If “not your keys, not your coins” is Rule 101 of crypto, then “don’t invest more than you can afford to lose” must be Rule 102.
Inflation and living costs are increasing faster than our salaries. On the other hand, with the prevalence of social media, we are more aware of how others are leading their lives. This means that people who attain the FIRE lifestyle are held as role models for the rest of us to emulate. More than ever before, there’s pressure on us to not just accumulate enough wealth, but to accumulate it faster than everyone else.
However, for most of us ordinary folks, following Rule 102 means that we conscientiously DCA a certain amount of money regularly instead of throwing lump sums of money into the crypto casino. I know many of us have a crypto date. The moment our salary hits our fiat account, the DCA money will be automatically channelled towards crypto. Owning one BTC (or even one ETH) is like conquering a mountain – slowly, laboriously, one step at a time, both eyes on the horizon.
Investing in crypto has polished our patience, regardless of our initial temperament, because like it or not, we must be in it for the long term instead of going all in for the short term. So my question is, do you think the patience that you cultivate through investing in your coins has benefited you in other aspects of your life?