Becoming a Millionaire - More Achievable Than You Think
Plus, investing and trading strategies you can implement today to start building generational wealth.
This service is for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment advice. These are my opinions and observations only. I am not a financial advisor.
If you have the determination, you can achieve millionaire status.
You may be starting out with a modest amount. Maybe you feel like it is embarrassingly small and there is no way you can join the 7-figure club.
Step 1. Ditch that mindset. There is nothing embarrassing about generating wealth.
Those that scoff and say you’re wasting your time will be the same people that ask, “how did you do it?” while you enjoy the freedom that comes from having earned millions.
Those that love you will be amazed yet unsurprised when you hit your goals.
I will congratulate you on your ability to do the simple yet difficult task of putting in the effort for a sustained period of time. Many flat out will not do this.
There are many brilliant minds that lack the patience to fully benefit from their genius. And there are those of us who simply refuse to be average.
If you are looking for a “get rich quick” plan, this isn’t it. For those that are determined to change their lives, here’s what I know.
Self-Made Millionaires
I’ve met multiple millionaires. They all were self-made and without exception the most determined people I’ve come across.
One started with a small tractor and water truck and built a construction company worth millions. He sold it and retired to travel and see a game at every baseball stadium he can.
Another friend started by flipping a single used car. Which turned into flipping multiple cars. Then he flipped a house. Then multiple. Now he owns his own contracting company.
Having conversations with successful people is incredibly motivating and usually immensely informative. If you’re fortunate enough to be surrounded by millionaires, take advantage and strike up meaningful conversations.
Most of us are not that fortunate. This is where the power of building relationships on Twitter and other social media platforms comes into play.
There are people not only sharing their stories, but they also want the engagement. They are on Twitter or Instagram or Telegram or whatever to share their experiences and what they know. Again, take advantage!
One great example is Joe - @TheIndependentU on Twitter. His bio reads, “I became a millionaire, lost it all, then became a millionaire again. I'll show you how to make more money, grow your own business, and become financially free.”
Why wouldn’t you strike up a conversation with Joe? His story is amazing.
More importantly, he clearly has experience you can leverage in your own way to accelerate your path to becoming a millionaire.
Or reach out to Nick, The Dividend Investor & Educator - @Smartnetworth1 if dividend investing sounds like the right path for you to reach your goals. Nick currently enjoys dividend income of $12,750 annually. Impressive!
I don’t know Joe or Nick personally, but I’ve been able to learn from their posts and through engagement with them and others.
Both of these individuals have the same thing in common. They are sticking to a plan that aligns with who they are and what they want to accomplish.
There is nothing but upside to engaging in healthy discussions with successful people. Social media makes this more possible now than ever before.
Trading Stocks and Options
There are many styles and strategies to trading the stock market. If you’re reading this, odds are pretty good that you are trying to figure out which one is right for you.
The stock market is fantastic because it allows for a wide variety of investors and traders to engage. Are you an impatient trader? A high risk, high roller? A trader with a modest budget?
Do you trade all day? Or only before heading to work? Do you jam in a trading session on your lunch break? Are you a stay-at-home parent, trading in between picking up the kids?
There is a strategy for every situation and a path towards millions for everyone willing to take a shot.
I have spent years figuring out what works best for my personality. I like to trade often but am too busy to stare at a screen all day. As much as I wish I could.
I have found the best way for me to generate wealth consistently while both “scratching the itch” of making trades often and generating immediate returns, is to implement the covered call strategy.
To recap, the covered call strategy involves buying 100 shares of a stock and selling calls against these shares. You collect premium (cash) by selling the calls and if done effectively, you can repeat the process over and over.
At first, the trading is not nearly as often as I would like. But as premiums are collected and positions grow, the amount of trading does too.
While there are many great strategies to learn, the key is you must learn. There is no long-term success plan that is simply to follow in the shadows of others.
I have pretty strong opinions about what works and what doesn't when it comes to trading. They come from experience and pain but also from big wins and a growing account.
The strongest of the opinions I hold is you will never become a millionaire by chasing stock "buy alerts” or by completely relying on other people’s trade ideas.
Go ahead and look as hard as you want. You won’t find people that successfully do this over a sustained period because they don’t exist.
If your goal is to make millions, your focus should be on learning which trading or investment style is right for you. And then implement. Zero in on what works with your personality and personal situation.
This is incredibly underrated and, in my opinion, where failure begins when it comes to trading. Finding a trading strategy that aligns with who you are and where you are in life is the key to success and the first step towards financial freedom.
When you have found the strategy that works the best for you and you become proficient, it is time to dig in and remain consistent for several years. This is where most fall down flat.
Time is Money
A little perspective has helped me overcome this challenge of wanting unreasonable and immediate results.
We are all conditioned to be ok with spending 4-5 years and thousands of dollars to get an education and start a career. There are many, many student loans to prove it.
We even send our kids across the country or around the world to provide them with the best information and education in hopes that it will give them opportunities for a great career.
So why would you think learning how to trade or figuring the right investment strategy out would lead to millions in just a few months?
And why would you not invest the time and money to build generational wealth using the stock market?
You can make a career and vast fortunes from trading stocks and options. Many people have. And I don’t think you need to spend five years learning to do it, but it will take some time.
Finding a trading strategy that aligns with who you are and where you are in life is the key to success and the first step towards financial freedom.
As I mentioned, I have found the strategy that I think is right for me. The covered call strategy, I believe, is also most likely to align to new traders building modest accounts.
I have been writing a lot about the Covered Call Strategy (CCS) and my portfolio that began with just $2,383 and is building towards a target of $1.4 million in 20 years.
The craziest part of this strategy is the math assumes zero growth for the stocks in the portfolio. You read that correctly. A path to $1.4 million with stock prices remaining flat.
It really is incredible.
You can follow my positions and activity for free here: Covered Call Strategy Portfolio
And if you would like to learn more, you can read about it in detail here: Turning $2,383 into $1.4 Million
You will continue to receive information and updates about this trading strategy because I believe in the power of the compounding it provides and because it is a strategy that I have found to be effective for new traders.
Who You Are is What Matters Most
I wasted a lot of time trying to learn which trading system was “the best” and which investment style would “make me rich” the fastest. I was focused on the wrong thing.
I should have been thinking about my personality and how that would impact my ability to trade successfully. When I figured this out, everything changed.
I no longer agonize over my trades. I enjoy them thoroughly. Every one of them, even when they don’t do what I expected. I understand why.
How is this possible? I am aligned with every trade I make. I’ve found trading strategies that feel like the perfect fit. And I sleep well.
I want to help everyone build generational wealth, that is why I am sharing what I know. I enjoy it as much as I enjoy trading. And I hope you get a lot of value out of this newsletter.
I firmly believe the key to successful trading is utilizing a strategy or strategies that align with who you are and all that you’ve got going on in life.
Message me any time if you are interested in talking more about how your personality and lifestyle impact your trading and what strategies might fit best for your goals. I enjoy hearing from you!
Twitter Spaces - Chart Reviews, Trading Strategies
Every weekend I am hosting a Twitter Space with friend Shaun Clarke - @ShaunClarke_, reviewing a dozen or so charts and talking strategies for the upcoming week.
I also am lining up Keynote Speakers for future Spaces to talk about trading strategies, stocks, Bitcoin, and anything related to the stock market and wealth building.
Whether you just want to listen and learn or even better, if you’d like to contribute to the conversation, I would love to see you there!
Link to this week’s Twitter Space: Sunday Chart Review Session
I hope you found this information useful each and every week. I will continue to post ideas on Twitter for stocks I consider to be in ideal spots for buying shares or selling calls. I will also highlight which call options you might consider selling and why.
If you have any questions, be sure to find me on Twitter @tradernatehere and send me a DM! I am always up for talking trading.
Also, be sure to follow for daily posts on trade updates and trading strategies as I pursue my goal of educating thousands on the many ways trading options can help build your account.
Have a great week of trading ahead!