This is something I’ve been dealing with mentally over the past year or so. I have always lived paycheck to paycheck. Technically, I fall below the poverty line. But, I’m not going to pretend like I’m not fortunate in that sense, because I don’t see myself as poor and i acknowledge the privilege that allows me to have an apartment, a full bellied dog, and food in the fridge.
So, obviously, when I got into crypto roughly 5 years ago I had absolutely nothing to invest. I had been introduced the steem and I found other ways of earning crypto through hard work from there. Even so, at the time, I generated maybe a couple hundred dollars worth of coins. I took those and over time I moved them into different currencies, obviously dreaming they would one day moon but without hope. I went through a rather hard time, lost my keys for awhile, lost my computer; essentially had the coins but lost all access to them and I thought that was a forever thing.
But it wasn’t. I got my keys back and I excitedly checked them out. Unfortunately, not much had changed whatsoever. Still, I moved some around into newer projects that sounded intriguing to me and I was pretty flippant about it; it wasn’t enough for me to be “life-changing”, and even though it would strongly benefit my life I still had hope.
Last year that hope started to take off. I checked again and I saw some trends that I was very surprised, and happy to see. Move things around a little more; great. Over the course of four years I had make a couple hundred dollars into ~$1000. That was a big deal for me. But still, I wasn’t struggling; yes I am still living check to check but I had high hopes for crypto and kept it around and kept my eyes on it.
Everything just kept booming. Apparently I made some really good decisions without knowing it. Now, all in all, passively my portfolio has risen from $1000 to over $8000 in a year. This is more money than I have ever had in my entire life.
So that’s where I’m at. I’m not prepared. I don’t know what to do with it. That money could change my life(I’m a 27yo manual laborer with a ton of debt; I’m not pretending like I’m gonna be set with 8 g’s). But I continue to watch my portfolio grow on its own. The coins I have are growing. Which would I move around? Which could I cash out on?
I never expected to feel so nervous finally having some silver lining. I have absolutely no idea what to do. This is a big step in my dream, but I never imagined I wouldn’t be prepared for it.
Thanks for your words taskmaster. Sorry for the rant. You just struck the nail on the head for me of what I’ve been concerned about; and I never fully acknowledged it or spoke on it, anyways, until I read this post
Just keep adding and filing the bags. Let the market take care of itself. We can only focus upon the activity and how we accumulate.
And of course the mental aspect of things. You are growing so your mindset is growing along with your account.
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You mentioned you have a ton of debt, now I'm not the one to tell you what to do, but general consensus is to only invest what you're comfortable with losing. Of course right now amidst the bull market everyone wants to put as much in as they can. But how will it impact you when things go South during a bear market? Corrections are part of the game and it hits hardest when you've got a lot to lose.
Now like I said, I won't tell you what to do but I would probably take at least some profit to start paying of debt. Just my two cents. Hope you do the right thing and do well!
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I've never invested. I earned those coins through Steemit/other related projects and moving them around. I can't invest money I don't have haha. What I was saying is I've never withdrawn. I look at the charts of the coins I have and I don't know which I would want to. It's a difficult decision. But I'm not talking about investing. That's a foreign world to me. Thank you for your reply!
Ahh yes sorry, might be a bad choice of words. However, do realize you are invested now. Maybe not directly with financial means but you've invested time and effort and now have something of value that can go up and down at any moment. Not even can.. it WILL go up and down and probably by a lot. Whatever you're gonna do it's great to see you came this far without putting in money but just effort and time! Well done
All good! Simple misunderstanding. I know I'm not invested.. and that is what is making me worried haha. I definitely got lucky with some of my decisions. I mean, I felt good about the projects I traded into, but that was ignorant confidence. I can't tell one whitepaper from the next and half the time I was sure it was a project that just sounded good to gullible people like myself. Watching it rise and rise was a shocker; like how did I do this right?
So that was what I was trying to say. I've become accidentally invested. "Accidentally"; although it was exactly what I was hoping for. I just didn't think it would happen. So now, I'm trying to be real smart and careful about how to use that in the smartest way possible. I don't feel totally confident; but I wasn't either when I started turning a few hundred STEEM coins into the portfolio I have now. So maybe I should be a little more confident in myself and my decisions!
In the end, it's always uncertain before you know what the outcome is. Stuff looks good on paper and it still doesn't show in the value at times. While sometimes shit you wouldn't ever think would make it goes sky high all of a sudden. Seems like you've put some thought in it, watch out for a confirmation bias and becoming overconfident though! Past results are no guarantee it will repeat. Especially since you mention it was a shocker to you and aren't sure why you got the results that you did..