From Brain Eating Mold, To Crypto Proving Assets > Income
Ah Contrarians, we got a good month for you. This is the free newsletter, premium click here for our monthly playbooks and FB community. 😳 What Do You Have if You LOSE YOUR HEALTH?A lesson on: Decentralization of wealth + health + Assets > Income Have you heard of my bud Mike Dillard? Well… He is a reigning name in the world of the internet. He has built multiple 6, 7, 8 figure businesses. He’s going to blush when I call him a genius but I think it’s true, his mind just spins differently. Which is why I always ping him on everything from how to scale an e-commerce business, to a mastermind, to a podcast, to media business, and beyond. But Mike has a cautionary tale. He was at the height of his game. His businesses were doing multiple millions in revenue, his podcast had hundreds of thousands in downloads and then he started slowly but increasingly not feeling very well. He shuffled from doctor to doctor trying to figure out where his energy, his mental capacity, his vigor had gone. No one could tell him what had happened? No one could figure out how this guy with formerly limitless energy now was struggling through workouts. In his words:
After dozens of blood and DNA tests, months of providers prodding, he figured out that toxic mold had gotten into his brain. Essentially according to Mike what that means is:
Long story short, his brain was being eaten alive by mold. Horrifying. And oddly, not that rare. In fact, 25% of the population has a genetic predisposition to suffer from toxic mold and 70% of homes are estimated to have some sort of mold. *Looks around the new house I just overpaid for in Austin like… That said, it got me thinking… Mike couldn’t really work for YEARS. If Mike had had a normal job that came with a trading time for money mentality he would have been screwed. Then I started thinking, well how many humans at some point get incapacitated from work?
Ok, those are scary numbers.Then pair that with our abysmal savings rate and you’ll really have a jolly good time.
Yet, when I met with Mike - despite not being able to work for months if not years he was crushing it. I not so appropriately asked…What’s the secret bud?His answer? Assets. Namely cryptocurrency. He’s made multiple 7 figures from investing in bitcoin and alt coins, again and again. While I AM FAR from an expert in the space I’ll tell you what Mike taught me and give you some questions to contemplate after all: As the saying goes, “what got us all here, may not get you there.” My Progression on Crypto:
Thennnnn I wrote a whole article about how this ship was gonna burn soon. #sorrynotsorry I LOVE the long term trend, I hate speculation it always burns the little guy. But this week since this baby halved and everyone from not so Teflon Elon to Munger ain’t got no bitcoin hunger hates the BTC, it’s the perfect time to talk about it. Lessons from the Rational Non-Euphoric Dillard:In summary: First, you dabble in Bitcoin on Coinbase, then you go to Gemini, then you learn about Staking, then you get into second-tier coins, then you figure out wallets, then you go down a deep dark rabbit hole. Five thoughts on the old BTC, ya you know me. 1 - The average investor who lost money in this BTC cycle?Those who held $10-100k. Aka retail investors. Aka me, you, Chad, Nance. Those who get emotional, typically lose. Mike’s recommendation… if you’re a beginner, weight your portfolio on 100 % bitcoin. Slightly more advanced? 50% Bitcoin, 50% Ethereum. Leave altcoins for money to play with. And never invest in sh*t like Dodge… it’s only funny and memey when you’re up. 2 - The hardest thing is to know when to sell, and actually selling.It’s really all just a guess. But an interesting rule of thumb from Mike, is to follow the indicators of Colin Talks: https://colintalkscrypto.com/cbbi/. When 3-4 of these confidence indicators hit 70-90%, it’s likely Bitcoin is at a peak. Start thinking about your plan for exit and re-entering at a downturn. 3 - Security should be one of your TOP concerns.Keeping your assets safe, not a given. Mike himself was actually the victim of an exchange scam back during its first bull run spike. He lost 100’s of thousands in assets when the exchange shut down and ran away with his crypto (worth millions today). No bueno. The TLDR - get it off the retail exchanges if you’re holding for long term AND you’re not going to trade it.
We broke down his intense security plan in its entirety in the Contrarian Cashflow Playbook this month. He also dropped a gift for the Cashflow community if you were interested in learning more from his crypto course. 4 - Own your tracking.You can track cost basis on apps etc but most have flaws. We like to track it in private spreadsheets with dynamic pricing included, here’s our spreadsheet below. Because money runs away from those who don’t track it. And are you even an investor if you don’t have red and green excel graphs glaring at you? 5 - What is Old Is New Again, Except It’s NotI see a lot of charts like this in bitcoin. In fact, POMP wrote an article with this doozy of a sentence, “Due to the open-source transparent nature of the Bitcoin blockchain, investors can analyze the capital flows of the market in ways that are not possible in traditional financial markets.” In English - I see the future, thanks. Here’s the thing, this type of charting is not magic, it’s called Point and Figure (P&F). And sorry kiddos, while BTC may be new, Charting is over 100 years old. It’s even older than the BTC haters Buffett and Munger. It’s so old they used to draw the charts... with pencils. So basically take everything we’re talking about with a giant grain of salt. Knowledge is power, but only as powerful as your ability to question it. _____ Long story short. Whether it’s crypto, real estate, businesses, etc, make sure you optimize for assets, not just income. Income requires your time. Assets don’t. So we like big ass-ets. Question everything… Codie DO YOU WANT FINANCIAL FREEDOM? That’s our goal too. We’ve helped now over 100+ people on their path to divorcing their time from money. Come along with us, join CT Premium. A monthly deep-dive, play by play, guide book to cashflowing unconventionally, paired with a community for AMA’s and accountability on your path to profits. If you liked this post from Contrarian Thinking, why not share it? |
Older messages
Can You Say...ROI?
Saturday, May 29, 2021
Let's celebrate how YOU turned $1000 into $6010 in 18 Days Hey Contrarian - Before taking some time to celebrate a reader's win, I wanted to say THANK YOU for the tens of thousands of you who
You Might Also Like
One-Day Facebook Groups Promo • Posts Book to 250K+ FB group readers
Thursday, April 25, 2024
Group Posts to 250K Facebook Readers Facebook Reader Group Promos for Authors & Publishers Promote Your Book & Yourself to HUNDREDS OF THOUSANDS OF READERS! If you're looking to have your
[Now I Know Offers] Learn a New Language with Babbel!
Thursday, April 25, 2024
It's a great day to start something new!
3-2-1: How to connect with others, what causes old age, and the recipe for success
Thursday, April 25, 2024
3 ideas, 2 quotes, and 1 question to consider this week.
Ahrefs’ Digest #180: Content marketing conferences, how to be an SEO lead, and more
Thursday, April 25, 2024
Our meme of the week: 📰 News & updates Google confirms links are not that important: No one believes them. Google delays third-party cookie demise yet again: This is the third time Google has
🧙♂️ NEW Partnerships: Phillips 66, La Mexicana, Blue Ribbon, Clicked, and many more [Apr 25]
Thursday, April 25, 2024
Plus secret research on Farm Boy, Upside, and Mack Weldon
Everyone wants growth
Thursday, April 25, 2024
But it needs to be sustainable We have 4 updates for you this week: 1. Unlock Sustainable Growth Everyone wants growth. But to scale your business, you need more – you need sustainable growth.
Meet the “Squishy Love Ball”
Thursday, April 25, 2024
What happens when you show your true colors
The Prison Manual That Was Key To An Escape
Thursday, April 25, 2024
... and why did the let an inmate have jewelry-making equipment?
Fear is Your Companion, Not Your Enemy
Thursday, April 25, 2024
Instead of trying to avoid fear, embrace it as an indicator of the importance of what you are about to share. Writing honestly and authentically means sharing despite fear. View in browser Write of
Workshop Registration Confirmation: Test Drive Write of Passage
Thursday, April 25, 2024
Hey writers, You're in! We're confirming your registration for the Test Drive Write of Passage workshop with David Perell. This workshop will give you a taste of the Write of Passage Bootcamp.