Thursday Thoughts - Now, But There Is a Caveat
As a wealth coach, I'm often asked "When is the best time to ....?" and I cringe because my answer is always now but there is a caveat.
Now, is always the best time to start anything because it is fresh in your mind, you are excited about it, keen to see some results and eager to build momentum.
However, without the right tools, skills or knowledge you are setting yourself up to fail.
All investments have cycles. The highs and lows. Most people tend to get into an investment as it is nearing a high. Then as it drops go into denial - this can't be happening just when I've bought it. As it drops even further, they go into panic mode, sell and lose money.
When you have the right tools, skills and knowledge, there are a range of strategies that are used for different timings in the markets. This lets you make money going into the investment and coming out of it.
Business is the same.
I've been an online entrepreneur for almost 25 years. The market has changed. The tools, I learned when I started, don't exist anymore. My first computer had 2 megabytes operating disc space. My mobile phone has 270 gigabytes. My external drive has 1 trillion bytes.
As technology changes, business and investing strategies change as well.
So, when someone asks me "When is the best time to ....?"
I always answer
Now, is the best time to be learning as much as you can so you can make informed decisions for the future.
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Do you use AI for your business, and can I ask how you do it? Do you have any initiatives going on at the current moment?
Do I use AI for my business - yes. Do I use AI for investing - no. Not yet anyway.
My business model is to teach investment strategies and then create joint venture opportunities for clients to move into once they've done the training as they then have knowledge and skills to understand the opportunities.
I always have JV opportunities available in business, property and the sharemarket. They are created depending on which strategy suits the current economy/market.
To create the JVs, I'm always working in the future looking at where I think the economy is heading and ensuring I have JVs with the right strategy for the future market. So when it comes to now, I have the right strategy, for the current market and a perfect JV to fit it.
Hope that answers your question Abie.
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Sure enough! When it comes to investments, fortunately we are blessed since 2013 to have a wonderful person who has mixed our portfolio to show us consistent long term gains. At our age, 1/3 Wall Street, 2/3 Main Street!