If you played your cards right, one of these seasons can completely change your financial situation and increase your capital extremely.
But what steps should you take to perhaps become financially independent?
For me the goal is always to collect more Bitcoins and try to buy the alts low in the lesser season (the extremely low prices we have seen) and to sell during the peak of the alt season.
Do not invest in too much alts, quality over quantity. Too much causes a lack of overview and focus and costs much more time to maintain positions.
This is not recommended if you are a beginner.
The actions you perform afterwards make the difference between failure or success, and how your life will look afterwards
What if I do another x10 or all my other alts make the same move.
Stop here, and slap yourself out of this dreamstate.
-When and how much to sell.
-Calculate and pay taxes
-Invest in passive income generating sources
-Save and invest more
-Build up a buffer for next buy-in moments.
Or had you not done this yet? Because that's what you have to do
You have to deal with:
- Liquidity management
- Financial planning and budgetting
- Scenario analysis
Take this seriously!
-Cash out at different times during gains
-Save a part for compulsory expenses such as tax
-Save a part for better investment opportunities (if prices are lower)
-Invest in new income generating activities such as real estate.
Make no mistake, these are guys like you and me, who were lucky enough to experience a gain.
It is not difficult, and is mainly a mental thing
It is important to remain critical and not accept anything anyone (not even me!) says as the truth and way to go.
You should -ALWAYS- #DYOR
- Tax calculation, optimization and planning.
- Management & Organization
- Liquidity Management
- Internal Control
- Financial planning and budgeting
- Investments and trading
I try to respond as quickly as possible.
Stop dreaming and plan ahead.
I hope that crypto enables you to chase your true goals and vision of your life.