RadReads​ - Should you bet it all on crypto?

Imagine you’re about to have your first kid.

But your career is muddling along and you don’t have a reliable source of income.

You need a plan to grow your wealth. Quickly.

Oh BTW it’s the start the pandemic where crypto is going "to the moon."

Where does this take you?

A wild ride involving anonymous crypto co-founders, millions of dollars (of paper profits) and getting hacked (or bamboozled).

This week on The Examined Life Podcast, we’re joined by writer and serial entrepreneur Nat Eliason.

We ask the question:

🎧 Or listen on Spotify, Apple Podcasts or your favorite podcast app.

My top 3 takeaways

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​Crypto is the Wild West

Any investor wants to believe skill plays a greater role than luck. That also holds true for crypto day-traders and speculators. But sometimes, it’s pure luck that keeps you from getting wiped out.

→ Watch the clip
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The power of “the next big thing”

From Bitcoin and Ethereum to NFTs and games, crypto is notorious for herding. Crazy amounts of money can be made by getting into the next big thing before everyone else. But how do you know if you’re in early or late?

→ Watch the clip​
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Money changes you quickly

There are certain things that you just have to experience to understand. Getting married. Having kids. Catching a killer wave. Also on the list? Making gobs of money. And you never know how it’s going to affect your character.

→ Watch the clip​

My favorite quote: Why are you putting off what matters?

Why this episode matters to me

I bought 3 bitcoins very early in the game.

And like Nat I forgot that I owned them.

Crypto for me goes against so many of my core principles.

The short-termism. The speculation. The 24/7 "checking."

And the belief that you can get-rich-quick.

Don’t get me wrong, I know a handful of crypto multi-millionaires — so the FOMO is real.

And who would’ve guessed that a windfall of money, isn’t accompanied by a windfall of life satisfaction?

If you want to dig deeper

Crypto can be complex; is the return on hassle high enough? If you’ve also made a ton of money but realize you’re not happy, you may be a post-achievement professional. Like Nat, if you catch yourself saying, “When X happens, then I’ll do Y,” you’re a prisoner to the when-then-trap (and living the deferred life plan). And if you cashed out with massive crypto gains, here are six money rules from my wealth manager.

Love letters from our fans

"Yearning for more parents to see the wisdom in taking a step back from work."

Hope you enjoy the episode,

Khe

PS — I absolutely devoured Nat’s new book Crypto Confidential. I read it in one afternoon and it reminded me why I have steered clear from anything that promises quick riches.

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