Side Hustle Risk Reduction

in #leofinance5 months ago

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Avoiding Mistakes

I have written a lot in the past about how I have struggled with issues related to gambling. To be honest, trading and doing short-term moves in the cryptocurrency market is not all that much different from making a wager on a game or playing a hand of blackjack in a casino. Though we'd like to think we have some more control or know what we are doing in terms of making informed decisions, the truth is that markets are irrational and unpredictable.

I have taken more than my fair share of short term losses in the cryptocurrency market and even had some lately that I am finding myself to be quite unhappy with as I said I would cool down with that. I wouldn't necessarily say that it was a full or even part time thing for me to be doing trading, but the money that I have earned from it before taking losses was certainly helpful for me. I think it is time to make a change and I have found an idea that I find pretty interesting (as well as hopefully being a consistent source of income).

A New Approach

I have been reading up on this topic and believe that it is where I would like to pursue my niche.

Dropshipping

This is when you move (goods) from the manufacturer directly to the retailer without going through the usual distribution channels. Essentially you are selling products for a retailer like Amazon, Ebay, etc. and you are passing on the order directly to a third partly fulfillment supplier and pocketing the difference in cost.

People on Youtube often tout this as a get rich quick thing where you can make massive amounts of passive income. I don't expect that this will be something that will be accomplished quickly, but I do think that it has the potential to be a valid source of passive income if done right and if I am able to find products that I can compete in.

There is still a ton for me to learn before finding any type of success with this, but I am getting after it immediately and am going to try to generate some cash flow that I can't lose like I can when Bitcoin makes a surprise move the opposite way analysts predict.

Juggling Other Commitments

I plan on working on this dropshipping store in tangent to working my full time job and working on my side projects (DUNK and my nightlife app). It will be a bit difficult and tiring to work on everything, but I have been working to just a fraction of the potential that I am capable of achieving and know that I am able to get all of this done if I am organized and committed (two things I haven't been). I'm excited to get this going and hope to share that process as well as dropshipping is something that I believe a lot of people would be interested in doing if they were able to do it well.

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My name is Rob and I am a financial analyst with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience.

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Life can get busy but I hope it helps you. I also think it's better to avoid short-term trading. It's going to be hard and I suggest doing fewer but better trade setups over making too many trades.

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Trading is impossible to be honest!