Earlier this week, Chip from the Chatterbot crypto investing newsletter posted a lengthy set of helpful tips on his public blog. This information is not inside the private VIP members’ area, so we have received permission to repost it for you to read and consider implementing.
8 Big Crypto mistakes you are making, and how to AVOID Them And Get Rich In The Process!!?
Today is the 5th of AUGUST, and crypto is down a little from the massive run up and While I see so many blowing up their accounts, I can tell you truly……. many of our clients are thriving because of 8 reasons. I want to go into them today for you. Because is making some people rich! Now I am not guaranteeing you read a few lines of text here and you get to quit your job, and buy an island somewhere and you get to sip on coconut cocktials for until the end of your days. What I am saying here, is most people do crypto all wrong, and wonder why they are losing money, and I am here teo help you fix that.l
The main mistakes are not having a plan or an emergency fund
She revealed you need to do your research and not be led by trends with crypto and just jumping in the latest fad or trend. Following the herd is the fastest way to lose money in crypto!
Im going to share 8 secrets with you below!
1. Not having a plan
The number one error people make when they start to invest is they don’t have a plan.
‘Not having a plan is a bit like driving a car when you don’t have a clear direction of where you want to go,’
‘Most people don’t just jump in their cars for the sake of driving. In my opinion, it should be the same with our finances as well.’
When we started investing in 2000, we had the goal of saving $100,000 to go towards their first apartment deposit.
When they achieved this in three years, they didn’t know where to go from there.
‘Then, we discovered financial freedom,’
‘This is the idea that if you have enough money saved and invested, you would be able to live comfortably off your investments without having to work.’
We now made this a new financial goal, and she said it means their investing is a ‘lot more meaningful’.
2. Not having an emergency fund
The second mistake people make when investing is not having an emergency fund.
There is this real importance of having an emergency fund in March 2020, when the coronavirus pandemic hit and lots of her colleagues were made redundant from their marketing jobs.
For some people, this is three months’ worth of their salary, while others like to focus on saving a specific figure – like $5,000 or $8,000.
While you need to have some emergency money on hand at all times, realize it’s also vitally important to keep some cash back so it’s ready to invest
And while we dont recommend you put in thousands at the start, realize the more money you invest, the more you can make back.
3. Not having some cash on hand ready to invest
While you need to have some emergency money on hand at all times, it’s also vitally important to keep some cash back so it’s ready to invest.
We all have bills, ;but we usually invest when the market takes a tumble or when we log in and see coins that are very unloved and called scams…
‘That’s when I realized the importance of having some cash on hand ready to invest when a good opportunity comes up!! I remember people talking about BUY WHEN THERE IS BLOOD ON THE STREET, and while people invest the wrong way around, we have made huge profits from just buying unloved coins, and assets. Its the best time to be buying, when others are panicking or getting out of the market.
4. Investing because of the hype
From Bitcoin to Ethereum and other alt coins like RABBITCOIN…..[we dont recomment this one by the way], every day it seems like there is another stock or cryptocurrency that is dominating the headlines.
Please be careful of this….
You must realize, that you should never just invest in something because there is lots of hype around it, because that generally means everyone already knows about it and it has reached its peak.
‘When I hear people talking about a particular stock or crypto rising really quickly, I get really wary of that particular investment,
You should always do your research before you invest. Just because some influencer is in a coin, and getting paid a huge fee to pump that asset or coin it does not mean it will do well and survive in the long term.
We even think we have found the next bitcoin, or the next up and coming coin that if you jump in now, it could change your life forever. Now I know you are thinking, here we go, this is another scam, no, we have members around the world quitting their jobs from our newsletter because you are not going to get our information anywhere else. That is something you can bank on.
Pick The right one, and At minimum you will kill it, and change your life and your families financial future. So I can see why in the future people are going to talk about this,and study this. But as we said, its early days, and we are giving our members lots of options! To put their best feet forward … > HERE! <
5. Comparing yourself to other investors
You should never compare yourself to your friends, family or those you see online,
This is principally because people only discuss their successes.
‘Be mindful of what you see on social media, as sure, someone may have made money on something, but that doesn’t mean you should invest in it
‘This is probably because they invested earlier, when it was a better opportunity.’
She also said you should remember that a 10 per cent return is a good annual return.
Even American business magnate Warren Buffet only operates at a 20 per cent return.
You absolutely must be patient when you invest, and you can’t expect to see results overnight. I am still yet to see anyone get rich in a week from all this, so come into this with very sensible and realistic goals and dreams.
As soon as greed comes into this, watch how KARMA will come along and knock you the HELL out, so just be mindful of all this, and be grateful for the opportunities, when they arise.
6. Not being patient
There is a famous quote that says you should only invest in something if you’re willing to hold it if the market shut down for 5 years, and we agrees with this whole-heartedly.
stock market or crypto has an average positive return, but not every year is positive.
‘When you are a long-term investor, you should be investing for the long term, and you shouldn’t really be bothered about what’s happening in the short term.
Long-term investment is anything that is five, 8 – 11 yrs.
7. Being too emotional
Getting emotional with anything to do with money is a bad idea, you shouldn’t think of things as ‘good’ or ‘bad’ investments.
‘At the end of the day, CRYPTO will do crazy ass things, even while you are sleeping, the market can tank by 40 % and then by the time you wake its back up 50%. So take all this into account. The market will always return back down to its fundamental value, and not many poeple expect this, they just want to get rich and buy a lambo and fake tits for their wife. 😂
There is therefore no point getting emotional about it. Just accept that most people do not invest and never get ahead in life, and so you are wayyyyy ahead of these people. I once heard the saying, do not invest emotional, realize poor people spend like they are rich and never invest, and always talk about how broke they are. RICH people spend like they are broke, and use lots of their wealth to INVEST without ever stopping and that is how they make even more money and get even more ahead in life.
Doing this can make you wealthier than you have ever dreams, and do not tell yourself its TOO LATE. Its never too late to start investing!!!
8. Not doing research
Finally, never invest in something without doing your research.
‘If you want to become better investors, you should spend some time reading books and learning how to become a better investor,’
In particular, she likes Rule #1 by Phil Town and One Up on Wall Street by Peter Lynch.
Another good book is TRADING for a living by Dr Alexander!
Through listening to audiobooks, you can quickly learn investing is the key to generating a passive income to work towards achieving financial flexibility and freedom.
STOP living from pay cheque to pay cheque and earning only $400 per week. Get a really good job and invest 50% of your money into fast moving assets!!! its the best advice on making money at your job and a second income stream, your investments.
‘When I was 19 and moved out of home I had no savings and working only covered the bare minimum, so I decided to take a chance to drop out of university – thankfully it paid off,’ and I am a milloinaire. Its been a crazy ride but I started with nothing and took my own advice.
The impressive net worth is calculated by the total number of assets, minus any debt.
You can build nice asset streams too, as you go along. Even with small amounts, you can get assets including property value, stock and cryptocurrency portfolio, offset account, savings and superannuation. The home loan debt is the only liability.
One of my clients invests $3,000 each month to maintain a balance and usually try to track the market before buying, and his portfolio is now over $533,000 USD. He told me things add up fast, and its been a crazy ride for him. But he consistently always invested money each month, and never missed a month without fail. Sure there was a few small losers, but his winners did well, and cancelled out his loser and he has enough money to retire.
There is power what you read in here…. If you like this then,……