was reading an article somewhere today (Don't remember where) and it was about how the realization of the past two years is that we as an economy are spending way beyond our means. If you make 3$ an hour as a waiter in the states, you should not own a house. If you are making 50k a year, but have 200k in student debt...you should not own a house.
People need to focus on becoming free of debts and be financially free.
I bring this down to one thing. And that is laziness. People are too lazy to work 2 jobs while in school to pay bills. They are focused on partying, living the good life. Even myself, work having slowed down immensely, have begun to look for a second job for school. Even considering taking an overnight job.
University, although looks great on a resume does not teach you how to become a trader. We are speculators. That is it in its most raw form. You learn by testing theories, losing money to the market. And if your good enough you get your ass back into the game as fast as you possibly can.
Has college and university become a privilege now? Does this mean that the return of the days of Jesse Livermore, and Rollo Tape of finance are finally coming back into being? With less money to go around in the world via. wages, job cuts, layoffs, etc. Where will the money go to? Will you really spend 50k on school after working for 2-3 years to accumulate the money? or will you use that money to buy a home, and work the blue collar?
Going back to school has been on my mind for the past month. I have spent almost $4000 and I have not even bought my books yet. How will I pay rent while going to school? OSAP? Considering just taking my investment licenses and raising capital to start a track record. MY fear is that if it fails, I do not have a fallback plan. Solution could be to take part time school, but still leaves a large economic opportunity cost to myself.
Decisions, Decisions.
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I really like this post. I have been saying the same thing about the world economy. The markets are used to people spending way beyond their means. CREDIT was this imaginary ball and chain that no one really ever felt. It was pushed back in their minds because the assumption was a ridiculous one... We will continue to grow as we have been with no solid data to back it except that the prices of homes were going through the roof. We all know that the only reason housing prices were sky rocketing is because of the massive availability of cheap cash to people that were a HUGE risk.
The economy as we know it is going to take a really long time to bounce back. The biggest reason is that what makes sense to our wallets is bad for the markets. Hold yourself back. Don't spend like a drunken sailor in a whorehouse. Make some small sacrifices. Forget about bling bling. This will hurt business but help us avoid the same mistakes that we were led into by loose laws and greedy opportunists.
I feel your pain. Keep your chin up. You are young and have time to catch up. Keep on working hard and tighten your belt where you can. Manage funds when you have time to monitor your trades. I have faith in you and have been impressed in conversations we have had. If I can do anything for you, please let me know...
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