What story do you want to tell?
The other day I was having a conversation with some of my wife's family members. I guess that isn't quite accurate, she was having a conversation with some of her family members. I overheard her say that "all of our spare money goes into crytpo".
I felt obliged to correct her (something that usually doesn't go over too well as you can imagine) and point out that actually most of the crypto we buy is purchased with other crypto. She then went on to tell her cousin (who she was talking to) about how I invested in some NFTs that led to the sale of one of them and a decent return.
The story never gets old every time I tell it, or hear her tell it, and the shocked look on the faces of "normies" is always fun to watch. However, I really got thinking about that conversation after the fact, and I started asking myself some hard questions.
Yes, with some of that money I got from the NFT sale I was able to eliminate the majority of our debt, but the rest of it I just left out there as crypto. Either that, or I invested it in other projects that haven't been quite as lucrative as the initial one.
At least not yet.
This is where one of those tough questions comes in... Did I do the right thing? Am I really that better off? I don't think it is a surprise to any of you here that he markets have been pretty flat lately. With BTC hovering between $38K and $42K (I see it is a bit over that now), most alt coins have also been in a "holding pattern".
Ultimately yes, I do think I am better off, but I am still not sure if it was the right thing.
Think for a second about all the stories you have read about people who won the lottery. They blew through their money and then before they knew it they were right back to where they started.
Then you have the people like Warren Buffet who slowly build their wealth over time. Of course thanks to compounding we know that at some point it doesn't happen quite as slowly as it does at the beginning.
Sure, the lottery win is probably the cooler story, but which one really impresses you more? That's kind of where I am at right now.
While I do think it is important to take gains when you can and getting rid of traditional debt is never a bad thing, I think I should have been focusing on the slow growth mindset earlier.
I've made it pretty clear in some of my older posts, that like the NFT market as a whole, my interest in that sector has cooled off as well. It's not that I don't think they have the potential, but the days of buying things and flipping them for a quick profit are over. Sure, some people still manage to accomplish this, but personally, besides the projects that I was already invested in, I have stopped buying into many new projects that come out.
Instead, thanks to CUB and PolyCub, I have started to have a new found appreciation for DeFi and when I am looking for places to invest my crypto, that just seems like the smarter play to me. Probably not as exciting, but in the long run it just seems the better way to go.
People on Leo like Taskmaster have been talking about this kind of thing for a while now. Due to the network affect, we will eventually reach an age of abundance. It is coming, though slower than some of us would like.
When you get to a certain age, you realize you have less time ahead of you than you do behind you. That makes the slow wealth growth mindset a little harder to stomach I think.
I guess in the end you just need to ask yourself, what kind of story do you want to tell? That really cool thing that happened once, or the one about how you made a new life for yourself?
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