What is your backup plan? | ENG - ESP | ¿Cuál es su plan de respaldo?

In life, the only certainty is death and that's why no one could be sure over anything, we could only speculate and hope things go our way. That's why the concept of a backup plan is essential to everyone who has a plan in the first place. Make plans for situations A, B, C, and D because life could be so unpredictable.

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Speaking about unpredictability, some people have a shitty Xmas and a quiet new year due to the fact that they poured all their eggs in a basket. yeah, you guess it right, some people are so dependent on just the investment they have made in the crypto space and that's really a bad move if you ask me. The need for the creation of options is important and everyone should inculcate the habit of creating them even if they are not going to need them if the first plan works out perfectly.

Still, on crypto being the only plan, I must confess that it is quite risky because no one could 100 % predict the correct price for a token and you never can tell when you are in urgent need of quick cash. Let us paint an instance where you invested $10,000 and the market dipped, making your initial capital now worth $5,000 and you need urgent cash of $4,000.

What happens in this instance is that you are currently losing half of your crypto investment and you need to still take out of the remaining cash to treat your urgent needs. that automatically means that you have lost at least $4k since you are withdrawing and it is still not sure if the $1k left will germinate into something meaningful.

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In that sense, the concept of diversification becomes key toward falling in this type of scenario. I am not talking about diversification of your coins in your portfolio, I am talking about diversification of your investment in another industry i.e real estate, agriculture, and even consumable goods.

The diversifying of your investments leads to the creation of options for you and this will help prevent you from being in tight angles that could have been prevented in the first place. coupled with the fact that diversification helps hedge against risk and most times leads to an optimum profit.

The diversification and all leads to the creation of backup plans and that's the way everyone should be thinking. Think beyond just one source of income and also create plans alongside a backup plan to make you dry during the rainy days. Thanks for reading and the support.




SPANISH VERSION

En la vida, la única certeza es la muerte y por eso nadie puede estar seguro de nada, sólo podemos especular y esperar que las cosas salgan como queremos. Por eso el concepto de un plan de respaldo es esencial para todos los que tienen un plan en primer lugar. Haz planes para las situaciones A, B, C y D porque la vida puede ser muy imprevisible.

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Hablando de imprevisibilidad, algunas personas tienen una Navidad de mierda y un año nuevo tranquilo debido al hecho de que vertieron todos sus huevos en una canasta. sí, lo adivinaste bien, algunas personas son tan dependientes de sólo la inversión que han hecho en el espacio cripto y eso es realmente un mal movimiento si me preguntas. La necesidad de la creación de opciones es importante y todo el mundo debería inculcar el hábito de crearlas aunque no las vaya a necesitar si el primer plan funciona perfectamente.

Aun así, sobre el cripto plan, debo confesar que es bastante arriesgado porque nadie podría predecir al 100% el precio correcto de un token y nunca se puede saber cuando se necesita urgentemente dinero rápido. Pongamos un ejemplo en el que has invertido 10.000 dólares y el mercado ha bajado, haciendo que tu capital inicial valga ahora 5.000 dólares y necesites un dinero urgente de 4.000 dólares.

Lo que sucede en este caso es que usted está perdiendo actualmente la mitad de su inversión en cripto y usted necesita todavía sacar del efectivo restante para tratar sus necesidades urgentes. eso significa automáticamente que usted ha perdido por lo menos $4k desde que se está retirando y todavía no es seguro si el $1k que queda germinará en algo significativo.

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En ese sentido, el concepto de diversificación se vuelve clave hacia la caída en este tipo de escenarios. No estoy hablando de la diversificación de sus monedas en su cartera, estoy hablando de la diversificación de su inversión en otra industria es decir, los bienes raíces, la agricultura, e incluso los bienes de consumo.

La diversificación de sus inversiones conduce a la creación de opciones para usted y esto le ayudará a evitar estar en ángulos estrechos que podrían haberse evitado en primer lugar. junto con el hecho de que la diversificación ayuda a la cobertura contra el riesgo y la mayoría de las veces conduce a un beneficio óptimo.

La diversificación y todo lleva a la creación de planes de respaldo y esa es la forma en que todos deberían pensar. Piensa más allá de una sola fuente de ingresos y crea también planes junto a un plan de respaldo que te permita estar seco durante los días de lluvia. Gracias por leer y por el apoyo.

Traducción realizada con la versión gratuita del traductor www.DeepL.com/Translator

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I agree with you. And to answer your question, i invest a bot in coins, a bit i keep in cash and the rest not used for bills, groceries and other monthly expenses we (my family) spend on luxury goods, because what is the point in saving icf we dont live NOW.

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thanks, for sharing but i meant what's your backup plan if your first choice fails

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Plan A:save as much as possible
Plan B; if i lose my job, spend the savings while looking for a new job
Plan C: if there are no jobs (higly unlikely), selling stuff i own
Plan D:if that is still not enough, borrow money
Plan E: sell kidney
Plan F: probably crime if there is really no other option

But i doubt it will ever come to that. There will allways be jobs for people who are willing ro work

As you said, life can be unpredictable, but it can get worse and it can also get better. Things allways work themselves out.

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lol. this is so funny but regardless, a plan is a plan.

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I agree with you regarding the plans. And to answer your question,b i keep a bit in coins, a bit in cash, and the rest that is not spent on monthly expenses we, as a family, spend on luxury foods. What is the point of saving if we dont live NOW.

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I'm having for every asset one plan, which I like to stick to it. Plan B leads to excuses, which I can't accept.

If I reach a target on an asset, I start taking profit till the investment is recovered and after that is only growth mode on. I forget that I have the asset. Also have a 3 months fund for emergency, which I plan to extend to 6 months this year.

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Well, I think you miss understood me here. When I say having a backup plan in this article, I was referring to having another source of income different from the crypto industry.

The backup plan isn't about having a backup plan for if one of your coins fails, it is about having another option if the whole crypto industry fails or collapses.

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Well, I understood you. I meant, that try to reach a target and after that get the investment out, to use it on another source of income. :)

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now i understand you better . thanks for the insight

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