What's the fastest way for anyone to lose cash? This is even faster than being reckless with where you keep your cash.
The fastest way anyone loses money is through gambling and it's even faster when you're gambling without a strategy.
I know you'll agree with me on this but that's not my final answer. The true fastest way to lose money is by investing in something you don't understand or have no clue as to how it operates.
When you invest in something you don't fully understand, you're gambling at that moment.
Investments include, buying stocks, crypto or starting a new business without much knowledge. If this is what you're thinking of doing, it would be more beneficial to leave the cash in banks for tiny profits.
But thank God there's Hive and it has an HBD savings which will give you a 15% interest rate. That's much better than any stock you buy without understanding.
Yes you could gamble and get rich but don't think you'll stay rich if you make it a habit. The house always wins and that's the same for investing without understanding. Ignorance will catch up and cost you millions, that is if you have the millions anyways.
People who invest without full knowledge are relying only on hype, luck or an advice that has not been properly scrutinized by more than one experienced person.
Did you know that computer scammers don't just set out to scam any person? They first target a particular person, anyone that doesn't do research before signing up to a program.
Their ignorance is the malware the scammer will use or the vulnerability he'll take advantage of.
Also, even a legit business investment that could have paid off well can still fail if you the investor does not acknowledge the risks involved and it all comes down to working with knowledge.
It's why the successful investors are students of the markets. They're studying, joining groups that also study. The whole idea is to have enough right information to make the best decision that'll bring the best outcome for your investment.
I'll leave you with this, if you cannot vividly and clearly explain how your investment makes money, you're basically setting yourself up to fail. It's almost eventual.
Always remember to make sure you understand something before you invest into it. And it's not just money, it can be relationship, career choices or any part of life.
Don't move without knowledge, that's what risky really means.