maybe I could point him in the direction of someone who could.
I winced to myself... and collected my thoughts...
Here I was, hanging out with one of my heroes in music... and I had two options:
• Did I brush off the question and get back to music?
• Or did I give him the REAL answer... one I was sure he didn't want to hear?
I took a deep breath and gave him the REAL answer.
As I think back on it, the advice I gave him is the best advice I can possibly give to anyone starting out. Here's what I said:
• First off, there's no such thing as "a hot tip" or "a quick buck."
• Second, if you don't understand it, then don't buy it. Period.
You will be tempted to go against these two things. Many times.
Don't do it. The quicker you believe me on these two things, the quicker you will stop losing money and start making it.
I didn't stop there. I told this hero of mine:
• Nobody will care more about your finances than you. How many rock stars have gone broke by handing off their money responsibilities? Don't do it! You have to captain your own ship. You can't hand that off to someone else.
• Lastly, don't buy what's popular. Real estate was popular in 2006, for example, and many people got crushed.
I told him how I have been buying property, and how a rental property ticks all the boxes today.
Hopefully, he took my advice to heart and didn't do something stupid. I don't often talk about these four things because they're "basics" to me. But you never want to lose sight of the fundamentals.
Make sure these things are ingrained in your head... Teach them to your spouse... and ultimately to your kids.
These four things will do more for building your net worth than just about any stock recommendation I can give. Commit to them!
Ong Mali - Come, Let's Talk $Money$
The Best Advice I Can Possibly Give About Investing
MrWealthy4321
Publish date: Sat, 01 Aug 2015, 04:17 PM
MrWealthy4321
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Discussions
Be the first to like this. Showing 32 of 32 comments
Next step...how to understand what you are buying?
Study the fundamentals...:)
learn to read financial statements..he he
2015-08-01 17:29
Sound like grandfather advise. All folk tales. Kettle calling pot black. White or black cat as long as catch mouse. All common tales sound so wise but empty.
2015-08-01 18:01
Ironically, people would take the kind advice as a crap. They want to prove themselves they are different and stand out earning easy money without a need to go through the hard work. They normally don't think about the price paying for acquiring experience. What they focus is to make fast buck. That's why many water fish in the market.
2015-08-01 18:40
Eventually, there's a price for chasing quick bucks to those without doing proper homework to support punting or investing.
2015-08-01 18:48
some questions:
1. How to know a company announce something important earning report?
Bursa website? or any blogs? which one is fastest and reliable
2. For day trading/contra player, where to see latest news which may affect a share go up?
2015-08-01 19:05
Posted by Steven Chow > Aug 1, 2015 06:41 PM | Report Abuse
Better follow Koon Yew Yin advise
Posted by Steven Chow > Aug 1, 2015 06:57 PM | Report Abuse
KYY give free hot tips. So far all cun
Is this the product of the education system in Malaysia nowadays? Better follow hot tips rather than learning some life-long useful principles?
Wow, I am out of date now, didn't know the present education system has deteriorated to such an extend!
2015-08-01 19:20
Buy Padini then. Last time said Vs too expensive. I follow hot tips. Took margin. Now laughing all the way to bank. What wrong with education system. Can read and write mah. You want England education go there.
Posted by kcchongnz > Aug 1, 2015 07:20 PM | Report Abuse
Is this the product of the education system in Malaysia nowadays? Better follow hot tips rather than learning some life-long useful principles?
Wow, I am out of date now, didn't know the present education system has deteriorated to such an extend!
2015-08-01 19:24
Follow hot tips make money also wrong. Reallly sien one. Then blame education system. What. Lose money is right. What type of education is that
2015-08-01 19:28
The experience punters want more water fish to keep feeding them. Every year, there are many newbies joining the crowd.
2015-08-01 19:29
Posted by Steven Chow > Aug 1, 2015 07:24 PM | Report Abuse
I follow hot tips. Took margin. Now laughing all the way to bank.
Well done Steven Chow. Carry on baby!
2015-08-01 19:34
Tq Wait for next hot tips from KYY. Make enough money send children to England education.
Posted by kcchongnz > Aug 1, 2015 07:34 PM | Report Abuse
Well done Steven Chow. Carry on baby!
2015-08-01 19:36
Well. We need more people who think differently and believe in making easy money. That's the fun part for punting and trading.
2015-08-01 19:40
Maybe mixed mixed lor. Some warren buffet stocks, some OTB fast food stocks.
Make sense or not ?
2015-08-01 19:49
The problem is how to find and stick to WB kind of stocks in long term. Not many newbies are able to control their greed and egoism once joining the stock market.
2015-08-01 19:53
I like OTB's Big Mac, very yummy very convenient. But sometime I eat porridge also, just in case OTB's Big Mac past expiry date already
Sometime I eat porridge too much, I feel like eating Big Mac also.
In short, have a balance diet lor
2015-08-01 19:54
You are an old bird. You know what to do base on your past years of practical experience. Don't make a comparison là.
2015-08-01 19:56
If you do not put in effort to analyse the fundamental of the business and factors that affect its future performances, you will be like the three blind men depending on the one-eye jack to tell you what an elephant looks like.
I agreed with Mr Wealthy that nobody will care about your finances than you. There is always a conflict of self interest when it comes to money.
The key to investment is to minimize risks to achieve certainty in growth on capital and dividend yield. Only companies with strong balance sheet, proven track record and sustainable business model can deliver that certainty with minimum risks.
2015-08-01 21:18
Businesses that can achieve long term sustainable earning in excess of its cost of capital, generating positive free cash flow to support dividend payment and servicing their debt obligations will definitely able to survive the onslaught of financial turbulent.
In time of crisis, lower sale volume, drop in price, rising interest rate, debtors’ default in payments etc will hit businesses at the same time with lightning speed.
Businesses that have overstretched themselves will be on the chopping boards either waiting for the white knight to save them or liquidated by lenders.
2015-08-01 21:46
lol. hopefully all the tips from KYY will continue to be cun or else he gonna get cursed kao kao. oh life.
2015-08-03 05:13
Fellow sifu, what is your view on current bursa outlook? Sentiment is bearish, with all kind of politics indian show, china is sliding down, us possible interest hike bla bla bla...expecting another round drop like last december?? Perhaps pro hot-tips steven chow has the answer?
2015-08-03 15:01
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
kcchongnz
These are definitely sound advice.
2015-08-01 17:17