Today we're covering Andrew Dawood who is attempting to turn his $50,000 into a $3 million dollar fortune through investing in Bitcoin, GameStop, and NIO – here are my thoughts, enjoy! Add me on Instagram: GPStephan
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ORIGINAL ARTICLE ON MARKETWATCH: https://www.marketwatch.com/story/bitcoin-gamestop-and-nio-bets-turned-this-flight-attendant-into-a-millionaire-now-hes-wagering-it-all-in-one-final-push-to-3-million-11622120493
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This all starts with a man named Andrew Dawood, a flight attendant, who turned his $50,000 life savings into $1.7 MILLION DOLLARS in just 3 trades…and NOW, going in AGAIN in an effort to reach $3 million dollars…at which point, he’ll cash out, and invest in something more stable.
In terms of how others feel…The National Securities Chief Marketing Analyst said that “there are literally thousands of stories that worked out the other way, and that it’s a great sideshow story that really has nothing to do with investing whatsoever, but it’s the nature of what’s happening now….but this isn’t investing, it’s gambling.”
And even though that’s an unpopular opinion….I’d say, he’s right. These were all highly calculated, speculative investments that could’ve easily lost a significant amount of value, extremely fast…and, fortunately, Andrew was correct 3 times in a row while going ALL IN. However, unfortunately…I worry that his goal of reaching $3 million clouded his judgement and caused him to preemptively make another risky investment, like believing NIO would hit $100, and that ended up costing him a lot of money.
The problem is that RARELY do highly volatile investments reach an even ROUND number for a sustained period of time, to the point where you can safely cash out and then retire somewhere in Hawaii. Plus, holding out for just “a little bit more” negates the risk involved in continually pressing the boundaries to the point where – eventually – there will be a loss.
What most people don’t realize about these numbers is that they can REALISTICALLY, and SAFETY reach them…it’s already there…they just need to be patient. Like from my perspective, $1.7 million dollars is already WORTH $3 million dollars, if you average an 8.5 return over 7 years…so, had Andrew just cashed out, diversified, and waited…he could continue his job, not contribute another dollar more to his account, and in 7 years…he’d have his $3 million dollar goal without needing to risk his money.
Yes, it is true that TOO FEW people are investing…it’s also true that SAVING ALONE isn’t going to build wealth, you also need to combine that with a growing income and a consistent investment…but, building wealth like that doesn’t need to be an all-or-nothing approach.
It’s all about weighing the options at this point…and while it worked out for Andrew…I’m not sure this is something I could ever recommend as a sound way to invest. Even though some people think he’s a legend for going all in, multiple times, and coming out ahead…the real test is going to be: what happens when it’s over? Will he actually diversify and take it easy? Or, is it too tempting to continually place the chips back on the table and YOLO another million?
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