Tropical MBA Episode 45: How to get rich

tropicalMBA

What would you do when you have in your hands all the money you need to get what you want? What would you do to be rich?

We all know that money takes a big role in our lives especially in meeting our everyday needs for living.

Michael Coverl

In this episode, Dan and Ian invite Michael Covel, president of Trend Following, to talk about a topic anyone would give time to curiously listen. From the perspective and experiences of a highly successful entrepreneur, let’s learn from the person who knew exactly how to get rich!

 

Here’s what you’ll learn in this episode

  • THE IMPORTANCE OF LOCATION DEPENDENCE IN SUCCESS
  • BELIEVING THAT YOU CAN BE RICH
    “If somebody has figure out a way to make it to a hundred million dollars, why can’t I?” – Michael
  • FIND WHO’S MAKING RICHES AND KNOW HOW THEY’RE DOING IT
  • HOW MICHAEL WAS WHEN HE WAS YOUNGER
    –        He played baseball; had poor grades back then
    –        He ran as a Mayor in their town at the age of 21
  • WHY MICHAEL WENT BACK TO SCHOOL AND PURSUE HIS MBA
  • KNOW WHERE MICHAEL WENT OFF AFTER HIS MBA
  • THE MAKE OR BREAK MOMENT OF MICHAEL DURING A COFFEE CONVERSATION WITH Jim Nassy
  • TREND FOLLOWING AS A CAREER
    –        A style of trading that’s been around since the late 1800’s
    –        A style of thinkingtrade
  • THE ELEVATOR PICTURE OF TREND FOLLOWING – AS A STYLE
    “If the market is going up, you want to be up making money!”
  • THE STYLE OF TRADING OF Jerry Parker
  • FIGURE OUT HOW TO HAVE A STAKE!
    “If you don’t have a stake, figure out how to have a stake.”
    up-down-arrows-ambitions_charts_185942
  • THE TWO SIDES OF THE COIN IN TRADING
    -          The guy who’s betting for the market to GO UP
    -          The guy who’s betting for the market to GO DOWN
  • MICHAEL’S STRATEGY TO GET A CONVERSATION WITH JERRY PARKER
    -          Michael sent a top 10 list of reasons why he should be allowed to speak with Jerry Parker
    -          Michael was not thinking of the time, but was focused on wanting to know more!
  • TRUTH AS THE ULTIMATE DEFENSE OF LIBEL
  • TEACHING PEOPLE AS A GOOD OPPORTUNITY
  • WHAT MICHAEL STARTED IN 1996
    -          Put up his own website and became its own journalist
    -          Started trading
    -          Taught people how one style of trading works
  • THE AMOUNT OF MONEY NEEDED BY SOMEBODY TO BECOME A TRADER
    -          “Will I start trading with my extra $20?” Read and re-read 15-20 books and you will not ask the same question again.
    -          Do not wait or ask for permission, just go!
  • DECIDING ON PURSUING YOUR PASSION VS. PURSUING WEALTH
  • KNOW WHAT MICHAEL WILL DO IF HE WAS TO START TODAY
    -          Michael will not diversify
    “If you find something that works, put the pedal to the metal!”
  • TEACHING TRADING ONLINE
    -          Answering questions and interacting through e-mail
  • KNOW HOW MICHAEL WAS GETTING ALL THE TRAFFIC AND ATTENTION ONLINE, CONSIDERING HIS BIG NAME COMPETITORS
  • HOW MICHAEL’S FIRST BOOK CAME OUT “Trend Following” trend-com-big-1
  • BUILDING AN AUDIENCE, BUILDING TRUST, AND BUILDING MONEY
  • THE DIFFERENCE BETWEEN MONEY AND POWER FOR MICHAEL
    -          There are many people who have a lot of money but not have power
  • MICHAEL’S DEFINITION OF RICH
  • THE DIFFERENCE OF RICH PEOPLE AND THOSE WHO DON’T MAKE THINGS HAPPEN
  • KNOWING AND DECIDING ON WHAT PATH TO TAKE
    “We all have dual motivations, we want to express ourselves, and we want to have an art. For all of us, it’s going to be different. But a lot of us are just playing the wanna get rich.”
  • HAVING A CAREER ART Answer the questions:
    -          What did I start with?
    -          How did I start?
    -          What do I know now?
    -          How do I feel now?
  • THE MOMENT WHEN YOU ALREADY KNOW YOU CAN DO IT
    -          When you want it bad, you will be resourceful and start to figure out!
    “If you are in the position where you’re saying, I can’t do this, that’s where you have to work on yourself most.”

 

MY BIGGEST TAKEAWAY!
“If you find something that you like to do and it works, don’t question… Just stick with it!”

 

ADDITIONAL TIPS:

  • The system is there for anybody, now where do you want to come in the system and play?
  • The world is much a wonderful place, the opportunities are even bigger.
  • People read too much, reading magazines and articles… but don’t go find these people.
  • Find the one thing you do beautifully, ’cause you can’t do everything in life.
  • “You’ve got to love it, if you’re not gonna love it, you’re not going to do it.”
  • “If people like it, then it’s a niche.”

MENTIONS:

  • Jim Nassy featured in “Liar’s Poker: Rising through the Wreckage on Wall Streetby Michael Lewis
  • “Boomerang” by Michael Lewis
  • Jerry Parker
  • Seth Godin

  SOURCES:

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