How to Get Rich From the Wolf of Wall Street | Jordan Belfort
Nov 14, 2023
auto_awesome
Jordan Belfort shares advice on running a business and investing without getting scammed. He discusses hiring, managing, and firing people, as well as long-term financial planning. He emphasizes the importance of avoiding money managers and seeking expert guidance. The chapter also explores concerns about financial firms like Vanguard and BlackRock and discusses the impact of the woke agenda on industries.
The best investment strategy over the long term is to invest in an S&P 500 index fund and let your money grow through compounding, avoiding the complexity and fees of money managers.
Becoming successful in business requires a combination of innate skills and learned strategies, such as starting and scaling a business, effective communication, and salesmanship.
Investing in low-cost index funds, like the S&P 500, consistently outperforms the majority of money managers, demonstrating that long-term, simple investment approaches can lead to financial success.
Deep dives
Investing and the Importance of Self-reliance
Investing your money can be challenging, but it's essential to take charge of your financial future. Financial planners often take more than they give, and their expertise may not be necessary. The best investment strategy over the long term is a simple one: invest in an S&P 500 index fund, combined with other investment tools, and let your money grow through compounding. This strategy has proven successful over the last 100 years, allowing individuals to build a substantial portfolio and retire comfortably. Taking control of your investments and avoiding the complexity and fees of money managers can lead to better long-term results.
Becoming Successful in Business
Becoming successful in business requires a combination of innate skills and learned strategies. Natural sales abilities, coupled with a strong work ethic and entrepreneurial mindset, can give individuals an edge. However, everyone can learn the core strategies of starting and scaling a business, effective communication, and salesmanship. By developing these skills and adopting empowering beliefs about money and success, anyone can overcome self-doubt and take action. Additionally, it's important to focus on one thing at a time and avoid spreading your efforts too thin. By simplifying and prioritizing, success becomes attainable.
The Fallacy of Money Managers and Wall Street
The traditional belief that money managers and Wall Street experts are necessary for successful investing is a fallacy. The Wall Street fee machine complex perpetuates the idea that professionals have better investment expertise. However, the reality is that investing in an S&P 500 index fund, along with a few other strategies, consistently outperforms the majority of money managers. Wall Street thrives on convincing individuals to trade frequently and engage in complex investment strategies, which often result in lower returns and higher fees. By adhering to a long-term, simple investment approach, the average person can achieve financial success and build a substantial portfolio.
The importance of tracking performance and delegating authority
As a business owner, it is crucial to track the performance of your employees and delegate authority in the right way. This involves finding the right people and setting key performance indicators (KPIs) to ensure they are living up to their responsibilities. It is important not to become too reliant on any one individual and to be willing to replace them if necessary.
The value of long-term investing and avoiding money managers
When it comes to investing, it is essential to focus on long-term strategies and avoid relying on money managers. Experts in Wall Street often do not provide significant value and can even hinder returns. Instead, investing in low-cost index funds, such as the S&P 500, has been proven to be a more effective way to build wealth over time. It is crucial to research and separate legitimate investment advice from get-rich-quick schemes.
Jordan Belfort shared his advice on running a business and the rules he uses to hire, manage and fire people. He’s recently written a book about how to invest without getting scammed that seems to be full of extremely reasonable information for the average person. Hint - avoid money managers. If you want to learn about long term financial planning, as well as how to optimize business operations, this is a handy episode.
Jordan Belfortis an author, motivational speaker, and former stockbroker. In 1999, he pleaded guilty to fraud and related crimes in connection with stock-market manipulation and running a boiler room as part of a penny-stock scam. After 22 months in prison, he published a memoir, The Wolf of Wall Street, which was adapted into a film starring Leonardo DiCaprio. Jordan now uses his experiences to teach people how to make and maximize their money.
