Shanli Liu, CPA, CTPFreedomfolio · I help 7 to 8 figure service business owners and ecommerce sellers keep 10K to 75K of profit- without IRS headaches | CPA. Virtual CFO. Tax Resolution Pro | $5MM+client tax savings | Book a free 15 min strategy call

I Wasted Money On Crypto...

Name: I Wasted Money On Crypto...
Uploaded: 2024-08-15T01:30:23+00:00
Duration: 53 s
Channel: Shanli Liu, CPA, CTP
Description: In this candid monologue, the speaker recounts losing half a million dollars in cryptocurrency within weeks after investing $1 million alongside a friend…

15 Aug 2024 · 1 min

Watch on YouTube

0:53

In this candid monologue, the speaker recounts losing half a million dollars in cryptocurrency within weeks after investing $1 million alongside a friend when Bitcoin peaked at $60,000. He reflects on two core lessons: (1) the danger of FOMO—by the time an opportunity feels certain, the upside is often gone, so pause before acting; (2) the importance of staying within one's sphere of competence, citing Warren Buffett and Charlie Munger, noting that his expertise lies in business, not in crypto or real estate, and that straying further from his core knowledge led to greater losses. The narrative serves as a cautionary story aimed at helping others avoid similar mistakes.

Chapters

I lost half a million dollars in crypto in just a few weeks, and hopefully I'll help you avoid not doing it yourself. So it had been going like this, and then right here Bitcoin was at $60,000. I called my buddy up and I was like, hey man, I'm going to get in on this. And he was like, I'll put a million bucks in if you do. And I was like, fine. So we put a million bucks in and then lost $500 grand in a matter of weeks. One, when everyone thinks something is a good idea, it's usually a bad idea. Basically, by the time you're really, really certain about the opportunity, the opportunity has already closed. Whenever you feel that FOMO, pause. The second thing, Warren Buffett and Charlie Munger talk about your sphere of competence. For me, business is very much within that. Now, outside of this is probably real estate and crypto, a bunch of other things other people do and have spent lots of time developing their skill set. Those people should do those things. I have no idea. I have just noticed the further away I get from my core, the more money I lose.