If you are someone that is conversant with the world of investments, then you will know very well the DYOR acronym. Which translates into Do Your Own Research.
Why is it like this?
If there is one thing I have noticed from past experience, it is that a lot of people are scared of taking risks, they want all the rewards but are not willing to put what they have on the line so they can actually get that reward. They will be willing to follow motivational speakers and people who claim that they have knowledge in that field, and they will pour a substantial amount of their savings into it.
And when it ends up being a dud, they begin to blame the people that urged them to invest in them. And I see this as a cowardly act because they are only looking for a scapegoat, someone else to punish for their own incompetence.
I have heard the story of a man that bought millions of naira worth of bitcoin during that boom of a few years ago, he was looking to cash in on the crypto that was on the increase at that time. He did not do any research, he just heard that people were making massive income from it and he wanted to join the bandwagon.
Well, as you guessed, soon after he bought bitcoin, the price plummeted. And no matter how long he waited, it never got back to that price he had bought them.
This man knew nothing about the crypto market and how it operated, he thought it was a pretty straightforward thing as simple as putting two cents in to get a dollar out. And when that did not work as planned, he concluded that he had been duped.
It was not a small matter at all. He even had the man that had invited him to invest arrested, saying he and the crypto app had worked together to scam him of millions of naira. Nothing that was told to this man made sense, every plea fell on deaf ears. He was willing to let him rot in jail until he got his money back. The family of the man that had invited him eventually had to scramble around and raise the money before he was finally released.
And imagine my surprise when I came online later to realize that there were lots of people sharing similar stories. And I was perplexed, like why would you choose to pour your money into something you have no idea how it works? Is it magic or what? It is like playing a gamble with your life.
And the thing about crypto is that it can be very heartbreaking when you will be seeing the price of your coins just dropping further and further.
That is why these days; no one that knows his onions gives financial advice. Even if they have valuable content to share, they will share the content and remind you that it was not financial advice and you were to do your own research.
They had learned the hard way.
People have to take charge of their actions and be responsible for the consequences that ensue. When they blindly follow someone’s advice and it goes south, it will be easy to heap the blame on them and they might even be able to follow it up, just like the man I talked about.
It is easier that way than having to take responsibility for everything, and that way you would know that any decision you make and however it turns out will be solely on your head.
Life is hard, I cannot say this enough. People are always looking for means to earn more, and there will be those who will feel the need to share their knowledge with others. When you come across such people, do not take what they say at face value, make your own findings and see if it will be something that can work well for you.
If you find it too complex for your understanding, it might be a great idea to let it go. It probably was not for you to begin with. But if you still feel an interested, you can take classes and learn more, let someone teach you the ropes. If after that you are still having issues, know that that particular venture is not for you.
No matter what these motivational speakers say, not everyone can be a crypto guru, a master forex trader, or the king of stocks and bonds. Everyone has a particular field they will do very well in, you should focus on finding your own instead of doing everything and rolling a dice. And the best way to find your own is to DO YOUR OWN RESEARCH!!!
It will save you from a lot of heartache in the future.
We all can be great investors, but we all need to know the areas we can be really great in. That will be the first step for us to record our success. And as we keep on getting better and better, we will find a way to expand and make ourselves masters in our chosen endeavors.
Thank you for reading. Feel free to drop your thoughts in the comments section below I would love to know what you think. Till we meet in the next post.
