To make 10 million, you don’t need any extraordinary abilities, you just need to understand the principles of making money.
First, you need a "medicine lead", that is, your off-market income to maintain your cash flow. For example, an income of 50,000 to 100,000 per year. This ensures that when market opportunities arise, you will not be forced to sell assets due to financial constraints.
Second, when facing good opportunities, such as a bull or bear market in the crypto, do not overinvest. The "overinvestment" here does not mean that you cannot overinvest, but rather avoid making impulsive decisions due to the joy of the market, such as excessive leverage or borrowing.
Third, you need a bubble time. The bubble time refers to the stage when everyone's assets in the market are skyrocketing. At this time, everyone feels that they have made a lot of money. Note that you must sell decisively at this time to convert the bubble into actual gains. When everyone in the market is making a profit, it is a bubble time and you must sell it quickly.
After experiencing 1-3 bubble opportunities, you will master the methods to deal with bubbles, and temporarily put the money you earn aside, and buy again when the market cools down. If you just stare at the assets in your hands and are not good at adjusting strategies, it may be difficult to make long-term profits. You should use methodology instead of simply holding. When the market is sluggish, you can give up some sense of security appropriately to gain opportunities in the bear market cycle.
When most people advise you not to buy or say you can’t buy, it often means there is a huge cognitive gap. At this time, their opinions may bring you close to a bubble. If everyone says that a certain asset is good, you are likely to be caught in a bubble and lose the opportunity.
Bubble-bursting assets should not be Altcoin or air coins. If you sense that an asset may die, you should avoid choosing it. You should choose assets that have gone through multiple cycles and continued to rise, like BTC.
Mentality
There is a paradoxical question: If I don't get married or have children, and I live frugally to become rich, then when I get old my spending habits will also become frugal, and there will be no heirs to inherit my wealth. Is this a sad life? On the contrary, if I am not frugal, I may still be poor when I am old, which will also make me sad.
In fact, even if you live frugally, you may not necessarily become rich. If the process of making money does not arouse your interest and drive, you may not accumulate wealth or leave anything worth inheriting. You must learn to consume moderately and maintain a normal life. I have been frugal before, but now I understand that this approach is actually wrong. Most people cannot bear this kind of pressure, and it may eventually lead to mental breakdown.
How to keep 10 million after earning 10 million
Some assets are opportunities of the times, and the next opportunity may need to wait. Assets other than BTC may appear, but you need to be patient.
After earning 10 million, the key is to maintain the same consumption level as before. Not to reduce consumption, but to maintain the previous consumption level.
Don't start spending money recklessly just because you have money. That's a sign of decline.
Get rid of the cognitive pressure caused by social relationships at all levels, such as others asking you to borrow money, looking for you to invest, and using emotions to kidnap you. Some people will be seduced by women, and some will be seduced by friends. If you have money, someone will definitely try to get money from you. You are the client of everyone around you, so you must be vigilant. Most people can't get through this.
Those who are able to successfully meet these challenges often lose something but also gain greater independence and success.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.
If you want to know more about the secret of wealth or have any questions, please follow the official account: Crypto Conan
