Personal finance expert Dave Ramsay gave Bitcoin advice to a man who made more than $ 100,000 by investing only $ 1,500 in cryptocurrency. Ramsay has repeatedly expressed doubts about Bitcoin’s potential to exchange, describing the cryptocurrency as “funny money”. Recommend to sell bitcoin immediately.

Dave Ramsey suspects Bitcoin

Popular radio show host and best-selling author Dave Ramsey provided Bitcoin advice in his Dave Ramsey show that aired on Wednesday. Daniel of Salt Lake City, Utah called the show to get Ramsey’s advice because his income was on the cusp of declining when he returned to school. Daniel stated that he invested around $ 1,500 in bitcoin in 2014 and has made around $ 120,000 from it so far.

Ramsay, a self-proclaimed personal money management expert, calls himself “America’s trusted voice on money.” He is the author of seven bestsellers: Financial Peace, More Than Enough, The Total Money Makeover, EntreLeadership, Dave Ramsey Complete Guide to Money, The Legacy Journey, and Smart Money Smart Kids. In all, they sold more than 11 million copies.

Daniel explained that since the bitcoin investment was small, he “just bought it” and “just left it,” noting that “he didn’t do anything with it.” Ramsey asked what he thought of the investment.

“Are you saying you can spend it today for 100,000?” Ramsey quickly asked the bitcoin investor. He replied, “Certainly.”

Ramsay proceeded to educate the man. There is a process in finance called sunk cost analysis. If you hadn’t cashed it today, in the morning, you would have invested $ 100,000 in bitcoin. That should scare your mind, “he shouted.” It’s not $ 1,500, it’s $ 100,000, every day you leave there, you reinvest in it again. “Then the popular radio show host advised:

By night, dude, cash it out.

Bitcoins “exceed 50% of your dreaded net worth. It’s on the roulette table, on one roll of the dice,” he added.

If you can really cash it and you might find out that this is funny money but I hope you can … I hope you can cash it out when you go do it tonight.

“I doubt when I hear that $ 1,500 turns into $ 100,000. I’m really questionable.” “I hope you don’t find other things when you try to spend it. But these numbers are strange.”

READ  한 인권단체 “북한이 젊은이들에게 광산에서 고된 노동으로 '허리부리' 강요하고 있다”

Ramsay also warned the man that “if you are able to distract it, the other risk is that you actually got rid of this nonsense once and it will tempt you to do it again.”

In conclusion, he said that in the end, “You do what you want to do but I’m not a fan of high-risk investments, and that’s at least what we call Bitcoin.”

What do you think of Dave Ramsey’s advice regarding bitcoin? Let us know in the comments section below.

The signs are in this story

BTCAnd the Dave Ramsey BitcoinAnd the Dave Ramsey Bitcoin adviceAnd the Dave Ramsey PTCAnd the Crypto Dave RamseyAnd the Cryptocurrency Dave RamseyAnd the Financial teacherAnd the Bitcoin financial expertAnd the Btc financial tutorAnd the personal financingAnd the Bitcoin Personal Finance

Image credits: Shutterstock, Pixabay, WikiCommons, Dave Ramsay

DisclaimerThis article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, recommend or endorse any products, services or companies. Bitcoin.com It does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss resulting or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

답글 남기기

이메일 주소는 공개되지 않습니다. 필수 필드는 *로 표시됩니다

You May Also Like

중국은 경제 모멘텀의 명확한 신호를 찾고 있습니다: 경제 주간

(블룸버그) — 회복이 얼마나 강력하고 지속 가능한지는 아직 명확하지 않지만 다음 주…

인도, 반도체 제조 주도권 확보

어떤 사람들은 그것을 현대 전자공학의 “두뇌”라고 부르고 다른 사람들은 그것을 “심장”이라고 부릅니다.…

Three big ways small businesses can benefit from the new Covid relief package

the new Covid Relief Package Occurred To Sunday Night Law, it allocates…

머니헤이스트 코리아 – 경제공동체 시즌2 리뷰: 박해수 주연의 리메이크가 얄밉게 보인다

제작자 Alex Pena의 스페인 혈통 라 카사 드 바벨 또한 ~으로 알려진…