This time last year I decided to undertake my biggest investment–taking out over 90 per cent of my crypto portfolio to start my rideshare business. It was also an attempt to hedge against inflation and a potential crypto freefall, which happened.
Also, I wanted to do things differently. Most of my income for the past 3-4 years has been from crypto–hive specifically. I went from being a college student to the breadwinner of my life. This drastic change meant that the pressure on my little income increased. Thankfully this happened during the bull market and I did not really feel its full impact but I know the run was going to be short-lived and if i intended on maintaining my lifestyle, I would need to diversify away from this space.
The goal was to recoup my initial investment of around $6000 and reinvest it in my crypto portfolio. I don’t think that will happen this year as I have incurred some debts whilst running my business. I overestimated my revenue and underestimated my cost of operation.
Things have been quite stable for the past month and I am slowly gaining traction. I understand the business a lot better and come up with better strategies to meet my long-term goals. I believe the next 12 months would be great for me and my finances.
To be honest it has been a really tough year. At some point, i stopped dreaming because nothing was working. Thankfully, I have a very supportive partner who got me through this phase. Also, I gained an invaluable amount of knowledge and freedom. I could look at my crypto/hive journey more objectively and that was/is very important to me.
Prior to my rideshare business, I had to write every day and pander to people for upvotes. Although I enjoyed writing I hated the bureaucracy and nepotism even though it favoured me, and because of this, I wanted my business to work. Also, I knew the only way I could scale whatever I do here was to take away my dependency on the system.
I believe the years leading to the next bull run will be life-changing for me. It might not look like it now but once my ship is steady it will be an effortless ride to the top. So for whatever setback I am experiencing in the short run, I am going to gain 10x in the long run.
In retrospect, every challenge this year was a blessing in disguise. It is impossible to experience significant change when you are stuck in the same loop. It might not be what I expected but I cannot deny the potential for something bigger.