Changing Your Financial Situation Starts With These Steps

Changing Your Financial Situation Starts With These Steps

I didn’t become a multimillionaire by lucky inheritance. I built my entire wealth from scratch.

It wasn’t easy. And I made a lot of mistakes on the way…

My first big haul came in the early 1990s, buying beaten-down junk bonds. And in the mid-1990s, I started making money hand over fist in technology stocks.

But when the market went against me, I made bigger and riskier bets. I lost all perspective and invested for my ego, not my bank account.

By late 1998, I’d lost it all. I went from wealthy to poor in less than a month. Ultimately, I was compelled to file for personal bankruptcy.

Friends, I’ve made an incredible amount of money over the years. I’ve lost an incredible amount of money, too.

I wasn’t able to break this boom-and-bust cycle and truly build wealth until I learned one important lesson: Know thyself.

You see, to become successful at investing – or anything in life – you need to know yourself first. You need to know your own personality… Your strengths and weaknesses.

One weakness that inflicts most investors is they’re easily swayed by the crowd. It’s just human nature. When the crowd goes one way, most tend to follow.

If you’re a person who’s easily swayed by market sentiment, it’s OK. I worked on Wall Street for decades. And I’ve fallen victim to market sentiment plenty of times.

So how do I protect myself from my worst emotional tendencies now?

It isn’t because I have supernatural abilities. It’s because I’ve set up defense mechanisms to prevent my worst proclivities.

First, I had to look in the mirror and realize I had a penchant to panic buy (on FOMO or fear of missing out) and panic sell (on FUD or fear, uncertainty, and doubt). I also had a predilection to take on too much risk.

When I learned to honestly appraise myself without beating myself up, I could implement strategies to protect my portfolio from the worst parts of my personality.

Here’s why I’m telling you this…

I launched Digital Asset Daily to add clarity and value to the digital asset space. But even the most valuable investment ideas and commentary are worthless if you make emotionally driven financial decisions.

So in addition to providing world-class investment research, I also act as your coach, guide, and mentor.

Three Steps to Start Your Wealth-Building Journey