We are all tempted. Get rich quick sounds so nice. From 20% interest rates to shitty jpegs, get rich quick is everywhere.
Getting rich sounds so nice. Losing all your money is way worse. Never lose track of risk.
Obvious Ways to Identify Risk
Identifying risk doesn’t need to be complicated. Here are a few simple rules I follow:
- Think in decades, not years. Plenty of ponzi schemes have made it a year, very few have made it a decade.
- If it sounds too good to be true, it probably is
- Any time anyone claims an idea is risk free
- When people say “this time is different”
- “I just need it to go to $1” when the shit coin it is at $0.04
These are all obvious red flags. We all know this, we just need to act like it. Next time things get silly, don’t feel left out. Just remember that losing money hurts worse than making it.