What is your “why” as a trader? Why is it that you want to trade, or why do you trade now? For most, they’re going to say it’s the money. It’s financial freedom, but getting to the right answer will be critical. You need to understand why you want to become a trader.
Let’s go through why I became a trader first. It all started with me in my job at the time. I’m in manufacturing, I ran part of the company, and my boss comes over with the HR manager, and he’s in my office, and there’s a reason he brought her over because normally we don’t have conversations with HR there. And all of the sudden, we’re going back and forth on some things and said he’s not happy with what I’m doing, and he says, “Listen, you do realize that if you push this envelope too much I’ll fire you. And then, we’re you’re all only source of income. And what are you going to do? What do you got, a couple of weeks before you’re thrown out on the street with a brand-new baby?” He was absolutely right. Even though we made a really good salary we didn’t have any money saved. We lived the American dream, we spent everything we made and then some – credit card debt, and all that great stuff.
The money was my why. I needed the money to get out of that job. That’s changed for me over the years. Having the money is great, but think about it, do you really want to take, let’s say, $2 million in $100 bills throw it all over the living room floor and then swim around in it? All right well, maybe once to say you did it, make a video, it goes viral on YouTube. No, it’s not the money folks, it’s what the money will do. My “why” today is building sustainable wealth. I believe that I should be building generational wealth for not only me and my family, but being able to help others along the way. For me, that’s an extremely important component of the why.
Folks, I’m a big fan of, what is called, a four-legged stool and for some your stool is much greater than that, but for most people you have a one-legged stool, and that’s your job, that’s your financial future. Kick that leg out, you’ve got nothing. The four-legged stool takes your job, because I don’t want you to quit your job while you’re learning to do this, it takes your job then there is options trading, there is futures trading, which are mini-sized futures, so very low cost. Then, there is something called covered calls, where we rent our stocks out. That is building sustainable wealth, and if you want to know more about that four-legged stool we did a video on that. You can click the description down below for that.
Now, let’s talk about why you should consider trading. The very first thing is called GOOD, G-O-O-D, Get Out Of Debt. Too many people in this country are in debt, deep debt. Take not only credit cards, but take into account your mortgage, on top of your mortgage there’s student loans. All of this debt is killing people. What’s happening is you work and you get a paycheck, and you only get 70% of the paycheck because the government gets theirs right up front. Then, you pay another 30% of what you have to banks, and institutions for loans that we can hardly afford to pay, and you are left to live on the rest. I need you to get out of debt, so the very first reason to start learning how to trade is to get out of debt.
The second is to build an additional income source, so you can make more than what that average person makes, live the lifestyle that you should. I don’t mean luxuriously where you’re buying million-dollar homes over and over again. I’m talking about being able to live a lifestyle that you’re not worried that you can’t go on a trip this weekend where you have to go in a hotel for two days and spend $500 because he just can’t afford to do it. Being able to enjoy life the way that you should be able to enjoy life, that’s number two.
Number three is to get yourself to retire, but first and foremost, for me, was my spouse. Do I want my spouse to have to work a job? The answer is, no. Getting your spouse and yourself retired earlier than you can if you’re just dealing with that J.O.B.
Number four, philanthropy. Yes, tough word for me to say sometimes, but whether you support a church, whether you support a synagogue, or another organization if you look on the bottom of our home page of Wealth Builders HQ there are three organizations that we support, that we donate monies to. Hopefully, as you start to trade you will find someone that you’re going to give some of that money away to. It’s not just about you, it’s about what you can do for others also.
Then, number five is building generational wealth. You see, when we first started trading we were in a bad way. I was doing some things in my life that would’ve probably landed me in jail had I kept down that path that I was going on. The expression the sins of the father become the sins of the son, and they say it takes three generations for that to pass. For me, it passed in one. My children never knew property like we knew as kids growing up. Building that generational wealth not just for you and your family but for generations to come. Think of what Bill Gates has done for his family, and all the generations to come in his family, building that generational wealth.
Whatever your why you need to start, you need to start now. You need to take the very first step. Whether you’re a brand-new trader doesn’t know a stock from a rock, or an experienced trader, you need to understand that trading can help you in your financial future – whatever it takes. If you truly want to know what it takes to become a successful trader, click here for a free workshop to learn how you can become a successful trader.