- This is so crazy. This is one of the most common questions we get on social media, and it's from you. It's: Dan, should I invest in cryptocurrency? Should I buy bitcoin?
Should I get into forex trading? Or, I'm in it. What do you recommend?
Do you do forex trading? Do you buy cryptocurrency? So, today in Boss In The Bentley, I'm gonna answer once and for all. (upbeat music) If you're asking me, Dan, should I invest in cryptocurrency or should I get into forex trading this website?
The simple answer is: The very fact that you're asking me about this is... You shouldn't. Because when you ask me this question it means, chances are you don't know enough about them. Maybe you see it on social media, or your friends told you about this, or you hear somebody making some money doing this. And you thought, "It's a good idea.". The problem is... You think of forex trading, or even cryptocurrency. They're not a fucking business.
They are just investments. So, in case you don't know what forex trading is. All it is, through very, very simple terms: You buy currency at a certain rate, hopefully you buy low.
And you sell currency at a certain rate. Hopefully you sell it high, right? That's all that is. You buy low and sell high. That's how you make money in forex trading.
I make money through currency exchange, where... Example: I have a lot of revenue coming in, in U.S. dollars. Then, I would see when is a good time to hold on certain amount of dollars of U.S. Or, a certain time I know that, hey, it's gonna go down probably. Then, I'm gonna sell some U.S. and convert into Canadian. So that, to pay for the company expense and all of that stuff. But, I'm not trying to make money on the difference.
Right? I'm trying to more fully utilize the capital more efficiently. But, I'm not trying to make money on that. When you've got no money...
When it comes to money there are three things you need to know. There are three skills you need to know. Making it, keeping it, and multiplying it. A lot of you guys, you're trying to multiply. You've got nothing to multiply! You've got a couple grand, you've got ten grand, you've got 20 grand, you've got 50 grand.
That is nothing! It's not enough to multiply. You're not going to become wealthy that way. The very first thing that you have to do is, focus on making it. Maximizing your income. When you maximize your income, assuming you don't just blow it all, like an idiot, and you keep most of it... Not to be frugal, but you keep it, you accumulate it, so that you could invest.
Now you can invest in something that is sustainable. Something that will provide you with a good return. But, first you need to develop what I call a 'high income skill'.
You need to have a skill set that can earn you, continuously, money. Income. If you think about it, even cryptocurrency. So, you buy a little bit of bitcoin, you buy a little bit of cryptocurrency?
So fucking what. You still can't pay the bills. You still can't put food on the table. You need a continuous income stream, that allows you to do that. You need the ability to earn. To earn money on a regular basis.