Wrong Investment Can Cripple Your Life

We are always advised to make investment or take investment decision whenever we have money. In fact not making investments is considered the worst decision you will make in your life. But there are people that making the investment decisions is the worst mistake they have made in their lives.

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I was talking to a friend about cryptocurrency the other day and she said she can’t get involved in cryptocurrency because cryptocurrency duped her and made her broke. I smiled and corrected her that cryptocurrency didn’t dupe her but rather people used cryptocurrency to dupe her. I asked her to tell me her story, and she told me that she gave her money to some people who claim to be crypto trader experts, after giving her money to them, she didn’t hear from them afterwards. They cut off all communication they had with her and she hasn’t gotten her money till today. But she was lucky enough to had used just a little portion of her money to make that investment decision.

One thing she lacked was the necessary education, she failed to educate herself and do her own research. But trust me even after you have educated yourself and done your own research, you can still fall victim.

According @bhoa in How to partition your crypto portfolio? An easy guide for beginners

Wrong investment is the key to being broke as fast as possible.
If I am lying ask those who invested all their money on a coin that went to zero. They will be the best to explain this to you.

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This is so true, he is not wrong at all. This is because of a popular forex investment scam that turned people to complete wreck during 2019/2020 in Nigeria. You wouldn’t blame those people that invested, they were convinced that forex was the new money and it was going to change their lives. These people had so called lawyers, had physical office buildings filled with staff, they claimed they had investment insurances. They raised the faith and trust their investors had on them, which made them invest a lot with the companies. Some people went as far as collecting loans from banks, family, friends and sold off some of their properties to invest. But when the company shut down with these investors money, lots of people lives were ruined. Some people went as far as committing suicide.

You can’t call it greed, because most times greed is one of the traits that drives us to achieving great things. Those people that invested just lacked all the information but they have learnt their lessons now. With all the necessary education they will be able to tell when someone is lying to them or trying to play on their intelligence. Just as crypto is lucrative, a lot of people have lost money investing in the wrong project or wrong coin. You can’t call those ones greedy, you can only say they were unlucky.

Education and doing your research is still the best advise you can give to anyone that wants to invest.

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4 comments
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As Warren Buffett said, "Market predictors fill your ears, but they will never fill your wallet." I think it's time to stop listening to the predictions of numerous crypto market "experts" completely. Only independent research, only own experience, only personal responsibility...

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That’s right. People are quick to jump into money making opportunities without research

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