Transcribe your podcast
[00:00:00]

Let's meet the real one, Jordan Belfoot, joining us now from New York. Good to see you. Thanks for joining us on the program. When you see that movie, how do you look back on it?

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With amazement. That scene was really positive and amazing, empowering kids to become great salespeople. I cracked the code that I had to train effectively. Obviously, there's things that happen afterwards that weren't so great. But I look back at that moment with pride.

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How accurate was it?

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That seems very accurate in the sense that it's exactly what happened. I had these young kids that were having trouble closing and I came up with a new way of teaching them and approaching a sale that revolutionized the sales industry. That was back in my last book that I wrote was called The Way of the Wolf, which was about how to sell, how to close the deal and so forth. I wrote a new book now on actually on investing, which is a whole different thing.

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What are your top tips for investing?

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Well, I think basically do the opposite of everything you saw in the movie to start. But it starts with being what I call a passive long-term investor versus trying to trade for the short term and timing the market. Timing the market, trying to pick individual stocks is very difficult to do. And what happens is if you do it the opposite way and you become a past investor and buy an index like the S&P 500, which historically does very well, you've got a foot seat 250 is a nice long term. It's not your 100, the 250. So by doing that, essentially, you take out the guesswork of trying to pick an individual stock and then you buy in a whole and you make sure that you buy in a type of fund that has very low expenses, no performance bonuses. You're not looking to beat the market, just you're looking to beat the market. By doing that, you engage in what's called long-term compounding. Believe it or not, if you put it in the property of account, you can take a very small amount of money and over time to your patient by reinvesting your dividends and a little bit more, whatever you can, every quarter, every month, just small amounts.

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You can take a small amount of money and turn into a giant mess thing when you're ready to retire. That's the secret. It works incredibly well. Historically, it's been proven to work. Okay.

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What are your biggest regrets?

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My biggest regrets? I think one major regret was that I really wish I would have taken my entire firm and just had all the clients buy the S&P 500, be selling an index fund, essentially being a large mutual fund versus selling low-price stocks, venture capital stocks because ultimately, clients lost money. I went to jail and the firm itself, though, was a beautiful thing, teaching young kids to clothes, and people made a lot of money, but I was selling the wrong product, the wrong type of investment. That's a huge regret I have.

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Okay, it's good to talk to you. Thanks for staying up in New York, especially to speak to us here in London.

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Thanks, and it books the Wolf of Investing.

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Thank you.