Home Success The 20 Biggest Lies About Becoming A Self-Made Tycoon
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The 20 Biggest Lies About Becoming A Self-Made Tycoon

ShannonDecember 4, 2019
Some people advocate holding on to cryptocurrency no matter how bad the market gets. Credit: Shutterstock

3. “HODL!”

For those of you who are familiar with cryptocurrency, you may have heard the term “HODL.” This is the misspelling of “Hold,” but it also stands for “Hold On For Dear Life.” This is a term spread around by Bitcoin enthusiasts who believe so strongly in the coin that they never want to let go. Bitcoin traders believe that someday, their holdings will make them a millionaire, if they just have the patience to hold on for a long time. Some people even use Warren Buffet as an example of an investor who holds valuable stock he truly believes in.

Educate yourself on when it is a good time to buy or sell your assets. Credit: Shutterstock

Just like the stock market, cryptocurrency has its highs and lows. And even Warren Buffet trades during these high and low periods. He is hoping that other people will “HODL” so that he can make his profits. This is laid out in the book called Trade Like Warren Buffet by James Altucher. Most people who succeed in the stock market know when it’s a good time to sell, and when it’s a great time to buy. This takes years of studying, and it’s not something that most people succeed at. But most of the time, the “HODL” mindset will not make you a millionaire. Think about all of those people who held on to their dot-com stocks, because they believed the Internet was the future. Yes, online companies were the future, just like how blockchain is eventually going to be apart of our everyday lives. However, companies like Amazon were the only ones providing a truly revolutionary service. So before you think about committing to a cryptocurrency long-term, ask yourself if it will still be around in 10 years.

Don’t fall for a pyramid scheme. Credit: Shutterstock

2. Sell This Product, and You Will Succeed

At some point in your life, you may have had someone try to convince you to join a multi-level marketing company. These are companies that require you to buy a product up-front in order to sell those items to your family and friends. During team meetings, you will be encouraged to work hard with the promise that one day, maybe you will become a millionaire. Many of the CEOs claim to be motivated to help others succeed. In reality, 99% of their salespeople lose money and never earn a dime.

There is no guarantee that selling a product will make you rich. Credit: Burst by Shopify

These MLM’s encouraged people to recruit others to sell because you earn a commission from their sales. This is actually a pyramid scheme. Don’t be fooled if a company is called a “multi-level marketing” company. In truth, they are actually pyramid schemes, but they just haven’t been legally found to be one in court (yet). If you think that you or a loved one might be a victim of a pyramid scheme, please read the FTC guidelines

Don’t trust when someone tries to convince you to invest in a particular asset. Credit: Pexels

1. Buy This Stock (Or Cryptocurrency) And You’ll Be Rich

No one can predict the future. So if someone tries to tell you that a certain stock or cryptocurrency is about to skyrocket, they are lying. Maybe it’s not intentional or malicious. They may truly be hopeful and excited, because they are invested, too. However, no one should be telling you how to invest your money unless you are paying them to be your financial advisor. 

Do your research before you choose to invest in the stock market. Credit: Pexels

The next time someone tries to convince you to buy a stock, ask yourself what this person’s motivation is. A popular YouTuber or public figure might promote a new cryptocurrency because they want the value to go up. Once the stock is worth more, they can sell it for a profit. This is illegal in the stock market, but cryptocurrency is so new, that many public figures are getting away with this scam. Always do your own research before trusting a someone’s investing advice.

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