Stock Trading Paid Off Credit Card Debt
I started following Armando (@TallGuyTycoon) a few months ago on Instagram. To be fair, I’ve always had an affinity to the stock market, and watching how it works, and understanding why the market moves the way that it does, and what can affect the market on any given day. Armando breaks a lot of that down when he either goes live or records an episode of his podcast. What I found most impressive is that his community typically trusts him enough to march in lock step with him on a clearly identified set of stocks for a period of time and more often than not (the better part of Covid- lockdown) he’s been a winner on the market.
*THIS IS MY OFFICIAL DISCLAIMER TO NOT TO FOLLOW THIS BLOG AS TRADING ADVICE*
When I initially started following The Tall Guy Tycoon, he was discussing a few specific stocks: $MARA, $RIOT, $NIO, and $OXY. Now, in full transparency it wasn’t the stocks that he was discussing that got me, it was his intricate knowledge and ability to discuss what the stocks were attached to within the market’s bigger picture and why they would move in his communities favor. After watching and studying his profile for a couple of months, I joined his CNC (Chess Not Checkers) community which is a platform designed for him to not only engage with his community, but also for his community to discuss strategies, share research notes and assist each other on additional market movers.
Over the next several months following Armando and the amazing collection of people over at the CNC community, I was able to strategically place a few relatively small regular investments and options plays in each of the stocks that I mentioned earlier. The small number of transactions that I placed totaling a little over $650 dollars allowed me to pay down/off over $4200.00 in credit card debt. Why is this impressive? I’m glad you asked! Per a recent Nerd Wallet article, the average household debt in the U.S. is around 7k. Unfortunately, a lot of people are taught to “save their way” to wealth which is just illogical at this point. There is no social proof that I am aware of where someone can save their way out of debt. Yes, there are dividends, and other forms of interest that you can make in various savings accounts, but you cannot stop interest from accruing on your outstanding debt while you wait for your savings to capitalize.
My last piece of advice, strategies change when there is a political power shift, I am in the process of studying @Wall_Street_Trapper who was recently a guest panelist on Master P’s Boss Up Virtual Summit
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