The Most Important Crypto Tip (Day 4 of 4)

Editor's Note: The following is a note from one of our favorite crypto analysts in the space, Teeka Tiwari. It's never too early or too late to begin building your wealth, but the incredible crypto gains we're seeing today won't go on forever... Act now or get left behind. (Day 4 of 4) You Can Profit From My Big Mistake By Teeka Tiwari, editor, Palm Beach Daily Back in January 2016, I'd realized cryptos were the next big investing megatrend. I knew we were at the beginning stages of the biggest story of my investing career. My publishers at Palm Beach Research Group were skeptical at first. But I eventually convinced them to let me share my crypto ideas with hundreds of thousands of subscribers who rely on us for income-producing ideas. The rest is history... Bitcoin rocketed from about $400 per coin when I first recommended it in April 2016, to nearly $20,000 in December 2017. Ethereum did even better – and has been up as much as 15,821% since then. My top recommendation rose as much as 156,753%. Even after the 2018 crypto pullback, it's still up a staggering 13,462% today. As you can imagine, many of my readers made buckets of money. Some became "overnight millionaires." And others built on their already sizable nest eggs. While I'm extremely proud of these results... I've always advised against going "all in." One thing I've always been clear on is: Cryptos are ideal asymmetric bets. Put simply, placing relatively small, equal amounts of money on my well-researched picks can lead to life-altering gains. I recommend putting no more than 2% of your liquid net worth into cryptos. They're intelligent speculations. And my system is the best in the world at sniffing out the next 100-bagger cryptos. But if you truly want to build long-lasting wealth, you need to generate multiple streams of income. It's a lesson I learned the hard way – and one of four that I'll share with you today... Recommended Action To Take [[Attention Investors] Tax-Free Investing in Crypto]( Wish you could invest in crypto tax-free? If you have an IRA or 401(k), here's your chance. If you're like most people, your IRA or 401(k) is a place where money is blindly stashed away. The tax benefits are undeniable, so year after year, you invest in the usual mix of stocks and mutual funds. But what if you could invest that money in crypto? [Welcome to Crypto IRA]( Part II: How I Lost It All I made my first big haul in the early 1990s, buying beaten-down junk bonds. And in the mid-1990s, I started raking in money hand-over-fist in technology stocks. I was making a fortune. But by late 1998, I'd lost it all. That's because I made a terrible mistake... Instead of taking small bets on high-risk/high-reward ideas, I was taking massive stakes. By the time the 1997 Asian financial crisis rolled around, I'd built up a substantial portfolio. But I stuck around too long and got too greedy. And when the market went against me, I made bigger and riskier bets. I lost all perspective and was investing for my ego, not my bank account. Within three weeks, I lost everything I'd made and more. I went from wealthy to poor in less than a month. And ultimately, I was compelled to file for personal bankruptcy. It was a stunning reversal. Here I was, the golden boy who finally got his comeuppance. I learned many lessons on position-sizing, risk management, and diversification. But one of the biggest lessons I learned was: You can't build your portfolio solely with high-risk assets. Part III: Four Wealth-Building Lessons To truly build long-lasting wealth, you need to generate multiple, reliable streams of income – in addition to your riskier strategies. Please reread that sentence. Don't dismiss it as unimportant. My whole life changed when I embraced this investing philosophy. And you can open up the same road to wealth I did by doing the following: - Focus on increasing your ability to earn more money by improving your work ethic and work skills. - Choose to live well below your means to save over 60% of your monthly income. - Put no more than 5% of your liquid net worth into asymmetric investments. - Put the rest of your money into conservative, income-producing investments and strategies. While all these steps are important, the last one will build the foundation for your future wealth. Part IV: More Income = More Choices It may seem paradoxical, but the more "safe" income you build, the more "free" income you'll have to speculate on high-risk/high-reward plays. You can use that extra money to make more life-changing, asymmetric, "crypto-type" plays without risking your current lifestyle. With extra income, you can spend money on your hobbies without guilt... go on a dream vacation... buy a second home... or pad your retirement nest egg. The point is, when you have a steady income source (separate from your employment or main source of income), you'll have so many more options in your life. So why not make the choice today to do something different... Put yourself on the road to the happiness, security, and independence that comes from creating financial security for yourself and your family. Look, it's never too early or too late to begin building your wealth, but these incredible gains won't go on forever... don't get left behind. Big T, Palm Beach Daily Copyright © 2021 CoinSnacks, All rights reserved. CoinSnacks 5500 Military Trail Suite 22-250Jupiter, Florida 33458 [Add us to your address book]( [unsubscribe](.