"Despite being relatively new to crypto, having purchased earlier this year, it is the logical progression of both my career and my attitude to wealth!"
4 December, 2020 | 5 MIN
I had a fairly nomadic childhood, moving frequently due to my Dad’s work, which meant I attended 8 schools in total! Unsurprisingly it wasn’t overly conducive to a love for school, and whilst I was bright, my A-level tutor, half way through the course, tactfully suggested I may wish to consider getting a career rather than continuing in formal education. Luckily, this suited my desire to achieve in business over more studying for academic qualifications that I may never end up using. I already have a weekend job at Whipsnade Zoo, who kindly paid for me to attend collage as a chef, and I was quickly promoted to a catering manager. Whilst it was good fun, it was fairly limited in career progression, so I ended up leaving for a variety of jobs in high street retail/catering over the next decade, cumulating in me being an area manager in my late twenties. Despite being one of the youngest managers in the business nationwide, I ended up having 600 staff over 12 stores, so whilst it gave me some of the success that I had craved, there was a lot of driving all over the country!
Around this time, I couldn’t help but think that 60 hour weeks were not something I’d want to keep doing for 45 years, so I started buying property in Milton Keynes, and renting out the rooms individually. In 2001 the market was just taking off, and it was the best way of getting good yields, and appealed to me as residual income that was much less exhausting than the day job! I hadn’t really worked out how to systamise my property portfolio, so when one of my property contacts asked me to help them in setting up a property investment company, I said yes and then stayed for 8 years. As the general financial recession hit in 2008/2009, like a lot of other property investors, I was highly geared. One of the things I like about crypto is it flexible to buy and sell, and you don’t need to borrow anything! I also started up 2 other businesses, both also in property, I got interested in different types of property (overseas, commercial, renovations etc) so I was already starting to focus on my two investment mantras – being in early, and diversification – both reduce risk!
By the late noughties the property market was getting less interesting, and I realised that I had a lot of skills in business development, and a lot of contacts that desperately needed the help to promote their professional services businesses. I set up a business development consultancy, and I have assisted a number of businesses types, including tax consultants, full spectrum accountants and a law firm. All good ideas need exposure, and networking is the best way to do this – I joke that the majority of my business is conducted on the golf course. The majority of people I have mentioned the gains I have made in crypto have followed my example.
Crypto was actually the first non-property asset class I got involved in. I had spent most of 2019 looking at crypto, finding it confusing and inaccessible, until an ex-colleague introduced me to Dacxi which gave me the information and access to the asset class in an easy format. More recently I have got involved in gold and FX trading. I feel strongly that the traditional asset classes in the UK are letting down retail investors, and it breaks my heart to see people seemingly accept that their pensions and investments have gone down 20% this year. Crypto, for me, is the natural conclusion for our banking system – digital currency makes perfect sense to me, as the world needs faster, slicker more global way of sending goods and services.
Crypto, along with my other investments, is an intrinsic part of my financial and personal ambitions. The property investments that I thought would be my pension plan have fallen short, so I am very focused on my future income needs. My wife and I have 4 kids between us, and are therefore conscious that their education and house deposits need planning for. Personally, I am looking to build our dream house in the next few years, and being a complete petrol head I’ve got a few dream cars I need to own at some point in my life! I’ve also really appreciated the flexibility of residual income; I’ve developed a real interest in fitness in recent years, and whilst it can be time consuming, it’s well worth it, and I am fittest and strongest at 47 years of age that I’ve been in my life. I’m also able to spend lots of time with my kids, who I have shared custody of, so spend half their week with me. If you are thinking about diversifying into crypto my advice would be: Do your homework, then do it – can you afford not to?