Hey what's up guys, my name is John and I'm an emergency medicine PA
and in the video where I talked about how much money I made in one month
a lot of you guys were asking about my personal investment strategy
What sort of stocks am I picking?
What do I think about cryptocurrency?
And what are some side hustles that you could get out there and start doing now
to earn a bit of extra money on the side?
So this video will cover just that.
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I remember I first got started in investing by opening what is known as a Roth IRA
while I was working part-time after completing my undergraduate degree
A Roth ira is essentially taking taxed money and putting it into a personal
individualized retirement account
and while there are many different brokers that you can start with
I remember using Vanguard.
I love vanguard and their headquarters is just a few miles away from where I am currently
I think Vanguard is a very good company to get started with
The Roth IRA that I chose was VTTSX
which is a term date retirement portfolio.
What they do is they take a bunch of stocks
They make a fund
And as you age as you get near to retirement age the aggressiveness of the fund starts to go down
And it starts shifting from highly aggressive stocks more towards things like bonds
and they do this automatically
so that's why i would recommend starting something like a Roth IRA
especially if you're not making six figures or more.
If you're making six figures or more
You're very established
You could very easily go with your employer 401k or 403b
By taking pre-tax money and having that money grow over time with an employer match
that's kind of usually the best course of action.
When I first started my Roth IRA
I started with $1,000 and I remember that I would ask my family members and friends
If they were giving me gifts for my birthday or Christmas if they could make a small
monetary contribution
it would go directly to my Roth IRA
and they would be funding my retirement.
Look into a company like Vanguard or Fidelity or Swabb or any of these investment banks
Open up an account!
It's pretty simple to do you just have to enter in your personal information
give them banking details
and start investing
Alternatively you can also look into a broad market retirement fund, mutual fund, etf...
Things such as VIG, VOO, VTI...
The whole idea is you want to plant your money into something that is diversified,
low in fees, something that you could kind of always just keep an eye on and keep track of.
Stock picks
What type of stocks do I recommend you guys pick?
And what are some of my best performers in my own stock portfolio?
Let me just tell you guys my whole strategy with picking stocks.
I'm not a day trader.
If I buy a stock my intention is that I'm going to hold onto it for several years.
Very rarely, I will cash out and recoup my initial investment.
I let any dividends reinvest into the stock market.
For me, I pick stocks and I use what I call "fun money."
Every month I'll put $100 to $200 in there.
My strategy for picking stocks involves taking stocks and companies that I understand
That I could review their earnings
and that I see and use everyday.
And I choose stocks that I know will be around for a long time.
For instance, something like Coca-Cola or Disney will be
here on planet earth way after I pass away.
To me that is at least a long-term stock.
I made a ton of money with Pfizer, Ford, Delta Airlines, Apple, GE, and Tesla.
I remember being a Tesla fanboy ever since it sort of started up
and my brother and I even convinced our dad to get a Model 3
and he loves it.
So I think Tesla is something that i could kind of get behind.
If you guys want an easy way to get started in the
stock market and start picking stocks or even ETFs you can go download Robinhood.
All you have to do is sign up with an email address
Provide some personal information
Give them your banking details so that they can pull money from your bank account
And that's it! you're all set!
You can start trading you can start buying and selling stocks.
You can even start buying and selling cryptocurrency on Robinhood's app.
If you guys sign up with my link through Robinhood we will both earn a free stock!
So check out that link and sign up.
Cryptocurrency
What are my thoughts on owning crypto?
I will tell you guys right now I've made money with cryptocurrency.
More specifically, Dogecoin.
However Dogecoin is a meme coin.
Do I necessarily recommend it?
Not really.
I think that cryptocurrency is still in a lot of uncharted territory.
It's still widely unregulated.
It is still the Wild West of investing your money.
There are numerous pump-and-dump schemes
or people who start up their own cryptocurrency or coin and then
wind up running away with most of the investor's money
So you have to do your due diligence and be very careful with crypto.
My personal recommendation is that your portfolio should be no more
than one or two percent of its value in crypto
but that is just my conservative thoughts on cryptocurrency
So for instance, if you have a total of a hundred thousand dollars in investments
I don't think that cryptocurrency should be any more than $1,000 or $2,000
Looking at more of the stable coins if you are going to invest in cryptocurrency
So things like Bitcoin, Etherum, Ripple
All those are good places to get started
And if you guys want a platform where you can buy and sell and trade cryptocurrency
Personally I like to use Coinbase.
Coinbase also has a platform where you could learn about different cryptocurrencies
and earn free cryptocurrency just by learning about them!
It is a cool platform and once again if you guys want to sign up using my code
We will both get free stocks if you trade on Coinbase.
So check it out!
Side hustles or passive income
What do I do for side hustles? What do I recommend you guys look into or do?
The cool thing about having a side hustle or a second job or business
is that you earn supplemental money on top of your day job.
I make very good money already but it's nice to have that little extra income
and it's nice to use some of your free time towards an endeavor that you really enjoy
Ali Abdaal*
If i'm saying his name properly
Did a very great video on side hustles
It was a very long one and he spoke about how easy or difficult it was
to get started and how much money you can make with each of these side hustles
My side hustle started with website building and running websites
I started a website back in 2011 which has earned me a lot of money
I looked at the internet and I found a niche where
I said I don't like the sort of content out there on this subject
and I want to do a better job.
Websites are essentially digital real estate.
You have a specific address on the internet where people can go,
they see ads, you can sell them products.
You share information and write stories and as these people come visit your website...
You are earning money.
And websites, you can buy and sell websites just like you can buy and sell real estate.
There are websites that sell for six or seven figures or more
Although the market for websites is definitely a lot smaller than the market is for real estate I
personally also think that real estate is a great way to get involved and get a side hustle going.
Side hustles don't have to be super complex.
My brother signed up for Uber Eats and delivered food around Washington D.C. for a few days
and he would tell me that some days he'd be making $300, $400... $500
just by having his app open and doing a few deliveries
And reaping some of these bonuses that Uber Eats
will pay the drivers to encourage people to get out there and start delivering
You could also just look into something like Fiverr.
On Fiverr there are a bunch of gigs or some sort of freelancing
Just find anything that you like to do or you're very good at doing and monetize it.
I just want to mention though that if you are for instance, a PA,
and you have a very high hourly rate
Sometimes it's probably just better to go pick up an extra shift or two at your job
or go work somewhere per diem
Because I think that sort of thing will earn you more money in the long run
A lot of things that people consider
passive income require a lot of time or monetary investment to get rolling
So there's no free lunch in any of this
But if you want to get involved in a side hustle those are some ideas to get you guys started.
I would say you should set a goal of $100 a month because who doesn't want an extra $1,200 a year?
And then you should try to shoot for a thousand dollars a month.
That would be a great goal to get for your side hustle.
What are your thoughts on side hustles and your investment strategy?
I would love to hear it in the comment section down below!
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and guys as always
Stay safe out there
Have a great rest of your day
Bye bye