One of the marks of successful investors is a cool, calm, and collected disposition when it comes to dealing with fluctuations in prices.
When one is calm and collected, there is less tendency to FOMO or make poor decisions.
I just stated the obvious.
The realities of life and the rising cost of living, however, make it difficult for one to stay indifferent about gains and losses. We are after all in the investment game to maximize profits.
Fortunately, this is a situation where education and knowledge can be useful in helping one to make the best decisions. To be specific, it is financial education.
Further, when we drill down to the whole purpose of financial education, it is to help one to think clearly.
What then is the higher-order philosophy that predisposes one to even want to think clearly?
I am starting to see that it is how wealth is defined.
And my conclusion is that wealth is not measured in monetary value.
Consider two persons endowed with the same education and opportunities in the early part of their lives. One decides that money is wealth, and ventures into business making. He makes a lot of money. Let's call him Alan.
The other guy, Bill, pursues a life that keeps him interested and passionate about life. He travels, learns, and makes the most of life while trying to make ends meet. He had lots of life stories to share.
In monetary terms, Bill turns out to have accumulated way less monetary wealth than Alan who pursued monetary wealth.
However, it is likely that Bill had experienced the life that he wanted as he finally looks back. He wouldn't trade anything for the life experience he had gotten.
Alan on the other is now equally old and realized that he had spent his life working and stressing about not maximizing his profit. It turns out to be a life that is not what he wants. Even though he had accumulated massive wealth, he realized that he had sacrificed his youth and did not get to travel to experience the world, and has a boring life!
Of course, one needs to strike a balance, i.e. keep life interesting as well as have monetary wealth. Afterall, it takes money to travel.
I am that Bill, and I am saying wealth is not just measured in monetary value. This helps me stay more sane.
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
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