TL;DR: Think before you jump. Most of what you hear and see online about crypto riches is created to get you into FOMO state and you will take action which makes money for someone else. You mostly spend the money. That's not a problem. Just be aware of it and keep universal investment rule in mind.
Everybody is getting rich
It's everywhere you look. It seems like everybody talks about it. Social networks show you pictures of people getting rich from it. You want to get rich too. Don't blame you, who doesn't! The worst case scenario, your neighbour just bought a new yacht from his Dodge coin investment. So you are thinking about spending some money on crypto...eeee...stop right here!
Doesn't it all sound way to familiar? This language, this framing, this way of creating a feeling in you, if you don't invest now, your dream of being financially "OK" will end. Yes, typical FOMO (fear of missing out) and we all get it sometimes. Now, try to remember the last time you skipped those get rich schemes and multi-level marketing pyramids promising you riches if you just buy this over-priced course or watch this video series or listen to this music which will blow your mind and million dollars will flow your way. And I am sure sure you skipped those straight up scams - send $1.000 to this address and $10 million will come back...
Yep, you knew it was not possible, or it was too good to be true. A bad news is, it's still not possible. Not even in crypto. To be fair I should say it is not possible without high risk (and high likelihood) of loosing everything you've invested. There are ways to improve your odds by trying to get deeper understanding of what is actually happening in a project you want invest into and who's behind it. But for that you need time and calm head.
That's why I'm wasting page space on this to remind you that nothing has changed and you should never rush into crypto or any other investment!
No free lunch
I have to repeat it; if it looks too good to be true, it probably is. No free lunch invented yet. Not even in crypto space.
Now, I don't want to say you can't make profits in crypto space. Even huge profits. Sure you can. And many people did and do today. But it's the same with stock market or any other form of investment.
There's always a downside for each upside potential and you won't see that downside if you get too exited about that new yacht of your neighbour. So I'm only saying look for the downside before you spend any money.
Remember this simple universal investment rule: if you are not part of the project you are investing in, it's a gamble like in a lottery.
It might have slightly better odds but it for sure costs more money than a lottery ticket. You can loose your investment or you can multiply it. But you are betting on others - the team (if you even know who they are - because in crypto many times you don't), their idea, their ability to execute that idea, you are betting that market forces will be positive for them and no competition will crush them, etc. etc. etc.
Always think about this rule before you part ways with your money and make sure you are ok with the downside possibility. You would not get a mortgage on your house and spend it on lottery tickets, right. That way you can stay in the market for long and enjoy those profits once they come. Investor longevity is the most underestimated concept. But if you loose you money with the first market bump or with a few wrong choices, you won't be able to participate on the upside.
I will tell you more about how I am selecting interesting crypto projects in coming weeks.
If you enjoyed this one sing-up for next ones and if you wanna talk about your projects or any other interesting topic just get in touch via contacts.