If you’ve heard of Dave Ramsey, you’ve probably heard his Financial Peace University podcast. His advice is a bit different from the traditional financial gurus, but his philosophy is the same: Get out of debt and start saving money as soon as possible. His #1 rule of wealth is simple: spend less than you make.
If you have heard of Bitcoin, you must be a cryptocurrency enthusiast. If you have heard of cryptocurrency but you don’t know anything about them, you must be a curious person. If you are a financial guru, you must have heard of Bitcoin and other cryptocurrencies. If you know about all these but you are still not sure whether you should invest in cryptocurrencies or not, I am here to give you a helping hand.
Not too many people know that Dave Ramsey is a very big fan of Bitcoin. In fact, he has been making millions of dollars from Bitcoin investments and he has even written a book preaching about Bitcoin. However, when it comes to investing in Bitcoin, Dave Ramsey advises that you should only invest in Bitcoin when you have money to lose. He does not believe that Bitcoin is the greatest investment in the world.Financial guru Dave Ramsey has offered advice on whether you should invest in cryptocurrencies like bitcoin. Ramsey sees cryptocurrencies as a get-rich-quick scheme and prefers to make money in a methodical and boring way.
Dave Ramsey’s tips for investing in bitcoin and other cryptocurrencies
Dave Ramsey gave tips on investing in cryptocurrencies. Michael from Dayton, Ohio, called The Ramsey Show and said he was researching cryptocurrencies and asked if he should invest in them. An episode titled Should I Invest in Cryptocurrency aired on the 20th. May has been released. Michael is 24 years old and has $3,800 saved from his job. He told Ramsey: I just want to know what the best investments are and where to make them. Ramsey, self-proclaimed expert on personal money management, presents himself as 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, more than 11 million copies have been sold. You have to align your investment goals with what you believe is the best path to wealth, otherwise you wouldn’t be in the investment business, would you? Ramsey began. Michael agreed. Mr. Ramsey went on to share his investment experience. When I was 24, I made a lot of mistakes buying things that I thought would make me rich quickly and easily, he said, adding that he bought a lot of worthless real estate, for example, and went bankrupt as a result. He also bought gold futures and invested the $5,000 he had at the time. He followed the golden boy strategy and hit the target 14 times in a row with his prediction. Ramsey could have won $50,000 if that prediction had come true. He missed, however, and my small amount of $5,000 just vanished into thin air. He shared my attempt to make $50,000 in 90 days with $5,000. On bitcoin and cryptocurrencies, Mr Ramsey said the following: Bitcoin is hot. Crypto-currencies are all the rage. A lot of people are making a lot of money with it now. But, he stressed: As you said, Michael, it’s very volatile, and that’s why for me, an old man, it falls under get-rich-quick, and I haven’t found many people who have gotten rich quick. And I don’t like losing money. So Ramsay gambled: You can do whatever you want, of course, but you called here. We advise against investing in highly volatile and unpredictable assets. And currencies, whatever they are, fall into this category. Bitcoin will be the most volatile of all, cryptocurrencies will be the most volatile of all. But Ramsey acknowledges that it is possible to make money with volatile assets. He talked about someone who called into his show, invested $3,500 in Gamestop and won $50,000. The financial guru commented: It was interesting to watch from the sidelines. He’s made his point: I think you have a better chance with bitcoin than bingo, that’s all I’m saying, but both ideas are stupid in my opinion and I haven’t invested in either one. I’ve never bought a scratch card in my life. Reiterating that he doesn’t like to give away his money, Ramsey said: If I want to have fun like this, I’ll roll down the window, throw out $100 bills and cause traffic jams on the highway. It’s more fun that way. He also noted: Sure, everyone who’s a bitcoin genius now thinks Dave Ramsey is a retired boomer, which is probably true, but I’m also worth a few hundred million dollars, so let’s go with that. He further explained that investing depends on the risk tolerance and objective of the investor. He compared Beanie Babies to BTC and explained that for him it’s all about bitcoin. The thing is, Michael, you can invest in anything, but the data tells us that people who get rich quick don’t. Here’s the bottom line, Ramsey said. Of the 10,000 millionaires studied, the number who became rich quickly is very, very, very small, he said, adding that they were methodical and boring and had no good story to tell their buddy on the golf course….. They were just methodical, they were boring, and that’s what I did. What do you think of Dave Ramsey’s advice to invest in bitcoin or other cryptocurrencies? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Dave Ramsey is an American author, radio host, and public speaker who has been named one of the “Top 100 Most Inspiring People” by Time magazine. He is best known for his book Financial Peace, which has sold more than 6 million copies and been translated into over 30 languages.. Read more about when to buy bitcoin 2021 and let us know what you think.
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