I said it twice for a reason.
It’s amazing watching the bitcoin and the crypto currency market, and how much value has been lost over the last month.
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Now, if you look at the charts, it seems like every January and February they sell off.
But bitcoin hit 20,000.
They never hit it before.
So who says that bitcoin is worth 20,000? Nobody knows. People are talking that it was going to go up to 100,000.
Who knows? Who knows what it truly is worth? But when things start to hit all-time highs, I’m all about taking profit.
Take profit, and play with the house’s money.
That’s the secret to making money.
I’ve got a friend of mine who’s worth $750,000, and now that bitcoin is crashing, he’s worth 67% less.
And he never took profit.
He didn’t want to pay the government taxes.
Taxes? When you make a lot of money in something, it’s part of life.
You have to pay taxes. Yeah, there are ways to hide it, and there are ways to write it off, but in reality you have to pay taxes.
But at least you have the money in your pocket, and you’re not giving it back to whatever the exchange that you’re on.
Take profit. Play with house money.
I told him that when he made all that money. I looked at him and I said…
You have no idea what bitcoin is worth.
Take profit. Pay some taxes.
I looked at him, I said, you could buy an sports car.
Put it on Turo.
You could’ve bought a condo in your neighborhood for cash.
Rented it out, or Air B&B’ed it.
And guess what you’d be taking? Profit.
From the profit that you already profited with.
Don’t stay so committed to the asset that brought you the money.
Skim. Take profit.
It’s amazing how many people do not believe in that, do not take that, and do not understand that.
And that’s the reason why, during these booms, the dot com boom, the real estate boom, there are people who didn’t take profit.
They just kept thinking it would just keep going up.
No matter how much humans see things as proof, when it comes down to money, they still get so greedy that they think it’s just going to be an endless ride up, when it’s not.
Take profit. Pay your taxes.
Yeah, taxes are technically a loss. But at least you have that money to do other things with.
For those of you that didn’t take bitcoin profit, now think it might go back up again, it might just go back up.
It might be worth $40,000, or it might be worth $5,000. Nobody knows.
But you should take profit so you can buy other things. Things that are proven, like real estate.
Cars on Turo.
Condos on Air BnB.
There are so many different ways to make money nowadays. You don’t need to consistently hold onto things.
And I’ve said it over and over again.
Did you get the message?
Take profit. Take profit. Take profit.
Play with house money.
Imagine if my friend took from his $50,000 investment, if he took $400,000 out and let $300,000 ride.
Guess what would have happened? Well, now he can play long-term with it. He’s already taken a $400,000 profit. His original $50,000 has already been paid back. So he’s taken $350,000 profit. He’s got his $50,000 back in the bank.
And he’s letting the rest ride. And he lets it ride, he doesn’t care, because he’s playing with house money.
That’s what smart people do.
God, I see greed all the time.
Take profit, people. Don’t imagine things are going to continually go up. Take your profit.
And then buy other things. There are so many other assets.
Don’t get tied to one asset.
Multiple streams of income is the way to truly make a lot of income in life, and that’s why you constantly need to take profit, and put it in other places.
Believe in what you do take profit each step of the way build up a portfolio that is diversified and take profit.
Its more fun and if Bitcoin or anything else goes through the roof, guess what? You will be playing with house money and enjoying the profit in your day to day to life.