I started the day with a 20-minute workout with a 60lb vest on me while I do pushups. I did 3 sets of 50, 150 pushups in total. I also curled 45lb weights in between. Then, I ended the workout with 6 minutes of jumping rope.
I meditated for 20 minutes sorting out what I’ll do during the day and asking myself why I want $90 million and how I’m going to reach this humongous amount. I came up with the same initial reason- because it seems unfathomable to most and I like to prove naysayers wrong. I grew up with a lot of people not believing in me and it still irks me to this day. Additionally, I’d like to family and friends who didn’t prepare financially for retirement.
During meditation, I came to the conclusion that buying stocks right now is too risky. I don’t think we’ve hit a bottom and came up with a way to track this. As interest rates continue to increase, the number of business loans should decrease as cheap credit is no longer an option. Thereby, businesses that can no longer borrow will file for bankruptcy. The Fed is more hawkish now so I don’t see any lifelines coming from them.
I did a search for “bankruptcy” in google an came up with 353,000,000 results. I also found statistics at abi.org tracking the number of bankruptcies in the current week and comparing it to the same week in years previous. Last week, between August 29 and September 4, there was a total of 9,481 bankruptcies. I believe this will continue to increase and when I see these numbers decreasing it may be a good time to tiptoe back in and buy stock. In the meanwhile, selling covered calls will allow me to accumulate cash.
