Investing into dogecoin | Everything you need to know

My thoughts on Dogecoin, a friend of mine calls me yesterday. This is a guy that owns 2 barbershops and just bought a new business. And he tells me, Tommy, should I invest into DogeCoin. ( and you guys know the advice I give my friends and family is the same I give to you guys )

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1. This is Speculation and it’s not investing
– Speculating goes on when you think the price of something equals some form of value ( and just because something is going up its going to keep going up, that’s human nature very optimistic )
– But it’s also very pessimistic, when people see that its coming down, you also see a massive sell-off. And that’s why there are no diamond handholds in the market.
– Investing as you guys know, is buying a stock, like you would buy a business ( which I would think my friend would know how to, but he doesn’t think its important enough )

So understand what you’re doing here
– You’re speculation and having fun
– And that’s the exact thing that Elon Musk said when he was caught by TMZ
– This is fun, but its speculation

2. How much Money to Invest
– Elon Musk said in that same interview and I wish I could share it, but TMZ owns the video rights so I’ll link it
– The answer is: do not put your life savings into this
– YouTubers that tell you to invest into this stuff make thousands of dollars every month ( I make over 30k on youtube per month, so I wanted to invest 30k, I’ll make it back by next month, but that’s terrible advice and a terrible strategy )

Here is my Advice:
– If you already have the basics down: No debt, emergency Funded, and are already investing into your retirement account for long term investing
– Benjamin Graham and Peter Lynch say this, grab some catch that you won’t miss, maybe $1000 or $10,000 depending on how much money you earn
– Then put that into a separate brokerage account call Speculation Fun money ( and don’t add any more money, whether you make or lose money )

3. The Goal with Investing Race Track Example )
– Most people want to make fast money
– The best way to do that correctly is to invest into solid, underlooked, small-cap companies
– Because they are to small, to the point where Wallstreet is ignoring them

The problem:
– You have to know accounting, how to analyze a business
– And you have to know what you don’t know ( so look for things and business you understand )
– You could earn a return of 50-100% until you build it to $5M dollar portfolio, then it’ll be a lot harder

However, most people won’t do this:
– First: you need to learn skill accounting
– Second: takes hours of work
– Third: you need a lot of patients

For example here is a story or analogy before I end this video:
– The stock market is like a Horse track where people gamble money away ( however some people consistently win )
– The way they do it, is that they are constantly looking for mispriced bets, meaning if you win you make 3-5 times your money ( but the odds of you winning are 3-1 or 2-1 )
– Same with the stock market you’re trying to find undervalued businesses, that if your analysis is correct you double or triple your money ( and even if you lose and the company is forced to liquidate you can make some of your money back )
– And that’s it

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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