Ask Doc You have to give more than you get if you want to succeed...
From washing dishes at my first job to trading on Wall Street, practicing as an eye surgeon, and now writing these daily briefs... I've certainly applied this rule. I strive to treat everyone as my customer.
But it's increasingly rare to find this attitude in today's age of entitlement.
Instead, people of all ages demand things for nothing. Employees on the job for just a few months expect the same perks and privileges of those who've been working there for years.
For example, I once talked to a friend in the biotech deal-making space who was managing a young associate. During a conference-call negotiation, the youngster suddenly spoke up and said that he'd really appreciate it if his boss could take over for him on the call because he wanted to leave early for the day to pack for a ski trip that weekend.
Guess who didn't have a job when he got back from his ski trip...
But this kind of mindset extends all the way up the corporate ladder... If a business can't deliver an experience that meets the customers' expectations and creates loyalty, it's bound to fail. The customer will take his or her money elsewhere.
And it's why for years, I've looked for businesses that enjoy tremendous customer loyalty. These are the types of companies you can hold for years... And they'll compound your wealth and let you sleep well at night.
I don't worry about the latest hot-stock tip. And neither does my friend and colleague, Dan Ferris.
In a recently released video, Dan explained...
I no longer care about "hot" topics, I don't have to watch market trends, I can totally ignore the financial news media, and especially, what the "experts" on Wall Street are telling us.
I don't even own a fancy Bloomberg terminal to access stock data.
Frankly, I don't need it.
Instead of chasing those "hot tips", Dan uses his strategy to find stocks that are so lucrative and safe, they could help anyone start to amass a small fortune, no matter their current financial circumstances.
Decades ago, Dan used this strategy to go from having $268 to his name to living in a mansion in Washington. And the same setup in the market that helped Dan grow his wealth is happening again today.
Right now, Dan says that thanks to a rare market event taking place, the results could be staggering – triple- or even quadruple-digit gains.
To learn how you can use this powerful strategy too, click here.
Q: I think I read in an old issue that you don't want to drink your tea too hot. But does it matter if you prefer iced tea? Are the health benefits any different between brewing tea hot versus brewing it cold? – L.B.
A: A few years ago, we warned readers against drinks that are too hot. The World Health Organization's International Agency for Research on Cancer ("IARC") conducted studies across the world. The IARC stated that drinks that are 149 degrees Fahrenheit or hotter when consumed can cause esophageal cancer. They found strong associations between hot beverages and esophageal cancer in South America, East Africa, and parts of Asia. All these places had a high number of folks who drank very hot teas. For instance, in South America, people enjoy the popular drink maté at about 158 degrees.
The belief is that too-hot beverages can burn the lining of the throat the same way they would skin. Burns damage cells... The body then generates new cells to replace them... And these new cells could have mutations that lead to cancer. Basically, whenever you damage and replace cells over and over, there's a higher chance of developing cancer.
In addition, whenever you burn yourself, you injure that tissue. It feels red and painful because your body is fighting the damage. That redness is inflammation, which also causes problems like heart disease and cancer over time.
If you're worried, give your tea or coffee five to 10 minutes to cool down.
As far as health benefits go, feel free to drink your tea cold. A 2015 study published in the Journal of Food Science and Technology found steeping your tea in cold water actually maximizes the health benefits, compared to steeping in hot water. But it takes two hours of steeping to get all the antioxidant power.
One of my researchers makes a pitcher of tea once a week so she has a cup of tea ready to go every morning without having to steep induvial cups overnight.
Q: Any advice for younger investors (like me) just starting out? What broker to choose... what to invest in first? Things like that? Thanks! – C.H.
A: We can't give individual advice, but here are a few things to think about...
Contributing to a 401(k) is a quick and simple way to grow your investment account. Many employers match contributions up to a certain limit... These contributions are free money and are the biggest, 100% safe return you will ever receive in the market.
For example, if you contribute 6% of your salary, and your employer matches half of that up to 3% – a fairly typical employer contribution – you've just earned an instant 50% return.
Of course, your options in a 401(k) are often limited, at least to start... Your employer chooses a plan manager and works out the investment options that will be included. Most plans have a decent range of funds to choose from, like mutual funds and index funds.
The benefit of investing through funds is that you get instant diversification, which is helpful for smaller investment accounts. But watch out for management fees. You should be able to get your fees to less than 1% if your plan has reasonable options.
Once you're ready to go out on your own, you can switch to a self-directed 401(k) and use it like a regular brokerage account (if your employer offers this option). And when you leave your employer, you can "roll" your 401(k) balance into an IRA, which is one of the best ways to truly take control of your investment options.
If you have more questions in the future, send them our way.
For all our younger readers out there, we'd love to hear from you. How did you start investing? What are some obstacles you encountered? Let us know at [email protected].
Q: Hi Doc and Team. I'm a new subscriber. Are we allowed to share issues? – R.O.
A: Welcome to the family, R.O. And yes, of course you can share issues! Feel free to forward issues of Health & Wealth Bulletin. You can also share our posts through Facebook or Twitter. And if you haven't done so yet, check out our complete archive of our issues at our website, https://healthandwealthbulletin.com/.
What We're Reading...
- Did you miss it? Throwing money out the window could make you rich.
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Here's to our health, wealth, and a great retirement,
Dr. David Eifrig and the Health & Wealth Bulletin Research Team
August 21, 2020