Hey Jessavers
Cryptocurrency has gathered quite a frenzy around the idea of getting rich quick and it's still a massive part of why people are excited about this industry. I am by no means the exception, but I do have a more grounded approach to the sector and the opportunities it will provide in the future.
Crypto will provide new financial products, competition for banking, make finance more independent, provide more competition and innovation. It will create new jobs and ways to exchange money for labour, goods and services faster than ever before.
Surely all this promise is enough to get anyone excited and bullish on the long term. However, most of us aren't long term thinkers and many of we have never been prepared to handle large sums of money.
If we look at those who have won big in gambling or the lottery many of them end up right where they were before once they've had that lump sum dropped in their bank accounts.
It takes more brains to keep money than it does to make money
As Bitcoin continues to rise in price well above all-time highs you'll see people flocking back as FOMO brings the gold rush, we'll eventually see the same trickle-down into altcoins and the madness will ensure.
Many people will find themselves in profit as they did back in 2017 with large sums of money they didn't even dream of having.
History has a tendency to repeat itself and so too will a new batch of cryptocurrency holders fall for the same pitfalls as the last batch. I've been around since 2016 and I've seen all sorts come and go.
The class of 2017
I've seen many people who made large sums of money from a few $1000 to a years salary or more with very little money down. A lot fo them have never had access to that kind of liquid capital and rightly cashed out and took their profits. Having a big break like that is sometimes a once in a lifetime event and should be handled with care.
However, I see many of those 2017 winners of the market back to square one. Just the other day I saw someone who made big money in crypto and went on fancy holidays in 2018 now asking for money to pay for bills, it's shocking.
The scary thing is this person still has a full-time job.
The moral of the story is manging money doesn't come as soon as you have a lot of money. It should come way before that if you don't know how to manage a $100 what makes you think you can manage $100 000?
Make reservations for wealth preservation
If you are going to take profits in this bull run I encourage you to research how you're going to use this springboard to set yourself up for the future. Instead of thinking all the electronics you're going to buy, branded clothing, holidays or whatever you deem important, even if it's living expenses which I totally understand.
Find a way to at least put some of those profits back to work for you.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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