New investors mistakenly believe the market must revert to some past mean level after hitting a new top, when in fact a new high doesn't preclude much higher prices years later.

7:20the end? No, this is not the end. And you have this panic back and forth and that's what happens during volatile markets. So, it's there's not like a a trick here or a secret. It's just Bob stayed invested. Right? Remember cuz he invested at the peak. So, he had to eat with the good with the bad. The bad with the good. So, his success really was putting his

7:40money into the peak, but then keeping it invested for years and years and years. That was what the They were That's where the compounding came from. There's no like trick to it. Bob had to eat the best day and the worst day still cuz he invested at the peak. >> Yeah, I don't know what it is, but I've noticed a lot of young people and people new to the market in general, they seem

7:56to always think that the market is going to revert to some mean from like years ago. Like it has to. So, it's like, "Oh, the market topped." It's like, well, yeah, but that means that doesn't mean the market's not going to be much higher years from now. Right? Like, yeah, it's a top right now. But the people always act like it's going to go back down to some level from many

8:16years ago because it just has to. >> You're right. I think there's some people who think that the market like it ends. Like this is the end. The market's done. But it keeps going. You're right. And then that's that's that's why long-term investing is so important cuz you have to ask yourself, if I buy a a stock today or I buy the stock market today, maybe not a stock,

8:33any individual stock could possibly go to zero. If you buy the stock market today, is it going to be higher 10, 20, 30 years from now? The odds are pretty pretty in your favor, right? That That's the That's the point. You're right, Duncan. >> Well, well, and your point is always buying an index when it's down is always pretty much a good idea. Whereas like individual stocks, yeah, some individual

8:54stocks don't make it. You know? >> Yeah, you never know. >> Yeah. >> All right. Let's do another one. >> Okay. Up next, we got one No name. >> [clears throat] >> Okay. Hey guys, most of your questions come from people with money. Well, I have a friend who is brilliant, but not brilliant with money. He's got no assets. I mean, nothing. This sounds a little harsh.

9:15Uh sold his car and is living in a friend's basement. He used to work in tech and has spent the last year developing his own business, and now it's ready to launch. But he has $90,000 in credit card debt. He's considering all of his options, including Chapter 7 bankruptcy and raising money from angel investors. I've heard you talk about negotiating credit card debt before. What resources should he look into regarding settling