Hello fellow followers or visitors of Economy Chief. It has been a long time since I have come back here to write something. I guess you all know me by now that I do this as a hobby and not to get any passive income out of posting here. I know other financial blog sites generate income from visitors by running ads on the blogs. Not me at the Economy Chief. I come here to write when I have some free time and to share what is working for me and may, may work for you.
Ok, to the post.
Recession means opportunity. I know the title of this blog sounds pretty bad or good depending on which side of the capitalist system you are on. If you are on the side of the consumer then you are screwed because recession means you will face unemployment, reduce income, etc. Nothing wrong with that. Many people are happy with that and enjoy life to the fullest. That is not me. Well I still would be happy if I didn’t have the financial freedom I have now. Nonetheless, I still need some funds to buy and enjoy the material things we need.
Recession for those who are on the side of owing stocks and things that generate income, those who invest and save, you are in good luck. Recession means you will find opportunities to invest and when the economy turns to growth you can liquidate those investments and realize those gains.
Tesla
Do you remember I wrote on my last blog post that I was going to talk about Tesla and how I made a nice pocket change.
Well I bought Tesla when it was hovering around $160. Nobody wanted it a year ago. So I invested around $30k. When that bad boy went up to $360 I sold all my Testa stock. Then after I sold it it kept going up and up. I think it reached $440 at some point. I never looked back. I realized my gains and didn’t care it was going up. Keep in mind it was short-term gains, not even long-term since I did not held it longer than 12 months. This means I will pay a high tax liability for short-term gains. But, again, I did not looked back.
Now, on this day that I am writing this blog, is at $225 a share. You better believe it I am buying some shares. I am not putting $30k this time. I am buying less and set a trigger point so that when it goes down I will buy more.
Invest and then invest some more
I often hear people, even family, complain about the economy, complain about about work, complain about finances. You know what, I have gave up a long time ago about complaining about the world, taxes, politics or anything that I really cannot control. I just look at things and think to myself what can I control. Well I can control how much I spend and invest. Once you reach your goal of saving a certain amount or reaching a certain Net Worth (see my earlier posts about net worth) then you are set. The more wealth you have the less worry you become about finances. Obviously you have to be careful. Becoming wealth and joining the rich club does not mean you have to be rude or disrespectful to those who unfortunately have not made it yet.
Thanks for reading my post and keep on investing and saving. Use the tools you have at your disposal to keep track of your net worth. It can be as simple as a notebook. But of course, you have to learn a bit of accounting. Remember my last post. If you cannot learn a bit of finance and accounting then you are in a position to not reach your full potential.
The Chief out!