The $3,000USD Challenge #8
Welcome to the 8th edition of Rookie. Today's episode will briefly diverge from last week's topic to introduce a challenge.
When asked…"what distinguishes Rookie from other investment newsletters?”
Rookie aims to demonstrate a straightforward approach to wealth building, leveraging simple tools to capitalise on the long-term advantages of investing.
I want to make it clear that, like many of you, I don't know everything about finance. The whole premise of Rookie is to share what I'm learning as I go.
I've been surrounded by people my whole life who either take care of their money or don't. However, success in school doesn't necessarily translate into the ability to manage finances after graduation. This realisation has sparked my interest in understanding personal finance better.
This quote by Warren Buffett encapsulates the essence of financial independence. It highlights the importance of creating passive income streams to ensure financial security and freedom. This idea has driven me to explore and learn about various investment strategies.
Rookie is unique because it embraces the journey of learning and growing financially, without pretending to have all the answers. It's about making finance accessible and relatable to everyone. Focusing on practical, actionable advice and real-world experiences to help you build wealth effectively.
The $3,000 Challenge
I'm excited to introduce a new financial challenge where I will start with $3,000 USD and aim to grow it to $10,000 by December 2024. I'll be sharing every step of the way with you
This challenge starts with a clean slate, with no previous investments included. I'll be using a mix of short-term and long-term money-making strategies to help reach the goal.
When I set a goal, I break it into smaller, manageable targets. For this challenge:
Long-term goal: $10,000
Short-term goal: $4,000
I'll start by investing in crypto due to its high volatility, which can lead to rapid gains. Despite the risks, I believe it offers a quick way to reach my short-term goal.
In Newsletter 6, I discussed crypto scanners. I've created an Excel document accessible to anyone interested in seeing my coin selection process. The sheet contains a list of crypto wallet codes belonging to people who have invested large amounts of fiat money into crypto, usually indicating they know something we don't.
https://docs.google.com/spreadsheets/d/1sWakNh7pcbcaRIBe7Rcb8piMv0Dl_F8mQ02GyRCApz4/edit?usp=sharing
Chapter 1
20th May: Invested 100% of the portfolio into a cryptocurrency called Floki, inspired by Elon Musk's dog. It aims to combine memes with real-world utility in the crypto space. (Personally, I don't care what the coin is or what it does, but it's essential to research these coins to understand what you’re investing in.)
21st May: Floki increased by 9.78%, resulting in an almost $300 USD gain in less than 24 hours.
21st May: Converted my Floki into Ethereum due to the high influx of liquidity to Bitcoin and Ethereum, making it a safer bet until I decide on my next move.
As of Wednesday, May 22 at 2:38 AM, my wallet is valued at..
I don't see crypto as a long-term investment, but it may be beneficial short-term. I'm excited to demonstrate its volatility and potential for short-term gains, though I wouldn't advise anyone to start investing in crypto due to its high risk and unpredictability.
Even though I'm off to a decent start, there will definitely be lows throughout this challenge, but that's all part of the fun.
Everyone owns the wins publicly but few commit to showing mistakes…
Onward and upward - David
Disclaimer:
The perspectives and opinions presented here are solely my own and should not be taken as financial advice.
It's crucial to perform extensive research, given the inherent volatility and risk within the cryptocurrency and stock markets