QOTD: Should I Invest in Cryptocurrency?
Updated: Jan 9, 2022
Cryptocurrency is what's hot in the streets - but I have some very specific thoughts on it:
Crypto isn't an investment. It's a speculative currency with an undetermined underlying value. It's gambling at this point.
Crypto isn't an investment strategy. So if you don't have a plan for all of your financial picture (what do you make, what do you spend, what do you owe, what are your priorities, what are your plans?) - then you're not ready for crypto. That's not to say that you shouldn't try crypto until your finances are in order - it's to say, you should be currently working your plan and your plan should be working for you before you try crypto. Crypto isn't a plan.
If we (specifically, Black people) do not engage in crypto, the technology and the opportunity will pass us by and we will be left behind. I know that sounds contradictory, but factually, cryptocurrency is the future. We cannot predict the future. That means that we each have to determine for ourselves how much we're willing to gamble on the future.
I'm not about gambling my money. I only advocate for investing - not gambling, not day trading, not "fast money" - I will only advocate for established, proven methods of wealth development. So - I reviewed my plans and priorities, assessed my investments and assets and determined how much money I was willing to gamble in cryptocurrency. After a complete assessment of my financial condition, I have determined that I can afford to buy TEN DOLLARS worth of crypto.
Yup - I put a whole $10.00 into SHIBA using the website Coinbase. Because that's how much I can afford to lose. I don't play with money. And my priorities are focused on actual investments - crypto doesn't fit in for me. In determining whether or not to put money into crypto, you should determine whether or not your other financial plans are on track. Determine how much you can afford to lose and how you'll feel if you lose it. If crypto doesn't fit in to your priorities - it's really ok. Know your limits, face your finances and work your plan.
#Idontplaywithmoney #cryptoisntinvesting #stayfocused #workyourplan #gamblewhatyoucanaffordtolose #imcheap #faceyourfinances
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