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The Playbook With David Meltzer

What You Need to Know Before You Start Investing

The Playbook With David Meltzer

David Meltzer, Entrepreneur.com

Entrepreneurship, Business, Careers

4.61.9K Ratings

🗓️ 30 June 2021

⏱️ 7 minutes

🧾️ Download transcript

Summary

People always ask me, should I invest in crypto, or is now the right time to scaled my business? And my answer is always the same every time. Do you know your timing and risk tolerance? Take inventory of your values and ask yourself, "how much am I willing to risk right now?" Tweet me @davidmeltzer your favorite takeaway from today's episode and come ask me questions live every Friday at 11:00 am PST / 2:00 pm EST. Text me at (949) 298-2905 or email me at [email protected] to join! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Once you rather think that you offended them by asking for the truth,

0:04.0

then feeling offended that they stole from you?

0:06.6

This is entrepreneur's the playback.

0:08.8

You have to know what the market is. So people will talk about crypto right now

0:13.4

and know nothing about the market.

0:16.0

Like the market, you need to know what it is. My favorite way is to move to the next step is

0:21.0

know your who. I know your who find the expert that has been there for 30 or 40 years or

0:26.4

someone that knows the market and can tell you when it's time to buy or when it's time to sell.

0:31.1

Can you think of an easier way to make money? If I was going to buy a stock,

0:35.1

I'd like to have Warren Buffett's number and say, hey man, you think this thing's oversold or

0:39.6

overbought? You laugh, but think about it. Why are we determined? Because he knows what the market is.

0:47.2

He knows what the market is. Now, if you know your what with weighted balances, etc, the next step

0:51.8

to making decisions is to know your who. Because the easiest way to make a decision is to find someone

0:57.9

that already has the directions to get there, right? The easiest way to get to where we want to go

1:03.2

is to find someone that's already there and ask them for directions. So you need to know your who,

1:07.8

but also know who you're dealing with in a transaction as you're making an investment,

1:12.4

either in yourself or in business. If you're making that investment, the biggest mistake that

1:16.8

I think people make is they trust people without vetting them. I think it's fine to trust. I trust

1:25.2

everyone. And that got me in big trouble, as you know, I lost over a hundred million dollars

1:30.1

trusting a lot of people because I just assumed the best in them. I'm looking for the best. We all

1:35.4

like to look for the best in people, but the part that I didn't get was knowing my who was also

1:43.2

an accountability to vet the shit out of it. How many times have you been in a conversation,

...

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