CRYPTO HESITATIONS/REGRETS/WAY FORWARD

REGRETS

"Man, have you heard about the new wave? This will be huge in few years to come" 

Those were the exact words of my mate back in 2010 which I presume was the point were crypto knowledge was starting to get a little more popular.

"I wish I invested".

Fast track a few years later, only to realize bitcoin is trading at approximately $62,000 to 1btc. 

 

"Lesson learned"

The lesson learned is definitely not to jump on any train being put before you like i didn't when my mate talked about crypto, however, to take a step back, do your own research to enable you to make an informed decision.

WAY FORWARD

Identifying the issue was the first step to doing things differently next time an opportunity or what appears to be one arises. Let me address the reasons why I may not have invested when my friend was talking about bitcoin/crypto at the time.

Financial position

My financial position at the time was not flattering, hence I had no funds to take unnecessary risk. At the time investing felt like a risk which it is, so has to be approached with professional advice and intensive research. A poor financial standing can put a lot of stress on the mind which can lead  to quick cash solutions, which could make matters worse.

Priority/Knowledge

My priority at that point was to gain financial freedom, though investing wasn't the direction nor did I have the know how.  Working harder not smarter, taking on multiple jobs was the way I thought I could gain financial independence. All my years in school did not teach me about financial independence, however, academic achievement is important nevertheless we need to educate ourselves, kids, friends, family and community as a whole about gaining financial independence from other avenues, especially with the current rate of inflation.

Source of information

Perhaps if I had received this information from another friend who was cautious and did their due diligence, I might have not been so dismissive. There are lots of fake news, scams as well as legitimate news out there, some sources can be deemed credible but doesn't necessarily mean they will be profitable. With the power of the internet, we should research and find the answers we need and only take a risk if you are able to financially manage it. Ask a lot of questions, be your own detective, read extensively and seek professional counselling before making any financial decisions.

Personality

I am not a risk taker, very conscious when it comes to people trying to sell me an idea. Growing up in a developing country where every second person is trying to take advantage of you, puts your senses on high alert. Although being skeptical is not always a bad thing, it can limit your outlook. Sometimes in life, we have got to take a little risk, be open minded but most importantly before any form of decision is made, make sure to seek out the pros and cons.

"To dare is to do"

Before I let you go, I would like to remind you to always research new ideas and not to rule it out completely unless you are very sure it is all smoke screens. A little planned risk can be ok too.

Disclaimer - Outlined in this article is based on personal experiences and not an advice or financial advice to rely on, make sure to do your own research before committing to any financial obligation or any obligation in general.

Let me know what your reasons are for investing or not in the comments 😊