You Only Have So Much Time
One of the most important disciplines you learn in any business or career path is effective time management. How you allocate and spend your time can mean the difference between sub-par results and excellence. This comes down to zoning in on a few key points and ensuring that you continue to practice them. This enables precision, which ultimately produces productivity and efficiency. Something I have noticed in the Crypto space is that quite a number of participants have an extensive knowledge base. However, many lack the basic application of sound principles. So many managed to identify star performers but had a really bad follow-through in terms of a strategic approach. A good approach and strategy are absolutely imperative if you want to see the fruits of your insights and knowledge.
Why Does This Happen?
It doesn’t have anything to do with the “coin pics” but rather how they chose to implement their insights. This is often due to a lack of “life experience”. In hindsight, everyone is appalled by Do Kwon’s arrogant and childlike behavior. However, at the time nobody seemed to really care. The same can be said of Celsius CEO, Alex Mashinsky. How do you run multi-billion dollar entities and yet make no provision for “extreme market conditions”. Anyone who has amassed wealth through effective and smart strategies founded on the foundation of life experience will not make such foolish mistakes. This then begs the question of how certain individuals gained their wealth? There are obviously cases of luck, especially amongst early adopters. However, that doesn’t necessarily apply to all. Anyway, that’s another article in itself.
Where To Assign The Majority Of Your Time
In the world of Crypto and finance, there is a tremendous advantage in the form of passive or residual income. This can help to provide a certain amount of flexibility when it comes to this particular issue. Outside of passive income, one should focus on what provides the best return in relation to your time. It is also vitally important to consider consistency as well. A great reward for your time that only takes place once in a while isn’t going to help much. Finding a good balance in regards to reward and consistency is the best approach. You need to ensure that the majority of your time spent is providing meaningful results.
Cross It Off
You also need to have an actual strategy that incorporates goals, as well as a road map. If you can’t measure your performance or progress then it is fairly likely that you will lose faith and enthusiasm. This is another crucial factor that is responsible for new investors giving up so easily. You need to see some sort of growth or development in order to be encouraged. Everyone needs encouragement and this is especially the case when markets are bleeding. You may not necessarily see growth in terms of value but there are plenty of other ways to grow in a bear market that will eventually translate into value at a later stage.
Don’t Get Distracted
Distraction can come in many forms, ultimately robbing you of your productivity and development. This can even take place within the Crypto space. Spending time on activities that are not going to be beneficial or provide value is a waste of time. Be careful of this one because it can sneak up on you. Remain focused on your daily tasks structured into your own personal strategy. Generating wealth within the Crypto space requires patience, discipline, and consistency. Don’t fall for the typical “easy money” and “Lambos” garbage that is often wielded by those who have no experience in the Crypto space. This is a serious misrepresentation, Crypto will demand a lot from you! You have to be mentally strong to make it in this space.
Keep doing what works, even if the rewards are minimal at this stage. Bull markets have a way of magnifying your efforts. It may not seem like it to some but the bull market will return. It’s just a matter of time and how you spend that time will decide how rewarding it will be for you!