2. Take a Huge Risk by Going All-In on Cryptocurrency
Let’s be clear and say that some cryptocurrency is a bigger gamble than taking all your money to Las Vegas and feeding it into a slot machine. You might have better odds in Vegas than when it comes to cryptocurrency.
Be aware that the risk is super high when you invest in crypto. It’s possible that one little move in an altcoin can drain your money in a matter of minutes, if not hours.
Bitcoin is by far the safest choice if you’re buying into the world of crypto. Bitcoin can and often does swing in price of hundreds of dollars on any given day. That’s good news if you’re on the winning end of the trade, and you put a pretty penny in your wallet.
It’s not such good news if you are on the losing end. There is big money to be made by traders in all cryptocurrencies, and millionaires will be born overnight. However, one wrong move and your savings go right down the drain.
If you’re the type who can’t cope with the high pressure of crypto trading, then you should invest in stocks. Trading in cryptocurrency is only suited for those who are willing to take a beating and come back for more.
1. Never Keep Your Money in a Bank Account. Ever!
The worst place you’ll ever put your money is in the bank. Don’t even think about putting your million dollars in the bank. Sure, you’ll get a tiny percent back on your money, and it’s a safe bet.
You will soon realize when crunching the numbers that getting to a million dollars is going to take a whole lot more than safe betting. You’re going to have to go out on a limb sometimes and take a few risks.
You should only keep the amount of money you need to live and nothing more in your bank account. Take the rest of your money and invest it in the best way you know how.