I started investing in crypto in July with $10,000, and as of today, my earnings are well over that. If my portfolio were to keep growing at this rate, I’ll be a millionaire in 7/2023, and a billionaire by 12/2026! 😱 Here are some quick observations in no particular order:
1) The more you can start with, the more potential you have to earn. This is pretty straightforward. It doesn’t have to be $10,000, but giving yourself as solid a foundation to begin is pretty helpful.
2) DCA weekly and HODL. I DCA a decent chunk of change every week. I chose weekly, because I’d forget to do it daily, and monthly seems like too long in between. I don’t have the time or the skill to mess around with a lot of day trading, so I just buy and HODL. This seems to be a pretty decent strategy.
3) BTC and ETH are kings, but other coins have value, too. My portfolio is roughly forty percent BTC, forty percent ETH, and twenty percent other coins. I have some dog money for fun, but not too much.
4) Don’t panic, and don’t FOMO (too much). Crypto is super volatile sometimes, so it’s helpful not to panic when the value drops, and it’s probably a good idea not to give in too much to FOMO when it drops, too. Consistency is boring, but it works.
5) Have a goal in mind. This seems to help. I don’t want a Lambo, but I do want a new Wrangler and an oceanfront house here in Hawaiʻi. A condo in Chicago would be nice, too. And Paris. And maybe Singapore. 🤷🏻♂️ And I don’t really want to fly economy ever again if I can help it. Lol
6) Staking is a good move. This is basically free money, so why wouldn’t you?
(OK, that’s six takeaways.)
That’s it. Probably pretty obvious, but maybe someone will find this helpful. I’m eager to see what happens in another four months, four years, forty years. Glad to respond to questions or comments when I can today, but ultimately just wanted to share this milestone. May not be much to some, but it’s pretty significant to me. Aloha!