The problem with crypto is that you always want more. We all dream about crypto investment making a huge impact on our daily life! So the more I do think about what kind of impact crypto could have on life, the more I do understand that I am/was playing the game with the wrong mindset!
The ones who do follow my posts and actually do read them, know that my main goal was to decrease my fiat investment into crypto to 0 (zero). In the past month I did convert a pretty decent amount into fiat. Now I was asking did this change my life.
The answer to that question is two folded. So a YES and a NO.
Yes we maybe could afford some extras, but the main part of the converted crypto is just sitting in the bank account, just collecting dust! Some parts were used to purchase some stuff, like a birthday iWatch for me wife and now I also forced her more or less to purchase a chair she was dreaming about. But to be honest, we could have purchased both with the converted crypto! So the real answer is maybe No!
But what would be a real life changer for me! So again a question where I did have to find an answer to! And maybe if crypto could allow me to start working 4 days a week in stead of 5, well that would be a life changing thingy! But if I do want to achieve this, I was just playing the game incorrect!
Al-time highs!
To give myself another view point on my crypto portfolio I did dig up the all time highs of all the cryptos I do have in my wallet. Trying to figure out what the potential value of my crypto holdings is, when all the stars would be aligned.
On one side I was impressed by the total value of the portfolio when this would occur and on the other side I was disappointed! If this would happen, the value of my crypto portfolio would for sure be life changing and could give me the opportunity to start working less and enjoy life more! It would means that the value of my portfolio would be four times the value it has now!
But If I do keep pulling out money of the crypto market, that dream would be much harder to achieve!
What is my real goal with Crypto?
I was to late at the party and for sure made some stupid moves in the early years. So the chances that crypto will make me a millionaire are close to 0. While not impossible, I will probably have more chance winning the lottery that this will happen! So, I can eliminate that as a goal!
When I did enter the crypto market, I did enter it, to see if it was possible to earn an extra buck or two! Earning an extra buck or 2 does mean that you do need to convert crypto into fiat, otherwise you are just sitting on a pile of virtual money with a virtual profit or virtual loss!
So let's say that my goal would be that crypto allow me to decrease the numbers of hours I really have to work!
Change of game plan!
A good coach in any sport isn't afraid to change the game plan during a game. Trying to turn things around! If I do compare my game plan with sports, I maybe have to say that I was playing ultra defensive watching on a possibility to counter!
My main focus was to reduce my fiat investment to zero, not realizing that I am maybe missing out on lots of possibilities!
I already did some minor tweaks to my game plan, which does have some positive effect. Until a few months ago, most of my cryptos where just collecting dust, they weren't growing, so by default missing out on potential profit. Or at least a status quo which is in crypto more or less the same as a loss!
The changes I did made:
Investing into being a premium member on the freebitco.in facuet;
Moving the crypto I did have on Binance to their earn section;
Moving the crypto I did have on Kucoin to their pools;
Opening an account on Celsius network and did deposit some crypto there to gain some interest and claim their free $50 in BTC.
While these things are only small improvements I did mean that this tokens where working for me in stead of the other way around!
Currently my biggest mistake is that I do take out way to much profit out of the market by converting them into fiat. What separates the normal people from the rich people is that the rich do make money with their money, while the normal ones are trying to save and create a cushion. Okay I admit, we all need to have a balance in our household books! But I am at the moment in a situation that I can take some risks with my crypto investment. If I do loose it all, my life as it is now would change, besides having a huge dent in my ego! So why do I focus so much on reducing my fiat investment? Just to have a great ego? Trying to eliminate the guild feeling of my investment, one which has been written off emotionally a long time ago?
So I do need to get back to the drawing board and start investing my crypto earnings mostly again into crypto! There is no reason why I should keep on pulling out all my profits. It just doesn't make sense if I do want to chase my new crypto goal! So changes are due!
I will still withdraw some profit into fiat, but the amount I will withdraw will decrease a lot! I will start saying goodbye to some coins in my portfolio which are just collecting dust and swap them into crypto investments which will give me some daily passive income.
And for sure will re-invest the majority of my earnings!
Sometime it is good to confront yourself with some simple questions like what is your real crypto goal! If it is to become a millionaire that's okay, but your game plan should suit that goal! If it is to decrease your fiat investment, that's also fine and again you do need to find something that works for you.
So, what's your ultimate crypto goal? And is your game plan supporting this goal. Or did you have a secret goal, which is held back by your game plan?
In my case, the goal I was trying to accomplish apparently wasn't my real goal. And the plan I did draw out was standing in the way of my goal! Just make sure your goal and approach is aligned to each other!
Cheers,
Peter
