$1Million Crypto Portfolio

$1Million Crypto Portfolio

About a month ago, I texted my best friend (a financial analyst and brother from another mother), along with my brother (from the same mother) about their interest in building a diversified crypto currency portfolio. Needless to say, they were excited, skeptical, and of course thought I was a little crazy...and here's the catch....build a $1Million portfolio within 3 years.

RESEARCH:
We definitely know there is no get rich quick scheme that will get us there. We decided to get a small group together outside of us 3 of crypto miners, researchers, and other financial analysts who've been following crypto for a minimum of 2 years. Next, we researched do's/don'ts of starting a financial 'club' of sorts to see what others did right/wrong...eye opening for sure and something I advice you to do if you're thinking of investing with others. Some takeaways from the research were:
• If you don't have time, don't do it
• You won't beat the market...if you could, you'd be retired already
• Be realistic about expected returns
• Choose the financial and technical analysis that you feel suits the group best to make decisions
• Consider taxes, and the scenarios of people who to be added, or people who want to leave the investment club

After the research and meeting, here are some high level plans we put into place to get us started.

VISION/MISSION:
Here's our mission and vision statement:
Develop a $1M diversified portfolio of crypto currencies, based on research, analytics, and evidence, providing the Principles within our LLC with the knowledge, skills, and experience to invest and trade within the blockchain technological environment.

GOALS:
After developing the vision/mission, we developed some high level goals:
• Create a $1M diversified investment portfolio within 3 years with the goals of, a) cashing out of the portfolio after 3 years, and b) shutting down the LLC after 3 years from inception.
• Each member of the LLC will contribute toward taxes based on their allocation of the portfolio
• Create the portfolio with no more than 5 positions at any one given time
• The portfolio of coins must always be a mixture of diversified coins/tokens amongst various industries we have access to research

ROLES:
We established roles amongst the three of us to get started:
• Partnership Lead
• Financial Lead
• Research Lead

FINANCIALS:

Lastly, we created a high level set of portfolio percentage goals we felt would best help us aggressively pursue our goal of a $1Million portfolio.

FINAL THOUGHTS:

Without a doubt, we're concerned, unsure, and skeptical all at the same time knowing that the crypto markets are still in flux and highly unregulated. However, we've found and learned that one of the greatest strengths we have is the amount of support (yes...the emotional stuff) that we provide within one another's life that is necessary when you're partnering with those who are closest to you, while dealing with the amount of funds we're considering along with the known unknowns.

Where we go from here will be more posts to come keeping you abreast of our progress!