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Last New Year's Eve, as my wife and I put together our Annual Report, I had a revelation.
And it's one that can help you – organizationally… and financially.
Open-source platforms like Linux and Hadoop are free to the public to use and, for example, write code, create cloud storage, or develop Big Data applications.
And they're becoming very popular in the Singularity Era. That's because with these platforms, tech execs save money, run their business more efficiently… and rake in the profits.
You can do the same thing.
In fact, there are three "Singularity Era Tools" that you can use every day to improve your skill set, find winning stocks, know when to cut your losses – and enjoy peace of mind.
With these three free tools, you can build your picker's "muscles" – improving your odds of crushing the market, not just this year but for many years to come.
Singularity Era Tool No. 1: The Action Plan
No matter which life "guru" you might follow, you'll find that each and every one of them hammers away at the importance of a written blueprint for success.
I couldn't agree more.
You've heard me say this many times – "The Road to Wealth Is Paved by Tech." The thing is, you'll get to your destination a lot faster if you have a good road map.
An Action Plan, in essence, is that road map. Here are three elements your plan ought to have.
- Overall Goals and Objectives: This is where you write down what you hope to accomplish over several years. It might read something like: "I intend to have a net worth of at least $2 million in 20 years by investing in the stock market with a focus on high tech and the biosciences."
- Specific Action Steps: Here, put down what you really want to do for 2017. It might read something like "Invest in quality technology and beat the market by 20%." Or it may include a complete review of all the stocks you own. This also may mean improving your portfolio-management tools, such as making better use of trailing stops and/or staggered entries.
- Investment Focus: Specify the areas where you are already invested – and where you want to go. Your "Investment Focus" will give you a bird's-eye view of how you intend to blend investments like real estate, bonds, precious metals, retirement accounts, and, of course, tech stocks.
You can find open-source Action Plans all over the web. I like the one from Google Docs – which you can customize for an investment focus.
Singularity Tool No. 2: The Trading Journal
I'm surprised so many investors fail to keep a Trading Journal – maybe the single-most-valuable tool for making money. In fact, I often say that if you're too busy (or lazy) to keep a journal of your…
About the Author
Michael A. Robinson is one of the top financial analysts working today. His book "Overdrawn: The Bailout of American Savings" was a prescient look at the anatomy of the nation's S&L crisis, long before the word "bailout" became part of our daily lexicon. He's a Pulitzer Prize-nominated writer and reporter, lauded by the Columbia Journalism Review for his aggressive style. His 30-year track record as a leading tech analyst has garnered him rave reviews, too. Today he is the editor of the monthly tech investing newsletter Nova-X Report as well as Radical Technology Profits, where he covers truly radical technologies – ones that have the power to sweep across the globe and change the very fabric of our lives – and profit opportunities they give rise to. He also explores "what's next" in the tech investing world at Strategic Tech Investor.