“I’m going to buy $XXXX more of Ethereum today,” I said to my mother this morning.
If you didn’t know, Ether is on a tear right now.
This is what the chart looks like for the past seven days. The year-to-date ROI on Ether is more than 350 percent.
In short, this cryptocurrency has had one hell of a run recently.
I bought Ether at an all-time high a few weeks back ($2,100), and now it’s up near $3,300. I think it’s going to keep going up until it passes $5,000 eventually. It might not happen right now, or even this year, but I think it’s inevitable.
Despite all my bullish talk on Ethereum, I’m not going to buy any more of it until next Monday. Here’s why..
I’m Not Going To Let Ethereum Take Over My Life
The amount of times I log into my crypto accounts every day is unreal. Even now, when I barely have over $1,000 invested, I’m looking at the numbers ALL THE DAMN TIME.
Imagine if I opened up my refrigerator to look at broccoli every 30 minutes — would that be weird? Of course it would. It would be the creepiest thing imaginable.
At the end of the day, money is just money and 99% of the time it takes years to build meaningful wealth. I know a lot of people love to gas Gamestonk up to ridiculous levels so they can get rich quick, but there was a lot of people who lost in that deal, too.
I Invest On Mondays. Everything Else Feels Like Gambling.
Every Monday, like clockwork, I invest in various assets. It’s the first thing I do when I sit down at my desk at 7:15 AM. It takes me all of 10 minutes.
Normally I invest in index funds and bonds, but just this past Monday I put everything I normally sack into stocks into my cryptocurrency account.
It’s important for me to maintain this Monday routine because it takes my emotions out of investing. I don’t jump on a price with wide eyes hoping to make a couple thousand dollars really quick.
I see a bunch of assets I like for the long-term, then I invest in them every Monday no matter what the price is.
My friends, this routine is like a life raft in the middle of the ocean. The investing decisions I make are steady, calm, and unemotional.
Emotions Shouldn’t Play A Part In Investing
It’s easy to look at Bitcoin’s price last year and say to yourself “Damn, what if I invested at $5,165 in March of 2020?”
It’s also easy to look at Ethereum with eyes bigger than your stomach thinking “If I get in right here at $3,000, it could be the next Bitcoin.”
Then you start crunching numbers and thinking of all the money you COULD make if only you invested X today.
It’s funny, just a few weeks ago when I first got into Crypto, I looked at it more as a way to hedge against it blowing up. I thought “I’ll invest a few hundred bucks into various coins just in case they go to the moon. At least then I’ll have hedged against my own fear of missing out.”
Now I want to put everything on Red (Ethereum) and spin the fucking roulette wheel.
That’s a pretty wild swing for me in the past few weeks, and I’m writing about it now because I’m alarmed at my own greed.
Sometimes We Think Too Much About The Short Term Rather Than The Long Term
I had a thought at Wawa yesterday while getting a sandwich.
“If I could peer into the future to see the price of Ether and Bitcoin, what would they be?”
“Probably higher than they are now,” I said, to myself, in line at Wawa.
With that same idea in my head I then asked myself another question.
“If my investments in these cryptocurrencies will appreciate in the long-term, why do I care what they’re priced at in the short term?”
“Huh,” I said, to myself, again.
I believe in Bitcoin. I believe in Ether. I will likely believe in a few more cryptocurrencies as I learn more about them.
I believe what I invest in the crypto markets every Monday will appreciate over time, too.
With that in mind, I don’t need to put all my money into Ether right now. I will not miss out. The money I currently have invested will appreciate, and that’s called winning.
What’s also “winning” is not letting the price of Ether control my entire life and mental health. Slow and steady wins the race, and I intend to keep my financial life looking more like a marathon than a roulette table.