(…and that’s coming from the guy who thinks Bitcoin is cool)⁣

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Earlier this week Bitcoin hit a new all time high price of $94,000. Really great to see especially after watching the price go through some serious ups and downs these last few years. However, that's nothing new to those who have followed crypto for a while. All part of its 4 year boom and bust cycle – a pattern which has held true ever since the inception of Bitcoin. What follows the not so good times are the very good times such as now…⁣

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This is precisely the time that everyone starts getting excited about Bitcoin/crypto… but its also simultaneously the same time that people are most likely to end up jumping on the bandwagon and become out of pocket. Many are saying Bitcoin could hit $100k – and it may even go higher to $200k or more. Regardless of what happens these next few weeks/months I still feel what I’ve said above holds true. If anything, now is a good time to sell and take some profit rather than buy more⁣

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I’m defo a crypto fan – and in my opinion it can play a part in someone’s portfolio when one understands it and is comfortable with the volatility. So, with that in mind, maybe the headline of this post should read “Please Don’t Buy Bitcoin UNLESS…⁣

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You have a long term perspective over which you are measuring results (4 years or more according to the price action data)⁣

You can handle the volatility of the bear market which usually follows the bull market (usually ~70% loss in value from its peak)⁣

This is all done with capital you can afford to lose”⁣

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In the title I decided to go for something a little more succinct 😇

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There are no shortcuts to wealth, it takes years of focus and effort to make progress. But if anyone wants a brief but powerful framework you can follow to speed things up… then if you ask me it would look like this:⁣

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Focus on getting your income to a level sufficient to achieve your goals (skills/knowledge/connections/beliefs are some factors related to this)⁣

Use the wealth you obtain from the first part to invest in a great portfolio of assets for the long term (either DIY via learning how investing works or possibly through the use of a good financial adviser)⁣

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And in my opinion, the best results come from prioritising them in that order⁣

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But whatever your gameplan is when it comes to wealth. More knowledge will always help. So, feel free to make use of this group and the other free resources on here – they’re all designed to get you to your financial goals in the smoothest possible fashion.

Please enjoy and use it as the great resource it is intended to be - created to equip dentists with the knowledge they need to achieve financial freedom⁣⁣

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Happy Sunday⁣ 🚀⁣

- James⁣