BAD MONEY MOVES FOR 2018
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The absolute worst money moves you can make in 2018. That is what I’m sharing with you guys. Today, I tried to compile a list here of the four worst money moves I can see people making in 2018. And the interesting thing is, these are the kind of similar money moves that people made in 2017 2016 2015.
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And many years past that have cost people so much money, guys. So I’ve thought of these four, I want to share them with you guys today, I hope you do not make any of these mistakes out there because they are huge, huge mistakes that people make year in and year out.
By the way, I’m Jeremy, this is the financial education channel. And let’s get into this already guys, the first of the four, the first of the four big bad money moves of 2018 is selling assets, because something might happen. This happens year in and year out, people all around the world will sell off their assets because something might happen, okay, they don’t have any logical reason behind selling this.
They just feel like all maybe a recession is going to come, oh, maybe the attack could happen. Maybe this could happen. Maybe that could happen. Guess what, that stuff can happen at any time ever. Okay, so basically, if you’re selling off this time, then why were you selling off a previous time because anything could come out of the blue at any time.
If you’re selling off your assets, because you feel something might happen. You need to have logical reasoning behind that. It can’t just be because I feel like it’s gonna happen or we haven’t had a recession happened to such amount of years or something like that. You need to have logical reasons, oh, well, unemployment ticked up to this amount, oh, GDP got revised down to this amount.
You know, the this many companies have missed earnings, this in that you need to have logical reasoning, I saw, you know, in my own life, you know, this person got laid off, then my friend got laid off. And then this happened, you need to have a logical reasoning on why you feel like you need to sell off your assets and get out of the market or get out of whatever markets you’re invested in, whether it’s real estate, whether it’s stocks.
Whether it’s bonds, whatever it is, you need to have logical reasoning can’t just be because something might happen, because something could always happen. Like you’re just you’re just kind of like a gambler at that point in time, because you’re basing it off of nothing. Okay? So you if you’re going to sell off your assets.
You always got to ask yourself, Is there a logical reason why I’m doing this? Or am I just doing it to do it that guys, because I’ve been in the market now for almost 10 years, almost a decade, right? And, and time and time again, I’ve seen people come and go into the market and they say, all in all is going to be a double dip recession.
I heard that in 2010 2011 and 2012. And something might happen here in 2013. And then 2017, it was wall Trump’s in office, things might get crazy, I need to sell off my assets. It’s the same story over and over again. And you’ve got to have the logical reasoning if you’re going to sell it can’t just be because you know this politicians in office or this is going to happen or or whatnot, needs to be logical reasoning behind you making decision of self your assets.
So that’s the first one. Let’s get into number two. Now, already, guys, number two out of four, we got to talk about now this is a huge one loading up on consumer debts. Okay? All the time, I see people loading up on consumer debts loading up on consumer debts.
And a lot of times people think it’s okay, because they can technically afford to have those debts, meaning let’s say they have an income of $5,000 per month after taxes, okay? So they’re like, Oh, well, I can take out this debt to buy this car, this house this and that, this furniture, whatever this and that people take out so many different kinds of debts, right?
And maybe it adds up to 4500. And they’re like, hey, look at me, I’m not bad, you know, my debts, they all they all add up to only 4500 a month, or let’s say 4000 a month. And then I have some little expenses here in there. But I still got a couple $100 to put away towards savings. Okay?
That’s a really bad thing there guys. Because, as in cuz there’s so many bad reasons why this is bad reason. But the one of them is because it puts you in a short term mentality, meaning you have to make short term decisions on what you’re going to do in your life based upon paying off these debts, okay?
So you can’t take any real risk about like leaving that job, go into another job, okay, you can’t like maybe leave that job and start a business you can’t do those kinds of things. You know why? Because you’re tied down by this debt. And when you get tied down by that debt, it change you in it change you in so you can’t get out of it.
Because you’re like in a situation where it’s like, Okay, can I just let all these debts go? And then my credit goes to crap, right? For several years, you could do that, but no one really wants to do that. Also, no one really wants to sell all those lifestyle things, right? Because they make you feel good.
And then you feel like oh, I’m a loser because I lost all this stuff I hit so it’s a really, really bad decision to load up on consumer debts, you should have a no more than if you make you know, $5,000 a month, then your consumer debt should be no more than maybe 15 $100 a month at that maximum guys do not take out all these massive amounts of debt even if you can barely afford them, right?
You gotta it’s gotta be like you can easily afford those consumer debts if you take them out and consumer debts the worst debt, you can take out Like, like if you take out debts tour for, you know, for your business or something like that, that’s not that.
That’s not that bad because you could potentially build an asset out of that, when you’re taking out debts, like buying a car, like buying a new couch, like buying a TV, this kind of stuff, like, that’s all depreciating, that’s got no chance of making you any money in the end.
So that’s why that one is number two guys. Let’s get into number three already guys, number three out of four, this one is specific to my stock market people out there, okay, and it is buying a stock because it went up last year. Okay, this is a huge mistake I see.
And this is generally beginners on the stock market make this mistake all the time, they see such and such stock went up a 200% last year 300%. And they say wow, maybe their stocks going to go up another 200 to 300%. This year, okay, that’s a horrible decision. When you are investing in a stock, you need to be judging off of the base fundamentals of that company.
And looking at it from that perspective, not of what the stock did last year, because that means literally illegal means literally nothing, okay, with the fact that that stock went up a ton last year, when down a ton last year, it has no bearing on where that stock is going in for the next few years.
Okay, I’ve seen it time and time again, where a stock will do a phenomenal one year, and then the next year if crashes and goes down 30 40%. Okay. And I’ve seen it time and time again, where a stock will hit a 52 week low one year, and the next year, it’s the golden child of the stock market and goes up 100% 200% 300%. Guys, I mean.
I remember Nvidia, Nvidia was a stock that was in the doldrums for such a long time, right. And over the last three years that stocks going up nearly 1,000%. Now that doesn’t mean that Nvidia is going to go up another 1,000% over the next three years doesn’t mean video will go up at all right? We don’t know it, maybe it will. But you need to be judging off for the base fundamentals of that company.
Same thing with a Shopify stock any of these stocks out there, guys, you need to be judging off of the base fundamentals of the company, not just whether it went up last year or down last year, because that means literally nothing. When it comes to the stock market.
No one cares about that. And any of the big fund managers that actually put money into a stock, they’re not looking at all is it as 52 week high? Oh, let me buy some words do that 52 week low? No, they’re looking at the base fundamentals of the business?
Are they going to be able to keep the numbers and things like that? Are they going to be keep? Are they going to keep growing in the future? Do we have confidence in the company, if all those things go through, then they put money in the company.
If not, then they’re not buying it regardless if it’s at the 52 week high or 52 week low, guys. So do not make that mistake of just jumping in a stock just because it went up last year. It’s crazy to do that, guys. Now let’s get into the last one. Number four already, guys, it’s time for number four.
And this one is by far the worst money move I see people making out there in the world. And this is probably the most controversial This is what I probably get the most pushback from people because they don’t think it’s a mistake. And I’m here to tell you, this is absolutely a monumental mistake if you’re making this is thinking one income source is enough.
Okay, it’s 2017. As I’m recording this, we’re going into 2018, right? You need to have multiple income sources. One income source is not enough. It is stupidity, it is stupidity, I’m going to go out there and say that it’s stupidity. To have one income source, you need to have multiple income sources going forward.
I don’t care how much people will come at me and say, Oh, I make good money on the job. Oh, my job’s pretty safe and all that crap. No, what I’m looking for is I’m looking for the people that are going to email me the next time there’s a recession, they’re gonna email me and they’re gonna say, Jeremy, they gone you explained to me that one income source wasn’t enough because otherwise my family would.
I would be on the streets because I lost my main income source. I got fired from that. And people are gonna wake up and they’re gonna remember, Jeremy said that one income source was not enough. And guess what I just got laid off from my super safe job, my really good job.
And now now I’m up shits Creek, because I didn’t focus on building any other income sources, guys, it is absolutely. And there’s, there was a time in my life when I only had one income source. And it was really stupid guys, it was really stupid.
It was a really bad decision on my part, there was there’s been times I’ve been all invested in to what just one stock, right? That was a really stupid decision. If you’re just all invested into one income stream, right? That’s literally just as bad as you being all invested into just one stock because you’re just putting all your marbles in this one little basket.
And if that basket folds, you fold and a lot of times with you guys out there, you’re working for a company. So it’s not even like you can drastically change your position in that company. Right? It’s not like you can all of a sudden do this or do that and make these moves and all sudden your company’s doing better.
Like Like a sole proprietor can, like an entrepreneur can write, I can make movies out there. I can start doing this. I can start email, I can start making phone calls, I can start knocking on people’s doors. If I gotta do I can make moves. When you work for a company when they say it’s time to go. You don’t have any choice.
It’s time to go. So do not make the mistake of having one income source. There’s so many you can have guys in it’s the online age. There’s so much money to be made out in online space that you can make out there. You just got to go do it man. There’s so many thing is research and I’ve got videos on this channel, tons of videos about it.
You can search online about it. There’s so many ways it used to be 4050 years ago, if you wanted to have a second third income source, you had to like work a night job or something. No, I’m not talking about working a job I’m talking about where you create your own money, you’re doing this you’re doing that you’re making moves out there and making passive income streams that you can make money all the time, guys.
So do not make that mistake. Do not make that mistake, because it’s the biggest it’s the single biggest mistake. I see people out there making and it’s all fine when the economy’s fine like it is now. And then when things go bad and that one income source goes away.
You’re freaking done. At that point, you have to start making short term decisions just to get by and it’s really sad guys, so do not make that mistake. I hope this video helps you guys out tremendously. The worst money moves going in 2018 if you’re a beginner in the stock market, make sure you click that second link there that goes into my 11 part stock market investing mastery course. Thank you so much for watching today guys and have a great day.