YSK: You might be getting crypto investing advice from a 13 year old

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I guess it gives new meaning to “everyone’s a genius in a bull run.”

I think something that is overlooked by many is that you only need to be 13 years old to use Reddit, per the ToS.

I’m making this post because sometimes the sentiment and mindsets that I read here are alarming to me. People that don’t want to be “wage slaves” making it to the front page saying that crypto is going to give them financial freedom and property on a secluded island. The idea that you can forget about your career, because BTC and your alts are enough to make you rich.

There is also a completely unsubstantiated poll that came up on the sub today asking what your age is.

I’m not actually >60, or am I?

I don’t know how to put this gently, but wisdom often comes with experience. And the reality is that the older you get, the more experience you usually have. People will undoubtedly say “a 20 year old can have more experience than a 40 year old” which can be true in some cases, but the reality is that more often than not the 40 year old will have more experience to fall back on to make an educated decision.

Experience is especially crucial when it comes to investment decisions and doling out advice. My fear is that more than half of this sub has little to no investing experience. But you can’t know how old the person is who is on the other side of the screen.

The person giving you advice might be a teenager who has $100 or less invested in the coin they are shilling. On average, a crypto investor has $263 in their account. (link)

Let me put it this way, if you are 25, how confident are you in investing advice received from an 18 year old? If you are 35, how confident are you in investing advice received from a 25 year old?

Without any data to back it up, I’m sure that a huge portion of users here have been investing for less than 5 years, but even more concerning is that they probably started investing in January of 2021. That’s less than a year of investing experience. And let me tell you, years of trials and tribulations, getting burned in the markets and assessing what risk you can really tolerate, goes a long way in how you approach your investment decisions.

Be aware of the fact that we will never know the age or level of experience of whoever is postulating what comes next. Factually, we can know that the person might be as young as 13 years old.

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As someone who has been in the markets 10+ years, experience that only goes so far, and you could never validate to begin with – I have the following advice, which I’ve stated in previous posts:

Always do your own research and be weary of advice received from people on the internet. The person giving you advice might have a menial amount of money invested in the first place. Focus on your studies and continuously improve your skills to make yourself more marketable in the workplace… higher salary = more money to invest in crypto. Don’t put all your eggs in one basket. Diversify your investments including outside of the crypto market. Chances are that crypto is not going to make you rich. Maybe it will, but it would be ill-advised to plan for this outcome.

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Is this a gatekeeping post? Pretty much. Take it for what it’s worth, and sorry to any of those who I may have offended. For all you know, I am 13 years old.

submitted by /u/veryeducatedinvestor
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