Never invest money you need for your living expenses in crypto

in crypto •  3 years ago 

One of the best ways to distract yourself from sticking to your investment strategy and HODL long enough to make any significant gains is to invest the money that you need to survive.

Aside from the fact that if you lose it, you'll be in a very very bad situation, it will not allow you to make any headway with your crypto investment.

You will buy a very good coin with solid fundamentals at an early stage, and the next week, you have to sell it with or without profit (sometimes, even at loss) to buy food.

Then a few days later, the coin takes off and is pumping hard, but you already cashed out.

This is one of the most painful experiences, and it almost hurts more than a rug pull.

If you know you will need this cash to take care of your living expenses or you can't afford to keep it away for one or more years, it's probably best to not invest it in crypto.

If you have too little spare money and desperately want to invest in crypto, work out a strict budget for yourself and separate your investment money from your living expense money.

And make sure you never touch the money you have invested in crypto until you reach your target.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE BLURT!
Sort Order:  
  ·  3 years ago  ·  

Congratulations, your post has been upvoted by @r2cornell, which is the curating account for @R2cornell's Discord Community.

Curated by <@bestkizito >

r2cornell_curation_banner.png