Famous “Wolf of Wall Street” and former stockbroker Jordan Belfort has spoken out about how regular people may make it big on Wall Street without taking unnecessary risks.
In an interview with Tucker Carlson on December 30, Belfort said the obvious: he thinks that the best way to become wealthy fast is to be patient and disciplined.
To start, Belfort cleared up a widespread misunderstanding among would-be investors about the idea that a little starting investment needs a grand slam to become a considerable fortune.
Most people make the mistake of settling for a low starting point—let’s say $10,000—because they don’t have a large sum of money. <…> For an investor like yourself, the thought of making a million dollars seems like a pipe dream. I need to discover the next wild cryptocurrency coin or Apple computer. “Which causes you to partake in irrational speculation and trade for the short term,” Belfort said.
Contrary to popular belief, Belfort advocated a strategy that prioritized long-term ownership and the significance of carefully choosing high-quality equities.
“You can build wealth over time without having a large initial investment if you stick to a long-term strategy of investing in high-quality stocks, reinvesting dividends, and making little contributions,” he said.
The significance of ignoring market noise and not trying to time short-term market moves was stressed by Belfort, who is also a motivational speaker. Almost without exception, he said, market forecasting ends in losses and usually results in taxable events.
Lastly, Belfort said that most individuals make less-than-ideal stock selections, which is one of the intrinsic obstacles of individual stock selection. Avoid the temptation to try to forecast the short-term movements of the market, he said.
“We humans are basically terrible stock pickers, and picking individual stocks is a losing proposition the vast majority of the time,” he said, drawing a conclusion.
In his general advice, Belfort stresses the need for diversification and long-term investment, saying that little donations made consistently over time may grow into large fortunes.
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