[vubui]

Skin in the game is the start. Don’t read, don’t research first. This will give you about a year of procrastination being an intellectual and probably textbook overthinker.

But some stock, start there then answer your own questions.

Don’t start backward. Don’t even read or “follow the legend”. How many who have read Buffet and have become rich like him? None. Forge your own path.

Or join wallstreetbet, superstonk, etc. Don’t look down on them. They probably teach you more than a finance college degree does. Don’t want cnbc, bloomberg tv. Skip all that.

I think I will be mostly downvoted but it’s important to skip the extra steps that end up being a strap. Then you waste 5 years of your life while some kid getting rich in a year because they reject dogmas and all the unnecessary talking.

Long story short, just start investing.

[robjan]

This is not good advice because WSB and superstonks generally advocate making highly speculative trades which are highly likely to result in losses.

I would recommend Bogleheads[0], especially the wiki. It's not sexy but that's the point, they advocate getting rich slowly by investing in a few diversified funds and then forgetting about it.

[0]: https://www.bogleheads.org/

[gilch]

Nassim Taleb’s Barbell strategy has really changed my thinking on this. In a nutshell, you put 85-90% of your portfolio in super conservative low-risk investments that at least beat inflation, 10-15% in aggressive speculation with very high potential payoffs (like WSB short squeezes), and nothing in the middle!

Why? Black Swans. Taleb says:

"If you know that you are vulnerable to prediction errors, and accept that most risk measures are flawed, then your strategy is to be as hyper-conservative and hyper-aggressive as you can be, instead of being mildly aggressive or conservative."

The "moderate middle" isn't as safe as you think it is, thus, it's not compensating you enough for the risk. The conservative side of the barbell will protect you from a negative black swan, and the aggressive side will expose you to positive ones.

[chollida1]

Can you give an example of what you'd learn from wallstreetbets or superstonk that you wouldn't learn from more main stream channels that would make you a better investor?

I follow those channels almost daily and I'm not sure I've learned anything of value from them that would make me a better investor.

[alecst]

Ah yes, the famous Warren Buffett who forged his own path by shirking his education and investing in meme stocks.

[vubui]

And OP, this is an example. This is exactly the point.

Stopping at the phrase “meme stock” and being so arrogant that they are never going to get it.

[DeathArrow]

Thank you!