We get it, investing in cryptocurrencies like bitcoin is the talk of the town. Sometimes you might even think that you might be missing out on the next big thing, especially since bitcoin is popping up everywhere, including platforms that allow bitcoin sports betting, but hold your horses. While there are various cases day in and day out of people becoming crypto investing millionaires, achieving that is not as easy as it would seem and frankly it’s not for everybody.
With all this said, while investing a few dollars here or there on the stock market might seem like a fun activity to pass the time, investing in cryptocurrencies such as bitcoin goes a couple of steps further. Here are a few sure fire warning signs that any person who wishes to invest in bitcoin should be taking into account before making the plunge into the crypto investment world.
Prioritizing Money Over Well Being
Being a millionaire will always sound like one of the coolest ideas around. Imagine having to live your life with no real economic and monetary concerns. I know, it sounds amazing. With the bitcoin craze being in full swing since a few years back many people have found their golden path to not just financial freedom but also wealth and opulence. But although many people have been able to find success from it, it doesn’t necessarily mean that this activity isn’t one where money magically appears and where with great compromises come great responsibilities.
One of the main mistakes many new bitcoin investors make is not being able to prioritize what’s most important in their lives over money. Money can offer solutions to many of life’s problems, but until you are able to make large amounts of money from investing, being able to prioritize your personal, emotional and economic needs is pivotal in order to succeed. Basically put, before thinking of lavish expenses and a larger than life lifestyle, you need to think of being able to stay grounded at all times, secure your bases and be able to prioritize your health, both physical and mental as well as being able to prioritize in securing financial fall backs, funds and assets that could be of use if investing in bitcoin goes south.
Investing smartly involves many levels of commitment and sacrifice and the most important ones are the personal ones needed to be put in the highest ranking of importance before ever thinking of making money. The money will come, it’s all a matter of being able to make it to the end of the road and enjoying it in the best way possible.
Not Doing Enough Research
Just like with any other activity in life, the more you learn and practice, the better you’ll get at whatever it is you wish to be able to do. When speaking about investing in bitcoin, one of the main mistakes people make is thinking they know how all of this works based off a little reading or what someone might have told them. With all the coverage that crypto currencies like bitcoin and the activities done with them get, of course it will seem easier than it is for an untrained eye, but that’s where the biggest problem lies.
Basically, if you are not willing to put in the hours of reading, studying and researching basically how every single part of the bitcoin investment game works then you might be in for more troubles than rewards. If you have your bases covered and have done enough research you will be able to know what to do if values lower or even plummet and you’ll be better prepared to understand what needs to be done next and the levels and percentages of risks that are involved in every single move made. At the end of the day if making money is the goal, then understanding every single move necessary to make said money is a must, no if’s or but’s about it.
Investing While In Debt
In some people’s minds the idea that investing while carrying over debts, especially high interest debt does not really seem like a high-risk maneuver, but, and sorry to burst your bubble, it is! Many rookie investors carry over personal loan debts and credit card debts into their investment ventures with the mere idea of making fast money to get out of debts, but in case anybody is wondering, that’s basically another way to practice speculation. Investing with high-interest debts will always have red flags all over and will make any investor not be taken seriously.
The best move to make is to pay off those high-interest debts before jumping into investing. Why? Simple. The money being previously used to pay off said debts can now be used as safe and healthy money to invest without having to worry about carrying over high interest rates that will only end up damaging your final profits and return interests of your percentages.