A member of our group (Military Family Investing) asked if I could look into cryptocurrency. With perfect timing, I was finishing up my current book “The Non-Designer’s Design Book,” so I figured it time to take the plunge into crypto education.
I am an old-school dude, and I like the idea of business, real estate, and dividends, but cryptocurrency is the wave of the future. It is time to get on board or be left behind. Our children’s futures are in the balance, so I bought two Bitcoin books.
I will reveal the books soon enough when I do my five takeaways write-ups, let’s just say that I finished 30% of the first book in my first sitting. I will finish it all by tomorrow. Some of the ideas behind Bitcoin investing are things I have never heard of before.
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One of the most appealing takeaways is that it is a hedge against money printing and inflation. Everybody can see that assets are inflating at a fast speed. So fast that most people will never catch up. If you don’t own assets now, you will miss them forever.
Bitcoin has a limited supply—there can never be more than 21 million mined. While people are trying to use Bitcoin (BTC) to buy and trade items, that is not the purpose. BTC is a store of wealth or value, akin to as you would use gold or silver.
Then the author said my favorite words, buy and hold. A buy-and-hold strategy is what he recommends, and with that, I instantly fell in love. I understand the buy-and-hold method, and I can do this better than anyone.
I do not understand the mentality of being a trader, of trying to “flip” something for a profit. But I do understand the value in holding something and letting it grow in worth and prestige. So with inflation of assets at an all-time high, it is time to move into some alternative investments.
After 2 hours of education, my current plan is to get $10,000 into BTC before the end of the year. The author says that the price of bitcoin will stabilize when the final coins are mined in 2040. Right now, everyone is in the accumulation phase.
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So I may as well start accumulating as well. I don’t want this to catch me off guard—or be on the outside of this revolution. Incredibly, the younger generation has caught the attention of prominent corporations, and these companies are starting to buy BTC in bulk.
That is the plan for right now. Kris and I have already met our 2021 dividend portfolio goals, so we have some time to build up our BTC portfolio and knowledge base. I recommend that everyone build their own strategies as well.
As an investor, the reason I never looked deeply into cryptocurrency because I saw no exit strategy. I didn’t want to be a trader—that does not appeal to me. So having a plan that fits my investment style was all I needed.
That is the power of reading. Okay, I am signing off. I hope to have my five takeaways up in the next day or so for the Bitcoin book. Take care.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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