Post
Topic
Board Economics
Re: Financial education or 1million dollars
by
tygeade
on 22/05/2023, 18:18:40 UTC
Remind me of a old child tricky question: "1 million now, or a penny that doubles each day during next 30 days". Many would choose a million right now, while a penny option is much profitable. Some people might calculate and chose a penny option, but imagine what a trader could do in 30 days if he has a 1 million to spend.

Financial education is preferable imho, but what about the situation, when it will takes an experienced person with financial education years to earn his first million, while other person can multiply that million when first person is still earning it?
That second question is the important one. One penny per day that doubles everyday for 30 days is over 5.5 million dollars, so if you are doing that for 30 days then I will be able to wait for 30 days and that's fine. But, if you asked me 1 million today or 5.5 million in 10 years?

I would say 1 million today because I can make that into 10 million and more in 10 years anyway. Not just trader but even long term investor could do that and that is why it's so important. People need to realize that we are at a breaking point in the crypto world where it could go up, so if you give me a million dollars today, I would simply put that in top bitcoin and even in the shot 2 year term I could make more than double that easily, probably a lot more. So always pick the million today, makes more sense.