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Exclusive Q&A With Charles Payne
What do most people not know about investing that you wish they knew?
That it’s for them, that it’s not out of their grasp. It can be intimidating, but that is no excuse to deny a chance to change your life and change the course for future generations.
What should everyone be doing to build their wealth, no matter how much money they currently have?
First and foremost, cut spending and save money. People like to complain and want to keep up with the Joneses. I went 10 years without a credit card. To this day I rarely use a credit card — I only have a mortgage because I was making more with money in the bull market — and when I do, I pay them off 100% at the end of the month. The other thing is to commit to learning — read, study and read some more, then take the plunge.
What should investors be focusing on in 2022 to make the most of their money?
2022 has been the year of hard lessons. These years are inevitable because markets mirror society and emotions, which also go through highs and lows. The beautiful thing is the up periods are significantly longer and more lucrative than the down periods. This is a year to refocus on balance, safety and patience.
Which investments should they avoid?
I don’t like to tell anyone to avoid anything except unrealistic expectations. You have to mitigate risk with balance, but not be so overbalanced it defeats the goal of increasing wealth. Avoid panic. Avoid “taking a shot” by buying a single stock and nothing else until that works out. Avoid sulking — take a loss and walk away.
This has to be a lifelong endeavor and it helps to be optimistic, willing to make and accept mistakes, and always remain a student (the experts always get burned under their hubris at some point).
Payne started his career on Wall Street as an analyst at E.F. Hutton in 1985.
“Be Smart, Act Fast, Get Rich” and “Unstoppable Prosperity: Learn the Strategy I’ve Used for Years to Beat the Market”