I guess a prevalent problem among many Bitcoin or crypto investors is premature investing. For example, many eagerly jumped right into Bitcoin without knowing the basics and the implications. For one, many went into it even if they aren't patient enough to withstand boredom hodling for years. They had no idea Bitcoin is basically a long-term investment. Many of them even bought at the top. Also, many didn't educate themselves with the basics of the technology. In the end, they either sold below their buying price because they badly needed the money or lost it because they took a pic of their backup phrase and kept it in their phones.
So, I definitely agree to "set your foundation first, then buy Bitcoin." Or perhaps Bitcoin might not be for you.
Topic: What's the best piece of investment advice you can give me? (bitcoin tied in) (Read 23 times)
Today at 08:30:27 PM
Today at 08:02:53 PM
Sure you've done well with your offers!
Apparently, co-workers, Friends and family often only suggest and/or gives advise to anyone who they think needs it specifically on what they either regret not investing in or what they wish to invest in even though they are obviously limited in knowledge of (whatsoever investment) the invest they sure will offer you without any considerations.
And of course I wouldn't also gree 100% percent that one shouldn't take the advise of co-workers friends and family because sometimes this friends and family could be you @OP with all the in-depth knowledge hence saying one shouldn't take such advise might equally mean your relatives friends should disregard your advise "if all things being equal"
Apparently, co-workers, Friends and family often only suggest and/or gives advise to anyone who they think needs it specifically on what they either regret not investing in or what they wish to invest in even though they are obviously limited in knowledge of (whatsoever investment) the invest they sure will offer you without any considerations.
And of course I wouldn't also gree 100% percent that one shouldn't take the advise of co-workers friends and family because sometimes this friends and family could be you @OP with all the in-depth knowledge hence saying one shouldn't take such advise might equally mean your relatives friends should disregard your advise "if all things being equal"
Today at 07:46:29 PM
I run an extremely large retirement plan here in the United States (well, I am the sold advisor on it). I got asked the other day during a large presentation I was putting on, if you could give a young investor one piece of advice, what would it be. What immediately came to mind "never listen to your friends, family or co-worker when it comes to investment advice.
If I had a penny for every bit of piss poor information I've heard one co-worker tell the next or uncle tell his nephew or whatever, I would be a filthy rich man.
Why do I bring this up? A buddy of mine whom I love to death, as nice as I can possibly say, is an idiot. Two summers ago we went to the Nelly Ja Rule concert together and someone brought up bitcoin, he said "oh that's a scam". Knowing full well he knows NOTHING about cryptocurrency or finances ..I didn't even hit him with the "ok so bitcoin is a scam, fair enough, what's the blockchain?" NO ONE has ever been able to explain that who's told me bitcoin is a scam. I just told him it's not. He's knows I'm an FA and pretty sure he knew I was pretty "deeply" involved in the bitcoin community.
He texts me today "do you know anything about bitcoin" , well last night. I said in fact yeah, I know quite a bit. I asked why "A friend told me I should buy some". I sent him a voice message back ... "Sean, I'm a huge bitcoin supporter, I've been around for over a decade now and truly fell in love with it for the tech. But here's the thing, it's inherently NOT an investment, and you shouldn't consider it until you get your finances straight. He has NOTHING to his name. He just for the first time in his 40 plus year life got a decent job. I know he doesn't know how to properly bank even (credit unions for check, online banks for savings...AVOID the big banks like BOA, Chase, Wells Fargo etc). I also know he doesn't have knickle in any "backbone investments". What I mean buy that is your long term financial plans. 401k's, IRA's etc. I said once you get that on track, then sure I think you should probably put a few bucks in to it, but until then.
This is a reminder that your friends likely don't know jack shit about investing, and seek advice from a licensed professional, not some jerk off co-worker who tells everyone to do the same thing even though everyone's situation is different.
Let's not forget bitcoin is NOT a replacement for traditional finances. A write up both myself and Greg Maxwell contributed to heavily. Greg is cypherpunk, he sits at the table with best of the best in the "game"...so no need to take my word for it. https://bitcointalksearch.org/topic/bitcoin-is-not-a-replacement-to-the-stock-market-traditional-investments-5288768
As always, my DMs are open. I'm willing to help provide guidance. I will never ask for a fn cent. It's my passion helping people (more so animals, but people too lol). I've offered my services many times here before and I think ONE person has taken me up on it. I'm a 20 year FA, Series 6, 7, 63, 65, life, health, CRC licensed. I'm no fool, take advantage of free help. But my main stressor is don't be dumb, set your foundation first,then buy bitcoin.
If I had a penny for every bit of piss poor information I've heard one co-worker tell the next or uncle tell his nephew or whatever, I would be a filthy rich man.
Why do I bring this up? A buddy of mine whom I love to death, as nice as I can possibly say, is an idiot. Two summers ago we went to the Nelly Ja Rule concert together and someone brought up bitcoin, he said "oh that's a scam". Knowing full well he knows NOTHING about cryptocurrency or finances ..I didn't even hit him with the "ok so bitcoin is a scam, fair enough, what's the blockchain?" NO ONE has ever been able to explain that who's told me bitcoin is a scam. I just told him it's not. He's knows I'm an FA and pretty sure he knew I was pretty "deeply" involved in the bitcoin community.
He texts me today "do you know anything about bitcoin" , well last night. I said in fact yeah, I know quite a bit. I asked why "A friend told me I should buy some". I sent him a voice message back ... "Sean, I'm a huge bitcoin supporter, I've been around for over a decade now and truly fell in love with it for the tech. But here's the thing, it's inherently NOT an investment, and you shouldn't consider it until you get your finances straight. He has NOTHING to his name. He just for the first time in his 40 plus year life got a decent job. I know he doesn't know how to properly bank even (credit unions for check, online banks for savings...AVOID the big banks like BOA, Chase, Wells Fargo etc). I also know he doesn't have knickle in any "backbone investments". What I mean buy that is your long term financial plans. 401k's, IRA's etc. I said once you get that on track, then sure I think you should probably put a few bucks in to it, but until then.
This is a reminder that your friends likely don't know jack shit about investing, and seek advice from a licensed professional, not some jerk off co-worker who tells everyone to do the same thing even though everyone's situation is different.
Let's not forget bitcoin is NOT a replacement for traditional finances. A write up both myself and Greg Maxwell contributed to heavily. Greg is cypherpunk, he sits at the table with best of the best in the "game"...so no need to take my word for it. https://bitcointalksearch.org/topic/bitcoin-is-not-a-replacement-to-the-stock-market-traditional-investments-5288768
As always, my DMs are open. I'm willing to help provide guidance. I will never ask for a fn cent. It's my passion helping people (more so animals, but people too lol). I've offered my services many times here before and I think ONE person has taken me up on it. I'm a 20 year FA, Series 6, 7, 63, 65, life, health, CRC licensed. I'm no fool, take advantage of free help. But my main stressor is don't be dumb, set your foundation first,then buy bitcoin.
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