Tips to Master Successful Investing with the Former Billion Dollar Fund Manager (David Stein)

Show Notes

The former billion-dollar fund manager David Stein shares practical tips to master successful investing while breaking down his new book, Money for the Rest of Us.

Buy David Stein’s book by clicking here – 

  1. Yes, yes, yes and yes! Thrivetime Nation on today’s show we are interviewing David Stein, who is an expert in the field of personal financial planning!  David Stein, welcome onto the Thrivetime Show how are you sir!
  2. David, I understand that you have managed billions of dollars professionally for institutional clients and you even co-led a large investment research team, but tell us what you are up to now?
  3. I know that you’ve had a ton of success at this point in your career, but I would love to start off at the bottom and the very beginning of your career. What was your life like growing up and where did you grow up?
  4. What caused the financial crisis?
  5. What makes Warren Buffett such a financial wizard?
  6. Money for the Rest of Us: 10 Questions to Master Successful Investing – 
  7. DEEP Thoughts from David Stein That Blow My Mind:
    1. If You Can’t Explain It, Don’t Invest
    2. We May Not Know as Much as We Think
    3. That Math and Emotion of Investing
  8. When did you first figure out what you wanted to do professionally?
  9. Who do you help your clients?
  10. David Stein How did you start your first company? 
  11. How did you go about funding your first company?
  12. How did you go about getting your first 10 customers?
  13. When did you first feel like you were truly beginning to gain traction with your career?
  14. David Stein When it comes to managing their finances, where do most Americans get it wrong by default?
  15. Is it investing, speculating or gambling?
  16. David, tell us about what your podcast is all about? 
  17. Podcast #271 that you recorded is called, Financial Independence is a Choice, what do you mean by that?
  18. David, where do most entrepreneurs get it wrong when it comes to taxes by default?
  19. David Stein, where do most business owners get it wrong when it comes to saving money by default?
  20. David, what do you believe we should all be teaching our kids about money?
  21. How, you come across as a very proactive person…so how do you typically organize the first four hours of your and what time do you typically wake up?
  22. What are a few of your daily habits that you believe have allowed you to achieve success?
  23. What mentor has made the biggest impact on your career thus far?
  24. What advice would you give the younger version of yourself?
  25. We find that most successful entrepreneurs tend to have idiosyncrasies that are actually their super powers…what idiosyncrasy do you have?
  26. David Stein What message or principle that you wish you could teach everyone?
  27. What is the best way for our listeners to learn more about you and how you can help our listeners?


Where do people need to start investing?

  1. Invest it in cash – start with an emergency fund
  2. Open a brokerage account and invest in VT (Vanguard Ticker) and a cash fund
    1. You need a stock fund and a cash fund

If I find out that I owe a lot of money in taxes, what steps does someone need to take to not pay as much in taxes.

  1. The maximum you can defer in taxes is $30,000-$40,000

What is cryptocurrency? Is it something you would ever advise someone to invest in?

  1. Is it investing, speculating or gambling
    1. Investing – has cashflow and produces earnings
    2. Speculation – has no cashflow and only gains value as people are willing to pay for it. Examples: gold, bitcoin, etc.
  2. Speculative holdings should be less than 10% of your portfolio

The U.S. Stock Market historically has generated 9% return

  1. Dividends – 2%
  2. Earnings – 4-5%

Very few investors get rich investing in stocks. Most own businesses.

What are you doing now?

  1. I provide investment education through 
    1. The book Money for the Rest of Us
    2. Podcast – Money for the Rest of Us
    3. Online community – – 
      1. $300/year

NOTABLE QUOTABLE – “Be fearful when others are greedy. Be greedy when others are fearful.” – Warren Buffet (Billionaire Investor)

How do you take the emotions out of investing

The more specific the bet, the more likely you are going to be wrong

It is better to buy “baskets of securities”

  1. You don’t have to know which one is going to surprise, you just know that it is going work

NOTABLE QUOTABLE – “You can compound your wealth, but you can also compound your influence.” – David Stei

Keep doing podcasts, keep creating content, keep sharing your thoughts to build your credibility.

Business Coach | Ask Clay & Z Anything


Let us know what's going on.

Have a Business Question?

Ask our mentors anything.