Financial guru Dave Ramsey has advised if one should invest in a cryptocurrency like bitcoin. Ramsey sees cryptocurrency as a get-rich-quick scheme, preferring to make his money in a “methodical” and “boring” way.
Dave Ramsey’s Advice on Investing in Bitcoin and Other Cryptocurrencies
Dave Ramsey has advised on cryptocurrency investing. Michael, from Dayton, Ohio, made the call at The Ramsey Show stating that he was looking into cryptocurrency and asked if he should invest in it. Episode, “Should I Invest in Cryptocurrency?” Was broadcast on 20 May. Michael is 24 years old and has saved $ 3,800 from doing his job. He told Ramsey: “I just want to know exactly what the best investment to look for and where to go about it.”
A self-proclaimed personal wealth management expert, Ramsey calls himself “America’s trusted voice on money”. He is the author of seven best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, Entrepreneurship, Dave Ramsey’s Complete Guide to Money, The Legacy Journey, and Smart Money Smart Kids. In total, he has sold over 11 million copies.
“You have to set your investment goals which you think is your best path to get rich, otherwise you won’t invest, right?” Ramsay started. Michael agreed.
Ramsey went on to share his investment experience. “When I was 24 years old, I made a lot of mistakes, which I thought buying things would make me rich quickly and easily,” he elaborated, for example, that he “bought a lot of real estate” and ” Broken as a result. “
He also “bought gold futures,” putting all the $ 5,000 he had at the time. He followed the strategy of a “man of gold” who had “hit his prediction 14 times in a row.” Ramsey stands to make $ 50K if this prediction hits. However, “he missed that effort and my small $ 5,000 total assets evaporated based on my attempt to make $ 5,000 to $ 50K in 90 days,” he shared.
Turning to bitcoin and cryptocurrency, Ramsey described: “Bitcoin is hot. Crypto is hot. A lot of people are making a lot of money on it right now.” However, he emphasized: “Michael, as you said, is very unstable and so it is for me, an old man, under the title of getting rich quick and I haven’t found many people who get rich quick. And I don’t like to lose money.” Ramsay then advised:
You can definitely do what you want to do but you have called here. We do not ask people to invest in highly volatile, unpredictable investments. And any type of currency falls into that category. Among them, bitcoin will be the most volatile, among them crypto will be the most volatile.
However, Ramsey acknowledged that there is a chance to make money with volatile assets. He mentions a guy who got a call on his show, who put $ 3,500 into GameStop and made $ 50,000. The finance guru commented, “It was interesting to see from outside.”
He said: “I think you got a better shot at bitcoin than lotto, that’s all I’m saying, but these are both dumb thoughts in my mind and I haven’t put any money into one of these . Them. I’ve never bought a scratch-off ticket in my entire life. “
Reiterating that he doesn’t like to give his money, Ramsey said that “if I’m gonna have fun like this, I’m gonna roll down the window, throw a $ 100 bill and cause an interstate traffic jam.” It’s more fun.” He further notes:
Of course, everyone who’s a bitcoin genius right now thinks Dave Ramsey is an out-of-touch boomer, which is probably true, but I’m also several hundred million dollars, so let’s find out.
He then discusses that investment depends on the risk tolerance and goal of the investor. He went on to compare Benny’s children B T c, Stating that for him, “he is right there in bitcoin.”
“The thing is, Michael, you can invest in whatever you want but the data points tell us that people who get rich quick don’t. They are the bottom line,” said Ramsi.
“In studying 10,000 millionaires, the number of those who got rich quickly is very, very, very low,” he affirmed, stating that they were “methodical and boring and they had golf course friends There wasn’t a good story to tell… they were just organized, they were boring and that’s what I’ve done. “
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