In our final week of Financial Literacy Month, Tela Holcomb joins us to discuss the stock market in plain English (Yes, we asked her about Bitcoin!).
Tela is a stocks and options trader, mom, and wife who is focused on spending the most of her time living the life she loves. Before clenching financial independence from the jaws of a lifetime spent working for The Man, she was dependent on a paycheck from the 9 to 5 to pay her bills. That was cool, but she wanted to have more time to spend with her family, friends, and travel not just climb someone else’s corporate ladder. She started plotting her escape in 2009 by teaching herself how to trade. There is nothing stopping somebody like you from doing the exact same thing, especially as online trading is so popular nowadays in various forms. One of these methods of trading is through cryptocurrencies. While some crypto trading platforms have been the subject of harsh reviews, many of the most popular platforms these days for this trading are well regarded. Looking at a review for the immediate edge bot may convince you to take up this method of online trading, and maybe you could become as fortunate in trading as Tela.
Just 5 years after starting, she reached financial freedom and escaped the corporate matrix! On today’s show she will help you learn:
- An easy way to use stock charts to rebalance your 401k/Individual Retirement Account (IRA) to maximize your returns
- Tips for managing your emotions so you can choose a proven investment system
- Investment Tools to maximize the success of your short- and long-term financial goals
- The difference between active and passive investment and how both can help you
- Using your personality to determine the risk tolerance and investment type best suited for your lifestyle and how to answer the personal question: do I want to trade or invest?
- Websites, tools, and resources you can use to safely practice investing before using your own money
Financial Literacy Month: Tela’s recommended Action Items:
- Get Smart on your 401k. Meet with your company or financial advisor or use Tela’s investment hacks to ensure your 401k is properly balanced and aligned with your financial goals.
- Pay Off Debt. If you’re tired of the 9-to-5, reducing your debt is a great start to turning the hobby or side-hustle into your next full-time job. Don’t allow debt to hold you back from your dreams any longer.
- Find Your People! Surround yourself with like-minded people that are interested in seeing you improve. This can be online (groups, forums, etc.) or off-line (networking, conferences, etc.) but be sure to find people that support and push you towards your goals rather than distract or discourage.
References Mentioned in this Show
- Tela Holcomb
- Investment Tools:
- Motif Investing – Motif Investing is an investment company that allows you to pick a portfolio that aligns with not only your financial goals but your values as well.
- TD Ameritrade – Think or Swim
- Investopedia.com – a website focusing on investing education and financial news
- National Financial Literacy Month April 2018 – Learn More at FinancialLiteracyMonth.com
- If you’re a Mint user or considering signing up, check out Marcus’ piece for GoBankingRates and featured on YahooFinance.com, I Used Mint Wrong for Years and You Probably Are Too.
- We’ve created a new free guide exclusively for our email subscribers: The 15 Minute Paychecks and Balances Money Plan: Your Guide to Financial Freedom. The free document includes “15-minute” plans for creating a budget, starting your debt freedom plan, and finding your FIRE number. Sign-up to get your free guide today and see why just 15-minutes may change the next 15 years of your own journey to reach financial independence.
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Read Marcus’ book series, Debt Free Or Die Trying, to learn more about how he paid off $30,000 in debt by age 30; and how to create a debt free plan you’ll actually follow.
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