The Dark Side of Rapid Riches: 6 Wealth Traps to Avoid

In 2017, my friends who made millions in crypto quit their jobs, partied like kings, and bought flashy cars – but by year-end, they were begging for jobs! ๐ŸŽ‰๐Ÿ’” It’s a recurring pattern, especially in Crypto.


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You make a fortune, but do you know how to protect it? Here are six traps I’ve learned (sometimes the hard way) to avoid ๐Ÿ’ก

๐—ง๐—ฟ๐—ฎ๐—ฝ #๐Ÿญ: ๐—ก๐—ผ๐˜ ๐˜€๐˜๐—ฎ๐˜†๐—ถ๐—ป๐—ด ๐—ถ๐—ป ๐˜†๐—ผ๐˜‚๐—ฟ ๐—น๐—ฎ๐—ป๐—ฒ ๐ŸŽฏ๐Ÿง  Success in one area doesn’t guarantee it elsewhere. Stick to your strengths and avoid money sinks. I’m a technologist. I know technology. Look at my portfolio. It’s riddled with tech and tech proxies. Do I look like a gold expert?! Hell nah! Do I invest in gold? Hell nah!

๐—ง๐—ฟ๐—ฎ๐—ฝ #๐Ÿฎ: ๐—ก๐—ผ๐˜ ๐—ง๐—ฎ๐—ธ๐—ถ๐—ป๐—ด ๐—ฃ๐—ฟ๐—ผ๐—ณ๐—ถ๐˜๐˜€ ๐ŸŽฒ๐Ÿฆ Parkinson’s Law โ€“ money will find ways to vanish. Grow your edge by having a 3-6 month emergency fund, cold storage of long term crypto investments, and have an entry and exit strategy for ALL investments.

๐—ง๐—ฟ๐—ฎ๐—ฝ #๐Ÿฏ: ๐—™๐—ฎ๐—ถ๐—น๐—ถ๐—ป๐—ด ๐˜๐—ผ ๐—”๐—ฑ๐—ฎ๐—ฝ๐˜ ๐Ÿ”„๐Ÿ“ˆ Success is never static. What worked yesterday might not work tomorrow. Think YouTube channels โ€“ once easy to grow, now demand high-quality content. Stay ahead by leveling up your strategies. Have you heard of liquidity cycles? How about Fibonacci extensions? Neither did I, but I wanted to grow my wealth, so I learned to use the tools that the pros use to understand markets better.

๐—ง๐—ฟ๐—ฎ๐—ฝ #๐Ÿฐ: ๐—•๐˜‚๐—ฟ๐—ป๐—ผ๐˜‚๐˜ ๐—”๐—น๐—ฒ๐—ฟ๐˜! ๐Ÿšจ๐Ÿ”ฅ Work hard but smart. Implement systems, hire help, and schedule retreats to recharge. I often work 12-hour days. But I also often book trips like our Great Barrier Reef trip in June to get away from the screen!


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๐—ง๐—ฟ๐—ฎ๐—ฝ #๐Ÿฑ: ๐—œ๐—ด๐—ป๐—ผ๐—ฟ๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ณ๐—ถ๐—ป๐—ฎ๐—ป๐—ฐ๐—ฒ๐˜€ ๐Ÿ’ธ๐Ÿ“Š Know your numbers! Budget, forecast cash flow, and track expenses. Don’t be caught off guard by taxes. ๐Ÿ’ผ๐Ÿ’ก Learn from free resources like YouTube. Pro Tip: watch ALL OF Ramit Sethi’s “I will teach you to be rich” podcast series on YouTube and follow his advice. I promise you won’t regret it.

๐—ง๐—ฟ๐—ฎ๐—ฝ #๐Ÿฒ: ๐—™๐—น๐—ฎ๐˜‚๐—ป๐˜๐—ถ๐—ป๐—ด ๐˜๐—ต๐—ฎ๐˜ ๐—ถ๐—ป๐—ณ๐—น๐—ฎ๐˜๐—ฒ๐—ฑ ๐—น๐—ถ๐—ณ๐—ฒ๐˜€๐˜๐˜†๐—น๐—ฒ ๐Ÿ’ƒ๐Ÿ’ฐ Buy flashy things to fill insecurities? ๐Ÿ›๏ธ๐Ÿค” Rather, prioritize spending on what matters and upgrade gradually. Focus on financial security and not impressing others.

๐—ง๐—Ÿ๐——๐—ฅ: ๐Ÿ’ญ๐Ÿ’ช

1. Nothing lasts forever. Keep evolving!

2. Know Your Numbers. Monthly check-ins are vital.

3. Build and Love Yourself. Confidence beats clout.

4. Know How Much is Enough. Protect your fortune.

You’ve got this! ๐Ÿš€๐Ÿ’ช Keep growing, stay grounded, and have a long-term view! ๐Ÿ†๐Ÿ’ฐ

That’s all for now โœŒ๏ธ

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