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SAN FRANCISCO — Pete Roberts of Nottingham, England, was one of the many risk-takers who threw their savings into cryptocurrencies when prices were going through the roof last winter.
Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened.
"I got too caught up in the fear of missing out and trying to make a quick buck," he said this week. "The losses have pretty much left me financially ruined."
I'm in my late 20's and have always tried to educate people on the value of investing at least up to the company match. Most people either say retirement is 40 years away, investing is just gambling, or some sort of YOLO remark. Investing and making 8% a year isn't sexy.
However these same people will play the lottery or take extreme risks in other areas. I read the below on Quora the other day and thought this was so true.
"I can tell you something extremely damaging that 90% of young people do, which often affects their financial health for life.
It’s so common that when I mention it you you will probably shrug, but give me 60 seconds of your time and you’ll see why its persistent, fatal, and so commonly overlooked.
Whats a really common investment for young people? Bitcoin, crypto, marijuana companies, penny stocks… basically, whatever the next ‘big’ thing is.
What’s the problem here? 99% of these investments will end at $0. The big issue with that isn’t the loss of money - but the loss of confidence.
People lose money ‘investing’ early, then they shy away from proper investments for the rest of their lives. They persistently take too little risk because they took the wrong type of risk early. They gambled, lost, then conflated that gamble with real investing.
Responsibly and safely making money isn’t sexy. It’s not like the movies where you’re a hero who takes the ‘smart’ risk and get rewarded handsomely. It’s about taking the right risks consistently and watching your portfolio grow. The real ‘right’ risk is a diversified portfolio."
Do yourself a favour, don’t burn out. Invest early, invest smart. Don’t confuse gambling with investing.
Above all, know what risks are right for you - the worst thing you can do is take on too much risk relative to your mindset and end up burning yourself out permanently.
I'm in my late 20's and have always tried to educate people on the value of investing at least up to the company match. Most people either say retirement is 40 years away, investing is just gambling, or some sort of YOLO remark. Investing and making 8% a year isn't sexy.
However these same people will play the lottery or take extreme risks in other areas. I read the below on Quora the other day and thought this was so true.
"I can tell you something extremely damaging that 90% of young people do, which often affects their financial health for life.
It’s so common that when I mention it you you will probably shrug, but give me 60 seconds of your time and you’ll see why its persistent, fatal, and so commonly overlooked.
Whats a really common investment for young people? Bitcoin, crypto, marijuana companies, penny stocks… basically, whatever the next ‘big’ thing is.
What’s the problem here? 99% of these investments will end at $0. The big issue with that isn’t the loss of money - but the loss of confidence.
People lose money ‘investing’ early, then they shy away from proper investments for the rest of their lives. They persistently take too little risk because they took the wrong type of risk early. They gambled, lost, then conflated that gamble with real investing.
Responsibly and safely making money isn’t sexy. It’s not like the movies where you’re a hero who takes the ‘smart’ risk and get rewarded handsomely. It’s about taking the right risks consistently and watching your portfolio grow. The real ‘right’ risk is a diversified portfolio."
Do yourself a favour, don’t burn out. Invest early, invest smart. Don’t confuse gambling with investing.
Above all, know what risks are right for you - the worst thing you can do is take on too much risk relative to your mindset and end up burning yourself out permanently.
You're right. That sounds dull.
I am currently 27 years old. Not too long ago, I started reading about stocks. I took a risk and invested $50,000 on TTWO. It was all I had. I was able buy it at it around $45/share. I've been holding on to them through thick and thin for the past few years. TTWO is now at 133/share. I don't regret it one bit. I don't plan on selling any time soon as I have no need for the money now.
My reasoning was.. "I have no kids, no wife, no mortgage. It wouldn't be the end of the world if it went down to zero."
It's really hard not to think like that when you look at past performances by many stocks and wonder what if I had invested...
8% on a $50,000 investment is $4,000. Yawn...
I wouldn't advise others to do the same though...
Last edited by Liar_Liar; 08-27-2018 at 10:24 AM..
You're right. It's not sexy. It's not exciting. It's not fun.
I am currently 27 years old. Not too long ago, I started reading about stocks. I took a risk and invested $50,000 on TTWO. It was all I had. I was able buy it at it around $45/share. I've been holding on to them through thick and thin for the past few years. TTWO is now at 133/share. I don't regret it one bit. I don't plan on selling any time soon as I have no need for the money now.
My reasoning was.. "I have no kids, no wife, no mortgage. It wouldn't be the end of the world if it went down to zero."
8% on a $50,000 investment is $4,000. Yawn...
I wouldn't advise others to do the same though...
You do realize the reason why you don’t regret it is because it worked out right? Lol
I am currently 27 years old. Not too long ago, I started reading about stocks. I took a risk and invested $50,000 on TTWO. It was all I had. I was able buy it at it around $45/share. I've been holding on to them through thick and thin for the past few years. TTWO is now at 133/share. I don't regret it one bit. I don't plan on selling any time soon as I have no need for the money now.
My reasoning was.. "I have no kids, no wife, no mortgage. It wouldn't be the end of the world if it went down to zero."
It's really hard not to think like that when you look at past performances by many stocks and wonder what if I had invested...
You do realize the reason why you don’t regret it is because it worked out right? Lol
Yea.. I know
Hence why "I wouldn't advised others to do the same."
Instead of outright discourage or encourage someone, I would educate him on how to calculate how big of a risk he is taking. This way, he can decide if he is willing to do it.
I am currently 27 years old. Not too long ago, I started reading about stocks. I took a risk and invested $50,000 on TTWO. It was all I had. I was able buy it at it around $45/share. I've been holding on to them through thick and thin for the past few years. TTWO is now at 133/share. I don't regret it one bit. I don't plan on selling any time soon as I have no need for the money now.
My reasoning was.. "I have no kids, no wife, no mortgage. It wouldn't be the end of the world if it went down to zero."
It's really hard not to think like that when you look at past performances by many stocks and wonder what if I had invested...
8% on a $50,000 investment is $4,000. Yawn...
I wouldn't advise others to do the same though...
Focus more on when TTWO is no longer an attractive investment rather than when you need the money as the time to sell.
Focus more on when TTWO is no longer an attractive investment rather than when you need the money as the time to sell.
I don't think that will be anytime soon considering...
-GTA V is still making money like crazy.
-Everyone is going nuts over the upcoming Red Dead Redemption 2
-GTA VI is rumored to be in the work.
-Max Payne 3 came out around 6 years ago. They are bound to announce the 4th one soon... Right?
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