VTSAX Millionaire Journey #7: $85,198.38

If you read what I wrote when I started this millionaire journey you will see I was a bit nervous about the state of the market.

I wrote:

(BIG GULP with sweat rolling down my face while biting my nails) on January 10th, 2017 I began a new Millionaire Journey.

Now 7 months later the stock market has reached 20,000: a milestone never seen before.

As a bit of a joke I put together a movie poster incorporating the state of the VIX which is the volatility index often referred to as the “investor fear gauge“.

honey-i-shrunk-the-vix by beyond debt

There is no fear in the market right now which is a bit scary because prices keep going up. In fact, they have gone up so much that people feel they have missed out. Do you know how I know this? Because I keep getting more and more emails (which I don’t mind) about day trading and my thoughts on where to begin.

Speaking of emails I wanted to share one that I received the other day. It was from a 20 year old young man who was looking for information from me about day trading.

While I won’t share the person’s name I will share an important question (which is edited for reading purposes) and my response that might make a difference in someone’s life. By the way… I get emails like this all the time.

The young man’s question:

Should I stay in engineering and research learn the market on my own, or should I change my major to finance?… You can truly get almost any job you desire with an engineering degree… I am stuck because I am fully capable in graduating in mechanical engineering I just feel like it would be a waste of my time when I could be spending hours on learning the different market types which I could actually use to make money.

My response:

DO NOT QUIT BEING AN ENGINEER. FOR THE LOVE OF GOD PLEASE DON’T. THE CHANCES OF YOU BEING SUCCESSFUL AS A DAY TRADER ARE SLIM TO NONE. I DO NOT WANT TO DISCOURAGE YOU BUT I DO NOT WANT TO MISLEAD YOU. DAY TRADING IS ONE OF THE HARDEST THINGS YOU WILL DO AND 95% OF PEOPLE FAIL AT IT.

Yes I wrote in ALL CAPS to drive home the point.

So, let me say this another way. For those of you who have read my blog before you know I am a big fan of Investors Underground. I think they are a great day trading community and highly recommend them BUT I do not feel that any chat room (IU included) will put you in a guaranteed position to make money in the stock market.

You cannot stop school, quit work or change career paths for the hope of becoming the next Modern Rock.

What you can do is try to do both.

You can continue to develop your life before you found day trading and then learn, study and practice day trading when time permits. If you prove to yourself that you have the ability to be consistently profitable then (and only then) can you decide to make a big life altering decision.

I hope that is clear.

Once again, I am not trying to discourage. Rather I am trying to point out the truth. Day traders fail and fail often. Having the ability to become a mechanical engineer is something you can be proud of and have a much higher likelihood of success.

Anyway… enough about that.

Here are the numbers for this month.

I was able to add in $3,392.99 to my VTSAX position for the ending month of July. That number is a combination of photography and blogging income, trading, dividends, capital gains and option money.

There is now a $6,021.69 investment return since January 10th 2017.

To wrap things up my Vanguard Total Stock Market Index Fund total is now $85,198.37.

If you need to reach out to me for any reason please do so here.

Until next month.

Important Resources

  • Read my frequently asked questions or if you need personal 1 on 1 guidance from me on how to fully prepare as well as protect yourself from the misrepresentation please click here.
  • Every month I update this post here for my personal "Millionaire Challenge". I suggest you read the entire post and when you reach the bottom you can see my updated progress.
  • I highly recommend the Simple Path to Wealth book to grow Your wealth simply and steadily. It will educate you beyond your financial imagination. This is my review of the book.
  • If you are new to stock trading test your knowledge here with a basic stock market quiz.
  • There are a lot of secrets in trading stocks and I reveal 20 of them in this popular post.
  • If you are confused about short selling stocks then read this simple explanation that will clear it all up.
  • This free stock research tool will give you all the necessary information on any stock you type into the search bar.
  • Do your best to avoid day trading distractions. Especially the 10 I list here.
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