Is money just a medium of exchange, or is it something much more than that?
A thread ~
You might have heard this quote that "Money can buy you things, but it can't buy you happiness".
Or "Money is not important".
Well, If you also believe in the above quotes that chances are you are broke and you'll stay broke forever.
The majority of the population doesn't know how to manage their finances, the biggest culprit for their bad finances could be CC, majority of the population is in debt because of the excessive use of CC.
"They are trying to live a better today at the cost of tomorrow."
More than 25% of the people don't have any savings, 15% of the working class have only a year of savings left at the time of retirement.
What does this all mean?
That we never really understand the value of money, if we did things would have been different.
See, money is not just a medium of exchange.
It's your security, your happiness, your peace of mind.
Yes, money might not buy happiness, but it's better to cry in a Lambo than on a bus.
Money changes your perspective about things, you can think more clearly when you don't have to worry about your basic finances.
It's easy to say "there are more things to life other than money", yes you can say this when you have shitloads of money in your bank account, and not when you are broke.
"When you don't have it, it's everything for you."
The things which will help you to go from being broke to living a life where you don't have to worry about your bills, your child's school fee, is by practicing "Patience, Frugality, and Sacrifice".
The real-life example of how Patience, frugality, and sacrifice can help you to amass wealth, is given in the below article, it's about a janitor who became a millionaire by retirement.
there r many ways to look charts.
Short term
very short term
long term and very long term.
like if I see this short term chart which is 75 min chart.
I can say after a correction price started upward journey and gave a breakout... #75min charting #veryshortterm
this short term chart i.e daily chart says -- stock just came out of correction mode and ready for new upmove.
weekly suggest - consolidation from many months and about to breakout with a question -- already 15x from bottom - should I go long?
someone asked me today - what to do with #lauruslab?
I asked what to do as in?
If u invested by seeing something in stock and If those fundamental things haven't changed, this question seems absurd to me.
Then I got typical reply which I was anyway expecting-
"I think u haven't seen Price recently"
My response was - yes I have seen it and price has corrected well and will definitely hurt them who bought for short term + on a level which was not right as per charts.
so again I had to explain him this after so many obvious question
when u buy any stock by seeing Price movement - It means u are trying to chase Momentum and when you are trying to chase momentum - u must use BASIC Price action to get ur SL - as your view is short term and in short term price play can be ugly.
If people think - buying at lower level of 2020 was not possible - then they are absolutely wrong, coz those who understand value bought it by seeing such cheap valuation. 1) PE as per bond yield was at almost at lowest level.
2) Warren buffet indicator i.e - Macao/gdp was at same level where it was in 2008 crash bottom-~.55.
So buying was very logical and easy.
Intact predicting that index will become 3-4x in short run was also easy.
But do u know what was difficult?
1) difficult was to predict that price won’t fall further- we don’t know this and will never know this - u never know how worst sentiment can hit - but yes we know that it won’t sustain for longer time.
There should be some rules and principles in your life.
Those rules will define your success and build a character over time.
In this thread I will write many rules and practical experiences.
1) Pay all bills before speculating.
2) Don’t speculate with another person’s money.
3) Don’t neglect your business to speculate.
4) If the market makes you irritable or interferes with sleep, you are wrong.
5) Don’t use in the market money that you need for other purposes.
t.me/kacharts/131
Few things which can really help u change ur life ( implemented on my self)
1) embrace loneliness and reinvent yourself in that process.
2) say goodbye to people who don’t bring positive energy into your life or corner from them who always talk negative. Positive energy has a strength to take u out of any misery.
Think positive b positive.