Read This Before You Place Your Bets
When I travel offshore, I always spare a little money to visit a casino. It’s just a small amount that I can afford to lose. And I most definitely end up losing. Still, it’s a price I’m willing to pay for the sport of gambling.
“Am I the only one not making any quick money?”
If you’re not losing any money right now, you’re better off than most new-age investors chasing quick money out there.
That said, some absolutely crazy rallies have happened in the stock market and cryptocurrencies in the past few days, and weeks, and months. And it’s absolutely normal to feel bad about missing out.
- So if you’re already distracted,
- and can’t stay away from all the buzz,
- and are afraid of missing out,
- and also a little scared about making a bad bet,
- and yet, can’t contain yourself anymore.
Here’s how you too can participate in this madness without losing your shit.
- Instead of speculating, use this distraction as a cue to learn more. Try to understand how money works, the history of money, the stock markets, blockchain, the tech behind digital currencies, and, in fact, what’s in store in the near future. I know this sounds like a lot of work, and it’s not the money advice you signed up for, but it’s really the one you deserve.
- Still, guess what? It’s good to want to have some skin in the game. You learn far more by investing and losing your first $100 dollars than by reading every book on investing. Think of it as a fee for a paid course.
- Begin with an amount you can afford to lose. Social media has the tendency to filter the losers out of the equation, creating a fake image where everyone ends up winning. Remember that. And remember the casino analogy before you head out to have some fun.
I'm not an investment advisor, just more of a common-sense advocate.
I don’t intend to be an investment advisor or a bitcoin salesman. They are the worst, really. You know, the ones that would spam your Twitter feed with a dozen tweets every hour of every day. I’d prefer you understand what a bitcoin is before you buy one.
Again, a word of caution before we end: In a world where everyone appears to be making quick money, remember these words by Naval Ravikant, “There are no get rich quick schemes. That’s just someone else getting rich off you.”
Still, it’s alright to have some fun, especially, right now, when it’s a lot hard to stay out anyway. So pick up some good books to improve your knowledge on the subject of money, the things they didn’t teach you at school. Then go ahead, have a little skin in the game. And, finally, by all means, stay there as long as it doesn’t hurt getting a skin burn.