Dr. Julian Hosp is the largest crypto influencer in the German-speaking world, with over 90,000 followers on YouTube. He has written many articles and spoken at many blockchain conferences.
He is a medical doctor and ex-professional athlete, and CEO co-founder of Cake, and chairman of DeFiChain Foundation.
His vision is to bring blockchain awareness and understanding to a billion more people by 2025.
You can find a large collection of his articles on his blog.
“It’s way easier to invest by trying not to be wrong, rather than by trying to be right.”
Julian Hosp
Worst investment ever
At 22, Julian was a successful professional athlete living his best life. He had about $100,000 in savings that was just sitting in the bank. Julian had no intention of investing the money as he knew nothing about investing.
Pressured into his first investment
Julian happened to go to Brazil for training, where he met a fellow Austrian named Ralph. Ralph was a super friendly dude, and Julian got along with him just fine.
Ralph told Julian about this fantastic investment opportunity that he wanted him to invest in. It was a new lot right at the beach that would get converted into actual construction land. He was looking for people to buy parcels of this land because he could split this up, and it would be easier to develop. Ralph made the investment look super exclusive and such a no brainer deal that was going to make Julian a millionaire.
Putting in his entire savings
Even though Julian had no clue about real estate investing, Ralph was compelling and made him feel like he had to move fast else he’d miss out on the deal of a lifetime. Julian decided to invest and handed Ralph $80,000.
Here come the crickets
Julian left Brazil a month later, and that was the last he heard of Ralph and his investment. After weeks of trying to reach Ralph endlessly without any success, it dawned on Julian that he had been duped into making his worst investment ever.
Lessons learned
Take your time to recover an investment loss
When you lose money, don’t try to get it back straight away. You might end up retaking the same stupid risks. Take some time to let the emotions cool down before you try something else.
Learn to win by knowing when to exit
If you want to learn to win in investing, you must know when to quit. Have an exit plan, and make sure you understand how it works. You need to have a plan for when things are not working out. This prevents emotions from getting in the way of deciding to exit an investment.
Don’t be pressured into investing
Whenever you feel pressured by someone to make an investment, step away immediately and take time to think about it on your own.
Become a strong diversifier
Focus on diversification because out of 10 to 15 investments, probably just a couple will fail, and the rest will cover the loss.
Andrew’s takeaways
Take your emotions out of investing
Losing is two and a half times more emotionally painful than the joy of winning. You must take emotion out of investing.
Build trust first
Build trust with the people you want to make a financial investment with before you seal the deal.
Actionable advice
Limit your access or the speed of access to making investment decisions. If possible, have strategies and tools in place that slow you down from buying and selling something to give you time to think about it.
No. 1 goal for the next 12 months
Julian just became a father and so his number one goal for the next 12 months is to spend more time with his son and provide him with a successful first year.
Parting words
“Try not to be wrong instead of trying to be right. It’s hard trying to be right all the time.”
Julian Hosp
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Further reading mentioned
