Wow. I can’t believe I’ve been following Tim Sykes for almost two years now. Phew!
I really started out two years ago because I wanted to build wealth for my family. I have a regular job and make decent money. Enough so that my wife doesn’t have to work and can stay home with our daughter.
Full disclosure here. I’m low maintenance. Tim shows all sorts of pictures of him in the Bahamas or at huge parties in the city.
Not me. I’m a small town, country kind of guy. But hey, we’re all different.
Here’s why you need to beware of the Tim Sykes sales mumbo jumbo.
Tim is selling a product and this is Marketing 101. The thing that caught me was the “fire your boss” pitch. You’ll hear it all. Get rich. Live on the beach. Drink margaritas all day. Play golf all day. Drive a fast car. Throw lavish parties. The approaches are endless.
Tim plays to those inner desires that are more vice than virtue. Why did the “fire your boss” pitch get through to me? Because I was in a rut at work. Sales were down and management was implementing new policies to get the company on track. I hated the fact that somebody else was telling me what to do. Here’s the truth though: I have a really good job. I actually like my boss, and I like my job. I work for a great company, and I have great customers. I just happened to hear Tim’s message at a time when I was frustrated and considering other options.
Allowing Tim to play to your carnal desires is dangerous business. You can make stupid decisions if you go that route.
Seriously? I almost quit a job that most people would kill to have.
Here’s the reality. I have a family and taking care of them is my top priority. Leaving a good job for the wrong reasons is not taking care of them. It’s selfish and my family deserves better.
The bottom line is that you need to make responsible decisions. Don’t be foolish. Don’t let Tim make you think it’s okay to sign up because you hate your life and want to live the high life. Wisdom says that get rich quick doesn’t work.
Make the decision because it’s the right decision for your life. If you have a family, make the decision with your spouse. Make sure they’re in agreement. Making the wrong decision can be a train wreck if you join for the wrong reasons.
2. Don’t Be Deceived: Tim is Selling a Product
I was simply looking for penny stocks to invest in when I came across Tim’s website. I thought it was so cool that this guy was giving away so much advice when it came to trading penny stocks, and made awesome videos about his success and how to trade.
I immediately signed up for his newsletter thinking I would get some insight from Tim. Little did I know that the emails would start to come. I had been suckered into putting my name at the top of the list for him to market to. It’s okay though. The guy’s trying to earn a living, so I don’t hold it against him.
Tim is going to push his product to you. The decision lies in whether or not you will actually buy it.
If you do buy a product, you can bet that the marketing emails won’t stop. They’ll expect you to keep buying, and that’s a problem to me. How do you know which products are worth buying? Or which Guru’s to follow? Let me guide you to the one’s you want to spend your money on.
If I could recommend just one product, out of all of his DVD’s, it’s this: PennyStocking Part Deux. It gives you the best of his strategy. If you want to know his Guru to follow, check out my page here. Hint, its Superman.
3. Building Wealth and Getting Rich Are Not the Same Thing
Chances are you probably want more money. There’s no doubt about it, since somehow you navigated to this website. But perhaps you’re not looking to get rich. Maybe you’re just looking to build more wealth for your family.
Building wealth is different from getting rich. Ever heard the parable of the talents? Perhaps you just want to be a good steward of the money that you have. Or invest for retirement.
All About Dividend Investing by Don Schreiber – Taught me the importance of long-term dividend investing
The Intelligent Invester by Benjamin Graham – Warren Buffet says this is the best book ever written on investing
The Legacy Journey by Dave Ramsey – Taught me the importance of changing your family’s legacy through generational wealth
The Little Book of Stock Market Cycles by Hirsch – Teaches how to understand market cycles and take advantage of them
If what you want is to just build wealth slow and steady so you can retire someday then I’d encourage you to focus on building your IRA with some long term investment strategies. You don’t need to be a genius to win long term, you just need to understand the market better.
If your goal is to completely replace your income with money made in the stock market, then Tim is definitely the man to follow.
Tim Sykes has a lot of great material available and he has been incredibly successful trading.But don’t get lured into buying a product you don’t understand without the right end in sight. If all you are looking to do is build wealth and take care of your family, there other strategies out there that involve less risk. Don’t let your carnal desires sucker you in to buying a product.
If you really do want to quit your job, replace your income, or simply have more time to yourself, then day trading with Tim is a great option. It involves a lot of risk to day trade. You can lose hundreds or thousands of dollars in a second, but the reward is there for those who risk it.
Is my title a little misleading? Maybe. I can give you all sorts of insight into trading with Tim. But in the end, you need to make the responsible and wise decision for your life.
Until next time, happy trading.