Paychecks & Balances – PB 105

Jason Brown joins the show today. Jason Brown is a stock market guru who has over 10 years experience trading stocks and options. At the age of 23 he took a $10,000 student loan and turned it into a six figure trading account. He’s known for making trades based on technical analysis, rather then emotion. Jason is also the founder of The Brown Report, a company that teaches students how to trade stocks and be financially responsible. In this episode you’ll hear how Jason lost all his money in the stock market on two separate occasions, how he went from making minimum wage with Sprint, to a six figure income with Comcast and how he eventually left Corporate America to start his coaching business.

Highlights:

• Hustling to make $50 extra dollars each week as a college student to have enough money to not work weekends.
• Losing money with a professional broker.
• Purchasing $5 shares of Sprint stock and studying it’s movement patterns.
• Using $10,000 of financial aid and turning it into 100k.
• Thinking of traders like weathermen, they study patterns.
• Reading stock market books at the public library.
• Opening an online trading account is quick and simple. You can set up a wire transfer from your everyday bank account.
• Bad tax advice, IRS payments and losing everything.
• Humbling yourself and cutting way back on lifestyle and expenses after an unexpected financial loss.
• Piggybacking off already existing marketplaces when starting a side hustle. You don’t need a website right away. Use Craigslist, ebay, Amazon, Upwork, etc… Find a product to sell or a site where you can promote your services.
• Don’t quit your day job until the money from your side hustle “Knocks You Over”.
• When it comes time to hire someone for your side hustle/business, find someone who can duplicate your efforts and results. This will free up your time to focus on other aspects of the business.
• Only trade within a set of rules that you designate for yourself. You can’t get emotional. Set limits and a structure to follow.
• 401k’s are nice for retirement, but they aren’t designed for creating wealth. You can typically only pick from a handful of average funds with 401k’s. With trading you can pick and choose the stocks that are outperforming the market.

 

The Takeaway: Start small with your side hustle. Take advantage of existing marketplaces such as Amazon, ebay, Craiglist, Upwork etc… Test the market to see if your services or products are in demand before spending money on a business idea.

Paychecks & Balances

Website:

https://paychecksandbalances.com/

https://www.patreon.com/paybalances

Instagram: @paybalances

Facebook: https://www.facebook.com/paychecksandbalances

Twitter: @paybalances

Jason Brown

Website: https://thebrownreport.com/

Facebook: https://www.facebook.com/TheBrownReport/

YouTube: https://www.youtube.com/channel/UCcGsK6yrJ-mp21mWwWveVPg?sub_confirmation=1