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RE: 3 Mistakes to Avoid | Investing in Steem
Thanks for the post. I especially liked your point about not going all-in. Do you have a rule you use for choosing the size of your investments in a particular asset?
I'm not a professional trader or investor @wrashi but a general rule that I like, is only investing what I am willing to lose. This is especially true for crypto-currencies like Steem!
That's a good rule @chrisrice; a very wise starting point, imo. I think of that as my stake. Within that boundary I also select a percentage of my stake that I'm willing to put on any single bet/investment. I was just wondering if you do the same thing.
I don't have a lot of money to invest and I don't have very many assets so it is hard to invest systematically with set percentages.
But if I ever become a high net-worth individual I will surely hire a financial advisor who will use a more systematic approach. @wrashi
My main concern is that I have enough savings and that I manage my bills well with @emaferice but I am trying to acquire a good sized position in Steem at the same time!
I agree that it's important to save and manage your bills, @chrisrice.
Let me ask you this: would you ever say, "After I lose 20 pounds I'll start eating right and exercising"? I don't think so.
The same is true of money. You don't become a high net-worth individual and then start managing your money. Rather, managing your money is the way to become a high net-worth individual!
And that is one of the reasons why I'm impressed with your writing about investing. You're not waiting until you have lots to start learning and helping others. I expect you'll go far!