Crypto & the Emotional Drawback
Something that people don't touch on much is the effect that investing in cryptocurrency has on the mind and ones emotions. Specifically right now, with the state of the world and current events, I feel like it's a good time to discuss it. The bear market coupled with rising prices has stressed the middle & lower classes. Investing feels like an uphill battle for these groups of people, as it's hard to really budget life changing money, it takes commitment and motivation. I fall into this category, as a new father, my wife is out of work right now and I don't make great money. Investing feels as though it can be burden, losing money and constantly worrying about the next major expense when you're already living below your means is testing. However I want to share some of the things that helped me over the past couple years. Obviously, and this is the hardest thing to do, it takes mental will, is to not become emotionally attached to your money or investments. Life happens, if you're an everyday working joe like myself then trust me, accept that you're going to have to dip into your cookie jar from time to time. Don't let it eat at you, your health and family will always be a priority, you can't invest if you're not surviving, by mentally preparing yourself for these moments before they happen, you will find with time that making financial decisions is much clearer, and you will not go through the wave of depression that follows selling an asset early the same. Remind yourself that it's temporary, and you can always replace it, remind yourself that this needed to be long term to become life changing anyways, and with routine reminders and self coaching, you will handle the emotional waves much more rationally.
My next point is to not let it impact your relationship. Many couples fight about money when they feel the pressure of unexpected expenses or life changing dramatically. I always tell people to communicate with their partner about their investments from the beginning. By doing so you're eliminating a major fight if you did invest and lose money that you later have to explain to your presumably unaware partner, financial stress will test the boundaries of your relationship eventually and it's best to prepare for these situations as well. Explaining Cryptocurrency and investments with your partner will either interest them towards working for the same goals, they will be uninterested, or it will show the true colors of your partner, but either way, open communication with your partner about these things is essential. You will need someone other than your reddit buddies to talk to about the emotional burdens involved with these financial decisions, maybe it's off the topic of crypto, but it's solid wisdom either way. This won't apply to everyone, obviously this advice only applies to people in committed relationships. Don't be that person that gets divorced because A. They hid their wealth & their partner found out, or B. They lost their wealth and their partner found out. It will be ugly. If there isn't trust, there is no foundation to build on.
My next tip is to remember self care in the process. Slaving away for fiat & budgeting your ass off will eventually leave you bitter, regardless how much Bitcoin you own, so don't forget to treat yourself every once in awhile and put crypto on hold til the next paycheck. Life is about the time spent living! Don't work yourself to death, time will pass you buy, and you may have financial stability, but you won't be enjoying the quality time you need with your family, and that is the biggest loss of your time, which is more valuable than money. Create balance for yourself, and your emotions and routines will follow. Life is a rat race, but stop to smell the flowers.
I hope that this article helped someone who needed to hear it, I know I'm not the only one that needed these reminders at one point. Have a good day everyone 😎✌️Til next time
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