Words of Wisdom to My Younger Self on Investment #191

Wisdom, they say, is the key to leading a successful life, even in business. Young people especially need it to avoid making huge mistakes in life. It offers guidance and a sense of direction for investments.

Recently, I encountered a situation in the crypto space that taught me a valuable lesson about investment strategy. I was told of an opportunity to generate more funds since I had missed out on the NOTCOIN. And this would be realized by investing in a crypto token which later was a scam project.

In my country, there is a popular musician named Davido who recently launched his crypto coin, $DAVIDO. My friends told me about the opportunity, assuring me that it would definitely be a big hit once the coin climbed in value. True to their words, it did right before my eyes.

At that time, I was holding a sum of money for a contribution at my workplace. We usually have staff contribution every month and then at the end of the year, we split it or use it to buy foodstuffs. I am the one in charge of the purse/account.

Not long after, we had an impromptu meeting at workplace (only contributors) where one of the contributors brought up the idea of investing in the coin. Everyone was enthusiastic and suggested we go ahead immediately. Despite my skepticism and advice to wait a week, they insisted I withdraw the money for the investment. And who was I not to agree?

The pressure from the contributors to withdraw the money and invest in $DAVIDO coin was strong. I saw it as an opportunity to make a significant profit. However, something kept telling me to wait for at least a week.

Unexpectedly, I took permission and went straight to the house to find the ATM where they money was and realized it was misplaced. Despite searching my entire house and having my kids help, the card was nowhere to be found.

A few hours later, I learned that the coin had crashed. What was once worth a considerable amount in USD had significantly dropped in value.

I decided to use the time to search online and discovered that the newly launched coin had indeed crashed. This realization made me both relieved and grateful that I didn't make that investment.

As someone with a business mindset, if I were to advise my younger self, I would emphasize the importance of guidance and wisdom in future investments. Had I made the mistake of using the contributors' money to invest in a fake token, it would have been a disaster. The contributors would have been unhappy with the outcome, and even though everyone had agreed to the investment, I would still feel responsible since my money was part of it too.

It's crucial to conduct thorough research before investing in crypto projects, especially newly launched ones. Many crypto projects are scams and time wasters. Although I won't list them here, I plan to do more research and share my findings in the @leofinance community.

As someone deeply curious about investments, I would advise my younger self on the importance of patience before making any investment. It's crucial not to rush into investments without verifying them. I forgot to check if the token had social media pages or even a website.

However, I'm grateful I didn't go through with the decision. For a younger person, financial education is essential before considering any investment.

Thank you so much for reading. Have a lovely week!