Disclaimer: I am not a financial expert and this is not financial advice. Please consult someone who works in the finance industry before making any financial decisions.
Cryptocurrency has been all the rage lately: We're hearing about millionaires who made it big on the daily.
There is a dark secret behind the crypto craze though: No one knows exactly how the "Crypto King"—Gerald Cotton—died.
There is actually an extensive documentary on the controversial matter.
I see too many people put all of their eggs into one basket—the crypto basket—and not have enough money in their bank accounts to cover their basic living expenses.
Honestly, I think this is misguided thinking: Build your emergency fund first. Then invest in crypto.
You don't want to be in a situation where you can't pay for groceries and you can't pay your rent because all of your cash is in crypto...
Also, people lose money all the time. That's a possibility. It's not exactly the best idea to put money you actually need into cryptocurrency and lose it all: Returns on your investment are a possibility, not a certainty.
If you invest in crypto, be prepared to lose it all and not lose your head: You'll likely earn the most by simply waiting it out!
Naturally, the people who receive large returns are usually the biggest fans of crypto: It is a high-reward investment—the gains can be huge!—but preparing for the worst and hoping for the best is probably the most reasonable course of action to take in this case: If you win, you will win big. If you lose, at least you will have a backup.