Your ONE COACHING THING today is:
I’ve been asked hundreds of questions, about Bitcoin, over the last 90 days.
My answer was a long and in-depth one but part of it was that money is a game of doubles.’
Double a dollar 20 times and you get a million.
Double $1000 ten times and you get a million.
Double a million ten times and you get a billion.
Bitcoin as I write this is at $56,000….
In order to double your money you’d need it to hit $112,000.
Maybe it’ll get there and maybe it won’t…. reality is you have ZERO control over whether that happens.
Here are 3 simple but powerful reasons I’m not actively buying Bitcoin… regardless of its highs, lows or the insane hype.
1. “I invest in what I understand”
I’m not totally up to speed in BTC and even though Elon Musk is banking on it… the Warren Buffett’s, Ray Dalio’s etc…. are not.
I don’t have time or the desire to work it out. Other things occupy my time, focus and those are things I can CONTROL.
I’m investing in MY OWN BUSINESS… my software and the business coaching industry.
“A Feedback Loop” which you might remember me explaining when I told you how to go from $100k to $500k with your coaching business.
*To save myself a million more questions… Yes, I own some crypto and got in many many moons ago, I do not check it regularly, I’m not dollar cost averaging it, won’t be selling it any time soon… it’s the furthest thing from my mind.
2. “No called strikes environment”
Warren Buffett explains that baseball is a “called strikes environment”… as in you get three pitches over the plate and you don’t swing… the umpire calls you out and you go sit down.
Investing, however, is a ‘no called strikes environment’…
You can watch perfect pitches sail by and never take a swing… and you get to keep standing there and wait for YOUR pitch.
In other words…. Even if Bitcoin is the homerun on steroids its passionate investors say it is… I don’t need to swing at that pitch.
3. “Value Investing”
Future Value = Speculation.
As an advanced investor, I focus on making a profit at the time of purchase… the way I do that is by buying fundamentally undervalued assets.
Not ‘technically’ undervalued.
‘ll give you an example, when the pandemic hit the USD strengthened against the CAD (Canadian dollar) by 13%.
I knew the sudden shift meant the currency was undervalued and exchanging USD for CAD meant an automatic win… IF I WAS CORRECT.
I have American and Canadian bank accounts so I exchanged a large chunk of funds.
Within 45 days the normal exchange rate returned and I earned 13% over 45 days which means I earned about a 150% annual return (It’s 1 am and I’m not about to do the exact math so please don’t send me the correct calculation).
A 150% return is a homerun on steroids and something I was far more in CONTROL of.
I could have been wrong but I know this investment well and therefore I wasn’t.
If I were to illustrate this in another way…
If a house is for sale in my neighbourhood and I KNOW I can get it for $100,000 less than its worth… I make $100,000 when I sign the papers.
Or… the accounting firm that doesn’t do consulting hires an in-house consultant.
The 60k it’ll cost to hire the consultant is a calculated risk when the Accountant knows his clients keep asking for business advice, help, and direction and he’ll get a minimum, $120,000 per annum revenue out of it.
If the accountant has any clue whatsoever… it’ll be FAR greater than that.
The realtor knows he can buy a house… spend $20,000 and turn it around for an extra $40,000 profit on the house.
The experienced restaurant owner knows that if he spends money on software to manage the till and inventory… he’ll turn a $20,000 investment into a minimum, $40,000 per annum return.
When I spend $10,000 on advertising, I know that I’ll get a minimum, $20,000 return over time.
If not $100,000.
Money is a game of doubles.
Bitcoin is something you and your high-end coaching clients likely know VERY LITTLE about…
But what you should know is that it needs to hit $112,000 for you to double your money if you buy today.
The secret to ignoring the hype, hysteria, and nonsense… is to know EXACTLY where you’re going.
Your time, effort money, and FOCUS are likely far better spent on something you can CONTROL and to finally STOP betting on someone else.
You heard it here first.
Obsessed with your business coaching success,
Brian Whitehouse aka The Profit Coach
PS. Laugh at yourself and you’ll never run out of things to laugh about.
PPS. Marriages break up from lack of money… over lack of love X 100.
Business failures lead to destruction, addiction, depression, anxiety, suicides, and unfortunately, far more.
As good business coaches we save marriages, save families, save kids from self-destruction… we save lives!
A true life of purpose.
PPPS. If you’re looking for a proven system to follow for your business…. I have business growth academy with an automated lead generation system to do the heavy lifting while you sleep coupled with and high-end step-by-step training to support it…
It’ll teach you ‘How to find your business over $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.’
Register now for my next upcoming Business Growth Webinar !