What’s Your BackUp Plan?
I have had that family talk with my family about being the only crypto investor in the family. Apparently everyone in the family sees me as the unserious person who is joining around with crypto. I remember two years ago when crypto was in a bull market, they were the same people calling me and asking me how they would invest in crypto because they wanted to make some profit off the crypto market since the crypto pump was trending. But here we are in the crypto bear market phase, they have heard so many things about how people who invested at the peak in the bull market are at loss now. I know they want the best for me, but they don’t know crypto like I do. Although the pep talk brought this awareness where I have to create a back up plan, or a business outside crypto, because have just one source of income is not wise.
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Last year and this year, I took a lot of risk, all my risk taking were taken in crypto. I can’t say I regret doing it, because if they had worked out I won’t be regretting. But I wished I converted almost all my earnings to HBD and put them in HBD savings. This would have kept me safer than I am now. But aside that, I can’t help but wonder what my backup plan should be. I am typically an entrepreneur Guy, thé Guy that loves to get paid his worth and i am businessman. My back up plan have always been having a business, a logistics or alcohol business.
I will love to have a logistic business as a back up plan because logistic is an everyday life, people are always moving from one point to another. People will always want to move their things from one point to another without stress, that is a huge problem that needs solving, in my country this is a huge business idea but the reason I don’t consider doing it in my country is because of how unreliable the law there is. So it’s better to have such business in a country with stable law.
The next business is alcohol. Alcohol business, especially wine and vodka is said to be one of the safest business to venture into because it doesn’t have an expiry date. Wine gets better with time, so if you want to preserve the value of your asset, buying quality alcohol to resell can help you preserve it. You don’t have to worry about not selling before the expiry date, people are always partying, people will always want alcohol, it’s advisable to have an alcohol store in a populated area.
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