Just Once...
I apologize in advance, but this post is going to seem a lot more like a rant than it really is. I really don't relish the idea of becoming "that cranky old man". Let's just think of this as some random musings from a fella who is "getting up there" in age.
This past weekend I was having a conversation with my brothers' in law. We were talking about taxes, investments, and crypto. There was a sub-topic that came up which really got the gears spinning in my head. Then, just yesterday @cryptoandcoffee wrote a post that got me thinking about it again.
Now, when something like that comes up once, you just consider it a coincidence. When it comes up twice in one week, you blog about it!
So here it is: Once, just once!, I'd love to take a gamble and be on the winning side of a crypto buy. Just once I want to be on the positive side of a pump and dump. It seems that I have an uncanny knack for finding and putting my money into "long term" investments. Quite honestly, I am sick of it!
I've got enough long term investments that if I had $100 for every long term investment I had, I probably wouldn't be here writing. They never start that way though. They start off as "oooh, this might be the one that actually pays off for me in the short term". Then I get into it and boom there I am smack dab in the middle of another long term investment.
Hive is a perfect example. I thought it was going to be my quick pay day 3+ years ago. But here I am still grinding away and while I am slightly richer for it (did someone say $.58!), it really hasn't changed my life in a huge way.
The truth is, I have more than enough tokens that I am invested in because I believe in blockchain or I think they have a really great roadmap and I am not in it for the money. But just once, I'd love to get that big score.
Remember I mentioned that I am getting old? What good is all of this money I make from these long term investments going to do for me when I am 70 or 80 and not able to get out and enjoy it?
I am young now, I am healthy now. I want some kind of win now while I can still relish it, revel in it, and live it up!
I think it was @dagger212 that wrote a post the other day talking about how it takes money to make money. I have come across any number of people on here that have had that one big win that gave them the bankroll they needed to go in on ten other projects. So five of them flop and five pay off big. You can see how this can compound and drastically change your way of life.
Of course there are just as many people who took the gamble and lost it all. That could very well be me. Good thing I have all those long term investments to fall back on!
Don't get me wrong, I don't want to be filthy rich. I just want to be debt free. I want to be able to say to my wife hey, lets go on a trip out East and not have to worry about how it is going to make our budget tight.
I want to be able to take a long weekend to Nashville just because or take a road trip to watch my nieces play softball when they get to the college level. I want random car or home repairs to be something we can easily manage and not something dreadful that I have to wonder how we are going to fit it in our budget.
Does that make sense?
Just once!
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https://twitter.com/JayBosworth5/status/1374315106088091651
That makes a lot of sense @bozz. At your age it is important to be financially free. You have been doing this for quite long. You are good at it. I am sure there is a good pump coming for you. All the best!!
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Okay, will I'm not that old yet :) But I am getting close enough that I understand the importance of doing things now while I still can. You never know what the future has in store for you, so best to live it up while you are young(ish)!
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Sorry for overestimating your age @bozz. You are absolutely right, enjoy as much as you can when you are young. Let's hope for the best. :))
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No worries! I am definitely hoping for the best!
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Long term investment is the best to do
if we bought hive from 0.11 few months ago
now you make about 5x your money
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Oh, I understand, but that doesn't help me now. Unless Hive were to jump to $10 per token and I could pull in $300 to $400 per week liquid in curation then it really isn't a benefit to me. Eventually it will be, but right now, it's all locked up (powered up) as a long term investment.
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So true, we aint gettin any yonger. Im hoping tht defi pans out for me.
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Good luck with that. Cub is looking like another one of those long term investments for me! I might start giving them out for free I have so many!
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@bozz well i think that the CUB token got so much selling pressure ,but it was expected though...but the CUB is still a token which is good for long term investment,those who are short term investors might not have interest in keeping it...
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I've got some sitting out in the den. Like I said, apparently I am all about the long term investments!
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@tbnfl4sun it will sir...how are you doing??
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That makes total sense, Bozz. I really hope it happens for you. I can tell you're the kind of person who wouldn't fritter it away.
One thing I've discovered from being lucky enough to have a few big wins is being risk-averse and a poverty-mentality is one of the main reasons more people don't score. That was my problem. I grew up really poor and was taught to be thankful just to have enough to pay the bills. We didn't really expect more than that because no one in our family (or really anyone we knew for that matter) had achieved financial independence. My mindset shifted when I began to meet and have conversations with crypto investors. I absorbed not only some of their knowledge but their mindset through osmosis. I see now that the key is more like "you have to think like you're wealthy." than "It takes money to make money."
You can still make a whole lot with very little in crypto if you use a tiered approach. If you don't have a lot to invest initially, small cap coins are the way to get started. Betting on 5 or 10 decent small cap coins are a good way to build wealth quickly. Watch them closely, some will lose but some will win big. Cash in your gains regularly then attack that debt with 50% and reinvest 50% in larger cap projects, especially coins you can stake like Zil or XTZ. Cash out staking rewards regularly and just view this as income. A lot of people hold only staking rewards with the thought that they'll be worth more later but many of them get caught holding the bag when prices drop. I view them as free money. Once you have grown the amount of money you have to invest you can take more of a long-term approach and put everything on cruise control.
I try to view money as energy. If you always think of ways your money can make more money it'll soon be working for you instead of vice versa.
Thanks! Those are some great tips. I have already started to move some money into XTZ, and ALGO. I love that they give me staking rewards. It isn't a ton of money, but I think that it will add up over time. Those are yet another example of a token that I thought was going to be big instant winner, but I am starting to realize now they are more of a long term investment. See what I mean... they just seem to find me! I do now that I need to be a little less conservative when it comes to investing. I am just so afraid of failing. That holds me back a lot of times.
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No problem at all! Yeah, I know what you mean. Sometimes you really have to go searching for the up-and-coming small cap gems. Many of them aren't on the radar of the mainstream yet.
I'm a conservative investor at heart too but learned you have to throw off those shackles until you build up enough reserves to be conservative. The financial advice given to the mainstream keeps them poor and in debt. You have a good head on your shoulders, paying off debt should be the #1 priority. This gives you an incredible advantage in life.
Amen, brother you are preaching to the choir! At least a choir of one because lord knows I am on the same page. I keep thinking, omg, the clock is ticking... can I get a win here please?
Yes, just one win! That would be so awesome!
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