Investments down, so what? | Daily #219
Both the stock and crypto market went down heavily. A big part of my wealth is invested in both markets. Also, a big part of my earnings comes from both of them.
As I said before, if you can’t handle big red numbers, you shouldn’t invest. As well for the people who shout ‘BuY tHE DiP’, they are just clout chasers cause their untrained mind can only comprehend one pattern. It’s true though that when the seas are red, you should pick up the loot. But nobody knows (except a few) know when the seas are becoming less red.
In the end, you have to spread your risks if you want a safer path towards building wealth.
But I know that there is a better way to build wealth other than relying on investments markets.
That is to invest in yourself and build things. If you are a competent programmer, designer, marketeer, salesperson, writer, or any other valuable skill, there is nothing to worry about. If you are competent, even in an economic crisis, you will eventually find a job. If you are truly competent, you will be also heavily compensated for it.
But to extract yourself from only relying on one skill that you are very competent at, you should build products/companies as well. One good illustration can keep selling for years to come, one good app can have a consistent user base for years to come, one company that drives revenue can save you for the years to come.
The best way the building wealth is to generate more income. Why rely on the markets for getting an additional paycheck between -10k or 10k a month, when you can have a product that definitely sells 10k a month. You have all the control you need over the product/company. No need to chase numbers, analyze stock, and pray to hit a whale.
Instead of praying make it your luck. Build your wealth by building a valuable product.