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FINANCIAL ADVICE YOU MUST TREAT WITH CAUTION

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tykee
@tykee
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I have been in many financial meetings and I often hear the few letter words:

That or this worked for me".

I also tell people about the things that worked for me, but with explanations, risk factors and safety. It may sound like good advice at first, but it is terrible when applied to your life without caution.

Applying sense

If you find yourself in a financial meeting, there will be many random financial advice that people will share based on views or greed. Some ideas might work, but it is smart to always size your investment in them.

I teach blockchain and cryptocurrency. I take my students on investment strategies in the masterclass and one of my sayings is: It is better to gain little than to lose everything trying to gain huge. Never put all your eggs in one basket. Limit your risk per session and spread your investment.

On the other side, “you could say. If I have $1000 (90% of my savings) in Shiba Inu and it turns $15,000 within 3 months, then I should put in $50,000 now to make more. What is the point of investing in multiple assets when one can get the job done? Investment is for hard guys and the weak won’t make it big”.

There are a few times where instincts like that work, but not all the time. The winning percentage is low, and it is not a smart move to take to be on the safer side of the market or the investments.

Another terrible idea is labelling your home as an investment. While the structure belongs to you and will appreciate over time. However, it is not dropping cash in your pocket. It is a terrible idea to think of building a luxurious structure for a home when you are still in the survival zone and staying in it, then you call it an investment. That is not how it works. How about you get a small cheap apartment and use the large part of your cash on rental properties?

“This or that worked for me” is not an advice to follow. If you will follow, it should be with caution. Many people are losing a huge amount of money because of this basic advice.

Take Caution!

My name is @tykee (Barlogun Michael), a web developer, Civil engineer, content writer and the founder of Meshboc Technology & Digital Services Limited. I am using my content to share my opinions on tech, lifestyle, and finance, to promote myself and impact my readers. I always like to learn. Education is the most thing I cherish.

Contacts Twitter Instagram Discord: tykee#8770

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