I used to be the one who wanted to have a net worth of millions and then RETIRE. The problem with $10M or $20M or $1M net worth is what happens after you achieve it The traditional finance method teaches you that you can withdraw 4% safely putting it into bonds and mutual funds "without any thinking, strategy or risk" However, this also leads to a very high net worth goal which means you need to save and work till you're 65 or 70. The better approach is to focus on income ($100K a year, $10K a month or $20K a month) This puts control back into your life. You can improve your investing strategy to generate 3% a month with $300K ($10K a month) You can buy a e-commerce business with a few products You can buy ATMs in your local region You can do Airbnb rental When you focus on income, you have control, flexibility and you have a faster way to improve If you only focus on net worth, then reaching $10M - you would switch to a "safer" vehicle and retire. Then you will end up working a lot more than you need to.​ In other words, $10M net worth* 4% = $400K a year There are more creative ways to generate $400K a year without $10M.​ Cheers, Eric ----- Eric Seto Chartered Professional Accountant (CPA) Chartered Investment Manager (CIM) Founder of 5MinInvesting.com In October, my goal is to help 20 people without a financial background to master investing through Investing Accelerator. Investing Accelerator is designed for people without a financial background. The goal is to achieve 30% return per year. In the first phase, you will learn long term investing and targeting 30% for tax free compound growth. This will help accelerate your overall wealth. In the second phase, you will learn monthly passive income to provide a more predictable cash flow (target 30% per year) which can cover your expenses. This will help accelerate your retirement goals. Here's a step by step guide on how to join Investing Accelerator for free: https://www.skool.com/invest-retire-community-1699/how-to-join-investing-accelerator-for-free

Congratulations to the following 10 people for being the most contributing members of the community: 1) @Rong Zhou 2) @Sharon Yuen 3) @Sa L 4) @Monica Bernard 5) @Lindsay Talbot 6) @Velle SG 7) @Kevin Esmati 8) @Cris Bob 9) @Sandra Van Den Ham 10)@Sukhwinder Dhanoa I (Michael) will contact you in the chat to provide you with the gifts. You will receive: - 1 share of TQQQ $103 USD To show proof of purchase, you must post in the community that you received the share. For next month October , the prizes will be: - 1 share of CMG Chipotle recently undergo some management change and now it is at a deep discount. It might take a while to come back but it is a good long term hold. As the overall market is correcting, we will likely see the bottom near end of September You can be the next top contributor for the next 30 days (https://www.skool.com/invest-retire-community-1699/-/leaderboards) Investing Accelerator Incentives: Get Richer by Helping Others Succeed 1. 🎁 Join Investing Accelerator for Free: Share the "How to Join Investing Accelerator for Free" guide with a friend. If they join, you both earn the referral fee. Learn More (https://www.skool.com/invest-retire-community-1699/how-to-join-investing-accelerator-for-free) 2. ⏱️ Speed & Success Bonus: Complete the program within 90 days and pay off the remaining balance to get 10% off the balance. 3. 📈 Trading Milestone Rewards: - First 30% Return from a Single Trade: Share your success in the community to receive a free stock. - 30% Portfolio Return in One Year: Achieve a 30% annual return to earn another free stock (once per year)

Hi Eric, in your video https://youtu.be/kmilnieq58k?si=x6NiFgAdzLBRR7sc, Day Trader vs Long Term investors (posted 4 years ago), you mentioned that day trading=employment income. My question is why employment income and not business income? Is that significant between employmentincome vs businessincome? @Eric Seto

WARREN BUFFETT'S INVESTING PRINCIPLES Buffett is a true believer in "value investing." He suggests investors should not follow the daily market ups and downs and general economic conditions too closely. Instead, unearthing "outstanding companies" is the key. He emphasizes a company's intrinsic value will be reflected in its stock price sooner or later. But how to find an outstanding company? Buffet has his own rules. He will never get involved in businesses that he does not understand. He prefers companies with the following characteristics: strong operations, excellent management, high return on equity, stable free cash flow, and stock prices with a margin of safety. "I drink 5 cans of coke a day!" Buffett has invested in many great companies throughout his career. Coca-Cola is one famous example. He bought $1.023 billion worth of Coca-Cola shares in 1988 and continued to increase his position. By 1998, the investment was worth $13.4 billion, a 10-time increase in a decade. As of the second quarter of 2022, Coca-Cola was still Berkshire's third-largest holding. He held 8.11% of the company's stake, worth $25 billion. When Buffett first bought Coca-Cola, the US stock market was at a historic low from the crash in 1987. Many considered his move risky, but he was determined to hold the stock. This exemplifies his saying, "Be greedy when others are fearful." TO ERR IS HUMAN There is no doubt about Buffett's success. From 1965 to 2021, Berkshire generated an annual compound return of 20.1%, compared to the S&P 500's 10.5% during the same period. But Buffett made mistakes, too. He bought Delta Air Lines at $45 per share when US stocks plummeted in February 2020. But only after 33 days he sold off the stock at $26 per share, confessing it was a wrong move. Berkshire Hathaway's portfolio is now tracked by global investors. But remember copying famous investors' portfolios isn't a surefire way to success. Instead, absorbing and internalizing the tenets of their investment strategies matters more.