Quote:
Originally Posted by CamaroMike
I see what you are saying, my rule of thumb is if the people at work are talking about it (bitcoins) its too late to catch that train
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EXACTLY!!!
Lucky you (anyone) that can get on the train when it leaves the station... but that's really hard to do when you don't know where that train is going! Easy to see in hindsight.. and the problem with the ghost train is you don't know where it's going and you don't know when it's going to stop. It might be a fun ride with great scenery along the way - but who the hell knows that. Thus my "gambling" statements.
When it's RETIREMENT money - or money you're saving for college - or a house etc - gambling might get you there real quick! But it might also wipe you out... and we don't want to be the wipeouts.
If it's money that's completely EXTRA - you're already set - or already well on your way to retiring --- THEN BY ALL MEANS play a little. It's made me a fortune a couple of times -- so I'm not against gambling at all. I just don't want people to confuse that with actual investing - and they are very very different.
But mostly why I pick on certain items -- is because I want people to be able to tell the difference because that might save them from a big loss. Money is too hard to come by, to loose it foolishly.
You're new here -- and there's about half a zillion pages in this thread -- but the recurring theme is INVESTING wisely - cash flow - building that nest egg you can count on - so we can all go build cars and race together or play golf or whatever else it is people see themselves doing down the road. So it's about time - compounding - averaging in over time - and real savings that are paying you and ADDING to your savings without you ever having to worry about that. So I'm mostly a fan of dividend investing. Not trendy investing. Not gambling. But whatever you choose to invest in == it should have some cash flow paying you to hold it. Rental property - dividend stocks - whatever... Not BitCoins.
