Are you unsure about crypto/NFT’s? But maybe also feel a bit of FOMO (fear of missing out)? Here’s my opinion on what to do about it! (NOT ADVICE.)
Many people follow the crowd in new trends.
What we want to do is :
- Know ourself,
- Be self aware, and
- Develop our confidence so we can make decisions that are right for us.
In any area of our life; personal or financial!
MAKE DECISIONS THAT YOU’RE COMFORTABLE WITH.
Or at least, comfortable are your own choices –
even if they’re in a stretch area.
Here’s a quick check for you to do :
- List a few everyday personality traits you have / know about yourself.
(Eg. Me : love chocolate, binge watched entire Book of Boba Fett, likes fancy sneakers.) - Now list your money personality in the same quick way.
(Eg. Me : More spender than saver type, high risk tolerance, counterbalances portfolio risk weightings, selective spender.)
Most of us can list our general personality traits more easily than we can list our money personality traits.
If you struggle to list your money personality traits quickly, you can gain a clearer self-insight with our free samplers.
They cover our 5-Pillars of Financial Stability;
Try them as a checklist to gauge your money foundation confidence!
If we are already steady and confident in these five areas, it should be fast and easy to list a lot of our money personality traits.
We’d know our quirks and personality in this area.
(Eg. As a spender type, I work hard to maintain my daily expense tracking habits; it’s my least natural strength area / Due to my high risk tolerance, I counterbalance my portfolio with high stability investing / I also rant about Wills a lot…)
If we don’t know our money personality well yet, then we may benefit from developing our self awareness before diving into investing in crypto or NFT’s, or any other high risk areas.
That’s my opinion, and I also think that it’s safest to have the following areas in place before investing in crypto / NFT/s:
- Know your risk profile questionnaire results
- 3-6 months emergency fund saved
- Regular savings habit
- Regular budget / expense tracking
- Other stable investing areas explored / done
That’s just my view and thoughts on things to know about ourselves / have in place before we invest in crypto / NFT’s.