Two weeks ago, the rapper 50 Cent tweeted stock advice to his 3.8 million Twitter followers, which made the penny stock jump 290 percent. Because the rapper owned 7.5 million shares, he briefly profited $5.2 million. 50 Cent later tweeted, probably to avoid getting sued or causing more disruption, that people should invest in stocks that make the most sense to their own profile and as the hype wore off, the stock fell from 39 cents to 10 cents at the end of the week.
Sounds like getting a celebrity to tweet something on your behalf is a great way to spread your message far and wide, but this news story got me thinking about three important pieces of advice.
1. Decide for yourself
Sometimes without enough thought, we take the word of someone and the conclusion isn’t what we hoped. Some decisions need a second look and more research to confirm what you want to do. Know how to distinguish the decisions that need more than just a gut feeling.
2. Continue to improve yourself
Sure, 50 Cent may be emerging into the business world, but I wouldn’t say he’s an expert in the stock market. Yet, look at the effects of his influence. Who do you influence? Are you staying at the top of your game to give the best advice possible?
3. Find people you trust
Who do you trust when it comes to your finances? Your financial security and the success of your business are important and you should find people and companies that believe that also. For example, when you need working capital, can you trust that the solutions you’re given will help your business succeed? You can trust Far West Capital. Give us a call and we’ll show you why.