This is the time in crypto that we have all been dreaming about since the last bull run in 2017/2018, I have been writing a little about my experiences, I could only imagine this in my minds eye, how I would position myself, how my strategies would work, how I might have to change tactics at certain times and for certain reasons.
Okay, this is probably blasphemous, but life changing wealth is a pretty amazing thing. Will it change your life? Change your community? Change the destiny of the whole planet?
Or will it just multiply the problems you currently have?
Money is like this, it can do a lot of things, but by itself it probably cannot change you - only you can do that.
Life Changing Wealth - how can it change your life?
So hopefully you have done this before now, but now is a good a time as any if you haven't, consider - how would so-called life-changing wealth actually change your life?
Would you buy a new car? Would you quit your job? Would you do something different?
I think the evidence shows that if you don't consider it beforehand, wealth is unlikely to change your life very much at all. In fact, its likely to flow to someone else pretty quickly.
But I did think about it before hand, and I had a pretty good idea that I wanted to build a new house and buy some more land.
And you can see here and here that that's exactly what I have been up to. We've also purchased a new car and worked on fixing up the road to our farm.
All of this takes and has taken money, and it has come at a cost of less exposure to promising crypto projects. I have, as planned, been reducing my exposure to crypto and increasing my exposure to Car, working road, land and house type assets.
Exposure is a funny word, in a sense it means open to risk or danger. Here's a definition from the internet:
In this sense, having exposure is a dangerous thing! And boy have I felt it with the recent ups and downs. Here is a more finance based definition:
Even here, we can see that exposure is based on risk of loss, on danger - the danger of losing money.
Here is my current risk profile when it comes to Splinterlands:
Splinterlands is absolutely taking off, and they deserve it. The game and gameplay has improved immensely over the last 3 years, and each new mechanic has shown that the creators have a deep understanding of how gaming and gameplay works. I often find myself having fun while playing Splinterlands, though not always - but in general I do enjoy it especially if I haven't played recently.
The thing is, $24,819 dollars is a lot of money for me. Its a lot of exposure to risky game assets. Except for the rest of my current crypto portfolio, its definitely more money that I have ever had in my life - EVER. This bull run has definitely produced 'life-changing wealth'.
Now I don't post this to brag, but to communicate to you all the very real challenges of knowing how much exposure is too much exposure.
How much risk can I really take, dealing with amounts of money vastly superior to anything I have ever held in my hands at anytime in my life previous?
And I think the answer is, Stick to the Plan.
I like to read @vimukthi's blog a lot. His recent piece on Splinterlands is very good - he is very bullish on Splinterlands and has been for some time. His account value has grown and now surpasses mine, his accumulation of Splinterlands assets is the prime reason for this.
And that he continues to grow and accumulate Splinterlands assets, I think - that's great. What a good plan!
And as I slowly sell some Splinterlands assets, among other things, I think - this is great - Stick to your plan!
I don't think there is one right answer/wrong answer to many finance questions. What is the thing to do with Splinterlands assets right now? What should we do with HIVE? What should I do next?
It depends on your Plan!
So make sure you have one. Take some time, make a plan. Figure out what your goals are, and work towards them.
Here's a bonus video from Jordan Peterson, recommended fellow that I like listening to, this one is a chop job from several of his talks/lectures. He is talking about fixing problems in your life, but he agrees with me - make a plan!