In this episode, we welcome expert insight from James Martin into growing investments and trading in stocks and shares. James discusses his successes with Bitcoin and Crypto and his day job as a dental associate.
James also tells us about his journey from Northern Ireland to Leeds, setting up his own podcast and creating engaging courses.
“You know, Father Ted. That is like the zenith of comedy in Ireland. OK, and whilst I’m not saying that people in England, you know, they don’t get it or they don’t like it, but I don’t know if you quite call it the pinnacle of comedy, this very there’s other things like I don’t really know. I think I really like Peepshow. I think that’s the pinnacle of comedy..” – James Martin
In This Episode
01.51 – Northern Ireland to Leeds
03.31 – Yorkshire Culture
06.08 – Learning dentistry
07.26 – The basics of investment
08:41 – Trading
13:26 – Reading recommendations
15:02 – Diversifying your portfolio
18:52 – Bitcoin
22:07 – The value of money
24:03 – Legitimisation
28:22 – Starting in Bitcoin
32:37 – Time frames
34:25 – Spread betting
36:57 – To own or not to own
39:21 – Being a happy associate
41:42 – Tax
45:20 – ISAs
53:35 – Wrong wallets
56:57 – General dentistry
01:07:00 – Enlighten
01:01:18 – Dentists Who Invest podcast
01:07:07 – Investment tips
01:10:10 – Legacy & last days on Earth
About James Martin
James Martin is a 29-year-old GDP who founded the online community and podcast Dentists Who Invest.
After training at Tipton, James has proven to be hugely dedicated to his work achieving a PGCert in restorative and pending PGDip in operative dentistry after CoViD-19 restrictions are alleviated.
Working in private practice from a young age allowed him to gain a broad depth of experience far beyond what could be expected of a typical GDP. These treatments include treating the organic causes of TMD (not just automatic referral), full mouth rehabs, clear aligners, experience with CADCAM and Enlighten whitening and much more.
In his spare time, he enjoys playing football, going to the gym and reading as well as socialising with friends and family.
[00:00:00] You can buy companies which mine Krypto and own crypto, and those prices tend to rally and fluctuate with the crypto bull market. So one that there’s been a lot of hype around is one called Argo Blockin. And I wish I would have bought this thing a lot sooner because it’s went up a thousand percent since about six months ago, which is crazy. OK, I still don’t think the bull market for crypto is over personally. Quite a few reasons that are not for people with. But suffice to say, I still think it’s got some leeway to grow.
[00:00:30] All right. I’m not a financial advisor.
[00:00:32] By the way, this is Denzel Leaders, the podcast where you get to go one on one with emerging leaders in history. Your highs and lows include Saline King.
[00:00:58] It gives me great pleasure to introduce James Martin to the latest podcast and a different twist on dentistry today. It’s all about investing. James Martin is set up a group, what was it, six months ago?
[00:01:11] Yeah, well, I don’t even think it’s six months quite yet. And yeah, it seems to have somewhat expanded over time. And it’s all centered around dentists and their finances and investing, just as you touched upon there a minute ago, is still sinking in for me. This is quite got to the level that it has. But I’m loving. It is great.
[00:01:31] So dentists who invest is the group and I think we could all do with a bit of advice or help or direction in how we can make our money work a little bit harder for us. So, James, we usually start this off by just sort of asking how you where you grew up, but in your background, how you got into dentistry and then let’s go onto the investment path.
[00:01:51] Totally. Guys, thank you so much for having me. First of all, I’m looking forward to this one. I have my own podcast, but it’s nice to be to show you to be on the other foot a little bit and not take the lead for once and just speak a little bit about myself and get to know you guys. But yeah, sure thing. So I don’t know if anybody’s detected the accent or not yet. I think it’s somewhat when since time. But I am originally from Northern Ireland, so I spent the first 18 years of my life growing up over there. And I then came to Leeds in England when I was 19 to study dentistry. I’m not one of these people who how can I say I don’t know if it was my calling to be a dentist, or at least I didn’t at the time. But I do really like it. And I must say, but I have had this strange journey where it’s kind of ebbed and flowed. I’ve been the guy who loves it. I’ve been the guy who’s less enthused about it many times. But I’m happy that where I am at the minute in life, I do quite like it. But yeah, I came to Leeds in I think it was two thousand and eleven and I don’t actually ever really been to England once before that. So it was a bit of a leap of faith for me. But best decision I ever made, you know, coming to England, seeing it’s quite a different culture from Northern Ireland. I think the people are quite different. It took me a while to adapt. Most definitely. When I go back home, I speak like the queen, according to my granny. But I think that accents are all relative, you know what I mean? Whereas over here I’m like definitely a foreigner. So it’s a bit of a curious one.
[00:03:20] Is that outside of the accent? How do you how do you see a difference through the cultural differences between one hundred percent, the sense of humour, one hundred percent, a sense of humour.
[00:03:31] You know, Father Ted. Yeah. Yeah. That is like the zenith of comedy in Ireland. OK, and whilst I’m not saying that people in England, you know, they don’t get it or they don’t like it, but I don’t know if you quite call it the pinnacle of comedy, this very there’s other things like I don’t really know. I think I really like Peepshow. I think that’s the pinnacle of comedy. I think that’s awesome. But I also like only fools and horses. And to me, that’s the quintessential idea of British humour. And maybe I think that I’ve evolved a little bit as well, because I’ve been over here for so long and I used to not really get only fools and horses when I was I lived over there and I find it quite funny. I’ll put it on just out of interest just to watch it.
[00:04:19] And then also, Yorkshire is the Texas of Britain.
[00:04:23] Yeah, it’s definitely got its own kind of. Yeah. Culture and what have you. Do you know what I found out about Yorkshire culture the other day of what that cheese called? Oh my God. I’ve had a lot of drawing a blank that cheese. And you eat it with the Christmas pudding. Yorkshire cheese.
[00:04:42] No, no, it’s it’s got wensleydale. Yes.
[00:04:48] That freaked me out. That freaked me the hell out. When I find out that you eat that with you with Christmas pudding. I’ve never seen it in my life before.
[00:05:00] It’s not a thing outside of Yorkshire, listen.
[00:05:04] Wow, I thought I thought I understood you guys and then I saw that and just go right back to square one. Back to square one, hand on heart. I’d never seen that before. And maybe that’s me. I don’t know.
[00:05:18] Or maybe that’s just Yorkshire people saying, I really, honestly don’t know that the funny thing about accents, then you go, oh, in the same spot like the Queen. So I grew up in a place called Lake Fiqh, Mancunian accent and then go off to uni, come back and I’m chatting away to my brother on the phone to one of my mates to Oxford and turn to like posh individual. Right. So super posh accent. And then at home, like, I’ll speak to Peyman quite a lot at home. I’m speaking like this, I don’t know Mancunian of whatever I speak to penlight. You turn into a posh you know what, and I’m like a chameleon to my accent, just sense to change. And even on this podcast, you’ll probably find there’ll be some very posh prep and somewhere is Northern Trust. So it’s these things all a bit odd for me.
[00:06:08] It happens. We all do th=at to a degree. I’m with you on that one. I do that to what we like. As a dental student, I was not that committed to dentistry. I was very much the archetype of a student and not I like to go out. My main priority was on the academic side for the first three years. And then I really realised that when you hit fourth and fifth year, the work goes up quite a big notch. And I recognized that I needed to up my game and then I just became fully embroiled in it. And that was the point where I started reading all our books about dentistry, going to extra lectures where there’s opportunities to have them. And maybe I got I got loads more interested in it towards the end. Where are you right now, your associate? Yes, that’s right.
[00:06:57] Ok, so tell us about how this investment so the journey started.
[00:07:02] Yeah, cool. Sure. So I probably did investing the wrong way round in that I traded before what I tried to trade didn’t go very well before I actually started thinking about long term investments, which is the clever way to do it. But that was born out of my total fundamental lack of knowledge about what I was even doing. Quite so. Quick question that James trading long term investment. Just break down the basics for me. Yeah, sure. So I guess an investor is someone who seeks to tie up their money in some sort of asset and look to the very, very long run to gain their profits and accept that there’s a possibility that it may go up and down. But their fundamental philosophy is that most assets go up in value over time for reasons we can go into later if you if you’re interested, so that that is their fundamental philosophy. And people will do that with index funds, bonds, gold, stuff like that, crypto less. So it’s less well established, although I think with Bitcoin it is possible to do that. But anyway, that’s the story for another day or perhaps later on for interest. And then the other thing I was going to say, trading is someone they basically seek to increase their capital over a very short space of time. So you’ll invest with the idea that something is going to go up or if you’re going to short something that is going to go down in value maybe quite soon. So if you’re a day trader, maybe it’ll be the same day. If you’re a swing trader, maybe that’ll be over a few months, or if you’re slightly more a long term holder, then maybe that’ll be a few weeks or so. Maybe that’ll be a few months to years, maybe something like that.
[00:08:41] So you started off trading. Did you lose some money? Did you get any highs? Lows? Did you think you.
[00:08:49] Yeah, well, there was there was a big low. There was a there was a I got into crypto when Bitcoin was on the news the last time it got really big and there was a massive bull market which was towards the end of twenty, seventeen early twenty eighteen. And my story was that I’d heard of Bitcoin. My friend had it in university in twenty twelve and I think he regrets that he didn’t hold it. I think that was one of his biggest regrets in life, that he didn’t hold it because I remember it being two hundred and fifty quid and I remember we were all laughing because we just thought that was extortionate to mean. And yeah my friend had it in university. That’s when I first heard of it and I first heard of the price and it going up and I didn’t really know that much about it or what it was and that tickled my pickle or that kind of got me thinking about it. And then I didn’t really think a whole lot about it for a long time.
[00:09:46] And then when we got to twenty seventeen, when there was this massive bull market and it basically culminated with Bitcoin being on the news quite often being on BBC and people saying things like. It started out in January that year, I think it was about eleven hundred dollars, twelve hundred dollars and it became twenty thousand dollars before the end of the year. And people were saying things like, how much can this thing continue to go up? It’s insane. It was in the newspaper. It had reached that peak saturation where it had culminated in general retail buying. So people who don’t necessarily know that much about investing were getting in. So even at the time, I knew it was a bubble. I knew that it was going to pop basically, and that it couldn’t continue to go up a lot more than what it had done already. So I thought to myself, OK, I know this is a bubble. I’m smarter than this, right? I’m smarter than this. OK, so I’m going to wait for the price to go up a lot.
[00:10:42] Then I’m just going to let it go down and then that’s when I’m going to get and I’m going to buy. OK, but the trouble was I had no idea how long the bear market that follows a bull market in Bitcoin is, and it’s usually about three or four years. OK, so I just thought, yeah, a few months will be all right. So I kind of bought this and I didn’t quite buy it at the peak. Then I held on and I held on and I did everything wrong that someone who’s trading it will try to do. I didn’t put a sale order in. If the price went past a certain limit, I became too attached to a particular crypto because I got emotionally invested in it. That crypto was XP and also another massive red flag about a newbie investor is if you know even a tiny amount about crypto, you’ll also know that XP is not really a project that a lot of people trust. So as far as the rookie mistakes go, it was like I had a big lesson. I was just taking them all off. But I didn’t even know that at the time. And I wish I would have just sold it, to be honest, if it’s a total waste of money in the end.
[00:11:49] And then I wound up transferring most of it to the wrong wallet and I lost it basically. So, again, another huge a huge no no. Another huge mistake. So that kind of got me thinking. And I thought, what separates these people who know quite a lot about crypto and they’re able to make money versus me is obviously a knowledge gap. I’m not inspired this journey into reading and learning about what money is and what crypto is, because if you know what money is, crypto starts to make a lot more sense. And then it just went from there. And I don’t just buy crypto. I don’t think that everybody should put their life savings and crypto. I do enjoy trading it, but that’s just my inclination or proclivity, I suppose. But what I do is I do some investing as well. I buy indexes, bonds and gold, OK? And those are things that you can seek to increase. You can seek to use to increase your capital over time and possibly act as a pension fund. But again, it all depends on your beliefs in the market. Hope that was a good answer I found, because I felt like a wall of water down there.
[00:12:52] When you said you went from being a total amateur to it sounds like you kind of know yourself. Now, if I was a total amateur, I wouldn’t get involved in investment. Have you got a few resources like books and things that you should read?
[00:13:07] One hundred percent, one hundred percent, and you’ve hit the nail on the head when you asked me about resources, I think books are the ultimate resource because of how much information that is condensed into. It’s basically distilled knowledge from an expert. And yeah, you can watch YouTube videos, but you’ll never know until you start reading a lot of books. But it may maybe your knowledge just won’t be as farsighted. I think personally and I like physical books as well, because what you can do is you could put Post-it on them and then what?
[00:13:36] What are some books like? What would be a good starting point was a good book.
[00:13:39] Yeah, sure. So yeah, one of my favorite books. I like the physical books because you can actually put posters in it and my favorite book of all time, people are going to start thinking that me and this guy have some sort of business arrangement because I talk about it so much. But It’s Hard on the World by Andrew Craig. And the reason why that is such a good book is that it presumes that you have no knowledge beforehand of what investing is, what money is. All of these things it talks about what the limits, why there are massive drawbacks in keeping all your wealth in cash, which I was one hundred percent that person before. And it talks about how the stock market and certain investments because of high cash is created and printed over time. They’re inherently predisposed to go up in value. And you can take advantage of this effect to multiply wealth and have a pension pot when you’re older and it’s hard to do it safely. And he actually makes the point in this book that it’s actually safer to diversify than it is to keep all your money in cash, which kind of flips on its head when most people look at it. And that was a mind blowing thing for me.
[00:14:47] So I’m going to ask some silly questions because I’m totally cool. People always say diversify your portfolio to limit your risk.
[00:14:56] Does that not limit your upside to a can?
[00:15:00] But I think you have to look over what time frame you want to draw profit. OK, so someone might come get me get rich quick.
[00:15:08] Yeah, yeah. We’re on the same page. Nice one.
[00:15:12] I think the thing with that is the problem is you have to have a plan before you go into it and you have to think to yourself, over what period of time am I likely to make some money or over what period of time am I expecting to draw some profits? It so let’s say if you’re someone who’s a trader to actually create something, I don’t think a lot of people realize just how much time you have to spend monitoring it and setting trade alert. And it’s basically a black hole for your time, and especially for a lot of a lot of people listen to this will be Dentists’, OK? And we’re already time per people the number of hoops we have to jump through just to be a dentist. And when you kind of keeping patients happy, et cetera, et cetera, it’s very difficult to do, I think, personally. So I think what you have to do is you have to say to yourself, over what period of time am I looking to draw a profit? And if you’re not thinking about doing that in the short term, it’s easier to spread your risk and diversify. Does that make sense? And yet you might be the person who buys a lot of stocks and you might get very wealthy.
[00:16:13] But it makes some sense. It makes some sense. But let’s say I let’s imagine I think Bitcoin is the thing to invest in. Yeah. And this AFCO one hundred thousand dollars to invest and you come to me say the whole hundred thousand in Bitcoin, thirty thousand in Bitcoin and then spread to other seventy thousand of course homes and stocks and properties or whatever. Yeah. It’s my information was right that Bitcoin is going to go up. Only thirty thousand of my cash is going to understand the downside risk. But surely the upside is.
[00:16:43] Well it is, but then it’s about capturing the right train at the right time, you know what I mean? So you’re quite right. I think Bitcoin is probably going to rally for a few months more. But the bear market that follows Bitcoin, it usually draws down 80 percent in value. So, yeah, I do see I do see entirely where you’re coming from. I think at that point you have to a know a lot about the particular asset that your investment and know when to get out, which not everybody does. And B, also just cross your fingers a little bit because investing is a bit more of a well, there’s there’s a risk to that, isn’t there? It’s not a guarantee. Whereas if you if you spread it across other things, then you don’t have to be that involved with how you manage it. And that’s why it can be beneficial for most people. And remember, the goal is the goal is just to make money overall long enough over a certain period of time. The goal is not even to be the best. The goal is just to be better than cash. Does that answer your question? I hope it does.
[00:17:41] Yes, I think it does, and I’d like to just dig a bit deeper into Krypto James because until I read, I read a book called The Bitcoin Standard, and until I read that, I thought crypto was some darker a load of bollocks, basically. Yeah. And then I read that and the whole money story as well. Right. How it was the value of money, how you print more, you devalue fiat currency, et cetera, et cetera, and how valuable something like Bitcoin could be. Now, to me, I’m one of these people who super detailer and say I’m not the sort of guy who’s just going to chuck a hundred grand into Bitcoin without knowing it inside out, or at least so. So I’m spending a lot of time now reading books, watching things, etc., but I’m still incredibly wet behind the ears. What I’d like you to do is just give us a give us a summary of, first of all, what Bitcoin is, why it’s going up in value. And then also just a bit of insight into these old coins, so to speak. So all the coins and I’ve heard people do in 10x hundreds on these other coins, but everyone’s just talking about Bitcoin.
[00:18:52] I think the biggest to answer your question, I heard a really nice description of how Bitcoin works the other day, which ties in the fundamentals of what it is, but also it’s in a kind of a way that we can relate to. So if you think about a bank, a bank has a ledger in it. And let’s go back to what the sixteen hundred is. When we had Italian banks that were first kind of gaining traction, whatever. So in the bank, you’d have a big book called A Ledger, OK? And in that ledger there would be a scribe. Maybe there would be a back up of the ledger. I don’t know, something like that. Just so that they could compare it. You’d have a person who would write down Mr. Jones or is this much money? He’s just given someone else this much money. Now he has this much. All the transactions were held in there and there needed to be a record of that because no one could retain that information. All right. Now, imagine a modern bank that stored in a computer, OK? The transactions, the how much money there is in every according to what, et cetera, et cetera. It’s all on a big computer. OK, now what Bitcoin is take that computer, make it into many computers that are spread throughout the world that are all talking to each other and confirming this ledger at the same time. And also that no one owns because it is decentralized, of course. And that’s what Bitcoin is. I hope that does not make sense for of people. And I think that’s the nicest way of explaining it succinctly.
[00:20:19] Yeah. From from what I’ve read is that the block chain is essentially the ledger. Yeah. Which is a record of every single transaction that’s there for life, as I understand it. Yeah. And the whole decentralization of it is basically you’re not tied down to NatWest or whoever it is, it’s and it’s run by an open source community of miners or computers or whatever you want to call them.
[00:20:49] So there actually is a five man team that the guy, Satoshi Nakamoto, the alias of the individual or people, group of people who created it, passed on the rights to OK, so but the miners have the say as to who implements the software because it’s and it’s just it’s consensus. So you’d have to get the majority of miners to agree to a change as well. Makes sense. Yeah.
[00:21:17] So I think to answer your question, the most amazing thing that I learned about money that allowed me to make a lot more sense of what Bitcoin is, was the fact that money only so money when I spend money, I mean pawns on a currency, not gold and silver, which can also be money, but I mean specifically currency. Once upon a time, you could trade your currency. A British one British pound is a pound of gold. That’s what it was. OK, they changed that in nineteen fourteen. They unpegged the value of the point to the gold to fight Germany. They needed more money but they didn’t have enough gold. So when you know that, that only retained its value because people after that the pound meant nothing, OK, they had Bretton Woods, which was something slightly different, but that’s now gone.
[00:22:07] But after that point, there’s no actual value that that has, apart from the fact that other people agree that it has value. Do you see what I mean? Because if you go to a bank, you can’t get gold. Gold is the fundamental money. And again, people only think gold has value because it looks pretty. It actually has very limited use. So value is something that’s actually more of a consensus in society. And when you know that when you know that value comes from consensus, why can something like Bitcoin not have value as well? Which is suppose? To be a in a deflationary inherent store of value over time, do you see what I mean?
[00:22:46] Because no one can arbitrarily created Silver Strip from understand obviously with gold scarcity as well, I assume plays a big role in its inherent value. And then, as you mentioned, with the gold standard that you used to be able to assume and walk into a bank and say, I can have my gold worth in this right.
[00:23:05] I promise to pay the bearer on demand the value of one pound of gold. That’s what it said on British banknotes. But it doesn’t anymore.
[00:23:13] Yes, but it doesn’t. And so you could back that up. And then. And now. Now it’s like you say, it’s been unpegged. And what is the value in Bitcoin? It’s scarcity as well. The fact that there’s only, say, twenty one million coins.
[00:23:28] Partly, partly so.
[00:23:30] There is five things that people attribute its value to. So scarcity is one of them previously speed of transactions, cost of transactions because it’s cheaper. And then you might also say, well, scarcity is the fifth one tied on talk our store a store of value. OK, so those are it’s five use cases as such.
[00:23:54] What about crime? About crime with the with this digital currency? I’m sure this is it’s a really good way to wash money.
[00:24:03] Yeah. I mean, ultimately, bitcoin is only psuedo psuedo, private, OK, because you still have a publicly available address, which if someone takes hard enough, they can find that it’s linked to your IP address. So then you have to get into virtual private networks and things like that. Inevitably, there is going to be some people who use it for that means because it’s a peer to peer system. But I think that with dollars as well and porns, you’re always going to get those bad actors no matter what I feel like, because Bitcoin has been around for so long, it legitimizes itself longer and longer as time goes on. I think it’s inevitable that you’re going to have some bad actors involved with it just because of what drew you back to.
[00:24:58] I’ve never invested in have a list of no investment.
[00:25:03] Now, what do I have to do but just break that down for someone who’s never done it before.
[00:25:10] What does someone like me. Sure, sure. Sure, sure. So I think the first thing to do is, is to work out how much you are prepared to invest just broadly, not just in crypto, and then only attribute a small portion of that to crypto because no one ultimately knows where it’s going to go. And it’s best to diversify, of course. So a rule of thumb, just shooting from the hip. Maybe you might like to have six months to a year off cash reserves that you can use should there be a rainy day, should you lose your job, et cetera, et cetera, just so that you’re protected? I mean, even though cash has all these issues and problems that we that people in the Bitcoin community philosophically disagree with, the fact of the matter is, if you go to the shop, they don’t ask for Bitcoin, they ask for points, you know what I mean? At least for the time being, and spread your risk, of course. Then after that, you might say, alright, well, I’ve got my cash reserve, my emergency fund. Maybe I’ll look to invest and grow my money over time, which is fine. And then you might like to say, what’s my risk profile like? What am I expecting to get out of crypto? Am I someone who’s going to go in and get when I think that the the bull market is over, which it probably will be in about six or seven months, it usually rallies for ten months after it breaks its all time high.
[00:26:28] We’re already about two or three months into that. OK, so are you someone who’s going to be monitoring it and try to take some of your money off the table when you think it comes to the end of the bull market? Or are you someone who wishes to buy it because you believe in the long run that this is going to be the global reserve currency? This is going to be something special, and you wish to own a part of that and you wish to protect your wealth in that fashion. There’s a really interest not to go off too much of a tangent. There’s an interesting website called Block Fine, which you can get a loan in cash, OK? And you can use your Bitcoin as collateral. And because it’s a loan, there’s zero tax on it.
[00:27:08] So say I put up one Bitcoin, I get forty thousand dollars for it. That’s my loan. Obviously I pay that back with interest on it, but pay it back with interest on it. I still have my bitcoin, OK, and then I can just use that bitcoin as collateral further down the line, which is really interesting. So this is something that’s quite ushe. I only became aware of this about six months ago. So you might say to yourself, actually, I want to hold Bitcoin long term and use it as collateral for loans. I really I don’t know or you might like to say, actually, I believe in this as a pension. I wish to hold part of this on this for for this.
[00:27:42] I’ve decided I’m going to buy some Bitcoin. I’ve got my 50 grand. What I do next.
[00:27:47] Ok, fair enough. The kind of meat and potatoes we actually logistically do. OK, fair enough. So I would first of all, find a reputed website on which to buy it. I personally like the website Cracken, so it has a UK based, has got a UK outlet or branch or whatever, and you can send Pynes to it, you can buy Bitcoin directly in point. What I like as well is that when you take your money, your bitcoin out of the exchange you pay for, well, you don’t pay a percentage, you pay 10 points and it’s capped at that limit. So if you’re putting over a Grendon, then you begin to benefit from that arrangement at that point, because normally it’s only one percent are normally they will charge you one percent to withdraw or not point one percent in those realms. So Coinbase is like one percent, which is quite high finance and things like that are usually like point one percent to withdraw your Bitcoin. So your benefit from an economy of scale at that point. And then you can just put your Bitcoin on a wallet.
[00:28:50] What does that mean? It was actually a wallet. Yeah. So a wallet is just a digital literally just a digital wallet, a digital kind of place that you can access your bitcoin from, which only you have custody of, not the exchange, because there has been cases in the past where exchanges get hacked. The reason I recommend cracken is because it’s never been hacked and it also has bank tier level security. It’s recognized as a bank and you US law. You can only get this legal status when you have a certain level of cybersecurity. I don’t, to my knowledge, know of any other exchange that has not and therefore it is to surface. Some people are content to leave it on an exchange. That’s that’s just a philosophical kind of maybe like a difference there. Some people the true the hardcores on the people who, while they see Bitcoin more from the point of view, have taken back control, those people will never be content to leave it on an exchange. So then that’s a USB drive, then a cool wallet is a USB drive. Yeah. So that’s considered the highest level of security because from your public address there is another sixty four digit on letter Freers, which is your private key. You can turn a private key into a public address, but you can’t figure out you can’t unscramble a public key to figure out a private address.
[00:30:17] OK, so this private key that you have, this is yours. You never share that with anyone. And that is your password to access the block chain where your crypto is stored. And the reason people really like called wallets is because those are not private key. That never leaves that wallet, whereas most wallets, the private key is actually stored on the computer. So if someone has is able to hack your computer and you don’t have a strong enough security suite that can, in theory, take your Bitcoin. What happens if you lose your wallet as long as you have the private key, which you would always back up? So what they want most wallet providers do is to give you a 20 forward seat phrase. You write that down because otherwise is just sixty four letters and numbers of gibberish, you know what I mean? It’s just something a bit more tangible. And then from that, they make you calculate your private key on the wallet. But it never it never leaves this little USB drive. The computer just uses the wallet to access it. It doesn’t actually ever get that information. And that’s why it’s called wallet. And they’re considered to be the safest.
[00:31:26] There’s some examples of questions you’ll get you get you must be getting a lot of questions from Dantas, right? Yeah, and I noticed you said, of course, for Bitcoin buying Bitcoin as well.
[00:31:37] Yeah, that’s a work in progress. Is that one of the first two making, of course, is a lot of work.
[00:31:43] Well, I kind of I realize now I have maybe bitten off a lot more than I could chew.
[00:31:48] I think as well as just when I want to make it of a good standard that people are going to actually learn. And it’s kind of one of those things. It’s almost like a black hole. And I think I’m in danger of maybe putting too much information in at this point. So I need to just figure out how can I make this really useful, but also make it still accessible to most people. And it takes time. It really does.
[00:32:12] What would you say? What would you say the most common mistakes that people make when it comes to investing?
[00:32:18] I would say so. Broadly speaking, investing, trading, investing, whatever you like. I would say the very first thing is to have an idea of what sort of time frame you want to get your money out, OK? Because if you go into something and you know that you believe that inherently it’s going to go up over value over time. The S&P Five Hundred Index in America created in nineteen fifty seven on average, went up by 10 percent every year on average. All right. Now there’s going to be Dawna’s obviously, but on average, it went up 10 percent every year. So when you know that piece of information, you are so much more immune to the negative, the negative press and the negativity that’s chucked at you because you’ll go into something and you’ll say, OK, I have a Daunia, OK, is two in it. And Wall Street went went to pot, whatever.
[00:33:09] But you’ll know that if you wait a long enough time, you’ll be able to increase your money. So for me, if I go into something and I know what I’m investing in and I know over what period of time I want to draw money, then I can draw a lot of.
[00:33:25] Yes, I won’t lose any sleep at night. And those mistake people make. What you’re saying is, first of all, is to define that period of time. Definitely. Absolutely.
[00:33:36] Yeah. Time frame. Biggest mistake, I think, as well as that is not being prepared to understand just how much you have to monitor something to understand its daily price fluctuations and maybe expecting that you can be ready to make a quick buck. But again, not really having an idea of how much you have to know about something to do that I think is all about picking one asset class and just learning the absolute hell out of it to make money and having an idea of just how much time you have to spend front of the computer to do that.
[00:34:05] And if it’s a dent, if you’re a dentist and you probably don’t have that much time, then understanding that I’m not trying to be that person.
[00:34:13] And I can imagine moments where you’d be caught in the middle of a long ground threat and missed some moment in the market, also some lawsuits.
[00:34:25] And I recently read a story from Robbie Burns Naked Trader book, the one about spread betting. Spread betting is not for the faint of heart, let me tell you that. Oh, my God. If you have a professional account, as they’ve recently changed the rules, but you used to be able to do this with an amateur client. No, it’s just a professional. So it’s a little bit more ring-fence. But when you trade on leverage, your risk is unlimited. Your risk is not just the money that you put in. OK, so if you if you buy 10 grand of shares and you have 10 leverage, then if that moves 10 grand against you, then you’ve literally you’ve lost 100 grand. And yeah, they’ll collapse your trade after a while, but not before you have a lot of money. OK, now I was written about some that it actually was a dentist as well. He specifically mentions his friend who was a dentist in his book, and he managed to lose something like 70 grand after a one hour dental appointment because it moves so fast against him and so hard that his stop loss, it didn’t even trigger because there wasn’t enough buy, there wasn’t enough buy orders in the market, which can hardly be guaranteed. Well, yeah, that’s it. Apparently you can take a box to guarantee it. And he didn’t take it out, but it’s safe to say he did take that box. And while that’s the sort of stuff that I don’t I don’t have the nerve to do stuff like that, monist Brad Batton is probably not for me, really.
[00:35:55] I mean, the clues, the clues in the name, like betting.
[00:35:59] Betting. Yeah, that’s it. Yeah, that’s it.
[00:36:02] So listen, but if you you’re an associate now and most associates would be I mean, let’s face it, no one in investing is have some money to invest. Right. Spend spend less than you earn most to be doing fine. You, the ones who invest will be doing that number to someone like you. OK, most associates would be looking to start taking practice or whatever. And have you had to look at that? I mean, you know, looking at the way you’re thinking now, starting the practice is going to take a lot of your time. And I guess it’s a risk return kind of question I’m asking. But, you know, if you just say you’ve saved two hundred grand, you could put that into practice. You could put that leverage it onto the property, you could buy some Bitcoin or whatever. Have you thought to yourself which way you’re going to sell?
[00:36:57] It sounds like you know why it’s so curious that you asked me that? Because I was just thinking about this yesterday. I personally don’t think I would like to own a dental practice. And it’s something I’ve been weighing up in my head for quite a while. And I think if I was to look at things in terms of return on investment over a long enough period of time, I first of all, don’t think that that would be the most effective place that one could put it for a lot of people. And I think that they’d be surprised to learn that once they start reading just what you can do with it, when you have a little bit of knowledge and good on an expectation of what to what might happen. Now, that’s just for me. Other people might be different, I think, as well as that. When you run a dental practice, the people management side, there’s so many moving parts in a dental practice.
[00:37:52] It just seems to me like it would be very frazzling for someone who owns it. You have to keep all the dentists happy people. The nurse is happy and you have to keep your patients happy. And by the way, there’s thousands of those, OK, you know what I mean?
[00:38:04] There’s so much regulation. It’s like it’s like a hand on your neck. It’s like I can’t see that getting better any time soon. And I just think even if I could and let’s turn that on what it’s head turn on its head. What I was saying just a minute ago, even if I could make less money from investing versus owning a dental practice, I think the lifestyle than investing really sensibly in stocks and things over a long enough period of time and having an understanding of that, the lifestyle out of Fauji is there’s a big argument to be made about that in itself, you know what I mean?
[00:38:40] Taking back your free time, et cetera, et cetera. And these are just conclusions that I’ve come to. People might be listening. I’m I might even be wrong. I don’t know. I just think from the lens and perspective I have on it at the minute, I just don’t think it’s for me. I’m always going to be happy. I’ll be a dedicated associate, you know. And honestly, I really love dentistry. I love it. I love doing a good job.
[00:39:03] Almost like two, three years out of university.
[00:39:07] Just over five, actually. No, no, I beg your pardon. Just coming up to five.
[00:39:10] Just come over up. That might change for you as well.
[00:39:15] Thank you for the journey back. The journey, isn’t it? And I might look, I might change my opinion totally six months time.
[00:39:21] The reason why a lot of associates become principal example is to do so little time to control. And if you’re happy, you also settle in long term associates. Sometimes we’ve seen on this podcast about the superstars who want to do their own marketing and control their own destiny in that sense. But I mean, I’m interested in this journey that is gone down now that you’ve decided to become an expert so quickly. I mean, as far as I can remember, last time Bitcoin was a twenty thousand day before yesterday. Yeah. Are you that kind of person that you jumps deep into things?
[00:40:09] Yeah, I am. I am. I think I feel like for me, I’d rather concentrate on the two things that I’ve spent most of the last three or four years learning about or dentistry and investing know. And I feel like if you’re going to for me, if I want to do it because I realize the power of it, I know if I put a lot of effort in that, it’ll be worth it on my behalf. And I feel like as well, for me personally, I’m very conscious that I’m only twenty nine and there’ll be people listening to us who are old, had no say. What does this guy really know about investing? I know what the books say, but have I been investing for so many years that I’ve made millions from stocks and shares. I can never say that to someone, but all I can say is that I have met people who’ve used these principles who are much older than me, and they have got to where they want to be in that respect. So if we can’t go off evidence like that, I don’t know what we can go off. I feel like the crypto thing is when you’re maybe someone more of my generation being my age plays into your hands a little bit more because you’re perhaps portrayed to be more ofay with computers. And that’s not why I went down that path, persay. But I feel like maybe that’s why that my who I am, it’s sort of helps in that respect a little bit about knowing things, about crypto and trading it and et cetera, et cetera.
[00:41:42] James talked to me about portfolio or what you would consider to be a safe spread of portfolio. And I want you to talk particularly about tax wrappers as well, because Dentists’ right. No matter what gains you’re going to realize, more often than not, the top end of the of the tax bracket. Right. As as a practitioner or as an associate, you’re going to be paying at the top end of the market with tax. So just talk to us about how you can sort of maximize those gains and minimize taxes in the best possible way. But also as a modern portfolio, let’s say you had 30, 40, 50 grand a year to invest. What would what would be a safe long term portfolio look like percentage so much in stocks and shares in the S&P 500 and how that can be maximized so that any gains that you get, you minimising the the downside on the tax code.
[00:42:43] Fair enough. So first of all, if we look at what a portfolio is, different people, different people will want different things out of it. So let’s look at someone who’s my age, who’s twenty nine. My priority is to grow my capital because I haven’t worked for as long as someone is 50 and 60, I won’t have as much money as someone like that. And as well as that, I’m able to take more risk even over a period of the medium term, maybe five years, 10 years. So even if there’s a crash, chances are my money is going to recover because of what we said earlier about the S&P. Five hundred it increase in 10 percent every year over time. What if I buy in at two thousand and it you know, it didn’t recover again for however many years after that. So for me personally, my portfolio might be geared, geared a little bit to more towards risk than someone who’s a little bit older than me. So there is a rule in investing. Now, this is just a broad rule. It’s called the rule of one hundred. So you might say you take your age and you say my age is the point of the percentage of assets that I want to put into lower risk investments and the number that’s left over from deducting it from one hundred. That’s the figure that I’m happy to take more risk with. So for someone like me, it might be 70, 30, and I’ll say, OK, 30 percent in bonds, 70 percent in stocks, something like that.
[00:44:04] Because stocks can fluctuate more in the medium term. They still go up in value long over long enough periods of time. The. Don’t forget, you also get dividends from stocks as well, which you can reinvest to OK, and bonds, maybe I’ll just want to preserve my capital a little bit. So, again, I feel like that’s something that we could go into a huge amount of detail about. But I’ll draw a line under that there and just say that for people who wish to invest, it’s more by having an idea of what you want to get out of it, bearing in mind and bearing in mind your risk profile and bearing in mind your age. I hope that was sufficient for that one, because I feel like I could I could talk a lot more on that. But there’s two other things that I want to flesh out there. You’ve asked about tax wrappers in the U.K. We have this amazing, two amazing tax wrappers called a sip called and I called ISA accounts. OK, now there’s different types of ISA, but I think that one that everybody should own is a stocks and shares ISA or maybe most people should own stocks and shares ISA and a stocks and shares ISA. You get taxed before you go in because it’s your income tax and what’s left goes into your cash, goes into your stocks and shares.
[00:45:20] Isa, you can put up to 20 grand a year in ISIS. Anything you make in that isa you can make wild profits, you can make a million and that isa and it’s all yours because it’s all free. OK, I don’t know if you guys have an ISA. I do. Yeah I’m afraid so. We NICE’s though. Can you you could buy exposure to crypto which is something slightly different but you cannot anymore. OK, so recently there’s been a ruling by the FCA on something called Contracts for Difference, which is owning. It’s equivalent to saying I give you something that is imaginary. And that used to be how people get exposure to crypto through those ices. You can’t do that anymore. So to my knowledge, there is no way that you can gain exposure directly to crypto through an ISA. However, you can buy companies which mine crypto and own crypto, and those prices tend to rally and fluctuate with the crypto market. So one that there’s been a lot of hype around is one called Aagot Block Blockin. And I wish I would have bought this thing a lot sooner because it’s went up a thousand percent since about six months ago, which is crazy. OK, I still don’t think the bull market for crypto is over personally. Quite a few reasons that are not for people with. But suffice to say, I still think it’s got some leeway to grow. All right.
[00:46:46] I’m not a financial advisor, by the way.
[00:46:49] There’s no dispute on that.
[00:46:52] But I’m just saying there is another one called Riot Block Chain, which is a similar company. They don’t have quite as much as Aagot. And there was another one I was on I that I only learned about the other day. But the name escapes me, but I haven’t actually invested in Riot. I have got a little bit of Aagot and I was slightly late to the party, but I still have some money.
[00:47:13] I do plan to get out of Aagot before that becomes well before the end of the bull market. I am very conscious that I’m not actually buying Bitcoin, I’m buying a company and to put a lot in any one company. Well, what if the company goes to pot? What if something goes wrong there? I’d be I’d be very careful about that, you know what I mean? But it’s a nice way to spread some risk, definitely. So that’s one thing that I hand on heart think that most people should own a stocks and shares ISA as a first port of call us to invest in. On top of that, you do get twelve thousand three hundred capital gains allowance so you can always invest and take advantage of that. And until you make twelve thousand three hundred in profit, then you won’t owe any tax. OK, and then after that you do have something called a sip self invested personal pension, which is something that it’s got a slightly different erm compared to a stocks and shares isa, because the idea is that it’s supposed to reduce your tax. So when you get into the additional rate tax band, which is like one hundred and fifty grand, it becomes a lot more efficient to own that. However, there is something where an accountant will have to, you’ll have to ask your accountants on this one. But when you earn I think it’s roughly one hundred and twenty thousand, I can’t remember the exact figure. Something weird happens that your personal lines diminishes. And when you get to that point, you actually only for every point that you earn, you only get thirty three P someone told me. So if you’ve got your SIPP because you can use your SIPP, you can put money into your set and it reduces your, your tax band or how much you’re expected to pay in tax, then it becomes that much more efficient to use it at that point than it does prior. So again, something to talk to your accountant about, definitely worth thinking about. I think a stocks and shares ISA for most people is your first port of call.
[00:49:08] And then when it comes to stocks and shares, the average Joe, even me. Exactly what I’m doing right, so well, what do you invest in? You get lucky and stick your shares in Taslim about a year ago. I wish, I wish a lot of people I know go to I can try and get them to run a portfolio for them. What do you do, the same James or you at that point where actually you’re savvy enough to know the highs and lows and make your own decisions and be in control of that?
[00:49:42] There are some people there are some efface that I’ve come across that have this really nice arrangement where you just pay them upfront and then they kind of make a set and forget portfolio, which is a nice arrangement, by the way. And will I ever know as much as someone who does it every day? No chance. OK, so those EFAs are right there. Some of them I have met personally. I do believe they’re very knowledgeable and would probably do a good job and they might save you a little bit of the legwork. OK, the more traditional arrangement is, as you’ve said, they charge you a percentage, OK? Now, the problem with charging somebody a percentage is due to the power of compounding over time. This adds up quite a lot. So there is some I believe there was some figures that I had that I recently was looking at. And it’s something like if you have 20 grand, if you invest 20 grand into your stocks and shares, ISA, you do that for 20 years and you have the power of compounding it is like 12 percent.
[00:50:44] Ok, don’t forget, you reinvest in your profits so you’re making more profits from your profits. And apparently if you do that from your profits and from the 20 grand that you’ve put in, you’ll have one point seven million if you add that that a 12 percent return every year. And let’s say you have an efface figure in there and the EFAs figure is like one, two percent, something like that. If you take that down to 10 percent, then after those 20 years, you have one point three million, which is still nothing to be sniffed that, you know what I mean? But it’s quite a market difference in terms of money there. So all I’m saying is that you can get an IFA. A lot of them do struggle to beat the market. OK, so if we look at managed funds versus active funds, people who add the funds that collections of shares that are controlled by some individuals that make decisions on buying and selling, you’d be surprised at the number of those that actually can’t beat the market.
[00:51:38] So I believe in America, if you have ninety three percent of active funds cannot beat the S&P 500, which is just which is basically just the market over a certain period of time. And it’s because of their fees. And we could draw a parallel between that and a financial adviser. Now, again, again, some people will just be more comfortable with offloading that on to someone else. But it’s less that I think that I know more about that. I think that’s slightly an Oregon thing to say, but more that I think that the cards are stacked in my favor myself. I hope that makes sense. Yeah.
[00:52:14] And the compounding argument definitely holds in that sense.
[00:52:18] And having the knowledge obviously, as well on this on this podcast, we kind of ask the question sometimes about these clinical mistakes for you kind of want to hit you is the best thing to say to me.
[00:52:30] Oh, man. So I don’t want to have a fair amount of money in that krypto that I told you about earlier. XP sent it all to the repo. Yeah, it is. Yeah, yeah, it is. Repo. I sent it to the wrong wallet and that’s a synonym for saying in crypto that basically I’m never going to see this money ever again. And I realized that I’d done it and I just I just closed the laptop and I didn’t mean crypto. We weren’t friends for about a month after that. I just I couldn’t even bring myself to look at it. I was so upset. It was quite a it was a fair amount of money. And what you have to bear in mind is the money that you lose is also the gains that you miss out on further down the line when it does start going well. So maybe you can tell my voice. I’m still getting over it a little bit, but it’s OK.
[00:53:23] It’s OK. Is there somebody out there with a wallet that just got out there for free, but that went up in the precise amount that I that I sent to them.
[00:53:35] Their balance went up that day by that precise amount. Yes, there will be. There will be. So, as I said, possible you go wallet address. Yeah. So I know because so you’ve got a wallet address, the wallet addresses. Sixty four characters in numbers. OK, so if you send it to an invalid wallet address it’ll just get bounced back to you. OK, if you send it to an address that’s valid then someone’s balance will go up so you won’t get it back and it’s gone. Are you with me. Yeah. So I didn’t I know that someone has this because I didn’t get it back.
[00:54:13] How did you even stickied a valid wallet address that belonged to someone else and wasn’t yours?
[00:54:21] So what I did was I copied it and I pasted it into my finance account. But I can only theorize that I must have hit a key at some point or I must have copied and pasted the wrong address, just not really paying attention. I usually do a small task transaction nowadays to understand that I’ve got the right address before forwarding more money to it. But this was when I was a little bit more naive, a little bit went on the years I knew last about what I was doing. This was a few years ago. So yeah, it happened. I learned the hard way. I hope I’ve actually had a few people contact me before who’ve done it. Or you can. What you can also do is you can also send it on the wrong network. And then again, it can while it’s gone really at that point. So anybody is listening. By all means, crypto is a fun thing to do. Please, please, please send a test transaction every single time until you know that that wallet works, because I could have saved myself a lot of hassle if I would have done that in the first place. Or this is why a lot of people don’t like to take the picture off the exchange because they don’t have to worry about transferring it around.
[00:55:37] What about the opposite? What about once when you did a great Trigorin percentage gain that you’ve had on something?
[00:55:45] My best friend, I’ve had a few things do ten times before, a few things. It’s kind of time frame. Yeah, well, see, this is something that I was going to say. So in crypto, I think a lot of people hear about the monumental overnight games, but this was over the course of about two to three weeks. Actually, it was it was Bynum’s coin. It was on the edge of anybody’s listening. If you follow crypto, you’ll know that it’s just went monumental. So I got finance coin when it was thirty dollars and I sold it at three hundred, so I was pretty happy with that. But the key is this is another thing about crypto that I just know when you’re going to get it because that sort of growth is never sustainable. There’s even another one called Cordano or other. And bear in mind, this is one of the biggest cryptos and it’s done close to like a 15 X or even in the space of a few months. And I think it was a 50 X since the start of last year, which is just insane. Unfortunately, I didn’t have that because I didn’t think it was going to go up in price. But it just shows I don’t always have the answers.
[00:56:47] You know what? It it’s always a guessing game. It’s about dentistry.
[00:56:52] Yeah. What kind of dentistry are you, general? Dentists, obviously.
[00:56:57] Yeah. So I am a general dentist. I, I like everything about dentistry, but I hit root canals with a passion. I just hate them so much. I just really, really struggle with them. I’m OK. I’m average at them. I wouldn’t have bothered them to mix practice. So the proximity the minute is private. There is. I’ve been doing a little bit of NHS work just to see their contract on, but they had I think they had a contract for about two thousand Udai. So it really it wasn’t big and there was that was between me and about four other people. So yeah, it’s mainly private, mainly private.
[00:57:38] What kind of work do you do? You do this line. I don’t do one liners. You have never know.
[00:57:45] I’ve always thought to myself, I don’t know enough about ortho to kind of take the plunge, although I did read. Have you read that book, Introduction to Orthodontist Orthodontics by the Yorkshire guys named Simon, something I read that a really good book actually of No one. If anyone doesn’t know the first thing about, although I read that and it gave me enough knowledge to know that I don’t know what I’m doing, OK, so I would be prepared to have a clearer liner’s case. I’d be happy to do that. I made the right patient and I need it to be something really simple so that I can gain a little bit of experience doing it. And we have a guy in our practice and he’s he’s just single handedly taken the practice to Invisalign. Diamond, I think is it is at the top one single handedly. OK, so so needless to say, he gets all the clear eyeliners referrals.
[00:58:45] Sounds like you need to go on. Perhaps. I guess it’s not a sales pitch. It actually is a ball of wax lyrical now. Very well. We’re talking about invested and invested in your career and. No, no, no. I’m quite passionate about the fact that a lot of dentists are scared about. So because it’s no. Like investing. Right. And if I give anyone some. I asked advice about learning also guarantied Crash’s Abebe course and just learn the basics of alignment, Bletch and Bond. But more importantly, one of the key things they talk about, which is something you’ve just touched on now, is case selection is so important. And we interviewed an infant that is still today. And that was one of the things he was talking about as well. That was that was key, right. Is choose your cases to know where your comfort zones are, know what you should be for and what you should do. This is it.
[00:59:44] I just think I’m waiting for that right. Patient and yeah, I’m sure that they will come. I mean, and I like to learn I like to kind of push myself outside the comfort zone. Can I just say one thing about payments in line while we’re on the show?
[00:59:59] And I promise, as I said this, I said this off camera before the show, but I just could enlighten.
[01:00:07] Enlighten. You actually won’t believe your eyes until you see it with your own eyes. I watched those teeth go. I didn’t think it was possible. OK, so on the payment, hats off to the guy is hand on heart is going to sound like you’ve paid me to say this, but I think that you should go. Why? It’s called payment.
[01:00:25] The money. The money. Yeah. I’m going to come to you for advice on honesty.
[01:00:31] Honestly, it really is. It really is something special. And I didn’t believe it until I saw it with my own eyes. They’ve reduced whitening to science.
[01:00:38] And anyway, I’m going to shut up now because I agree with you. It’s an amazing product. But the toothpaste is even better. It’s yeah. Anyway, I’m going to stop this because it’s a non promotional podcast. Otherwise I could watch the recall about and James just say it’s been it’s been great spoken with you. We’re learning from you about investing. If people want further advice or further information they’ve heard of you, why can they look you up? Where can they find your podcast and start getting into this journey of figuring things out?
[01:01:18] So originally, this whole journey started from a Facebook group that I mentioned earlier, the one that I mentioned earlier, which started about six months ago, and that Facebook is called Facebook group is called tend to invest in a community group for dentists who enjoy trading. So the idea of it is that it can be a safe space. The dentist can talk about all things finance, whatever aspect that might be, whether you’re into stocks, whether in crypto, whether it’s even while there’s a lot of content on there that just focuses on running a dental practice, how you can make that more efficient, et cetera, et cetera. It’s all aspects of finance within dentistry as well as that. It’s mainly UK based, which no one has ever actually quite done before. So a lot of the content focuses on people from the UK and specifically, there’s no reason why anybody who is not necessarily from the UK can’t come on there as well. But all I’m saying is that if you’re from the UK, it might resonate and be a lot more interesting to you, because if I’d tailored the content is, as I say, I think what a lot of us dentistry and I’ve been there before when someone who is a financial guru starts talking to me, I almost have my back up a little bit at the start because I know that their interest may not be aligned with mine.
[01:02:36] So providing somewhere that dentist can have this discussion for no other reason than everybody benefits and learns, that is what makes it unique. And if anything, I’m just surprised that we didn’t have something like that in UK dentistry before, because it just seems it just seems obvious and so necessary to me. And I’m going to realise that now three point three, which is crazy. And honestly, I just I actually hung on hard not to get sentimental. I actually blessed that people have decided to come along and use this group in this way. And it’s become so many more other things than I ever thought it would have been at the start. I really didn’t put any more thought into it other than why don’t we have a group where we can talk about finance a little bit and now it’s just evolved.
[01:03:23] And it does seem obvious, isn’t it? I mean, it’s weird that there wasn’t one really.
[01:03:28] Yeah, honestly. So strange. Really strange.
[01:03:31] I’m to start because then I just want to talk about politics and religion.
[01:03:38] Yeah. I think you get what you get. A lot of members are not. I’m trying to ponder me and Domenico who I don’t, I don’t know Dominic but is a good. Well OK.
[01:03:51] Fair enough. Fair enough. And the other thing I was going to say as well. Yeah there is, there is a podcast too and that was born out of the group. And what I’m very careful to do is, is to present information from people that I know that are good and know what they’re talking about versus all the the static or the. Background noise of people who are perhaps involved in finance, but maybe not as good or maybe not that knowledgeable, and it’s a created safe space for dentists who are interested in finance.
[01:04:26] That podcast is called Dentists to Invest as well.
[01:04:28] Yes, you’re quite right. Yet dentists who invest available on Apple, Spotify were also on Buzz. If you Google Dentsu invest, you can find it as well. Posted by myself with various people from finance who are dentists, but also not dentists. And we actually have an interest in coming up called Plan Your Way to Financial Freedom for Dentists, which starts as of yesterday, actually. And we’re making content which focuses on dentists themselves or from dentists themselves who have achieved a degree of financial freedom outside of dentistry.
[01:05:00] And also there are people who are businessmen, etc, etc. just explaining some of the things that they’ve learned through time and a lot of them to be so successful. So it resonates specifically with dentists.
[01:05:13] You know, the podcast, I’ve yeah, I’ve listened to a few episodes, there was a chapel and there was a young guy, he was twenty eight and he’s starting his own tech firm. What was his name? Alex. Was it Alex? It wasn’t that long. It was only about four or five episodes ago.
[01:05:32] Alex. Yeah, I might have I might be totally wrong with the name. I might have sent you on a bit of a wild goose chase, but I definitely remember the guy.
[01:05:43] And well, our podcast always ends with the same question as before.
[01:05:48] Before that question because because it’s been about finance and heavily crypto thing. It just for a bit of fun, James, and no financial advice. But imagine you had a hundred grand. To invest in Krit, so give me the portfolio spread that you’ve got now for the upcoming bull market.
[01:06:13] What would you say to me personally, like a little bit of risk and I’m more into trading it? OK, so I actually really had an interest and I’ve had a few interesting people approached me from the group who without giving too much away, they’re involved in the financial sector and trading crypto professionally.
[01:06:36] And because of that, I’m privy to a few telegrammed groups that they they keep people up to date with what they believe will happen next. And because of that, I’m able to align my trades with those people. Now, if we look at the patterns of where crypto is at the moment, traditionally what happens is Bitcoin rallies and Bitcoin is harder to rally. Bitcoin is not cooling off a little bit. What tends to happen is Ethereum follows and the coins follow after that. Now, yes, we have seen a lot of old coins value over the last few months.
[01:07:07] I still think they’ve got a lot more head space to go. There’s usually two rallies to massive Bitcoin rallies in each kind of bull run. We’ve just seen the end of the first one. In my opinion, Ethereum should follow. If everything goes to script, Ethereum will follow and then the old coins will follow after that. So my portfolio looks a little bit something like this. I think I’ve got twenty five percent Ethereum. I can actually get it right now. I’ll call you some of the good ones out. Let me just see here.
[01:07:36] So one which is a real short term trade and I only want people to get into it if they’re prepared to get it over the next few months because it’s not a crypto that I particularly trust in the long run is called Tron. Tron Network. Look a little bit into that. A lot of other projects which are trying to do smart contracts or rallying a lot. That’s why we’re seeing at the pump a lot. Trone is trying to do something similar. They also basically have a PR hype man who runs the whole project, and he is someone who loves to hype his project. He knows how millennials work it. It fits a narrative does that. It fits a narrative. And also, as an aside, I was looking at the chart not that long ago and I could see that something fishy was on the chart, that it had this massive volume Kandal. And usually that suggests that someone is modeling it with a little bit.
[01:08:27] So that is my top tip.
[01:08:29] Again, just to emphasize what I’ve said, no financial advice. That is one that I’m following closely. I’ve got quite a fair bit of money on that one myself. Other projects that I like. Let me just see. I’ve sold most of my my finance coin. So if anybody still in that, it might be a good time to get on, because I think that it’s hit the peak of its market cycle personally, maybe keep a little bit in and just see how it goes. A few of my other favorite ones. I like Dot. I like what they’re trying to do. I like fat, fat, I can bridge company. There is another one called Corti, which is a payment program that is aligned well. They use their used by World of Warcraft.
[01:09:11] I can see that getting much bigger after that.
[01:09:14] There is a lot of the rest of the more on this tier. Those are my favorites.
[01:09:18] So I think that if you want some good tips, I know the one Archdale throw in there and can you kind of network again if you’re going to very much go into them with the idea that they’re going to be a punt and be prepared to sell up when it comes to the end of the bull market? I reckon we’ve probably got about six, seven months bull market left.
[01:09:38] So we’ll check back in six months time and see how many dentists they should have, because I know they’re very scared that I might have to rely on my absconding already to the Caymans.
[01:09:51] I should get to work on that strictly strictly not financial advice. Take risks, guys. Totally. I think the final question for you, I think the most interesting one is to imagine you’ve got thirty days to live and you know, you’ve got thirty days to live. What would you do without thirty days?
[01:10:10] Oh, man, that is a great you ask this at the end of every podcast. Some I like it. I really like it.
[01:10:16] Thirty days left to live, you know.
[01:10:20] Root canals.
[01:10:23] Yes. How did you know I was going to say that.
[01:10:25] I think, I think the very first thing I’d have to do is I’d probably go and get a really good sun rose because I haven’t had one in ages. And then I would do my very best to just go out somewhere in the world. I really want to go to Japan. I really, really always wanted to go to Japan. I spent every penny I have. I’m just going out there.
[01:10:45] I travel is a short answer. I travel, how often do you get an answer? That is probably a really boring answer.
[01:10:51] Now, that’s kind of a common one where you travel and who is that sort of thing? You said the other one is travel.
[01:11:00] All right. Maybe. All right. Let’s do it to young man. It said a final down the planet. You’re surrounded by people who are closest to you, your loved ones, nearest and dearest. And you’ve got to leave them with three pieces of advice, stroke, wisdom.
[01:11:24] Good question.
[01:11:25] So I would say throw my positivity into the world because the positivity makes its way back to you. And that is something that I’ve this whole journey like six months ago. I those words resonate with me so much more after that, because I’ve seen how that can work first hand and that selflessly helping people, even if you go into it with you don’t want anything back. And I never do. It does make its way back to you. OK, that is huge. Yeah. I would say work hard, work as hard as you can. Just see each day as a gift, see each day as an opportunity to grow and do your best to push yourself outside your comfort zone. And I would say stay true to yourself. Stay true to your goals.
[01:12:14] Was that too sentimental? You know what, that was me. That was me speaking from the heart right there. That’s what it should be, man.
[01:12:20] Yeah, it could be. James, thank you so much for your time today. Imparting some wisdom on us and dentists. If you’re into investing or want to learn more, check James’s podcast out, join his group and find a safe space to learn to ask your questions. Thanks a lot.
[01:12:38] Absolute pleasure, guys. Thank you so much for having me. It’s been a lot of fun. Take care. Cheers, guys. Thank you.
[01:12:47] This is Dental Leaders, the podcast where you get to go one on one with emerging leaders on the street.
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