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Published Jan 24, 2020

304: How to Avoid Addiction to Study Drugs | Feedback Friday

Jordan Harbinger and Jason DeFillippo tackle pressing issues from navigating the risks of Adderall addiction and hiring affordable labor for home improvement to transitioning into cybersecurity careers and understanding cryptocurrency investment risks, all while balancing professional advice with engaging personal narratives.
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  • Crypto Risks

    Cryptocurrency investments are fraught with risks and uncertainties. emphasizes that cryptocurrencies are not companies like Netflix or Amazon, which emerged stronger after the dot-com bubble. He warns that while blockchain technology is promising, the future of specific cryptocurrencies like Bitcoin remains uncertain 1. Jordan advises against having a lottery mindset and suggests limiting such risky investments to a small percentage of one's net worth 2.

    Cryptocurrencies are not companies. Things like Bitcoin, they're not necessarily building value in the same way.

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    He also notes that many smart investors have lost significant amounts of money in the crypto market, highlighting the need for caution 2.

       

    Investment Tips

    Effective investment strategies are crucial for managing the risks associated with cryptocurrencies. Jordan recommends setting a target percentage of no more than 5% of one's net worth for such high-risk investments 2. He also advises using a hardware wallet to store cryptocurrencies securely and planning to hold these investments for at least five years 3.

    Only buy now if you can afford to lose all of it at any point and you don't need to access it.

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    Additionally, he suggests dollar-cost averaging to mitigate the impact of market volatility and to avoid making large, lump-sum investments 3.

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