Millionaire Timothy Sykes shares his best investing tips. Credit: Colourbox
I’m a multi-millionaire with business and personal success on every level, but despite all of that I’ve made mistakes and ignored people’s advice. Hopefully you can learn from my mistakes.
Tip #1: Don’t Let Money Dictate Your Life
I don’t know what it’s like to be truly poor, but growing up middle class in Connecticut all I wanted was to be rich and successful. Now that I have achieved those goals I’ll tell you it’s not all that it’s cracked up to be. I’m happy, but not because of my millions – my confidence and mental well-being are a result of other goals I didn’t initially anticipate having, most notably creating two millionaire students from scratch. I get far more enjoyment out of helping others make money than I do from my personal wealth.
Money definitely makes life more enjoyable and easier, but late at night most multi-millionaires I know who have sacrificed everything in the pursuit of wealth alone are sad and lonely people. Don’t go that route.
Tip #2: Don’t Ever Regret Failure
Back in 2006 when my hedge fund wasn’t growing very fast – just 20 percent per year, not enough for an ambitious 25-year-old like me – I ignored what made me successful, that being penny stock trading, and tried making long-term investments to help speed up my fund’s growth trajectory.
I had no experience in the investing field and yet because I was batting a thousand in the stock market, I felt I could do no wrong. I was dead wrong and I lost more than $500,000, roughly half my net worth at the time, and nearly all my credibility despite the loss coming from something other than my expertise.
My investors reminded me the fund was still up an average of 2 percent per year so the losses weren’t the end of the world, but for about a year I was depressed and angry. Now I’m thankful for the losses since they helped me define my stock market rules and made me an infinitely better and more conservative trader, and now a far wiser teacher, too.
Failure is difficult to deal with, but it molds us into whom we become and we learn what not to do; don’t regret it when it happens to you.
Tip #3: Don’t Sway From What You Know To Be True
When I began making a name for myself in the financial media, I once again gave up my expertise, that being penny stock trading, since the major media companies wouldn’t let me discuss penny stocks so I gave commentary on popular companies like Starbucks, AOL and GE.
I knew that commenting on the future of these blue-chip companies always has been and always will be pure guesswork and that’s why the majority of traders and investors lose money and fail to beat the overall stock market each year, but I “played the game” to get ahead. But I only hurt myself because my picks were right about 50 percent of the time, just like every other financial commentator so I couldn’t cheat success.
When I went back to penny stock trading, writing and teaching about what I knew to be true, my performance, business and overall happiness all hit record highs and that’s how I’ve created my millionaire students and achieved so much personal and business success.
Despite the lack of media coverage in my sector, I follow my heart, and what experience has taught me to be true even if others don’t realize it yet, and I encourage you to do the same.
Things I Liked:
1. The new Apple wearable watch is rumored to be unveiled in September now instead of October, wohoo!
2. I bid $25,000 for a few speaking lines in the new Bradley Cooper without realizing it films during my Italy trip, someone outbid me with 4 seconds left
3. The US stock market erased all of its early week losses and now has endured a somewhat decent consolidation that we needed badly.
My annual conference for stock traders coming this October sold out within 24 hours, I negotiated with the Hotel & will be announcing some openings next week!
President Obama still plans to go to Martha’s Vineyard despite the situations in Israel, Ukraine & now Iraq. Someone needs to tell him this isn’t the right time to play golf.