Lewis Howes

I find day traders tend to be more sophisticated because it is more, you need to have more know-how.

Anybody can say, you know, what's going to happen on the news and what's going to happen?

Is this trade of Hormuz going to open this week?

Yes or no?

That's an easier thing than learning how to day trade and going through a prop firm.

Yeah, it takes a lot of time.

And the truth is 97% of people do not profit if they stick with it for a year.

Really?

Day trading?

So the stats are sad.

You have a better shot making money with a multi-level marketing company than you do day trading.

Four in ten people have zero dollars in savings.

That one kind of shook me.

And it spoke to this idea that why are we going into crippling debt?

Because we don't have any money to pay for the thing.

And so there's this endless cycle.

It's a doom loop where I don't have the money, so I go into debt.

And then another thing happens and I have to keep going into debt because I wasn't able to save up because I was making the payments.

And that's how you get stuck in the cycle.

And I think if more people realize that your emergency fund is a never go into debt again insurance plan, they would make it a priority.