Recently, I've been spending some time on matters related to cryptocurrency investment. Now I'm going to lean into the topic about the specific amount we should spend on our first and next investment.
I'm not going to throw a specific amount for everyone because we're all different, but it's worth considering such, let's agree, a decent minimum. I understand that not everyone is a millionaire and not everyone can afford to invest several thousand dollars, but no one is going to invest five or ten dollars per investment, because even we are not enough sometimes for the transactions alone.
It seems to me that when talking about the first amount of money, we must first look at our wallet and see if we can afford it. We can not devote 90% of our wallet to cryptocurrencies because life is unpredictable and we can not spend so much money on investments because we have to live for something. I follow the principle that we must invest as much as we can lose. The worst thing is to get into debt at the very beginning. And let's not even talk about borrowing money. The cryptocurrency market is so volatile and strange in its own way that in the morning investing $100 in a token in the evening you may only have $80.
I believe that we should invest as much as we feel safe and secure. If we feel confident putting in a thousand dollars and have a strong psyche then let's invest. If we feel the same way with $100,000, we can too. But if we don't feel confident with $500 then it's worth taking a moment longer to think about it. It's our money, we have to take care of it.