Crypto: a place where everyone makes money, but few secure it

[NewRanger]

Experience without financial learning leads to huge losses. and I consider this also a reality, sometimes it tastes bitter and sweet. However, from what you wrote above, at least you need to have a good understanding of finances. As you said, it is recognized that the crypto space produces various characters and typicalities where we see many who achieve great success easily but still continue to fall into financial failure due to lack of knowledge.

[Kakmakr]

Yea, I always say.... "It takes hard work to make a lot of money, but it is more difficult to keep it"

Example : When you are poor, you buy a small inexpensive car and house... the moment when you make a lot of money, you want to show other people that you made it and you splash money on a expensive car and a huge expensive house. Your insurance payments goes up... your property taxes goes up, you spend more on maintenance.... and that quickly eats through your money, if you do not fill up on the income side.

[Adreman23]

While in cryptos, most people lost their money because lack of knowledge e.g. invest in ponzi, trust in centralized exchange, and invest in altcoins.

In crypto, many may encounter financial losses due to wrong decisions, such as not holding or selling too early. Some may hold onto assets, believing their value won't decrease, while others might make regrettable choices like buying questionable coins with their Bitcoin or Ethereum. I mention this because I've personally experienced it, and no matter how much I blame myself, I can't undo the past. It's essential to accept it, move on, and learn from the experience.

[libert19]

I have heard of a lot of smart people who lack financial knowledge but remain successful because they are wise in other aspects. For instance, I have heard of individuals who made a huge profit from Bitcoin, and because they couldn't handle it, they just employed people to teach them or help them invest, and these experts helped them maintain this wealth, so they didn't fall back to square one. The fact is, even if one is not money-wise, they should be wise in other aspects.

I am not comfortable believing this story of yours you told. If someone had invested in Bitcoin and made huge amount of money he should be considered financially literate and not to meet any other person to teach him another type of investment in order not to return to poverty. I put it to you that anyone who is able to invest in Bitcoin and have good returns has already known the methods of investment and does not actually need to employ any other person to teach him where again to invest.

..and I disagree with your statement, I don't think holding BTC, making profits from it makes anyone even remotely financially literate. There are people who came across BTC first, got their feet wet here first before even having a bank account because they weren't aged enough to have it and BTC/Crypto is the only thing they know, nothing about investments in other sector whatsoever.

[0t3p0t]

Yea, I always say.... "It takes hard work to make a lot of money, but it is more difficult to keep it"

Example : When you are poor, you buy a small inexpensive car and house... the moment when you make a lot of money, you want to show other people that you made it and you splash money on a expensive car and a huge expensive house. Your insurance payments goes up... your property taxes goes up, you spend more on maintenance.... and that quickly eats through your money, if you do not fill up on the income side.

When you say poor here in my country it means nothing but living in misery and is not able to even afford to buy a bike. 😁 I know poor people in United States or other first world countries are very different in those living in third world countries but yeah that's life.

I thought it was "work smart not hard" to become successful in life. Sometimes our mindset is what makes us poor. It actually happened to me once and I will never do that ever again.

[Natsuu]

Yea, I always say.... "It takes hard work to make a lot of money, but it is more difficult to keep it"

Example : When you are poor, you buy a small inexpensive car and house... the moment when you make a lot of money, you want to show other people that you made it and you splash money on a expensive car and a huge expensive house. Your insurance payments goes up... your property taxes goes up, you spend more on maintenance.... and that quickly eats through your money, if you do not fill up on the income side.

Yep. When you start making more money, there's often a temptation to upgrade your lifestyle like fancier car, bigger house, and all that. If you're not careful, those expenses can gobble up your earnings, leaving you with less to save or invest. So, it's all about finding that sweet spot between enjoying your success and making sure your money works for you in the long run.

[kaka_Shipai]

Everyone makes mistakes, but only a few learns from them and dont make them twice. This is pretty naturual, and the same goes for the crypto world also. and that is why only few secure the money they make because they learn and the rest don't

[Barikui1]

Actually it not just in cryptocurrency, almost in all professions, when their is a fail money management strategy, you are always bound to crumble at some point in time, so I think risk and money management is key in whatever profession or business you find yourself in.
Anyone can make money in business, but not everyone has the money management skill required to protect that money, which i do believe is the key.

[WillyAp]

Not one economy exists in which there are only winner.

[Kingbtc2]

Experience without financial learning leads to huge losses. and I consider this also a reality, sometimes it tastes bitter and sweet. However, from what you wrote above, at least you need to have a good understanding of finances. As you said, it is recognized that the crypto space produces various characters and typicalities where we see many who achieve great success easily but still continue to fall into financial failure due to lack of knowledge.

Infact after aquiring wealth the person must have an understanding of financial education because getting money is one thing and managing the money is another area that is very important, otherwise the wealth will start to diminish until nothing will remain. Some people will sale their Bitcoin that they've been hodling for year in a bull run season, after cashing in on returns on years of investment, if they don't have a solid plan on what to do with all that money, they can spend it all on luxury items and partying, in the end if there's nothing else to fall back on financially they'll become poor. With financial education, the person will decide the percentage to use for enjoyment and luxury, then the rest has to be reinvested, so that the returns on investment will continue.

[slapper]

Experience without financial learning leads to huge losses. and I consider this also a reality, sometimes it tastes bitter and sweet. However, from what you wrote above, at least you need to have a good understanding of finances. As you said, it is recognized that the crypto space produces various characters and typicalities where we see many who achieve great success easily but still continue to fall into financial failure due to lack of knowledge.

Infact after aquiring wealth the person must have an understanding of financial education because getting money is one thing and managing the money is another area that is very important, otherwise the wealth will start to diminish until nothing will remain. Some people will sale their Bitcoin that they've been hodling for year in a bull run season, after cashing in on returns on years of investment, if they don't have a solid plan on what to do with all that money, they can spend it all on luxury items and partying, in the end if there's nothing else to fall back on financially they'll become poor. With financial education, the person will decide the percentage to use for enjoyment and luxury, then the rest has to be reinvested, so that the returns on investment will continue.

Yes, making money is one chapter, but managing it is another. Picture this: After winning Bitcoin, what's next? Your decision is crucial, friend.

Financial education is essential. Your financial future depends on post-windfall actions. The idea is simple but profound: some of your riches should fund your passions. However, the majority? That should boost your wealth. Not just saving, but smart reinvesting. Financial wellness relies on earning, enjoying, and reinvesting. A short-term thrill against a lifetime of financial security.

[wxa7115]

Experience without financial learning leads to huge losses. and I consider this also a reality, sometimes it tastes bitter and sweet. However, from what you wrote above, at least you need to have a good understanding of finances. As you said, it is recognized that the crypto space produces various characters and typicalities where we see many who achieve great success easily but still continue to fall into financial failure due to lack of knowledge.

Infact after aquiring wealth the person must have an understanding of financial education because getting money is one thing and managing the money is another area that is very important, otherwise the wealth will start to diminish until nothing will remain. Some people will sale their Bitcoin that they've been hodling for year in a bull run season, after cashing in on returns on years of investment, if they don't have a solid plan on what to do with all that money, they can spend it all on luxury items and partying, in the end if there's nothing else to fall back on financially they'll become poor. With financial education, the person will decide the percentage to use for enjoyment and luxury, then the rest has to be reinvested, so that the returns on investment will continue.

One thing I have always found to be very surprising is that people spend a great deal of time learning how to earn money, but very rarely will a person spend a significant amount of time trying to find ways to preserve the money they have made and accumulate it as wealth.

This is the reason you can find doctors that are making hundreds of thousands of dollars each year, and yet if you were to look at their financial statements you will see that they are effectively bankrupt, and this is because despite making so much money, they have no idea at all how to keep it and make it grow.

[ichsan ardi]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

This means that the person is not ready to be rich. Many people who win the lottery suddenly become rich and end up being poor again because they are not ready to have a lot of money. It's not how much money we have but how we manage that money. That's why rich people go bankrupt. can become rich again, while poor people who become rich can become poor again, it's all about whether we are ready or not, that's what I think

[Moeda]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

Every business has profits and losses. Crypto investment is also part of the business. Of course we can get big profits, but we cannot escape losses. Most people experience losses because they don't get out at the right time. They get worried when they see the stock exchange is dropping, so they sell their assets. Of course, this method will result in losses. Apart from that, they are not smart in seeing coins that are worthy of investment. Not all coins on exchanges can survive for the long term. We need to research before investing.

[Assface16678]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

This means that the person is not ready to be rich. Many people who win the lottery suddenly become rich and end up being poor again because they are not ready to have a lot of money. It's not how much money we have but how we manage that money. That's why rich people go bankrupt. can become rich again, while poor people who become rich can become poor again, it's all about whether we are ready or not, that's what I think

It's not that they are "not ready"; it's more like they are not "responsible" with the money. You see, when a poor family or average family suddenly has a lot of money, for example, winning the lottery, what do they do or think first? Yes, the things they want are their desires and things that are not important, but because they can't afford them in the past, they will buy them. They will not think of securing the money first or how they can maintain the money or make the money grow. That is the common mistake of most people who get a lot of money instantly. They will not think of their future instead they will follow their desires as they want to experience the things that they can't when they don't have the money. We can't blame them. You will not be excited to experience the luxurious life right? But it is wrong to abandon the future.

[AmoreJaz]

Every business has profits and losses. Crypto investment is also part of the business. Of course we can get big profits, but we cannot escape losses. Most people experience losses because they don't get out at the right time. They get worried when they see the stock exchange is dropping, so they sell their assets. Of course, this method will result in losses. Apart from that, they are not smart in seeing coins that are worthy of investment. Not all coins on exchanges can survive for the long term. We need to research before investing.

in any investment, whether crypto or not, there will always be ups and downs no matter what. it is part of any business or investment. to be smart on this, one should always do his own due diligence before committing himself to any type of investment, in tangible or digital form.
if one is seriously considering any investment, he should do remember that it is his money, and so the responsibility to take care of his assets is all on him.
you can ask for assistance or opinion from others, but at the end of the day, you are the one who can weigh your actual requirements and necessary targets for your endeavours.

[peter0425]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

You Mean "COINFESSION" mate and not Coinconfession?


anyway  I love the comment about His Bully classmate and this what he said

The guy that used to bully me in school, and I secretly hate, asked me for trading advice. I wanted him to lose money, so told him to do the exact opposite of me and short support last week.

He made 9k profit and I got liquidated.

it sounds Joke but it is reality , that sometimes we are confident about what we are doing but the truth is we are still
having small knowledge and what we are putting is just a mindsetting that will bring us to more losing.

Maybe i will check that site from now and then because confessions there seems to be valid.

[Yatsan]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

This means that the person is not ready to be rich. Many people who win the lottery suddenly become rich and end up being poor again because they are not ready to have a lot of money. It's not how much money we have but how we manage that money. That's why rich people go bankrupt. can become rich again, while poor people who become rich can become poor again, it's all about whether we are ready or not, that's what I think

It's not that they are "not ready"; it's more like they are not "responsible" with the money. You see, when a poor family or average family suddenly has a lot of money, for example, winning the lottery, what do they do or think first? Yes, the things they want are their desires and things that are not important, but because they can't afford them in the past, they will buy them. They will not think of securing the money first or how they can maintain the money or make the money grow. That is the common mistake of most people who get a lot of money instantly. They will not think of their future instead they will follow their desires as they want to experience the things that they can't when they don't have the money. We can't blame them. You will not be excited to experience the luxurious life right? But it is wrong to abandon the future.

Is there such thing as moment to be ready to get rich? Poor ones on what they can have with their money are still valid, that's their money in the first place. We're just having negative impressions simply because we are not in his achievement and we just became part of criticism. Once we are in that position, it will be hard with application. I myself is guilty of that; it is easy to set standards through words such as engaging to investments, buying franchises for my own. But once I got that money, for sure I'd be somewhat giving myself a treat for hardwork. But in this industry, things are a bit more complicated; as long as you are involved then expect that you  will always be at risk of loss.Not because you are here in this industry for years it would mean that you will never commit a mistake. You'd make money on frequent instances howeverif you will not be able to manage it properly then things won't be different.

[southerngentuk]

Financial responsibility is not solely a function of wealth accumulation. It's about developing skills and knowledge to manage money effectively, regardless of the amount. Financial literacy empowers individuals to make informed decisions, set realistic budgets, and avoid impulsive purchases, regardless of their income bracket.

One's experience with financial scarcity can influence spending habits, but it doesn't define them. Individuals who've faced financial hardship might develop a strong sense of value for money, leading to responsible spending habits even when their financial situation improves.

Ultimately, spending habits are driven by individual values and priorities, not just the size of one's bank account. Some people prioritize experiences and personal fulfillment over material possessions, regardless of their income. Conversely, others might value financial security and long-term investments, even with significant wealth.

[red4slash]

Indirectly, this tells us all that knowledge and learning are very necessary if you really want to benefit in a field including in crypto.
We must be aware that being in crypto can be done by anyone but not everyone can make a profit in it regardless of whether it is said to be luck or not in the end knowledge and learning are very important to support the experience that will be obtained later.

The problem today is when there are so many people who flock to be in crypto because they are only lulled by other people's invitations but do not have a basis of knowledge and do not even want to learn more about what crypto is that makes them just like getting lost on a road that should be very good which in the end feels cheated because they don't know what they are doing and feel disadvantaged afterwards.