I’ve made some stellar financial and investment decisions throughout my life and I’ve made a few mistakes too.
One of the biggest mistakes one can make in this regard is a failure to recognize a clear and present opportunity to profit, diversify, and better hedge one’s bets for their future well-being, freedom, and security.
Between 2002 and 2004, and for ALL of the same reasons that folks have been speculating with positions in Bitcoin and Crypto-currencies over the past couple of years, I began to amass a King’s ransom of Gold and Silver when they were trading beneath $300 and $6.00 US dollars per ounce respectively.
Here’s the HUGE mistake I made in 2011.
With the abundant density of Silver I was hoarding having appreciated 9-fold, and my ballooning King’s ransom of Gold having increased nearly 6-fold, I sat back with a “shit-eating-know-it-all-grin,” amid the clever notion to simply let those immense profits ride in perpetuity - all while staring blankly at my trading platforms computer screen like a moron in training - at a bitcoin price of just .30-cents!!!
If I were truly rational and smart, I would have sold a miniscule portion of my Gold and Silver hoard – say 10-20% of my inordinately amassed profits – still of course holding onto the lion’s share of my Gold & Silver along with the majority of the profits thereby accrued, and then I should have taken that amount, and DIVERSIFIED the relatively small proceeds to stake a position in bitcoin at under a dollar.
Had I done that, I’d be a MULTI-BILLIONAIRE today – and would have been much better hedged and diversified than I am today.
This one HUGE oversight was the difference between me being a "whale" vs. being "THE OCEAN!"
If this were to have been the case - if I could do it all again, you can bet your bottom dollar that I'd be powering-down hard, and turning at least 50% of those digital profits first into cash, and then into some tangible assets like LAND, unencumbered Real Estate, and maybe a few safe-house bunkers filled with food, ammo, and artillery fit for a true warrior.
So, for all of you recently wealthy Crypto-Speculators sitting on BIG PROFITS – DON’T SELL everything, just SELL 10-20% of what you have, and if you don’t have any Gold or Silver, by all means, acquire yourself a blend with the proceeds. Unlike me, you’ll be far better off if you do.
PEACE, LOVE, and JUSTICE for all...