You are viewing a single comment's thread from:

RE: Are you living in the six figure hell?

in LeoFinance2 years ago

Holy damn, 1.4M would have you set for life if you move to an Asian country or a South American country and live like a retiree... that must have been a hard blow to take man, I'm sorry to hear about it but I'm also glad to see you overcame that blow.

I'll definitely give it a look, I have never traded Fiat stocks, do you recommend any good platform to do it?

Sort:  

Yeah, it really sucked... But ... I was in my 20's, and since I never had the money to begin with ... I didn't lose anything - or have to change my lifestyle. One of the folks on my team was mid 60's and was planning on retiring ... he basically watched his retirement plan flush down the sewer. So, the big lesson I learned was to always diversify. Having all your investments in one thing is a bad idea.

Spread it out ... Crypto is one, but then in the fiat realm, spread it around tech, mining, oil and gas, gold, real estate etc etc etc. If one tanks ... it hurts but you'll recover.

In Canada, I can do my investing through my bank within RRSP's (Retirement Savings Plans), so as long as I follow the rules, I won't have to pay capital gains tax if I ever make any money. The trick is to find an avenue in the fiat environment that charges you the least to play with the stocks. (i.e. $10 per trade - which is a steal if you compare it to what the GAS prices are/were with crypto.)