In my teaching, I’ve found that most young people think investing and speculation are for old people with money. On the other hand, I often hear from retirees that investing for high gains is for young people who can afford to take risks.
This would be a funny version of “the grass is always greener” thinking if it didn’t cause so many people to miss out.
It’s true that I’ve written that my type of speculation isn’t for everyone—but that has to do with temperament, not age.
Here are my top nine reasons why everyone with the right attitude should be a speculator, regardless of age:
- If you’ve ever even thought of going to Vegas to gamble with a bit of play money, you could upgrade to having fun betting on stocks, without spending money on travel or hotels—but with much better odds of success.
- If you’re young and have any money for entertainment in your budget, you could use some of that money to speculate. It’s true that while you have fewer responsibilities you can afford to take swing for the bleachers without disastrous results if you strike out.
- If you’re older and living on a fixed income, there’s probably still something in your budget you could do without. That would give you cash you can afford to lose to speculate with. Even a little can quickly grow into useful extra cash in a good market.
- If you’re in between, you have nothing to fear but fear itself.
- Youth and lack of experience are no excuse. Plenty of young people speculated on cryptocurrencies and made fortunes.
- Age and too much experience are no excuse. Old dogs can learn new tricks—if they want to. I see it all the time.
- Loving your job is no excuse. If you’re working and have a great gig, becoming a successful speculator could still open new doors for you and enable you to achieve more and enjoy life more.
- Being comfortable in your retirement is no excuse. If you’re older and think you’ve already got more money than you’ll spend during your lifetime, what happens if you’re wrong? From hyperinflation to new medical treatments greatly extending lifespans, it’s generally a mistake to think you could never be in financial need again.
- It’s not just about making money; it’s about the increased personal freedom greater financial freedom brings. It can also be about using greater financial means to achieve great things.
I’m not trying to talk anyone into doing something they really don’t want to do.
But I am trying to kick the legs out from under the excuses people make for not doing what they actually long to do.
If you have what it takes to be a great speculator, you should try.
The Independent Speculator is here to help.