2024-6-26 16:30 |
The author of “Big Dad, Poor Dad” addressed the ongoing issues in the crypto market as the price of Bitcoin dropped again to $61k. He acknowledged the price decline saying “Bitcoin is Crashing” mentioning that most people should consider selling their BTC assets so he can get more chances to increase his Bitcoin positions.
Long-Term Holding vs. Active TradingThe best-selling author talked about the cyclical nature of markets, saying all assets experience ups and downs. Because of this many people employ strategies that will allow them to buy low and sell high. However, Kiyosaki thinks this strategy is also not tax-friendly, frequent trading could make tax costs pile up.
Bitcoin is crashing. Most people should sell. I am waiting to buy more.
All markets go up and down. Many people make a lot of money “trading”
markets which means buying low and hopefully selling low. The problem with “trading” any asset is taxes, specifically “short term”…
Drawing a parallel to Warren Buffett’s investment philosophy, Kiyosaki expressed his preference for a “buy and hold forever” strategy. This approach aligns with his focus on building new assets rather than actively trading existing ones.
Kiyosaki shared that he currently identifies as a “serial entrepreneur,” working on two new startup ventures. This revelation highlights his commitment to creating value through business development rather than relying solely on market fluctuations.
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Advice for Different Investor ProfilesThe author offered tailored advice for different types of investors:
For those easily unnerved by market volatility: Kiyosaki suggested selling assets and focusing on job security. For employees: He recommended holding onto their jobs, implying that steady employment might be a safer option during turbulent economic times. For entrepreneurs: Kiyosaki made a comparison between the mindset of an entrepreneur and that of employees, describing them as “opposite sides of the same coin.”The financial guru acknowledged the tough times in the crypto market and urged investors to make decisions based on their circumstances and how well they can handle risks.
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