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A little advice for the younger generation from someone who has learned with age about how not to live life (for US residents, but I'm sure you can adapt this advice for any country).
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I edited this to reduce the length, remove all the personal crap, and because I may have been too specific with the way I said it. So here's the revised version which I believe will deliver the message with more clarity:

Lately, what has been bothering me the most here is seeing the people who get those golden opportunities, who actually win the jackpot, and then lose it all the next day cause they were dreaming of higher profits (literally have seen people with a million dollars on leverage who get liquidated two days later). So it won't be a popular message, but it's a message I think old schoolers and new comers really need to be reminded of once in a while.

1) Set a realistic goal for what you believe to be a realistic amount of money that can provide realistic financial security for yourself. Stay true to the goal and take your profits when you get to that goal. FOMO is real. You wouldn't FOMO into a coin so don't FOMO into the promise of future gains too. Don't assume that because you have that bitcoin (or alt) sitting in a wallet that it is the same as having financial security. Bitcoin can change in value. That's obvious by its recent climb to new heights. That means a fall can take it all back. Short of a collapse of the government, your national currency isn't going anywhere. Take a tip from the old schoolers and keep a stash of cash stuffed into your mattress (metaphorically speaking).

2) Take your profits when you have enough and buy a house. This really should have been the first priority because the best way to increase your future value is to decrease your future debt and expenses. Also, property is recognized as an asset that can be leveraged. So if you buy a property, you can easily borrow against that when you need to. Random hospital bills 15 years from now? Solved. Covid type world shut down and economic crisis in the future? Solved.

Ultimately, the message is: Don't FOMO into future gains. Don't invest what you can't afford to lose and don't forget to cash out what you can't afford to lose. Literally, all the advice you would give and get about investing money into crypto, you should tell yourself about when to cash out.

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3 years ago