Some quick calcs had me realising that George pocketed around $350-400 each pay day and had been getting 3x his wage for 10 yrs.
I later found out it was more like $500+ as many paid much more than $1 for a better Odds opportunity.Particularly those who had won the raffle.
George introduced me to "Out of the Square thinking".
When I was 18 I had 2 jobs like most did then.Worked Saturday mornings pumping gas as well.
A Latvian guy GEORGE who I never had a conversation with taught me some extremely valuable lessons.
I'll tell his story then would be interested in what others get from it.
My second job was in a machine shop working the 6-10pm shift.Knocked of my main job at 5 then straight to the 2nd.
On my first day a Wednesday---my supervisor asked do you have a dollar.
He had a plastic bag filling with dollars.
"What for?"
"There is a tradition here which has been going on for 10 yrs.Pay day is Friday and each Friday GEORGES wages are raffled off,his pay is $120/week (At the time my total earnings----all jobs---- were $45)."
"Who gets the $s I asked"
"GEORGE---its OK even management get involved--and yes they did!"
Some quick calcs had me realising that George pocketed around $350-400 each pay day and had been getting 3x his wage for 10 yrs.
I later found out it was more like $500+ as many paid much more than $1 for a better Odds opportunity.Particularly those who had won the raffle.
I learnt a lot from George.
Interested in what others gain from this true story.
It was stopped I heard about 10 yrs later by the UNIONS---so much for entrepeneurship!
George introduced me to "Out of the Square thinking".
From such a small base, a bit of both I reckon. One early hit and their capital would have been down the toilet.Now did these guys (Market Wizards contains a fair few of their stories) do so well from such a small capital base solely because they were at the extreme epitome of trading excellence??
Or does it have to do with luck/chance and the effects of randomness?
Contentment, happiness, family, friends, well being, creativity, contemplation, inner satisfaction, achievement.
.
It's true that having wealth doesn't guarantee the above, Being poor doesn't either.
All te tings listed above are easier to get when you have wealth.
Whenever I am worried about my small capital base i think to myself:
"How many people my age who are studying full time, can travel overseas at least once a year, enjoy their life, and still SAVE 3 - 5k per year?"
(1) Trade the current trends, anything inflationary at the moment, namely base and precious metals.
(2) It was the o.t. i worked that gave me a capital base to invest and now trade the markets.
(3) investing in stocks comparitively requires very little capital, which is the real beauty of the share market.(I'll add that you can buy and sell at the click of a mouse).
(4) To start with you need 1. cash flow, 2. experience, 3. contacts, (Ill add Initial Capital base---in business there is much more)
I have always been clever in an academic sense and was lucky enough to gain some scholarships for my studies. I also worked flat out in my gap year to save a decent capital base for uni.(Become an expert in something doesnt matter much what it is but when your an expert then people will beat a path to your door for YOUR expertise---you found a way to make the income required).
So my plan now is to continue chipping away at building a capital base and when my studies are complete i will re-evaluate and set a new direction.
I don`t see many other ideas apart from working for a wage to establish a capital base.
So why is it that we require decent capital when they didn't?
Nizar how old is YT ? Same age as prawn ?
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