09 Aug Cryptocurrency and Wealth Building: Is NOW the Right Time to Be Investing In Crypto?
Building wealth is a relatively simple concept, but cryptocurrency has added an exciting new dimension to it.
Everyone wants to know if crypto is the next big thing or just a fad doomed to fail from the get-go.
I firmly believe that cryptocurrency is here to stay. And I’m investing a sizeable portion of my hard-earned dollars to back that up.
Now, bear in mind – I’m not a financial expert. Nothing you hear today can be considered financial advice!
What I can do is share my thoughts on a movement I’m very passionate about and how I’m leveraging it to build wealth.
To me, wealth-building is extremely important. I believe the key to making the world a better place is having good people making more money.
And my goal is to generate enough wealth to invest large amounts of it in people and startups looking to make a difference.
Is crypto the right way for me to get there? I’m confident it is.
And if you want to learn more about how I plan on doing it, tune into this week’s episode!
The Fundamentals of Investing and Wealth-Building
The whole point of building wealth is based on a simple premise; to bring in more money than you spend. And the way to speed up the process is to use that excess cash to invest it so you can grow your wealth quicker.
But what happens when you look at your monthly earnings and find out you’re barely breaking even?
You have two options – either cut back on some non-essential expenses or generate additional income.
There are plenty of ways you can do both. And the good news is, in situations where you can’t do either, there’s a resource you always have at your disposal.
No matter how difficult your situation is, you can always invest your time.
Regardless of what you can afford, it’s important to start sooner rather than later. Wealth gives you safety, but it also provides you with a whole range of opportunities to pursue your highest passions in life.
I’ve been investing for a fairly long time, and like everything in life, it’s a process. Virtually no one gets it right the first time around, and the more you do it, the better you get.
I believe the lessons I’ve learned from my past investments have opened my eyes to better opportunities. And in today’s day and age, for me, there’s no greater opportunity than cryptocurrency.
Why Am I Investing in Crypto
The short answer – because I believe in it.
I’ve been following the development of cryptocurrencies for quite some time. And the more I hear about it, the more confident I am in the fact that it’s the best way for me to build my wealth.
I don’t consider myself an expert in the field, but I don’t need to be to recognize an excellent opportunity staring me in the face.
I’ve lived through the dot-com bubble era, and crypto has a remarkably similar ring to it.
Crypto is still in its early stages. And while that may scare some people away, I’m looking at it as a huge advantage. Because if crypto is booming while people are still hesitant to invest, can you imagine what will happen when everyone decides to get in on the game?
My Top Strategies for Dealing With Crypto Investment Anxiety
Now, having said all of that, the journey hasn’t been easy. Investing anxiety is real, especially when you’re investing in something as fresh and exciting as crypto. But I have developed several strategies to cope with the pressure successfully, and I hope some might help you as well.
For starters, I don’t buy into the noise. I’m avoiding all the politics and the wild speculation about it.
“Oh, China said something about crypto, and it drove it down…” I don’t care. To me, all the negativity is just another great opportunity to buy.
“If you understand what you’re invested in, you won’t freak out when things are going up and down.” – Eric Beer
Another thing I do is constantly educate myself on crypto. I’m always reading up about it, watching videos on YouTube, listening to podcasts, and consulting with my business buddies. It’s the number one thing keeping me grounded and relaxed.
Everything I’ve learned up to this point makes me feel like I know how the movie will end. That’s why my confidence is unshakeable… Whatever happens, I know how it ends – the guy gets the girl! So why worry about it?
I’ve given myself a clear goal in mind: to stay in crypto at least until 2025. And I can’t wait to see what it will turn into.
My Favorite Cryptocurrencies
Blockchain and Etherium are the most popular ones, and they both seem like a sure thing. But the returns they offer are not really working for me…
I want to see EPIC results which is why I’m banking on VeChain and Ripple.
If you’d like to learn more about why I chose these two cryptocurrencies specifically, make sure to watch the full episode here!
What are some of your thoughts on crypto? Shoot me a message on social media and let me know!
A reminder that if you want to get bonus Performance Marketer content, sign up for my SurveyDetective VIP waitlist!
I hope you have an awesome day, and I will see you next week!
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Again, this is not financial advice. But I think it's a tremendous opportunity for you guys to get involved. I think this is one of those things, we're gonna look back in our lives and 5, 10, 15 years from now and be like, "Man, I wish I was involved."
I spent the last 17 years building my eight-figure performance business without using any of my own money, working with some of the most brilliant direct response marketers in the world today. Now, I'm looking for entrepreneurs to join my affiliate on built on ethics, transparency, and good old hard work. Join me to change the perception of how people view the greatest business in the world, affiliate marketing, and follow along, as I learn, apply, and share performance marketing strategies, working with some of the brightest people on the planet. My name is Eric Beer, and welcome to the Performance Marketer Podcast.
One thing that I wanted to stress on creating wealth, the simple thing on how you create wealth is obviously you make more money than you spend first, right? I keep talking about investing and putting money into other vehicles that are going to work for you. But I don't think it's good to just make an assumption that you guys all know this, that, obviously, you need to make more money than you actually spend. So that you have some excess cash that you can invest. That's great. If you're making a ton of money, it's a lot easier to do this. But if you're not, it makes it a lot harder. Making $1,000 a month, and your costs are $1,000 a month, well, it's pretty simple math, there's nothing left for you to invest. So the first thing that you'd want to do is look at your expenses and try to figure out how you can cut down on some of those expenses. So that you can be net cash flow positive. So if you're making $1000, you want to try to get it down to $700 a month in debt, and you can be creative on things on figuring out how to do that. So that would be the first way. The second way you could do it is that you'd want to make more money. So if you're making $1000 a month, and you're spending $1000 a month, then you got to think about how can I generate more revenue more money for yourself? Could it be in your current job? Or could it be your time, right? Like, if you don't have money to invest, then your time, your knowledge. It could be something that you can use? So you know... People babysit, if you babysit for somebody at night, then you get paid. So you make a few extra bucks, you know, you run a paper route, you can ask somebody to help them out with their business on the side on the weekends... Anything that you can make a few extra bucks. And the way you want to think about it, and it depends on what stage of your life you're in. But that money that you're getting, that's going to be extra, you have a plan for. Okay? If you invested in Bitcoin in 2016 you are shilling. If you still have it, there's those stories of have some put in, you know, 100 bucks, and it's worth a few million now. That's still possible. Those days are still here, right now, that all this whole cryptocurrency that we're living through these digital assets. And what's happening right now with Bitcoin, Ethereum, and, you know, some my favorites, VeChain, and Ripple, it's all really, really early, early, early, early. Okay, it's going to take some time for this to develop. But that's okay. That's the good part is that that is giving you an opportunity to invest. And I think that you need to take advantage of this. This is a huge opportunity in our lives. There's only a few of these that happen. And it comes across your life a few times. And if you look, history repeats itself. Now, this is not financial advice. But you got to open your eyes to see these opportunities, and you want to seize them. I believe that cryptocurrencies are here to stay, I'll care about all the news on Pay attention to the news. And I'll pay attention to what China has said about Bitcoin for the 19th time that ripped it down. I don't care about all that stuff. That's only noise to me. Okay, there's all these people playing games, just some of them are doing it so they can lower the price of this so that they can buy more. All that stuff to me is just noise. Don't pay attention. any of that. If you believe in this, which I do, just buy it and hang on to it. Give yourself a timeline. Personally, I think that the second half of 2021 we're gonna have a real big upside move, very bullish. I think that it's going to be the start of something big. I mean, you can make some serious serious returns on your investment in the next six months. If you're looking for some quick money, I'm not. That's actually one of the biggest issues when you see this huge move, like I have a long-term outlook on the huge moves, do you take some money off the table? Because in your mindset, you're like I'm in, I'm in till 2025. But in this last run, where it went all the way up, I didn't so much. And it came all the way back down. Right? a pullback, not as much as it was, I'm still playing in the green. And I'm very, very happy and very comfortable. But I also have a very long-term outlook. So I'm not so worried. I don't sit up at night worried about the prices, but I watched every day. Yeah, that's fun. But I'm not worried about it. I'm certain it's going to be higher. I can't give you all the reasons why. I'm not that smart. I don't know all about smart contracts blockchain bubble. But I can see the trends. I've lived through this. I lived through the.com era, I saw what happened, I saw the companies that survived. If you stayed in Amazon from.com, you'd be doing okay, you stayed in Apple, I had Netflix at a very early stage of their business cycle. And I made good money. And then I sold and I liked Netflix, I just, didn't do enough work on my end to believe that it was going to be around and have staying power. Right. So when the money went up, I just saw it as a stock. I was like, oh, man, I just got to get rid of this. Meanwhile, I would have made, I think I calculate I would have made an extra like $4.5 million. If I held on to it, even a little bit of it. But I didn't. And that's frustrating, right? Because I was in the right place with the right stock. And I just got in my own way. And that's the lesson that I learned for me now that I'm not going to get in my own way this is going to happen, how it's gonna happen, how it's gonna play out. I'm not sure I give this example to people when they say this to me. And here's how Georgia for you. So you can understand it. From my perspective. Let's pretend like we're going to go and sit down and watch a movie, we're going to go watch this romance movie of a boy and a girl. Okay, I'm going to fast forward to the last 10 minutes of the movie, and we're going to watch it the last 10 minutes of the movie, the boy ends up getting the girl the love they live happily ever after. Okay, now, we're going to go watch the beginning of the movie. And in the beginning of the movie, we're going to watch all these crazy events that happen between the boy and the girl. And the journey that they're taking. It looks like they're never gonna be together. There's no way they're going to be together. But guess what, we already saw the last 10 minutes of the movie, the boy gets the girl, right? The boy gets the girl. So if you tell me the boy, the boy gets the girl. But the guy did this that time to the girl in the beginning, it doesn't matter. You already saw the end of the movie, the boy gets the girl no matter what happens in the start all the way to the end, the boy gets the girl China said something about Bitcoin, the boy gets the girl. Something with too much energy is being used for - the boy gets the girl. To me all that negativity, it's just another buying opportunity. Because at the end of this, a boy gets bigger. And cryptocurrencies will be here to stay. I don't know what's gonna happen. The US politics, bah, bah, bah, bah, bah, I'm just not qualified to be able to know what's going to happen. But I do know who to back. And I know that if I back this, I'm going to come out a lot wealthier than when I went in. And is it hard to buy some of this stuff? Sure. But that even makes it better for you. Because if you do it, all the people that are like, just so confusing, I don't want to do it. I don't want to do it, then, oh my god, that's great. Because when they make it easy enough for everybody to do it on, like, think about that, think of what's gonna happen, she's gonna skyrocket when they make it easy. So the people that get in when it's hard, are going to be ahead, right, you're gonna buy it lower, right? When, if you buy before they are listed on Coinbase, think about when they are listed on Coinbase. And it starts to go up. What happens, it's easy to buy, everybody's gonna buy it the people that are saying that, oh, it's too hard. That's why you want to get in Now, again, not financial advice. I don't have anything that I can tell you that I did tons of research on all this stuff to a point where I'm qualified to tell you to buy it. I'm telling you, I'm buying it. And if you want to follow me, well, then we'll slap high fives later. I mean, in my mind 2025 I think is going to be massive from today to 2025, which is a four-year span. I mean, I think about the.com era of like, when in the 90s older 2001 right, like all these, these companies that were real showed up and then those are the ones that had serious, serious staying power and return Amazon apple. I mean, you can just keep naming there are 1015 stocks you could have been that would have made you Money for a lifetime would have been life-changing. Right now, that is the opportunity that we have. For me, I love to go, you guys want to know what I'm involved in. If you want to be safe Bitcoin trade theory, I'm straight, those two are safe, I don't see the return based on what I want, where I want to make 1000s percentage points I want I want like massive. And I think some of these all coins, all coins are like the smaller coins have that opportunity because they haven't gone yet. They're still in, you know, building things up. And the two that I'm in what I've been in since like 2016, or 17. Another key bindings is VeChain, its symbols ve T, I love it. I mean, I understand it, it's got good use cases, companies are building infrastructure around VeChain. It's all around authenticity, tracking supply chain, using these, like RFID closer. You know, being able to scan your phone on these codes with products. It's real, it's real. And it's, it's just an amazing, amazing thing. And I just keep seeing them trip more and more partnerships, and it's just a matter of time. It's not if it's one. So you know, for me, I'm pretty big, and then I keep buying it and investing in it. The second one that I've now have my second-largest holding is its Ripple, which I didn't really believe in for a long time. I was there in the early days when it came out. And like 2016, 17. And I was buying it I remember watching it rip at one point, like, I remember I was in Florida in December, and I couldn't eat dinner because of like it was moving so fast. It was crazy. And it's you know, top 10 of the largest market caps. For me, I don't know enough to speak to you about, you know, the exact reasons why other than, you know, listening to other experts and listening to what their opinions are all around their technology with the banking systems and the ability to move large chunks of money. Right now, the SEC is in a lawsuit with Ripple. And when that happened. This happened about a year and a half ago, I think, in December 2020. Maybe the SEC was suing Ripple. And it really stopped the momentum of Ripple. And to the point where they got delisted from Coinbase. And I didn't really pay much attention to it until like middle of last year, a friend of mine in my mastermind, you know, said he loved it. And he gave me his reasons why. So I started to do more research on it. And I said you know what it sounds like it makes sense. So I started by a little bit. And then I did more and more research on this. And everything that I'm looking at from all the experts, it sounds like Purple's going to win this lawsuit. And when that happens, it's going to lift a huge, huge dark cloud over what Ripple is all about. And a lot of things are going to unfold from that point on one. Once they left that I think it's gonna have a huge spike up, okay? Then it's going to get relisted on all the exchanges, then there are whispers about them going public, and then all the things that they're saying they're going to be doing. I mean, people are saying it's gonna be like the US digital asset, like starting the dollar. Serious, right? I mean, I've seen people predict prices anywhere from like, low 1234 bucks at the end of this year, all the way up to like 10 to $20. In this year, other people think that this could be like Bitcoin 1000 2000 3000 $50,000 a coin. I mean, it's gonna take time for that to happen. But if that's the case, oh, my goodness, the bottom line is, I am in it, I am backing it, I am investing in it. I'm taking the hard-earned money that I make in my day today. And I'm investing it into products that I believe have the long-term capability, sustainability, that's gonna get me a huge ROI. And I'm not just going to sell out, because it goes up a little bit. And the way that you do this so that you don't freak out. Because you just you educate yourself. If you educate yourself on what you're invested in, and you understand what you're invested in, then when things are up and down, don't freak out. Anytime that things are going down. All I do is I just start reading and getting more information. And the more information I get, the more relaxed I get. And I like to look at it as when things are going down as All right, forget that. I own it right now. If I didn't own it right now, would I be investing in this? And the answer right now is - absolutely yes. I think it's a huge opportunity. I mean, I loved I love some of these things when they were at 100% higher than where they are. So now when they're lower, nothing's really changed for me. I still have a long-term outlook. There's no reason why I shouldn't be buying more. That's it. Bottom line. And, you know, for me, it's all about Can I take a year to three years to take my hard-earned money and try to double, triple, quadruple it, it's like selling a company. Now everybody here listening isn't going to sell a company, you're not going to start a company and sell a company, there are few people in this world that will write, they'll go, they'll build up a company, and then they'll be able to go and get somebody to buy it. And they'll get multiple, which means, let's say they're doing a million dollars a month, $10 million a month, they go out, and they sell it, and they get a five, multiple, a 10 multiple, right. So if somebody's doing $10 million in a year, let's say for their company, and someone's gonna come and buy their company, and someone's gonna pay a multiple of 5x. That means you take that 10 million, you multiply it by five, and they're gonna pay $50 million for that company. First, I started that, too and sold that company for 50 million bucks. That's awesome. Same thing with when you're investing in some of these things, right? If you have an outlook of 234 years from now, right, and let's hypothetically say you put $10 million into the cryptocurrencies and you got a return of 5x. It's the same thing. It's like selling the company, but what you're doing is you're taking the money that you've made already, and investing it for yourself, you're your own company, your life, right. So the idea and the first step is you need to make more than you spent, and then that that delta, right, the difference between that your savings, that is what you're going to reinvest. And the idea is that you're gonna be able to take those savings that you have now worked your butt off to maintain an X amount of spend versus make, that is going to be what you're going to try to multiply when you invest. So if you're making 1000, and spending 730 bucks, right, if you invest 200 bucks today, and we use that same 5x, that throws dollars will be worth 15 $100. Now, you keep in reinvesting and reinvesting and reinvesting. And that is how you start to build up your net worth, it doesn't matter if you're, if you're somebody that makes millions of dollars or not, you know, you still have the ability to invest, it doesn't matter. It's the same concept for both of us. Right? If I'm putting a million dollars in and you're putting $1,000 in, it's the same thing, just percentages, you got to start somewhere, okay, you got to start somewhere, and it's okay to not hit the home run, you can just hit singles, you don't have to go for like that, that Grand Slam all the time. Steady wins the race, right? Don't get me wrong, you can hit a home run and knock it out of the park. Awesome. But in the meantime, just invest a little bit of time, and you start to build up your wealth, and you start to build up a little nest egg, and you'll get your money to start working for you. The sooner you start, the better. I'm a huge thing I've been saving since I was a kid. I mean, I remember I take all my coins. Remember, I spent the dollar and I got 30 cents back and I went to go buy something that seemed a, it was $1.25, I wouldn't take the quarter in my pocket and pay the dollar 25, I would take an extra $2 out. And then I would get back a change of 75 cents. So now we have the 30 cents and the 75 cents and all that change, I would drop into a bucket and save every single day, the way I looked at it was start small and let it build. And slowly over time, it'll just start to compound, compound, compound, compound, Warren Buffett is famous for that. So again, this is not financial advice. But I think it's a tremendous opportunity for you guys to get involved. I think this is one of those things. We're gonna look back in our lives and 510 15 years from now and be like, Man, I wish I was involved. I know for me, in 1998 99, that was when the whole.com bubble thing was going on. I was too young, I wasn't involved wasn't paying attention to the stock market. I wasn't I was in college. It wasn't really my thing at that time. I was investing, and I missed it. Right. There were tons of people that made serious life-changing money. I think right now with cryptocurrencies, that is an opportunity. I know young people are involved with it. I know they love it. It's the older people that don't believe in it. And listen, the one thing that I tell people is, you got to keep in mind some of the stuff that is going to happen. No one can even think about who thought that the internet was going to stream TV and movies. At the time when the internet came out. It was all around like websites and communication and maybe some e-commerce wasn't about streaming movies, who thought that that was going to be possible. There's going to be so many things that are going to come from cryptocurrencies that we haven't even thought about yet. But again, we don't know. That's why the boy gets the girl. We're not smart enough to know that we don't need to be smarter to know that's not our domain, it's on our expertise. But get behind it, and invest in it so that we can profit from it. And then once you make money now you can use that money to do what you're awesome at and go and make an impact on the world and help other people with what you do. Right. I know we want good people to earn. We want good people to make money because when they do and they're able to take care of themselves. Their family, then they're comfortable enough to spread that with the world. If they're not financially set and wealthy and Okay, then they're so worried about their own financial situation, that they have a hard time focusing on helping others. So we got to get the people that are good people to make money, you people that are good that have at the core, you're good. You want to help others you want to, you want to spread what's good about you to the world, you need to make money, it's important to you, and everybody around you that you make money, because you're going to make a difference in people's lives. But you need to take care of yourself first. So with that said, You know, I just wanted to kind of come on here and talk to you guys about what I do what I'm doing on how I'm trying to build my wealth, and get my money to work for me at the time. Again, do your own research, don't buy anything, because of me, I always tell people that you're the one pulling the trigger, if you want to buy it, by all means, I can tell you what I'm doing. But it's on you. So you make that decision, you do your own homework. But for me, I'm all in on Ripple and VeChain. I think in the next six months, if we look back at this video, right now, I believe VeChain is trading at eight cents, Ripple is trading around 70 cents, it'll be fun to see what those prices will be in December, December 31, 2021, January 1, 2022. Predicted it! If you guys want to predict it, I'd be curious to see if you guys anybody has knowledge on this, I'd love to know what you think. I'd love to know what Bitcoin will be people say Bitcoins gonna be over $100,000 by the end of this year, that happens, all these other... All coins are going to rip. I have a little Bitcoin, small Bitcoin, but I'm really, really heavy in VeChain, Ripple... I'd say 80% of my holdings is VeChain 20% of my holdings is Ripple. And I'm trying to get it to like 75%-25% right now. And I love it. I love it. I think it's so exciting. And I can't wait for when this does go up. Because once it does, I have all this excess capital, I'm gonna take that I'm gonna compound that into my business. And I'm going to use that to help other people. And that's where it's going to get really fun. And, you know, one of my goals later on in life is I just, I want to be able to invest in other people. Like, I enjoy so many different businesses. And I love sitting and watching smart people do things and make an impact on other people's lives. So one of my goals in life is to have, you know, so much capital on the sidelines that I can use to invest in good people, good people that have real meaning behind their products and services, that they can make a huge impact. And then I can be a part of that. And if I can help those people, I can invest with those people, then I can make a major change in this world, make some money at the same time and also help somebody who's a good person who needs that help. That is what's going to be fun for me. That's going to be my next stage. I'd say in the next like 10 years, 15 years for me, as I get older, I still love what I do. So there's no stopping. I don't see you stopping anytime soon. I just love it. And I love the guys that I work with. And I love my team. It's just we, you know, we have fun together. And when it's fun, why stop stops being fun - different story. But it's fun. And I'm happy and I'm enjoying it. So with that said, guys, I hope some of the stuff that we talked about today was helpful. If If you liked what we talked about and you want to get more, subscribe, hit the subscribe button, press the button down below. It's helpful. Share it with people that you think may need this. I have a text chain community you can text me now at 917-636-1998. Shoot me a text and then you and I can talk directly about building up that community. That community is going to get the first shot of little things that I offer. And yeah, it's fun. So with that, be blessed. Thinking of you, rooting for you. Supporting you! Speak to you on the next one. Talk to you soon. Bye-bye.
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