If losing $23K will bring you to financial ruin, you have no business investing in anything.
“If losing $23K...”
...is what you call “investing”...
“...you have no business investing in anything.”
He certainly shouldn’t have put all his eggs in one basket. Diversifying May have helped balance the losses.
‘If losing $23K will bring you to financial ruin, you have no business investing in anything.’
Certainly not the majority of it in Bitcoin. $23/k is a step or two above chicken scratch levels in total investment value.
My wife had a tough talk on one of her brothers a couple days ago when we were out for lunch. He was talking about investing some money in some crappy collectibles. We've been helping him get out of a financial hole over the last few years, consolidating and paying off debts and minimizing his expenditures. So now he's got a little bit of money coming in, but nothing in the bank. Zero. And wanted to spend the extra money on risky stuff. Some people are worse than children when it comes to holding money. $23K is peanuts, almost nothing. And zero in the bank is a message that one has no business investing! PS - he's 67 and still has to work to pay off a mortage where he pulled equity out of the home.