“A fool and his money are soon parted.” – Thomas Tusser
Sooner than you think, we will witness the greatest wealth transfer in the history of the world.
People will make a lot of money and a lot of money very fast.
It won’t be gold or silver or stocks that make this new generation millionaires and billionaires. It will be from cryptocurrency. The Bitcoin halving is in a few days and we’ll start to see some interesting movement in the markets.
Just to clarify, I’m talking to those invested in cryptocurrencies – the future millionaires and billionaires. So if you’re not invested nor care to invest in the future via cryptocurrency, read something else.
Anyways, back to us investors.
Most people do not know how to deal with the sudden energy that they receive, so they panic buy. They buy Lamborghini’s and other depreciating assets. This is what happens when mentally poor people get money through their favourite past-time, the lottery. They blow it fast so they can get right back to their comfort of being broke…and they don’t even know they’re doing it! But I encourage you to be different and invest in appreciating assets such as real estate and eat off of the income. THEN you can buy your Lambo’s and Ferrari’s.
Some of these cryptos over time will actually provide you dividends via interest. Do your research and find out which ones are planning on that (for example Zilliqa).
One way to counteract that human instinct to buy depreciating asset off of your sudden wealth of millions or billions is to just sit on your money for about six months. It will be hard, but it will allow for the hype to subside and your critical thinking to kick in. It’ll stop you from going crazy and paying off your friends and families mortgages and behaving like a rapper or NBA player.
So here are just a couple rules to understand:
Rule #1: Get your cryptocurrency off of any exchanges NOW and buy a hard wallet (Ledger Nano S or X, for example.)
Rule #2: Do NOT let anyone know about your sudden wealth. Nobody.
Rule #2: Sit on your wealth for roughly 6 months. Don’t quit your job, don’t buy any bulls*t.
Rule #3: Talk to a trusted accountant and understand the crypto and tax laws in your country/city/state. There are ways to legally not having to pay tremendous taxes on it.
Rule #4: Prioritize investing in real estate (local and/or international)
Rule #5: Keep your circle small (talk quietly), enjoy life, and don’t let people guilt you into becoming an ATM.
Until next time,
Live Long and Prosperous.
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Value Investing Millennial Jahnome McEwan provides FIFTY tips for Young Adults looking to build wealth from now. If working a 9-5 until retirement twists your stomach, Jahnome has a way to get you out of it!
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This website and its contents are solely opinion-based. The information provided does not constitute investment advice. Accordingly, due to the information on this blog only being of personal opinion and experience, it should not be considered professional financial decision advice. The ideas and strategies expressed should never be considered without first assessing your personal and financial situation, or without consulting a financial professional. My thoughts and opinions will change over time as I learn and accumulate more knowledge.