This week, I want to start off with something a little different… Something that I believe will help you navigate any stormy seas up ahead…
As you know, Rogue Economics is part of the Legacy Research Group. So, I went to the Legacy offices in Delray Beach, Florida recently. And I spent some time getting to know the team.
While I was there, I bumped into Tom Beal. Tom’s the host of The Weekly Pulse. That’s a weekly video that goes out to Legacy Inner Circle members.
As the name suggests, Legacy Inner Circle is an exclusive group. It’s made up of people who subscribe to some of the top-level investment advisories and publications across the Legacy Research Group, including my Distortion Report.
Tom reached out to me a while back. He wanted to interview me for The Weekly Pulse. So, while I was in Delray, we grabbed some time to chat. And Tom recorded our conversation on his iPhone.
We talked about the vision and belief you need to really grow your wealth to begin with. And of course, the mindset you need to weather the storms you will inevitably meet along the way.
My strategies for growing and protecting your wealth are underpinned by the experience I gained during my years working on Wall Street. From day one, I encountered a lot of different global crises. And the lessons I learned through all of those inform my mindset and strategies to this day.
Usually, this interview would only be shared with Legacy Inner Circle subscribers. But there’s some critical advice in there for how to weather any storms in your portfolio.
With everything that’s going on in the world right now, I really wanted to share it with you, too.
Tom very graciously agreed to allow me to send this excerpt of our conversation to you today…
Tom: Hello. My name is Tom Beal. I’m the host of The Weekly Pulse and member success advocate at Legacy Inner Circle.
I’m here with Nomi Prins. Nomi, thanks for taking some time out of your busy schedule to meet with me today.
Nomi: Thanks so much, Tom. It’s awesome to be here.
Tom: We’re going to talk about some things that will be helpful to our Legacy Inner Circle members.
They are already under Chris Lowe’s guidance. He brings insights from experts like you, tech investing expert Jeff Brown, and renowned crypto expert Teeka Tiwari to the forefront.
One thing I’d like to ask you is how important is it on your wealth-growth journey to make a decision and say, “You know what? I choose to be wealthy?”
Do you think it begins there?
Nomi: Tom, that is such an excellent question. I think investing and becoming wealthy… and protecting that wealth… has a lot to do with mindset. And confidence.
That confidence comes from understanding your investments and getting educated on the strategies you choose to follow.
And also, to maintain that calmness and confidence in seeing your wealth grow.
You need to be an active participant in that process. Too often, people aren’t active participants in the growth of their own wealth.
There’s so much information out there. It’s noisy.
But there are very effective strategies. And that’s ultimately what I want to do: take out the noise. Bring effective strategies to people so they have more tools to focus on and can gain confidence in growing their wealth.
Tom: Fantastic. I’m super excited for the upcoming insights you’ll be sharing.
A lot of Legacy’s subscribers – from the results you and the other Legacy Research experts bring – are sitting on pretty large returns. Almost lottery-type, exponential-type returns.
Those people chose to be wealthy.
They see other people getting big gains from your and the Legacy Research experts’ recommendations. How important is it for them to say, “I’m going to be ready. I’m going to be prepared to seize the moment. And I believe I’m capable of it.”?
How important a role does that belief play?
Nomi: I think it’s a super-important ingredient in investing your money and growing your wealth. Especially with so much volatility in the market. And, again, so much noise in terms of what the financial media’s saying. There’s so much to siphon through.
You need to have conviction, belief that you are going to take that path, and cut through all of that, maintain a strategy, and watch your wealth grow. Even when there’s choppiness.
Now, just because you make the decision doesn’t mean the market’s always going to agree with you. Or that every investment will agree with you all the time.
But for the selections you make for your investments, for growing your wealth, the belief is what drives you through.
I sail. So I’ll use a sailing analogy to explain what I mean. Imagine you’re in a boat… in a storm. It’s choppy. You can’t just give up in the middle of the water. You won’t get to shore.
You have to stick to your path, move a bit with the chop, ride it out, get to where you need to go. You have to have that vision of that horizon. That’s where the belief comes in.
In this case, it might not be the shore or the port. It’s that wealth horizon. But you need to continue to have that in front of you. Then, when there’s noise or chop, you can weather that.
Tom: It’s adjusting that sail according to whatever happens. The winds are going to happen. Challenges are going to happen. But you adjust that sail, as someone who’s competent.
I was late to the financial literacy game. I did well in business. I earned a lot of money. But I was like a baseball or a football player. I didn’t have any financial literacy to back it up.
That’d be like me, who doesn’t know how to sail, being on a sailboat with someone who’s an expert sailor, like yourself. You’d want that expert.
How important is it to have experts like you, Jeff Brown, and Teeka Tiwari in your circle? That’s kind of a secret weapon, you could say.
Nomi: First of all, Jeff and Teeka are amazing guides and amazing experts. I’m happy to be working with them.
And here’s what I bring: I have worked on Wall Street. I was a managing director at Goldman Sachs. I have been through the worst storms.
My first year working in finance was the 1987 financial crash. It was like, “Welcome. Everything’s falling apart. Figure it out.” I was a novice. But I worked with a solid team there, experts I could navigate those waters with.
In the years since then, we’ve had the Long-Term Capital Management crisis, the Asian crisis, the Latin American debt crises, and the financial crisis of 2008.
I’ve developed the experience to understand that a good strategy is not one where you’re inflexible. A good strategy is one that can be recalibrated.
You mentioned moving the sails in and out to catch the wind in a different way. To not be rigid in your approach to investments.
I use the term “recalibrate.” It’s not a change of direction.
You can’t decide, “I’m going to try to get back to shore a completely different way.” It’s not like that.
I’ve seen so much. And I’ve recalibrated so often along the way. That experience is something you can’t really learn from the outside.
It’s important to be educated on strategies. It’s important to understand what you’re investing in all of the time. And to look to experts for the information to be able to make those choices and investments.
But where I can bring the most to investors is the experience to recalibrate. And the analytical expertise to set the initial course or strategy. Bringing those two things together is where I can deliver the most value to our circle.
Tom: What you just described is brilliant. You’ve been through the storms. You have weathered the stormy seas. So, when other people are flipping out, you’re like, “I’ve been through way worse.”
Nomi: That’s exactly right.
Tom: And with that comes your emotional maturity. You’ve been through the belly of the beast. You have that emotional maturity.
How important is it to have that “weathered sea captain” with the knowledge and wisdom? How important is it to have that tremendously experienced guide?
Can your emotional maturity transfer to readers? Can they outsource their emotional maturity to you, so they don’t get caught up in the “fight or flight” emotions?
Nomi: Tom, I’m so glad you mentioned emotions. I think the number one error investors make is getting out when it’s too crazy.
You’re in the boat, you’re trying to get to shore. There’s a massive storm. It’s windy and it’s raining. What are you going to do? You have to figure out a way to get to shore.
You’re not going to jump. And you don’t want to sink. You don’t want to stay at the bottom.
The market is a basket of everybody’s emotions. There are so many players in the market. There are so many competing interests. Even the computer programs that drive certain investment strategies are written by humans.
So, at some level, there’s emotion. Then you have all the other investors and retail investors in there.
I think it’s very important to take the emotion out of trading, out of investing, out of growing your wealth.
Tom: Sounds simple to say, because of your experience.
Nomi: That’s the number one thing that I want to give, in addition to the actual strategy and the recalibration of the strategies I have.
Emotions are not a strategy. It’s hard when you’re looking at your portfolio or your 401(k). Or you’re looking at taking out money to send your kid to college.
When the markets went down in 2020, my brother asked me about this. His kid was about to go to college. He had set up a college fund for him. It was doing really well. But it dropped then. He asked me, “Should I get out?”
I told him, “No, don’t. I promise you, from my experience, if you step back and look at the bigger picture, even with this crisis that just happened, getting out now is a loss. Be calm. Take the emotion out of it.”
And the markets rebounded.
That’s not to say you should stick with something that’s stupid. I’m talking about being strategic. Recalibrating your strategy and staying calm is a way to grow your wealth more systematically, for the longer-term.
So, if there’s one thing I can give people from my experience, I can tell you that those storms will happen. There is no doubt. There will be storms in the market. There will be crises.
But taking your emotion out of it, remaining calm in the face of any of those storms that come up, is the number one way to stay focused on the recalibration strategy, and on growing your wealth.
You don’t want to sell when everyone else is selling. You really don’t. You feel like you do. The market’s going down. Everything’s red. What happens if it’s more red tomorrow?
You know what? It might be more red tomorrow. But remain calm, step back, take a breath, and keep your eye on that horizon of your wealth.
If I can give that calmness to my readers, that would make me very happy.
Tom: Very wise words. As someone who is late to the game, it’s nice to be in the presence of somebody who has that calmness.
I was in the Marine Corps. There were some people who, even when a grenade landed, they’d just reach down, pick it up, and throw it instead of run.
That’s the type of leadership I feel from you. You’ve weathered the storms. You know that this, too, shall pass.
That can pass onto others who are around you and in your world. And that’s what you’re going to be doing for the Legacy Inner Circle members, guiding them.
Nomi: Absolutely.
Nomi’s Note: The excerpt above is just a portion of what Tom and I talked about. We also covered the importance of preparation and patience. And how I use my extensive insights into the workings of Wall Street to find opportunities for my subscribers.
To catch the whole interview, and potentially be the first to get more great, exclusive content like this, sign up for Legacy Inner Circle here. That’s where you’ll hear from Tom and Legacy Inner Circle editor Chris Lowe every week with the top profit opportunity from around the Legacy Research Group.
Regards,
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Nomi Prins
Editor, Inside Wall Street with Nomi Prins
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