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Don't Lose Your SHIB Over It

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Avatar for Porwest
Written by   155
3 months ago
Topics: Crypto, Strategy, Investing, Advice, Money, ...

Years ago I learned a valuable lesson about money that has thankfully stuck with me through the years and to now. It was a very simple lesson.

Getting rich and achieving absolute financial freedom takes time. There is no real get rich quick scheme out there.

There is another thing that I think is important to note here. When you thumb through the list of Forbe's Richest, beside each name it also says how the richest earned their money.

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Nowhere on these lists does it say that luck was the source. But, there is one source that you can find very often on that list. The stock market.

The point is that how the rich get rich is through hard work, taking on enormous risk, and having the intestinal fortitude to weather it. Sometimes it works, sometimes it doesn't. But to get rich there is no getting around any of these things.

There are exceptions to every rule. There are also a large number of people on the list that inherited their wealth. The Mars kids from the candy empire and the Walton kids from the Walmart empire, for example.

Image courtesy of Pixabay, user StockSnap. Forbes Magazine Reading - Free photo on Pixabay

The thing is, I have spent a lifetime from a very early age being frugal, saving my money, and investing almost all of it into something. Real estate, the stock market, and other various ventures. I did it with the desire to get rich. I did it with the desire to achieve absolute financial freedom. It is why I continue to do it today. And while I have managed to accumulate wealth, of course it will never be enough to satisfy me. To my mind there is no such thing as having too much money. In my philosophy "too much money" simply does not exist.

But there was a time when I thought it all just wasn't happening fast enough for me. There just had to be another way, I thought. And so I started to explore ways to speed things up.

I got into penny stocks.

I got into other things too. Very risky ventures. I invested in the private stock of a bank that went kaput. I got involved with a tilapia fish farm in Hainan, China that is now no more. And probably one of the worst investments I ever made was investing in a Chinese telecommunications company after I got involved with two characters, George Alvarez and Colin Tay. I did not lose all of my money on that one, or even a significant percentage of my entire portfolio. But I lost enough that it hurt just a bit more than other losses I had in the past. It was the valuable lesson for me that is still with me to this day, which I will repeat for good measure and emphasis.

Getting rich and achieving absolute financial freedom takes time. There is no real get rich quick scheme out there.

Image courtesy of Pixabay, user nattanan23. Money Coin Investment - Free photo on Pixabay

I revisit this experience as I dive into the cryptocurrency markets, where no doubt there are stories galore about people who struck it rich with little or no money down, and who did it very quickly. I think about a noise post I read recently that pointed out that if one would have invested $1 in 2009 in Bitcoin it would have bought 1,309 coins that would be worth nearly $72 million today as of this writing.

I revisit this experience as I dive into a coin that is getting a lot of hype right now. Shiba Inu.

I invested a very tiny amount of money. A mere $40 which got me roughly 1.8 million SHIBs. If it goes to a penny it could be worth $18,000. And that's a pretty hefty return to say the least. Not life-changing money of course. But who is going to frown on what adds up to about a 45,000% gain?

There is danger in this thought, though. Because Shiba Inu is a long way from a penny per coin. More than that, there is danger in considering other coins that produced massive returns for some people and assigning that excitement to something like a Shiba Inu coin as well.

Bitcoin being the main example. But Doge was kind of like that for some people as well.

Millionaires were made practically overnight.

Did luck play a role in that? I think in the case of crypto it very much did. Not unlike some people in the stock market got lucky when they picked stocks like Microsoft, or Amazon, or Google in the early days of those stocks.

No matter if it is crypto or stocks, one is always looking for the next big thing. And sometimes one can get a bit ahead of themselves dreaming that maybe they have found it, and are willing to go all in to cash in on the big prize.

If I make just one good pick in penny stocks it will pay for all the ones I got wrong.

The thought crossed my mind very briefly. With all this hype around Shiba Inu, what if I just dropped $5,000 into it. I could do it. It would not hurt me. But what if I did? I could buy 181,686,046 SHIBs. And then if it went to a penny what would that be worth?

Image courtesy of Pixabay, user KNFind. Dogecoin Coins Cryptocurrency - Free photo on Pixabay

Roughly $1.8 million.

Money like that does indeed change things up quite a bit. It's a massive return, and has more benefits than not. And it's the kind of potential return that makes the mind run a bit off course, just like I did when I got involved in penny stocks and other risky ventures.

What if went to a dollar per coin? My God, this is potentially $182 million. But could it be the next BCH? Then it would be worth $109 BILLION!!!

Look out Jeff Bezos, here I come...

As I said, this can be a very dangerous way to think. It can get a lot of people into a lot of trouble. It is this kind of thinking that got me in a little bit of trouble. The key takeaway here is that slow and steady wins the race.

Sure, there are stories of lucky people all the time. Someone wins the lottery. Someone picks just the right stock at just the right time. Some people took a whim on Bitcoin and made out like gangbusters.

But these lucky people are also few and far between. They are not the masses. Most of us got in too late or missed the idea altogether. Most of us did not get filthy rich. Most of us are still trying to get there. Most of us are still looking for the next big thing.

Image courtesy of Pixabay, user geralt. Thumb Success Successful - Free photo on Pixabay

It could be Shiba Inu, or it could be something else. Or it could be Bitcoin all over again when it will be worth $1 million in the next 12 years.

The thing is that I think in all of this, and in any decision we ultimately make, it is better to keep a level head and think before we jump. Take it slow and steady, and be cognizant of the risks we are taking. And be satisfied that the level of risk we may be able to afford may not afford us that life-changing return. But it still puts us ahead in the game without losing our shirts in the meantime trying.

Without losing our sh*t, which was the play on SHIB I was shooting for when I wrote the title of this article.

If we lose our sh*t and lose our minds and get too ahead of ourselves and allow for dreaming to get in the way of making common sense decisions, we may lose our sh*t too in the form of empty wallets, and having to start all over again.

It is much better to proceed informed and with calculation and a common sense and realistic approach than to dive into an unfamiliar pool blindfolded, unaware if there's even water in it.

Lead image courtesy of Pixabay, user yen3456. Dog Shiba Inu - Free photo on Pixabay

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Written by   155
3 months ago
Topics: Crypto, Strategy, Investing, Advice, Money, ...
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Comments

Haha, I converted some of my BCH to SHIBA (just few dollars) and it's prize didn't grew since then. I'm so unlucky 😂 I'm happy to have some SHIBA though. I really like the name and the dog. 😂

$ 0.01
3 months ago

I keep adding a little here and there and plan to hold it for a bit to see if it does anything. My fingers are crossed. I am not sure if that counts for due diligence, but it is what it is. lol

$ 0.00
3 months ago

I ain't jumping on the SHIB wagon after I sold mine cheaply months ago, lol! Risks can either make or break us. It depends on how tough we can be to take some.

$ 0.01
3 months ago

The risks I am willing to take are EXTREMELY calculated. When it comes to crypto, it is all money I am willing to lose. Not the best strategy, perhaps, but I do play the lottery. lol

$ 0.00
3 months ago

After all, you have set up your finances with caution :) Now about the lottery, makes me think to play also haha

$ 0.00
3 months ago

I know here in the U.S. the jackpots get quite large. Into the hundreds of millions of dollars.

$ 0.00
3 months ago

Really entices one to play

$ 0.01
3 months ago

Yes. It does. And a ticket only costs $2. Even if you played all week, there are three drawings per week. I'll wager $6 for a chance at hundreds of millions any day.

$ 0.00
3 months ago

That's quite cheap indeed. Do you play the same numbers each time or different ones?

$ 0.01
3 months ago

Always different ones. I just let the random generator pick for me. I figure it this way, it is probably more likely that the random generator will pick the right six numbers eventually than I will already have picked the right six numbers.

I could be wrong. But who knows? So far I have never had the right six numbers. lol

$ 0.00
3 months ago

I see, I thought you're like those who play the same numbers each time :) But you could be right, the random generator might give you the winning numbers on day, lol!

$ 0.01
3 months ago

I am just too aware it is ALL just so random, I think it improves my odds to take the random approach. Probably never amounts to anything. But that's my approach anyway. lol

$ 0.00
3 months ago

And may the odds be on your favor :D

$ 0.01
3 months ago

How nice you wrote dear friend, few people are so motivated to continue on this path, surely the best is waiting for you...

$ 0.01
3 months ago

Is there anyone who is active in the crypto market and does not have a shib? I am wondering. Since I expect burning process, I hold some in my hand. If there is a burning process, there may be a possibility of 1 cent, which would be enough for me.

$ 0.01
3 months ago

If a SHIB goes to 1 cent, I would have a pretty massive gain. I like the sound of that.

$ 0.00
3 months ago

Financial decisions always come with risks.one should learn how to properly factor in those risks when making financial decisions

$ 0.01
3 months ago

I'm not a risk-taker person, but I do understand that sometimes, it is a must. Now, I'm trying to learn how to take risks bit by bit. :)

$ 0.01
3 months ago

The best way to reduce risk is to enter into an investment armed with as much knowledge about the investment as possible. Not doing that turns it from investing to gambling, and gambling rarely offers a return to anyone except the casinos.

$ 0.00
3 months ago

I think your post very articulately showcases the importance of the phrase often repeated in the cryptoverse: don't invest more than you are willing to lose. With meme coins like Doge and Shiba, seeing the insane percentage gains can easily blind us to this rule. While I have put a small amount into Shiba too, it is mostly because it is a fun hobby for me. It is money that I would have probably spent going out to eat or the bar for the night. I have no realistic expectations of Shiba reaching .01, but if it did, I would have one heck of a story to tell!

$ 0.00
3 months ago

Risk is sometimes scary but its needed to make wealth. The moment we can overcome the fear of risking to get what we want, we begin to move one step closer, having in mind that sometimes we will win abd sometimes we will lose.

$ 0.01
3 months ago

Right. Most of us are looking for the next big thing. Tho we are not certain which is which. I wish I knew btc when I was 7. And even invest a few dollars. After 12 years, it could change our lives.

$ 0.01
3 months ago

I thought about throwing in a few bucks many times, but just had no clue what it was or how to do it, and unfortunately never took the time to learn more about it.

$ 0.00
3 months ago

Hehe, I like the way you think, I always believed in SHIB and I bought it 4 months ago but it went down. I am glad it is bullish now, if it goes to a penny then we will probably be swimming in money. If it gets to $500 then we are in Heaven😁

$ 0.01
3 months ago

Oh gosh. $500 would be massive! lol

$ 0.00
3 months ago