Rich Habits Podcast
Q&A: How to Take Bitcoin Profits, Becoming a Full-Time Entrepreneur, & ETFs for the Roth IRA
Nov 14, 2024
Dive into the world of investing with insightful discussions on profit-taking strategies for stocks and cryptocurrencies. Learn about balancing your portfolio using a core and satellite approach, mixing stable with risky assets. Explore wealth management essentials for those moving from traditional jobs to entrepreneurship. Discover the rewards of juggling a full-time job and side hustles for financial security. The hosts emphasize the importance of financial discipline and effective time management in your journey to success.
35:56
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Quick takeaways
- Having a clear profit-taking strategy, using a core-satellite model, enables investors to balance risky assets like Bitcoin with stable blue-chip stocks.
- Transitioning from a side hustle to full-time entrepreneurship should involve careful financial planning and maintaining income security for stability.
Deep dives
Profit Taking Strategies in a Bull Market
During a historic bull market, it's essential to have a clear profit-taking strategy. Investors are encouraged to capitalize on their gains, especially in high-performing assets like Bitcoin and popular stocks such as Tesla and Palantir. A suggested approach is to use a core satellite model where 65-80% of the portfolio is in steady blue-chip stocks while the remaining portion can be invested in more volatile assets. This method allows investors to take profits as their investments increase significantly in value while maintaining a robust base of safer investments.
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