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RE: Why Minnows Don't Buy STEEM
Get out of your 401K as fast a possible! I did that myself long time ago. It's fairly easy to do. Your 401K won't survive the next stock/bond market crash. Invest the funds from your 401K in real assets which you can control directly like crypto such as Steem, land, art, precisious metals, etc.
I upvoted you but disagree with you @deepwaterscrypto (now i sound like @cheetah)! Your 401K is usually a good investment up to the value that your company will match. Crypto is a great hedge to the traditional asset classes because it tends to go up when the others go down. But it's volatile and if it's all you have you will feel quite sick when the numbers start getting big and fluctuate or worse stay low for a couple of years as they did with bitcoin after the initial euphoric rise. The answer is to learn to grow both.
I agree I personally don't think it's wise advice to cash out a 401k for Steem, as bullish as I am about it I just don't think it's a smart thing to do. 401K if you get an employer match is pretty much a no brainer it's free money.
Virtual High Five :hand:
Crashed and burned on my first attempt at using emoji :)
you have admitted your error and now you can move on from it and be a better person lol...
I guess I've been making micro short-term investments in art & literature since I joined Steemit. xD
You can still make solid money in your 401k. Don't give it up. You can now buy and trade individual stocks inside your 401k. It's not just mutual funds anymore. I can tell you more about what I'm doing if your interestes. Plus, even as great as any investment can be, you have stay diversified. Workers for Enron stuck all their money back into that company. We all know how that turned out. I love Steem.l and I agree with your entire post. I just don't love everything to place 100% of my money on it.
Amen. @aggroed I think that you should consider taking a multi-pillared approach to saving. I'm a CPA, not a CFA or CFP (so take any advice from me or others with a grain of salt), but I think it is wise to look at the following pillars when considering your savings:
If you can diversify across those pillars, you will survive any macro-economic shock with minimal downside. It is always possible to look back in hindsight and say "if only I had invested more in XXX, I'd be on a boat right now!", but for every situation like that there are dozens of others that you don't think about where the reality would be if you had invested more in XXX you'd be worse off today. Saving is not a race, and a disciplined approach will leave you in the best possible position
@canuckpride makes a lot of good points! I think being diversified across available asset types is a smart play as you never know what is going to happen in the future. My only caveat is that while I agree that saving isn't a race..... timing and when/where you start definitely play a huge role in how you finish!
lololol Funny Man!
Great Post - You nailed it.
Big picture out look here....you looking beyond the present day numbers and into the potential future.
And I like the observation and analogy - the previous crypto experience people and the non crypto people. Steemit is indeed an on-boarding platform for supporting a lot of newbs into crypto which is a real game changer in my opinion.
Great Post.
Good move! Starve those wall street wolves with alt investments which don't cost fortune in commissions.
Dave Ramsey would be very mad at you. haha
I'm actually thinking about doing that! I just hate that I will have to pay about 50% in taxes and early withdraw penalties.