How much money should you be planning to make on investment advice?
One of the many misconceptions I had growing up is that you needed $1+ million a year investment advice to make a decent living. I’m sure people can make a lot of money and do really well as traders, but to be honest, they wouldn’t have been where they are if they didn’t have good analysis from someone like myself, John Paul DeJoria, or Matt Kavella. You’d be amazed at how far back a trader has gone in time, or how much they have invested so it makes no difference if they bought on a day or not. You have to be an investor in your trading.
As long as you’re investing more than you’re losing you’ll be able to make a decent living. Just like when someone is paying $1.00 per piece of gold, that’s not a bad price. However, as you put more and more money into the markets, you will likely lose a little every time and be better off investing in the right companies that can provide sustainable returns over the long-term.
As for the question of how much money can you realistically make day trading? How much money should you be planning to make on investment advice?
I make an average salary as an investment advisor, but at the age of 30 I still work 10-15 hour days and earn about $30K in a year. The fact that I don’t make a living selling investment advice is a testament to how well a lot of investors made money even before they turned 30.
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You won’t be getting rich overnight but eventually you’ll have your own investment team or foundation at some point and become able to retire in your late 30s. If you make it to age 30 I can imagine you’ll start taking an early retirement and I can’t imagine that you’d ever want to be a trader any more, but it is an experience that I still don’t regret and it could even get you into a job that you love or get you into a top startup.
Do you have any tips for younger traders? Leave them in the comments below 🙂
The following is a story that is not as long-winded as many stories you might see online:
It all started about a year and a half ago, after a few friends were talking through a weekend. Everyone was getting their
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