Five Lessons From My Steve Harvey Show Interview
About two years ago, I went on the Steve Harvey show to do an interview about the unusual method I used to gain my fortune.
We talked about my teaching methods, the success stories of some of my students, and why I love to teach aspiring traders.
While this interview took place a while ago, the lessons are the same as those I’m teaching my students today.
Lesson #1: Keep it simple
Like a lot of people do when they find out I became a millionaire in college, Steve asked me what made me so good at investing.
And I had to tell him the truth.
At first, I wasn’t good. I started out trying to trade big blue chip stocks because that’s what everyone told me you had to do to turn a profit.
The result was that my portfolio didn’t move until I started trading lower priced stocks with the kind of volatility I needed to bank 10%, 20%, 30% or more in profits on a single trade.
The lesson here is that, even though I’m always working towards big goals, it’s the small profits I’ve taken along the way that helped me get where I am today.
You have to keep things simple. You’re not going to go out and start making $50,000 on a trade if you’re new to penny stocks, or if you only have $1,000 in your portfolio.
But if you’re focused about taking profits of $500 here and $1,000 there, you’re going to get to that big goal eventually.
Lesson #2: Money can’t buy you happiness
This one is totally cliche, but it’s true.
And I love the way Steve explained it to the audience in our conversation.
What he said was, if you don’t know your purpose, wealth and money will never make you happy. And unfortunately, according to him, the average person dies never knowing why they were born in the first place.
How heartbreaking is that?
I have a hunch that, since you’re here reading this, you know what your purpose in this life is – and I’m guessing it isn’t to scrape by, day after day, while others are living the lifestyle you want.
Maybe your purpose is travel. Maybe it’s giving to your favorite charity, or taking care of the family members that have taken care of you.
If you know that your purpose is to become wealthy and to use your riches to help others, you’re already ahead of the game. You just need to learn the practical skills to make money.
I’m living proof of what Steve was talking about in this video.
I love taking luxury vacations, and I love buying expensive sports cars (even if I’m still learning to drive them).
But while that kind of wealth and luxury is fun for me, it isn’t fulfilling.
You know what is?
My teaching career.
Teaching gives me a whole new opportunity in my life to be the kind of mentor I never had.
Making trades doesn’t always get me out of bed in the morning, but knowing that I’ve got a community full of students waiting for guidance gets me every time.
Which leads to my third lesson…
Lesson #3: Find your community
Another tip I shared in my interview with Steve that I think deserves repeating is the idea that, if you have a motivated community behind you, you can do things you never thought possible.
I love talking about my successful students on social media, and I post about them all the time.
I don’t do that to brag. I do that because I’ve never been shy about the fact that I’m not the best trader out there.
I’m constantly working on new training programs to benefit my students, so I miss things. I miss news that happens. I miss earnings winners that are announced. I miss premarket and after-hours spikes.
But you know what?
My students don’t.
They’re on there everyday, supporting one another.
They profit together, and they work together to figure out what went wrong when trades go south.
It really is an incredible environment, and it’s one that I’m proud to be a part of, even as it’s taken on a life of its own – with or without me.
Lesson #4: Be patient
When I tell you that I’m not the best trader, I tell you that for a reason.
I only make about 75% of my trades. That means that, for every three successful trades I make where I get to bank a profit, I have another one that loses me money.
Sometimes it’s even more if I’ve been making stupid mistakes.
But I don’t let that stress me out, and I sure as hell don’t let it stop me.
You have to be patient. I’ve been around the stock market long enough – going on two decades now – to know that, as long as I’m calm and careful, things will turn around for me.
If you’re making the kinds of big leaps in your life that me and Steve suggest, you’re going to make mistakes. It’s inevitable. It sucks, but it’s also pretty much unavoidable. What matters is how you handle them.
If you let your mistakes get to you, you’re going to get frustrated.
If you’re trading, you’re in trouble – emotions have the power to bring down even the most successful of traders if they aren’t controlled.
But no matter what you’re trying and what mistakes you’re experiencing, letting them get you down serves nobody.
It helps nobody.
Look at them like learning opportunities. The sooner you recognize that you can’t improve and grow without making mistakes, the sooner you’ll arrive at whatever kind of success you’re chasing.
Lesson #5: Never stop challenging yourself
I trade and I teach because I love the challenge. I love waking up and knowing that all I have in front of me are endless opportunities to profit on great penny stock plays and to help my students build real, generational wealth.
How amazing is that? How could I ever think about quitting when, every day, I have the chance to spend time on two things I’m truly passionate about?
I want you to have that same kind of enthusiasm. I don’t care what you’re passionate about. The world is so big and so vast that there’s something out there for everyone. For me, it’s teaching. For you, it might be art, or travel, or charity work. It doesn’t matter. What matters is that you find it, and you never stop challenging yourself to pursue it.
I love this quote from Steve. Take it, print it out and put it somewhere you can see it every morning:
“If you don’t have joy when you wake up in the morning – if you dread the sound of your alarm clock, if you feel stagnant, or if you have the feeling that there’s got to be more to life than this – you should stop doing whatever you’re doing. That’s no way to live. You’re merely existing. You will become exceptional the moment you make an exceptional decision.”
How incredible is that?
So now, I have to ask you a serious question…
Do you have joy when you wake up in the morning? Do you hit the ground running – excited about what’s ahead of you for the day? I do, and I want you to feel the same way.
Make an exceptional decision today.
If that’s joining me in Tim Sykes’ Weekly Fortunes so that you can learn how to use penny stocks to try to work toward the lifestyle of your dreams, I can’t wait for you to join us.
If it’s something else, all I ask is that you commit to it.
Commit to your vision, and never stop challenging yourself in the pursuit of your best life.
Editor, Penny Stock Millionaires