Ndubuisi Egwim walks through seven steps to invest wisely and avoid crypto losses. Start with step one: invest in yourself first, prioritizing skills and personal development before buying stocks or crypto. He opens with stories of doctors who lost large sums chasing social media success stories.
But seven steps I recommend that you do before you start investing. Number one, I know it's a good idea to feel like, oh, you want to jump into investing. Especially when you hear people say, oh, I made this money and I made that money. Most times there's no risk adjusted returns. And just when they lose the money, sometimes you don't hear about it. Unfortunately, because I've now talked to thousands of doctors, I do hear things. People tell me things, even in conferences. I think the last conference I spoke in, a doctor shared how he lost over a million pound in crypto. And the room went silent immediately because people like, wow, some people thought they lost money in investing. They lost 60k and then someone said they lost one point something million. Number one, I say, is invest in yourself first before you start investing in stocks or bonds. A lot of times we're talking about S P 500, which is great, and we're talking about NASDAQ, we're talking about Facebook, we're talking about Nvidia and there's S&P 500 is great. But someone says, how about SME 500? Invest in yourself first. Because part of the reason that helped me to get to financial independence was not just because I invested. I mean, my first investment was less than $1. Now, I don't know what £1,000 was back then, but I know the stockbroker took almost half of it as commission. Many of you don't realize there was the days where I had to go to the stockbroker's office or call them on the phone and then pay huge commissions and then they wired the transaction to be done. So investing in oneself like I did actually helped a lot. And how, how do you invest in yourself? That's what you're doing right now. Could have been doing many things. You could have been watching YouTube or scrolling on Netflix or even, just, you know, chilling out.
