Yet another absolutely beautiful October morning here in Hirsohima finds me walking along one of the rivers to college for my morning classes.
At that means its time for another "walking-talking, talking-head video."
Today's topic is all about the balance we need to find between OPPORTUNITY and RISK when working with websites that offer ways to make money.
It's important to remember that no matter which website we're involved with, there's always a chance that it may disappear overnight if we're not the owners. We don't have control over any website that we don't own, so it's crucial to keep that in mind when investing money into any program.
In the video I talk about two websites that offer ways to earn crypto. One has been around for ten years now, and the other is launching this week...
Dive into the video and see what I was jabbering on about this morning!
Freebitcoin and the "Lindy Effect"
One website I've been using for years is Free Bitcoin. I have about 5% of a Bitcoin on there, along with a bunch of FUN tokens. While I believe it will still be around for a long time, I can't guarantee it.
However, a useful rule of thumb is a concept I've mentioned before called the "Lindy Effect" (which I read about in "Antifragile" by Nicholas Nassim Taleb).
According to the Lindy Effect, the longer something (such as a website) has been around, the higher the probability it will continue, but of course, there's never an absolute guarantee.
So, with the Freebitco.in website, I expect it to continue based on the fact that it has existed for ten years. So I set a maximum amount that I'm willing to hold on the site, which is 5% of a Bitcoin, and up to 250,000 FUN tokens. If I have more than that, I send the excess crypto across to other projects (such as my HBD "Ladder of Freedom).
A New Website Hits The Scene
Recently, I've been involved in a new program called the Affiliate Advertising Club. I see a high potential for profits in this program in the short-to-medium term, but it's also at the higher end of the risk spectrum than a site like Freebitco.in.
For one thing, it's completely new, so according to the Lindy Effect, there's no guarantee it will be here tomorrow.
However, it also offers an opportunity, so I've decided to throw a few hundred dollars into it and see how it goes.
Have An Exit Plan
I have an exit plan in place to take out my initial capital and some early profits as soon as possible.
I will not look for BIG profits while my initial stake is exposed. I put in $160, so I'm aiming to grow it to $640 and withdraw $320 for a net profit of around $120 to $140 after expenses have been deducted.
The remainder I will leave in the program to see if I can spin it into something much bigger.
Use The Product or Service
One thing I am confident about is that this new website is going to send a ton of traffic my way in the next few days. The first thing I'm going to do after buying some ad packs is to promote all of my lead capture pages on the Affiliate Advertising Club and see if I can speed up the growth of my mailing lists.
Find The Best Balance Between Opportunity And Risk For You
While I hope this site continues for a long time, one can never be certain. That's why it's important to find a balance between opportunity and risk. Assess your own risk tolerance and act accordingly. Take profits early and avoid taking excessive risks.
Remember, whether it's Free Bitco.in or any other website or program, always keep the balance between opportunity and risk in mind. No matter how safe or secure a site may seem, we can never guarantee its future if we do not own it. So, be responsible with your investments and make the most of the opportunities while keeping risks in check.
Cheers!
David Hurley
#InspiredFocus
Resources
I mentioned these programs in the video (affiliate links):