I’m not into cryptocurrency. Years ago, when I was playing around with ordering things on the new and growing Internet, the idea of being able to pay with cryptocurrency and protect my personal information from potential hackers, sounded appealing. And I thought I would one day pull the trigger on bitcoins in their infancy, but I didn’t. Of course, I’m just like anyone else and sit around and rue about what could have been had I the courage to pull the trigger back then. But, eschewing cryptocurrency as a part of my wealth building strategy was a sound decision then, and remains that way for me today.
Investing Can be Risky
So, I was somewhat surprised at myself when I forked over a few bucks for Dogecoin a couple of months ago. I bought them, not for a long term investment (or for any investment for that matter). Oh, no. Cryptocurrency is volatile and I am too near to retirement to play around with potential fire. But the logo was really cool. And besides, the wife and I have a Sheba Inu – so how cool is that? Our dogs likeness is the face of the currency. And, my son and I had an ongoing joke about how I let his future inheritance get away by not buying bitcoins in the early years. So, I bought them as a goof between us.
The probable reality is that one day I’ll lose the few bucks that I have dropped on the coin. For me, they are nothing more than a couple of lottery tickets that may or may not pay off in the future. As a part of my wealth building strategy, I prefer not to include them in a serious way as a part of my portfolio. But they do provide a constant reminder that investing is not for the novice. And, getting rich quick is still driven by luck. Nothing replaces sound, long term wealth building when started early in life.
Be Wary of Investment Tips
Someone once said that if you get a good stock tip from a taxi-driver or a friend, then it’s already too late to take advantage of the tip. With the rise of so many low cost brokerage services with no trading fees, like Robinhood and Webull, one can get pulled into all kinds of messes and lose, in a short time, their life savings. Things like option trading or margin accounts are not for the novice. So, be careful with your money and how you invest.
Educate Yourself on Finances and Lean on the Experts
Maybe read a book, or two about investing. And certainly a good broker and financial planner won’t hurt. Just do your homework. Better yet, look to the advice from experts that have already achieved the level of success, financially and personally, that you want to achieve. Use their experiences as a roadmap to your financial success and freedom.
Financial success is one of the overarching principles of Success Central. So be smart with your finances. Don’t blow it before you grow it!
Do you want more information? Do you want to know five solid reasons why many folk don’t become wealthy? By clicking on the link below, you can discover the secrets to financial freedom and understand:
- The Mistakes People Make That Stop Them From Acquiring True Wealth – and How To Overcome Them
- The First Step You Need to Take in Order to Get on the Path to Financial Independence
- The Single Biggest Reason Why So Many People Retire Poor – and How You Can Avoid This
