Economagic was created to document my investment journey from complete beginner to amassing over $1,000,000 in stocks, businesses and real estate.
After years of looking to get rich quick, I decided to try and get rich (what is ‘rich’ anyway?) slowly. As Warren Buffet says, the stock market is a vehicle to pass money from the impatient to the patient. Patience is critical and I’ve only recently learnt that.
My general investment philosophy is fundamental. Whether I’m looking at a business, real estate or a stock, the underlying asset must be absolutely sound and available at a discount. Value investing gives you more room to manoeuvre (make mistakes!) and so looking for value opportunities is important too me.
If you’re new to investing, learn from other peoples mistakes. Investing is a skill that needs learning and practicing but a lot of people will try and make you believe its easy, usually to sell you a $5000 training course on how to day trade.
Just take your time, learn as much as you can and if you’re investing in stocks, practice by paper trading. It’s not the same as trading with real money but it’ll get you looking for opportunities and help familiarise you with the language used.
Also, if you’re just starting out, avoid crypto. Don’t @ me.