In this interview with LearCast, Jim Rogers discusses the truth about hot tips, and why they will ruin you. Here’s an excerpt from the interview:
Rogers: Well the main thing that I try to tell him [his son] is if you’re going to go to college only study what you love.
Don’t love what your professors say or your friends, do what you love, and likewise when it comes to money.
Only spend or invest in whatever you yourself know a lot about.
Don’t listen to hot yips. Don’t listen to other people. Hot tips will ruin you. Absolutely ruin you. So only do things with your money that you yourself know a lot about.
Host: Good advice. I’ll pass that along.
Rogers: Yeah I hope you will Rachel.
Everybody says that but most people they get a hot tip and they run off and invest. They hear something on the TV. They hear something in a bar. Hear something at a party and they act.
Host: They want it to be true, they want it to be true.
Rogers: Of course Rachel I want to get rich fast too. I want to be rich in a week. But I’ve learned over the years that’s very dangerous and hindsight is 20 20.
You can watch the entire discussion here:
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