Joe Pinsker
speaker
1,247 appearances
30 recordings
1 series
first heard Oct 2022
last heard Jan 2025
Joe Pinsker’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Some Investors Still Think Crypto Will Make Them Rich · 24 Feb 2023
podcast
the rule of thumb she has is that they shouldn't devote any more than 5% of their net worth to it.
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And also they should sort of mentally brace themselves for that money to just totally disappear if everything goes to zero.
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And one interesting pattern that I heard from talking with this financial planner and interviewing some everyday crypto investors is that a lot of people are viewing this as a sort of shortcut to financial freedom.
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And sometimes they have their eyes set on this crypto prize before they've actually taken more sort of basic steps in their financial lives, like just paying off their credit card debt.
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Yeah, I spoke with a pair of 22-year-olds who are friends and coworkers at a gym.
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They both live in Bentonville, Arkansas.
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And one reason that they get into crypto is because...
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they feel that a bunch of the more traditional paths to building wealth are just closed off to them.
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They feel like the money that they make at their job is not enough for them to build wealth.
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They feel like getting into real estate is too tough because it requires too much money up front.
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They think that education even has its downsides because it requires, for them, it would require taking out student loans to go to college.
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So they look around them and they survey the landscape of potential ways to build wealth.
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And
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they zero in on crypto because the barrier to entry is much lower.
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You can get started with less money.
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And in their view, the upside potential is much bigger in this area, even though, as we've seen, it's quite a risky investment.
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Yeah, thanks, JR.
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Maybe if we start thinking about time as something to invest rather than to just spend, we'll start allocating it towards things that are just more closely linked with long-term happiness.
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Hey, thank you for having me.
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It's something that's been around for a long time.
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