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Do you have a bad and costly habit that you want to quit?
Maybe you're a smoker and wish you could quit one day and never smoke again. Think of all the money you would save, right? Let alone all the health benefits!
Well, if that's you or if you have a similar bad habit that you'd like to quit...
Here's How You Can Make Money by Quitting Your Bad Habits
The key is to find a replacement habit.
A replacement habit makes quitting easier.
Usually, when we quit a bad habit, a void is created in our life. We tend to gravitate towards other, less bad habits to fill that void. Example: eating more snacks instead of smoking cigarettes.
This is good... but we're just switching one bad habit for a less bad habit.
A way to make this more interesting and fun for yourself could be to use the money you would normally spend on your bad habit and invest it into a high risk/reward investment vehicle.
Why High R/R Investment?
Because that makes it more fun and exciting... but also because it makes strategic sense.
You could put this same money into an account and watch the savings stack up. But that's the safe (and boring) way to do it. Keeping the money in cash, in an account protects you against losses due to market movements (but not losses due to inflation). But think about it: when you replace a bad, costly habit, the money you save is money you would have lost anyway.
If you put the money you save on your bad habit into a high R/R investment vehicle like growth stocks or crypto, there's a risk of loss, but there's also a greater chance of high returns. And since it's money that you would have spent on your bad habit and irreversibly lost, you don't really have to worry about the "risk" part of the equation. You were living your life in such a way that you were settling for a 100% loss of these funds anyway, before you changed that habit.
So, chuck your cigarette money into Bitcoin and maybe you'll see your investment shrink. But maybe, just maybe, your act of quitting smoking will also make you rich in the long term.
This is something we can do in addition to our regular monthly investments and saving for our personal runway.