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! 🎉💔 It’s a recurring pattern, especially in Crypto.
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 💡
𝗧𝗿𝗮𝗽 #𝟭: 𝗡𝗼𝘁 𝘀𝘁𝗮𝘆𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗹𝗮𝗻𝗲 🎯🧠 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!
𝗧𝗿𝗮𝗽 #𝟮: 𝗡𝗼𝘁 𝗧𝗮𝗸𝗶𝗻𝗴 𝗣𝗿𝗼𝗳𝗶𝘁𝘀 🎲🏦 Parkinson’s Law – 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.
𝗧𝗿𝗮𝗽 #𝟯: 𝗙𝗮𝗶𝗹𝗶𝗻𝗴 𝘁𝗼 𝗔𝗱𝗮𝗽𝘁 🔄📈 Success is never static. What worked yesterday might not work tomorrow. Think YouTube channels – 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.
𝗧𝗿𝗮𝗽 #𝟰: 𝗕𝘂𝗿𝗻𝗼𝘂𝘁 𝗔𝗹𝗲𝗿𝘁! 🚨🔥 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!
𝗧𝗿𝗮𝗽 #𝟱: 𝗜𝗴𝗻𝗼𝗿𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗲𝘀 💸📊 Know your numbers! Budget, forecast cash flow, and track expenses. Don’t be caught off guard by taxes. 💼💡 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.
𝗧𝗿𝗮𝗽 #𝟲: 𝗙𝗹𝗮𝘂𝗻𝘁𝗶𝗻𝗴 𝘁𝗵𝗮𝘁 𝗶𝗻𝗳𝗹𝗮𝘁𝗲𝗱 𝗹𝗶𝗳𝗲𝘀𝘁𝘆𝗹𝗲 💃💰 Buy flashy things to fill insecurities? 🛍️🤔 Rather, prioritize spending on what matters and upgrade gradually. Focus on financial security and not impressing others.
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! 🚀💪 Keep growing, stay grounded, and have a long-term view! 🏆💰
That’s all for now ✌️