Have you ever been asked or tempted to attend a seminar that supposedly will tell you how to turn a small amount of money into millions?
I work for ___________ (insert company name here). We have a seminar called the __________ (insert seminar name) series where we cover various topics on business and entrepreneurship every month.
You see these seminars promoted on late-night television infomercials and advertisements in newspapers. While it certainly might be tempting to try out, many people are aware that they are a scam. These seminars are full of empty promises and require participants to open their checkbooks to hear the “secret” to making millions. Without spending a cent of your own money, take a peek at this Dilbert comic strip to discover what occurs at these seminars.
Source: Dilbert 2008-08-24
These seminars take various forms -> masterclasses, paid newsletter, subscription groups, and infamous pump and dump groups. Everyone wants to find a way to get rich quickly. We all want freedom from the corporate rat race or from endless debt slavery of the capitalist society we live in.
People must realize that while investing in crypto can provide more significant gains than traditional stocks, it also carries many risks. That doesn’t stop people from jumping in headfirst and getting into whatever cryptos are being shilled on the various social media platforms. Many people don’t realize that whatever potential they see in these coins, the market may have already factored this hype and FOMO into the price.
The first thing I would do is to visit your local public library and read everything you can get your hands on regarding the basics investing and finance. Many people have grown up with families not discussing finances and even many have higher level education that never focused on any of these topics. Yet, you wanna get rich by pick crypto coins and then saying, when moon? Come on folks! If you want to get serious about crypto investing, change your expectations and realign them with realistic goals.
Books that I would certainly recommend reading are The Intelligent Investor by Benjamin Graham. If you are unfamiliar with the author, he was Warren Buffett’s mentor and professor at Columbia. The book is a difficult read, but it gives insight into selecting stocks using a “value” approach. Another great book to read is Common Stocks and Uncommon Profits by Philip Fisher. Warren Buffett has said that this book influenced his stock selection process, as it emphasized that buying a great business at a fair price as opposed to a lousy business at a great price. While these traditional methods will not apply to crypto investing, they will give you a solid foundation.
While I have just given you some references that will serve as a starting point, I would like to warn you that successfully picking individual cryptocurrencies to invest in takes a lot of effort. Keep that fact in mind before investing a penny in a cryptocurrency.
Thank you for reading and hope you have a good rest of the day!
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