Latest / Earn Your Leisure / Caleb Silver's 6 Golden Rules of Investing for 2024

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Caleb Silver's 6 Golden Rules of Investing for 2024 · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: You've written down your six Golden rules of investing, and
• 1:04
  Speaker 3: so I would love you to lay it out for
• 1:06
  Speaker 3: the people going into the new year. Having a strategy,
• 1:09
  Speaker 3: maybe they can implement of some of the things that
• 1:11
  Speaker 3: you're using as an experienced investors, that's their portfolios.
• 1:17
  Speaker 4: Yeah, I'm going to do this, but I want you
• 1:18
  Speaker 4: guys to chime in because I've been really looking forward
• 1:20
  Speaker 4: to sharing this with you. The first one's always start early, right,
• 1:24
  Speaker 4: the earlier you start, for better. I always tell this
• 1:26
  Speaker 4: to kids. I do a lot of high school classes,
• 1:29
  Speaker 4: and I say, how do you get double your room?
• 1:30
  Speaker 4: What's the easiest way to double your money? And they
• 1:32
  Speaker 4: always come up with love, buy crypto or you know,
• 1:35
  Speaker 4: buy a house. No, if you put ten thousand dollars
• 1:38
  Speaker 4: in the S and P five hundred ten years ago
• 1:40
  Speaker 4: and you went away and joined the circus and didn't
• 1:42
  Speaker 4: look at it, what would it be worth today? Twenty
• 1:44
  Speaker 4: five grand? Right, that's how you double your money. The
• 1:47
  Speaker 4: earlier you start, the better. So starting early is the
• 1:50
  Speaker 4: answer to everything. And you don't you know. Compounding is
• 1:54
  Speaker 4: one of those things where we talk about it. Yeah,
• 1:56
  Speaker 4: over time, your money produces money. When you're young, you
• 1:58
  Speaker 4: don't feel it. Then I think you guys will appreciate this.
• 2:03
  Speaker 4: You see compounding every You see it all at once, right,
• 2:06
  Speaker 4: it's like nothing, nothing, nothing, And then oh my gosh, yeah,
• 2:09
  Speaker 4: you look at your portfolio. When you're like Ford and
• 2:11
  Speaker 4: you're like, whoa, that's time. That's the magic of compounding.
• 2:15
  Speaker 4: That's why Einstein called it the ninth wonder of the world.
• 2:18
  Speaker 4: So starting early really helps you realize that if you
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  Speaker 4: start at twenty five, at forty five, you're going to
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  Speaker 4: give yourself a huge hug.
• 2:24
  Speaker 5: Right, that's the obvious one.
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  Speaker 4: Number two. Determine your risk tolerance. What is your sleeplessness factor? Right,
• 2:31
  Speaker 4: what's that commercial sleepies? Like, what's your sleep number? What's
• 2:33
  Speaker 4: your sleeplessness factor? How much of a draw down can
• 2:36
  Speaker 4: you stand before you can't take it anymore and you
• 2:39
  Speaker 4: tap out?
• 2:40
  Speaker 5: Ian? What is your sleepless number? Fifty five percent? Sixty
• 2:46
  Speaker 5: five fifty five, fifty five percent? Yeah, what about you
• 2:49
  Speaker 5: guys sleepless As far as like the draw down, like, yeah,
• 2:53
  Speaker 5: I can't take it anymore. Draw down is more conservative.
• 2:58
  Speaker 4: So like.
• 3:01
  Speaker 3: What you said, twenty yeah, I had to This is
• 3:05
  Speaker 3: I'm glad you put that because it's something that I
• 3:07
  Speaker 3: actually had to figure out for myself. I've seen draw
• 3:10
  Speaker 3: downs go seventy percent. I'm like, what am I doing?
• 3:13
  Speaker 3: So then I had to implement a plan. So now
• 3:15
  Speaker 3: it is around that fifty five to sixty range. If
• 3:18
  Speaker 3: it gets there, it's like, all right, done, this didn't
• 3:21
  Speaker 3: go right. Let's go back to the drawing board and
• 3:24
  Speaker 3: figure out what we did wrong. Yeah, also too really quick.
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  Speaker 6: I think people have to figure out what the tolerance
• 3:29
  Speaker 6: is for missing out. I don't know if you got
• 3:32
  Speaker 6: to sit sort of report, but if you invested in
• 3:35
  Speaker 6: home Depot after compounding, you'll be up a million percent
• 3:39
  Speaker 6: from nineteen eighty one. So like we have to also
• 3:42
  Speaker 6: determine if you miss out for seven years, if you
• 3:45
  Speaker 6: miss AMD for seven years on video for seven years,
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  Speaker 6: what is that going to cost? So not only factoring
• 3:50
  Speaker 6: a draw down, but how much you're going to miss
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  Speaker 6: out on the upside as well.
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  Speaker 5: Right, that's a great that's a great point. And people
• 3:56
  Speaker 5: don't do that math. Right, Well, what's the.
• 3:59
  Speaker 7: Bullet proof number that you need in liquid and liquid
• 4:02
  Speaker 7: investible assets to become bulletproof?
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  Speaker 2: Do you think?
• 4:06
  Speaker 5: I love this talk?
• 4:10
  Speaker 4: It depends on who you are and how much it
• 4:11
  Speaker 4: costs to be you ultimately.
• 4:13
  Speaker 7: I mean, you live in New York, you live in Manhattan,
• 4:15
  Speaker 7: so you know we have somemilar type of lifestyles you
• 4:18
  Speaker 7: personally or your circle.
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  Speaker 4: What's my bulletproof number where I need to be liquid enough. Yeah,
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  Speaker 4: probably about a million bucks, that's it.
• 4:29
  Speaker 5: And yeah, probably more way expensive.
• 4:38
  Speaker 3: I'm about to say, kid, but you riding a skateboard.
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  Speaker 7: I mean what I mean when I mean bullet but
• 4:43
  Speaker 7: I mean bulletproof. I mean, like, you know, right right
• 4:45
  Speaker 7: right off into the sunset. Like I could just be, oh, okay, tomorrow,
• 4:50
  Speaker 7: live off investments.
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  Speaker 4: That's seven to eight seven eight mil. I can live
• 4:54
  Speaker 4: I can live off that. Okay, okay, I can definitely live.
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  Speaker 5: Off that number.
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  Speaker 4: But it would not be in this town out in
• 5:00
  Speaker 4: New Mexico or I'm actually from.
• 5:02
  Speaker 3: We're packing a skateboard up.
• 5:04
  Speaker 4: Well, that's right, that's right, we're riding west. So so again,
• 5:08
  Speaker 4: determine your risk tolerance. That's number two, and you mentioned it, Troy.
• 5:11
  Speaker 4: It's like, what's your draw down? Remember this, A thirty
• 5:14
  Speaker 4: five percent draw down requires a fifty percent gain to
• 5:18
  Speaker 4: get you back to par right, a fifty percent draw down,
• 5:21
  Speaker 4: Now you're talking about one hundred percent. So as you
• 5:24
  Speaker 4: get deeper into the draw down, it takes a lot
• 5:26
  Speaker 4: more to get you back. I remember we had Kathy
• 5:29
  Speaker 4: Wood and invest Best, you know, last August, and who's terrific,
• 5:32
  Speaker 4: but that fun was down something like seventy five percent.
• 5:35
  Speaker 4: It's made a comeback, but it's still got a ways
• 5:37
  Speaker 4: to go right to get back to par. But you
• 5:40
  Speaker 4: could buy it at different levels an average and dollar
• 5:42
  Speaker 4: cost average away and all right, number three, know what
• 5:44
  Speaker 4: you own, and I know ian you really believe in
• 5:47
  Speaker 4: this as well. You asked me about what index funds
• 5:49
  Speaker 4: and ETFs I invest in. I invest in those that
• 5:52
  Speaker 4: I think are around sectors that I think are going
• 5:54
  Speaker 4: to continue to grow and be important over time. But
• 5:57
  Speaker 4: you have to unpack the ETF or the index fund
• 5:59
  Speaker 4: to see what it actually in it. And knowing what
• 6:02
  Speaker 4: you own, whether that's an individual stock or an ETF
• 6:05
  Speaker 4: or an index fund or a bond or whatever it is,
• 6:08
  Speaker 4: is critically important to make sure you believe in it
• 6:10
  Speaker 4: for one, and b to understand the financials behind it,
• 6:14
  Speaker 4: because if the balance it ain't right, it doesn't matter
• 6:15
  Speaker 4: how attractive it is, or how much you like the
• 6:17
  Speaker 4: CEO or how cool the product is. If you don't
• 6:20
  Speaker 4: know what your own, you don't really understand what you're
• 6:22
  Speaker 4: investing in.
• 6:23
  Speaker 2: I agree.
• 6:25
  Speaker 4: Number four, and we talked about this earlier. Taming your
• 6:28
  Speaker 4: animal spirits shutting your mind.
• 6:31
  Speaker 3: This episode is brought to you by P and C Bank.
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• 8:21
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 8:25
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 8:29
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 8:33
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 8:37
  Speaker 1: some of the heinous migrant criminals caught because of President
• 8:41
  Speaker 1: Donald J. Trump's leadership. I'm Christy Nohm, the United States
• 8:45
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 8:50
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 8:53
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 8:56
  Speaker 1: are here illegally, your next you will find nearly one
• 9:01
  Speaker 1: thousand dollars a day imprisoned and deported. You will never return.
• 9:05
  Speaker 1: But if you register using our CBP home app and
• 9:09
  Speaker 1: leave now, you could be allowed to return legally. Do
• 9:12
  Speaker 1: what's right. Leave now. Under President Trump America's laws, border
• 9:17
  Speaker 1: and families will.
• 9:19
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
• 9:22
  Speaker 4: Up right, because they will tell you to run when
• 9:25
  Speaker 4: it's time to stay. They'll tell you to be greedy
• 9:27
  Speaker 4: when it's time to be fearful. I'll tell you to
• 9:29
  Speaker 4: be fearful when it's time to be greedy. So taming
• 9:31
  Speaker 4: them and actually having the plan, because I can't tell
• 9:34
  Speaker 4: you how many times in twenty twenty two, and I'm experienced,
• 9:36
  Speaker 4: I was like, I gotta get I gotta get out.
• 9:38
  Speaker 5: I got I can't take it. I can. I'm glad
• 9:40
  Speaker 5: I didn't.
• 9:41
  Speaker 4: Right, Yeah, I'm back way beyond where I was in
• 9:43
  Speaker 4: twenty twenty two in my own portfolio, because what did
• 9:46
  Speaker 4: I do? I didn't jump out. Instead, I said, let's reassess,
• 9:49
  Speaker 4: let's sector rotate a little bit, let's trim some positions. Here,
• 9:52
  Speaker 4: did a little tax loss harvesting, and then let's dollar
• 9:55
  Speaker 4: cost average into the things that I believe in. The
• 9:57
  Speaker 4: things that I believe in, which were the cues, which
• 10:00
  Speaker 4: were the semis. Those are more than double this year.
• 10:03
  Speaker 4: So you know, being able to actually tell your tame
• 10:05
  Speaker 4: your mind is super important.
• 10:07
  Speaker 5: That's it though, Yeah, what's that? How do you shut
• 10:13
  Speaker 5: it off? Yeah?
• 10:14
  Speaker 4: You when you go to reach that sell button, you
• 10:18
  Speaker 4: have an electric shock that sends a shockwave through your
• 10:24
  Speaker 4: arm into your brain that says, don't do it.
• 10:26
  Speaker 5: No, it's actually having the plan.
• 10:27
  Speaker 4: And in my case, I also have a financial advisor,
• 10:30
  Speaker 4: so I have my own portfolio that I do stuff with,
• 10:32
  Speaker 4: and then I have the big pile that they helped
• 10:35
  Speaker 4: me manage. And we actually had a lot of conversations
• 10:37
  Speaker 4: about it. So every time I was tempted and got
• 10:39
  Speaker 4: them on the phone, they'd be like, remember, we actually
• 10:41
  Speaker 4: have a plan, so you can do this, but this
• 10:44
  Speaker 4: is the ultimate consequence of this if it doesn't go
• 10:47
  Speaker 4: the way you want it to. So having that understanding
• 10:50
  Speaker 4: and that education and professional advice was super important for me.
• 10:53
  Speaker 4: But I've also been burned so many times. I've been
• 10:55
  Speaker 4: on the show we talked about my worst mistakes, and
• 10:57
  Speaker 4: my worst mistake was Lehman Brothers buying it in, buying
• 11:00
  Speaker 4: it at fifty, buying it at twenty, buying it at nine,
• 11:03
  Speaker 4: buying it at two, and then ultimately losing ten thousand
• 11:06
  Speaker 4: dollars when I was like thirty two years old and
• 11:07
  Speaker 4: I couldn't afford it.
• 11:08
  Speaker 5: That hurt. So I got the scars to prove it.
• 11:12
  Speaker 2: Do you do?
• 11:13
  Speaker 3: You have the button as well on the upside, because
• 11:15
  Speaker 3: I mean I've even experienced and I'm sure Ian's experience
• 11:18
  Speaker 3: as well. Well, you're watching a company that you had
• 11:20
  Speaker 3: in your portfolio and your watch list, you will wait
• 11:23
  Speaker 3: and you will waiting. I know Chipotle was one of
• 11:25
  Speaker 3: those for me. Even some meta this year, you're watching
• 11:28
  Speaker 3: it like, oh, it's at all time high.
• 11:30
  Speaker 2: Don't I'm gonna do it. I'm gonna do it.
• 11:32
  Speaker 3: No, my my intelligence, my experience, my talent tells me,
• 11:37
  Speaker 3: wait for a pullback, wait for it to come down.
• 11:39
  Speaker 3: What is my target number?
• 11:41
  Speaker 4: Yeah, you have to have the target numbers. And then
• 11:43
  Speaker 4: once you buy something, I always like to put the
• 11:45
  Speaker 4: stops in and the limits in, just because it'll get
• 11:48
  Speaker 4: me to stop making bad decisions. So once I put
• 11:51
  Speaker 4: that stop or limited and I'm like, it's there.
• 11:54
  Speaker 3: Yeah, that's so that's a new Apple fee job. Like
• 11:57
  Speaker 3: anytime you do something like a handjester, like a thumbs up,
• 11:59
  Speaker 3: it'll put that up. So you just probably put the
• 12:01
  Speaker 3: hands up a celebration. Yeah, no, you got to hold.
• 12:04
  Speaker 3: If you hold your thumb up, it'll put a thumb
• 12:06
  Speaker 3: like that.
• 12:07
  Speaker 5: Yeah yeah, oh I like that. Yeah.
• 12:10
  Speaker 4: So you know those will help you. Those will help
• 12:12
  Speaker 4: guide you. Now, I can always adjust it. If I'm
• 12:14
  Speaker 4: like I put the stop, I stopped out over here,
• 12:17
  Speaker 4: but I feel like there's still momentum, then I can
• 12:19
  Speaker 4: raise it a little bit. But I make the conscious decision.
• 12:21
  Speaker 4: And you know, professional traders and I'm not one of them,
• 12:25
  Speaker 4: but I actually use some of the Some of the
• 12:27
  Speaker 4: tools is you make that note to yourself on this day,
• 12:30
  Speaker 4: I raise my stop because I felt like there was
• 12:32
  Speaker 4: more momentum.
• 12:33
  Speaker 5: Why did I do that? This is what I was
• 12:34
  Speaker 5: thinking at the time.
• 12:35
  Speaker 4: I want to be able to refer to that so
• 12:37
  Speaker 4: when I look later, I say, why did I actually
• 12:39
  Speaker 4: make that decision? There's a record of it. It's important
• 12:42
  Speaker 4: to actually have that journal. All right, set it, but
• 12:45
  Speaker 4: don't forget it rule number five. People always say, uh,
• 12:49
  Speaker 4: you know, no, don't look at your four to one K.
• 12:50
  Speaker 4: Don't look at your brokerage account. That's BS.
• 12:53
  Speaker 5: Look at it. It's yours. It's your money.
• 12:55
  Speaker 4: So don't look at it obsessively, don't look at it
• 12:58
  Speaker 4: every hour, don't look at it in the middle of
• 13:00
  Speaker 4: a market crash. But it's okay to look at it.
• 13:02
  Speaker 4: Look at it, know what's going on. It's your money.
• 13:04
  Speaker 4: You should If you want to just be an index
• 13:06
  Speaker 4: investor and set it and let it go, that's fine.
• 13:08
  Speaker 4: But make sure you're looking at it at least two
• 13:10
  Speaker 4: or three times a year, definitely quarterly, and definitely right
• 13:13
  Speaker 4: at this time of year if you're only going to
• 13:14
  Speaker 4: look at it annually, to make sure that you are
• 13:16
  Speaker 4: comfortable with what you have.
• 13:18
  Speaker 5: Right.
• 13:18
  Speaker 4: Regimes have changed, sectors have rotated, The stock market is
• 13:22
  Speaker 4: in a big rally mode right now. Are you still
• 13:24
  Speaker 4: sitting back in the oil and gas stocks from twenty
• 13:27
  Speaker 4: twenty two?
• 13:27
  Speaker 5: I know I'm not.
• 13:28
  Speaker 4: But the things that did well last year aren't going
• 13:30
  Speaker 4: to do well now, right, So know what's in it,
• 13:33
  Speaker 4: make sure you're comfortable with it, rebalance it right.
• 13:36
  Speaker 5: That's really important.
• 13:37
  Speaker 4: So anybody that tells you, don't look, don't look look,
• 13:41
  Speaker 4: it's yours. It's yours to look at, it's yours to manage.
• 13:44
  Speaker 4: It's your money. You're the CEO of your own money.
• 13:46
  Speaker 4: It's your responsibility. Last one, be a tax smart investor,
• 13:50
  Speaker 4: especially this time of year. Right, if you got losses,
• 13:53
  Speaker 4: tax loss harvest, use those losses to offset your income tax, right,
• 13:58
  Speaker 4: your tax penalty.
• 13:59
  Speaker 5: But also think about it.
• 14:01
  Speaker 4: You shouldn't trade in your four to one K because
• 14:03
  Speaker 4: that triggers taxes. Right, you shouldn't trade your roth ira.
• 14:07
  Speaker 4: You can keep adding to it because that triggers taxes.
• 14:10
  Speaker 4: Think about what you're buying. If you're buying things like unifunds,
• 14:14
  Speaker 4: that's a tax advantage product. If you're thinking about what
• 14:17
  Speaker 4: to start, you know roth ira IRA s set account
• 14:23
  Speaker 4: like what's the most tax advantage account that you could
• 14:26
  Speaker 4: put your money in. So, taxes are a big part
• 14:28
  Speaker 4: of investing your shot. You notice you're a financial advisor.
• 14:31
  Speaker 4: People don't realize that. And when people trade a lot,
• 14:34
  Speaker 4: they hyper trade, they're generating taxes. Also, those long term gain,
• 14:38
  Speaker 4: those long term capital gains or their short term capital gains,
• 14:40
  Speaker 4: those eat away your returns over time. So we tax
• 14:43
  Speaker 4: smart about it, and don't just think that it has
• 14:46
  Speaker 4: no You have no consequences on the tax runt.
• 14:48
  Speaker 5: You always do and you have to be aware of those.
• 14:50
  Speaker 5: Those are my six Golden rules.
• 14:52
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 14:55
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 15:00
  Speaker 1: used of murdering a Texas man of Venezuelan charged with
• 15:03
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 15:07
  Speaker 1: some of the heinous migrant criminals caught because of President
• 15:11
  Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 15:15
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 15:20
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 15:23
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 15:27
  Speaker 1: are here illegally, your next you will be fined nearly
• 15:31
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 15:35
  Speaker 1: never return. But if you register using our CBP home
• 15:38
  Speaker 1: app and leave now, you could be allowed to return legally.
• 15:42
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 15:47
  Speaker 1: border and families will be protected.
• 15:49
  Speaker 2: Sponsored by the United States Department of Homeland security,