Millionaire Mindcast Timothy Sykes Turned 12K into $5.6 Million And Why He Decided Being A Billionaire Is Overrated | Timothy Sykes
In this episode of the Millionaire Mindcast, we have a fantastic guest, Timothy who shares wisdom, insights, and knowledge about how to make a real difference, the importance of giving back, the role of education these days, stock market strategy, and the danger of earning a lot of money too quickly!
Timothy Sykes is an entrepreneur, a world traveler, philanthropist, trading teacher and influencer, millionaire trader, and co-founder of Karmagawa, a charitable organization dedicated to saving the environment, endangered species, and more.
Through the Timothy Sykes Foundation, 35 schools have been built or are in development, in over a dozen countries around the world. He’s been featured in a variety of different media outlets, including CNN, CNBC, Fox Business, Fox TV, Forbes, Larry King, Men’s Journal, and Steve Harvey.
Before Tim got into the education world, he failed in growing his hedge fund not realizing that he didn’t have the rules and risk management. He was always drunk and lost all his industry credibility. Until he found clarity and shifted his life. The opportunity came to him and started teaching people online, helping and showing everyone his trades.
But Tim doesn’t teach people to be rich but teaches that success is in their failure. He makes video lessons on every single loss and mistake, as well as wins in trading. Shares photos, videos, knowledge, and posts that really hit people. Tim became a number one trader that earns a lot of money, as well as a mentor that he wished he had in the beginning.
However, he realized that it’s not only making the biggest bank account but taking care of his passion, helping his family and himself, and helping the world, make an impact, and make a real difference. His goal is to build thousands of schools. Now, have built 70 schools so far, trying to help one emergency at a time, and help communities that are involved.
On the other side, despite this pandemic, Tim believes that this is the best time to educate yourself. It is by learning digitally and remotely. Take advantage and learn things to adapt to the new normal, and changes to do better. It’s always hard and messy in the beginning, but through sharing education in the world, nothing is impossible.
In addition, every single person must have a goal to achieve. and it's okay to change goals and adopt new things. Challenge yourself, and do what fulfills you and push yourself. Charity becomes his new challenge after achieving all the material things he has ever wanted. This year, Tim donated all his trading profits to charity.
But then warns that if you’re trying to get as much money as you can with nothing else, you might succeed but you will not be happy. It is using our humanity to our advantage rather than trying to do everything on your own and keeping other people out of your life. It is education, having heart, and really embracing and not ignoring our community!
Some Questions I Ask:
- When did you start investing in the stock market? (00:12)
- Where did it all start for you? (00:29)
- What shifted in your life between then and now? (02:52)
- How did you have these philosophical revelations and at an early age to have mental breakthroughs that served you on a high level? (05:30)
- You seem to have this optimism, where did that come from? (08:46)
- What are you paying most attention to right now that kind of aligns with your philosophy? (10:53)
- What are some of the missing tools in humanities’ tool belt right now that can serve us moving forward? (14:00)
- How do we help people get more perspective? (17:52)
- How did your charity Karmagawa Foundation come about? (20:14)
- What is your big vision for Karmagawa? (21:37)
- What’s one small thing that people could do that has a big impact when collectively done? (23:25)
- What do you say to that person that is at that early stage of wealth building to create more wealth and income? (25:12)
- What have been some of the gaps or shanks in your armor that you feel like you’ve been exposed in 2020 that you’re working on? (30:28)
- What is your health, routine, lifestyle look like? (32:09)
- Is work ethic something that people can cultivate or something that you feel like is in your DNA? (34:25)
- What’s your overall outlook on the stock market and talk a little bit about the stock market strategy? (35:16)
- Are you more of a buffet guy based on your skillset or do you have some diversification outside of the stock market in your whole wealth portfolio? (38:20)
- What is your definition of success? When you get to your death bed, what do you hope you look to see in that rear view mirror? (41:28)
In This Episode, You Will Learn:
- Why it’s dangerous to make too much money too quickly (03:37)
- Timothy’s rule number (03:51)
- How technology and education overpower the bad (10:26)
- Why some rich people get depressed (26:30)
- Simple ways of giving back to the community without money (27:44)
- One thing that Timothy has mastered in trading (35:43)
Quotes:
- “For my success is in my failure.”
- “It’s about learning the process and staying disciplined. “
- “Trading is all about You versus You.”
- “I didn’t know what I didn’t know.”
- “We are the problem of so many issues but we’re also the solution.”
- “If we start working together then amazing things are possible.”
- “There’s no right way to get rich or one right way to get happy, you have to figure it out for yourself.”
- “Trading is very much like gambling.”
Connect with Timothy Sykes on:
An American Hedge Fund book by Timothy Sykes