Bitcoin is the most popular buzzword in money right now and almost no one really knows what it is. But the only thing people ask me is whether or not they should invest. So…should you?
To answer this question, we are going to treat this like a video game. You have to pass certain “bosses” or “quests” in order to be able to advance to the next one. If you don’t pass one of these, then you can’t keep going forward in order to achieve the ultimate, imaginary, and highly sought after Stephen Courson stamp of approval on this topic
But before we dig in, I want to tease you with a few bitcoin facts. There are other cryptocurrencies centered around the technology of blockchain and I’ll cover that in a different episode, but for now, here’s some things to know.
Fact #1 – Satoshi Nakamoto is the creator of bitcoin and no one knows who he/she/they are. It could be a person. Could be a group. They think they found who it is…but its unconfirmed to this day.
Fact #2 – There will only ever be 21M bitcoin in existence. They are released on a schedule and it limits the supply which, in theory, will drive up the price over time if demand increases. As of now, there are over 18M of those in circulation.
Fact #3 – May 22nd is known as Bitcoin Pizza Day because on May 22, 2010, a programmer in Florida named Laszlo Hanyecz traded 10,000 bitcoin for two Papa John’s Pizzas. Today, those bitcoin are worth $185,000,000 dollars. I hope the pizzas were delicious.
Boss Question #1 – Do you have 6 months expenses in savings?
If the answer here is no, then you have no business in bitcoin. The end.
You should not invest in ANYTHING except your financial foundation and paying off credit card/high interest rate debt until you have 6 months expenses in savings. The one caveat would be a 401k with employer match.
Boss Question #2 – Do you have any other investments such as a 401k or IRA?
If you wanted to start doing karate, I wouldn’t put you in the circle with a black belt on your first day. Or even your 100th day.
When you start investing, they may be boring, but proven 401ks and IRAs are the way to get moving. The tax incentives make them worth it and almost a can’t lose situation. This is key for your financial foundation. Start here first before you move on young grasshopper.
Boss Question #3 – Have you ever traded individual stocks before?
Bitcoin is very volatile and while it does go up, it really goes down too. The problem with most
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About the Podcast
If working a 9-5 for 60 years so you can retire with a little money and die a few years later is what you want to do, then this is not the podcast for you.
Stephen is an executive coach that works with ambitious people to build the life that they want, personally and professionally.
This podcast is about contrarian investment strategies around time, energy and money to build the 4 types of wealth and utilize lifestyle design to create the life we want. The interviews are with hi-earning individuals on how they make money so you can copy us and grow wealth too!
Reaching that first $100k milestone is crucial and then the game changes.
Learn how the wealthy view time, energy and money so you can apply these proven strategies to your life.
