A fat investment portfolio requires work
This may be a tough pill to swallow, but I’m just going to come out and say it. You will not become wealthy working only 40 hours a week. There’s good chance you’ve read or at least heard of Tim Ferriss’s ‘4 hour work week’. I remember reading that book a few years ago. It lit my mind on fire. But it also twisted reality for me a touch. I became obsessed with working less. Working smarter rather than harder, but still working less. While you certainly can become a millionaire and at some point put everything on autopilot, it still requires a GREAT deal of bumping, grinding & overtiming.
The three legged chair theory of income
I was introduced to the idea of this theory while reading comments on another finance blog. So I can’t claim creative ownership rights. But nonetheless I found it very important so I’ve decided to expand on it. This is the three legged chair theory of income.
It’s frequently said most millionaires have an average 7 sources of income. Diversification at its finest. I’m not sure I need to reiterate, but having only one source of income – such as a job salary – is dangerous. Job security seems to be only something you read about in history books these days.
Growth Investing, high dividend stocks, & ETFs
As investors we are here to make money. We are always looking for the most favorable return. Since there are many ways to skin the proverbial cat of reaching our goals, we need to look into the total picture of costs and benefits of all options.
For most of my investing career I’ve taken the growth investing approach through buying market index ETFs. I’m young and they provide a less risky way of achieving baseline returns. Though since I’m relatively young; passing my mid twenties, I’m wondering if I should be looking at other approaches.
Finances and mental health
If you’ve ever experienced money trouble, you know how heavy it can hang on your mental health. I’ve been so broke I was only able to put $2 in my beater of a car. I’ve had to turn eat shitty, limited choices of food because I couldn’t afford anything else. It sucks, and I’ve vowed never to return to that spot.
Canada legalizes recreational marijuana in 2018
Legalization of recreational marijuana use is penned for July 2018 in Canada, naturally marijuana has been a hot topic around the country – and the world – lately. For the last few years stocks of Medical marijuana companies have been on fire. And they aren’t showing signs of slowing down.
The mere promise of legalization. The ever changing landscape of regulations. And many companies still proving to show profitability makes this a risky industry to be investing in. As an array of companies flood into the space, it’s hard to know which stock to put your hard earned dollars into. With many realizing 100% gains over the last year, it is certainly not an industry you want to be overlooking.