Shownotes
BIO: Dan Solomon is on a mission to help international students and young professionals, especially those in Germany and the Netherlands, gain the right skills to succeed in the job market.
STORY: When Dan was studying in Russia, he would receive $500 every month from his scholarship. Dan never invested a single cent of this money for the five years he was in Russia, which regrettably would have grown to a substantial amount had he invested it.
LEARNING: Start investing now to gain from compounding interest. Don’t spend your dividends or interest; reinvest it.
“Invest, and don’t take out your gains.”
Dan Solomon
Guest profile
Dan Solomon has a diverse background in engineering, business, and finance with experience across several industries, including banking, consulting, and chemical. He is on a mission to help international students and young professionals, especially those in Germany and the Netherlands, gain the right skills they need to succeed in the job market. He is a strong believer in taking little steps towards making the world a better place.
Worst investment ever
Dan spent five years studying in Russia on a scholarship. For those five years, he would receive $500 per month. Dan was a bit flamboyant and spent all that money on things that didn’t really mean anything. He bought stuff he didn’t have to buy. Dan regrets never investing any of this money.
Lessons learned
- Start investing now. You don’t need to wait until you have x amount of money in your bank account; it’s never going to come. Start now and build that discipline.
- You need to understand what kind of investment you’re getting into. Why should you invest in an index fund or an ETF, or individual stocks? Most importantly, understand the concept of compound interest.
Andrew’s takeaways
- Build your knowledge base because you will suffer from a lack of knowledge.
- You will not witness an exponential rise in your investment until about year 20. It is, therefore, essential to start investing now.
- Don’t take out any money you get from your investment to pay bills, instead reinvest it so that you benefit from compounding interest.
Actionable advice
Start now.
No. 1 goal for the next 12 months
Dan’s number one goal for the next 12 months is to build the Bliss Career platform to a level where it is self-sustaining to help as many people as possible. He also wants to build the discipline to keep pushing his investment plans and make sure that he stays consistent.
Parting words
“Try your best to make sure that every month you take a bit of your money and put it in your investment portfolio.”
Dan Solomon
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