Well, for one thing they all try to predict the future in one form or another. Psychics and Fortune Tellers supposedly use some type of extra-sensory perception to see into the future. They use tools like tarot cards, crystal balls and chanting in order to tell you what your future holds.
Will you be rich? Will you live a long life? Plenty of people out there turn to psychics and fortune tellers for answers to these questions.
Now you're probably thinking, "Ok Wayne, what does that have to do with investment advisors?"
Instead of using crystal balls and cards with funny symbols on them, investment advisors use charts and financial statements. Now, I'll be the first to admit that investment advisors, stock brokers and money managers are a far cry from the 1-900-PSYCHIC people you see on TV. But that's not what's important... what's important is WHY people feel the need to rely on these "predictors of the future" in the first place.
Why do we, as human beings, feel the unending need to know about the future?
In fact, I'll share a little tidbit of information with you - human beings are the ONLY animals that consciously plan for the future. Not knowing what our future holds gives us a TREMENDOUS amount of anxiety. So much so that we do everything in our power (and mostly through the "power" of others) to plan for, predict and try to control our futures.
That's why fortune tellers, psychics and investment advisors are so successful - they truly understand human nature and they PREY UPON IT! They prey upon your desire to know your future, they prey upon your desire to profit or protect yourself from your future... and most of all, they prey upon your anxieties and insecurities about the fact that you CANNOT control your future.
They tell you that since you can't protect yourself from, predict or control your future that you should rely on them, "the experts", to do that for you. And there's something very comfortable in doing that. It allows people to relieve themselves of the responsibility of their future circumstances.
Didn't become rich? Well the fortune teller was wrong, not you.
Lost money in the market? Your broker was wrong, not you.
That is precisely the psychology that MUST change in order for individual investors to break free from the shackles of the "Wall Street Regime". Investors must realize that they have the power, the intelligence and the ability to do better than the rest of the market.
Your brokers, your money managers and even the "professional mutual fund managers" all try to mimic the market. If they performed as well as the S&P, they brag about it and are given monstrously large financial incentives to do so. In what other profession does somebody get so handsomely rewarded for simply doing AVERAGE?
My friend, we are taught to do AVERAGE in grade school!
If you want to do ABOVE average... if you want to be an extraordinary investor... if you want to unlock those shackles and break out into the world of TRUE FINANCIAL INDEPENDENCE then you have to stop relying on these "stock market fortune tellers" and start empowering yourself!
Maybe you've already made that leap - maybe you've already taken the responsibility, shed your fears and made the decision to take control of your financial future. If you have, then congratulations! You're one of the rare few and you deserve all of the rewards coming to you.
But if you haven't made that leap yet, if you haven't decided to put yourself in a position to prosper then I ask you - in fact, I CHALLENGE you to make that leap today.
The only way to shed those chains and become an independent and successful investor - one who outperforms the "herd" - is to equip yourself with as much information as possible. You have to take the time and make the effort to educate and empower yourself as an investor.
In fact, at the end of this article I'm going to give you a list of sites and services that I personally think can put you on a path to financial independence. These aren't sites you have dole out tens of thousands of dollars to be a part of. These sites are all free and are all there to help put the power back in the hands of the people - namely, you!
But it won't be easy... no, no, no. The journey to financial freedom is certainly not the path that's paved with gold. It's a rough road ahead of you, but I promise that the destination is more fulfilling and rewarding than you could ever imagine.
So begin that journey today, and drop me a line from your yacht once you get there!
Websites Dedicated to Educating and Empowering Individual Investors:
10. And of course, TheTycoonReport.com
Good luck to you and God bless - you've undertaken an enormous responsibility and while it might be tough at first, you'll ultimately be a better investor and a happier person for it. Congratulations!
The TickerHound Tape
Once again, each week we get more questions and answers than the last. Since I already featured my favorite questions all throughout last week's issues of the Tycoon Report, now I'll just show you some of the most popular questions from over the weekend.
And remember, if any of these raise additional questions for you, then simply click here to visit www.tickerhound.com to start getting answers today!
MoresbyChief asks: Soft Commodities - surely a good long term bet? - Click here to see what Teeka Tiwari had to say!
theFACE asks: Anyone have any thoughts on the potential Yahoo! takeover - Click here to see what other TickerHound members have to say.
charlo asks: Further derailing in the housing market for 2008? - Click here to find out now.
Sherry5432 asks: How do I purchase a stock - This is a great chance to help a novice investor get started, click here to help Sherry out.
ChaosNantuko asks: Is there a list of indices somewhere that explain what all of the indices track? - Click here to see that list now.
Great job guys! Keep it up!
We had a number of new names on the site this week - in fact, we had 3 new names hit the weekly Top 10 TickerHounds list. FYI, that list can be found by clicking here.
Here are this week's Top TickerHounds:
KenLong - Congratulations Ken! I know you were a little hesitant about TickerHound at the beginning but it seems like you participated in the service anyway. It turns out that 2 of Ken's very first answers got voted as the "Best Answers" this week giving him a quick bump onto the Top TickerHounds list.
DaveDiggz - Good job Dave! Dave's been answering questions on the site since Day 1 and he continues to knock ‘em out of the park each and every week!
charlo - I know I mentioned charlo in last week's list, but that was more about him coming out to meet the TickerHound team. This week he legitimately made the Top TickerHound list - and rightfully so! He's been adding a tremendous amount of value to the service and I'm proud to have him on our Top TickerHounds list this week.
Great job everybody - let's see who can make it to the top of the list next week! I know it may seem difficult but all it takes is a few answers a day and you'll be right up here too... good luck!
Last week I asked members to send in questions that they thought were particularly challenging and I said I'd take the most challenging questions and use them in this week's challenge. A couple of these questions are brought to you by your fellow TickerHound members and the others are from the TickerHound staff.
Each question will be worth 50 bonus points so do your best!
MNSL asked: Do you think there's a HUGE potential in the financial sector? - Click here to answer this question now!
theFACE asked: Anyone have thoughts on the potential YAHOO! takeover? - Click here to answer this question now!
And this next one is a Staff Question. Some might think this is a little too "simple", but I noticed that there are some very new investors on TickerHound lately and they really need a good "Investing 101" lesson just so they can get started. So with that in mind, please provide the most thorough answer to the following question - it'd really help the newer members.
How do I go about setting up a brokerage account? - Click here to provide a detailed answer to this question now.
Good luck and have a fantastic week!
The Tycoon Report