E55– Crypto Flash Crashes, What’s Going On? | Should BTC traders expect a swift recovery? | Buy Dip?

Top Stories for today:

1. Crypto Market Sees Record Flash Crashes, What’s Going On?

2. US Lawmakers Delay Timeline for Crypto Legislation

Feature story of the day:

3. Bitcoin price falls to $83.4K — Should BTC traders expect a swift recovery?
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Book of the week for the Episode:

"The Bitcoin Standard" by Saifedean Ammous

Links to book of the week:
YouTube: https://www.youtube.com/watch?v=MRczbPu8SQM
Author Site: https://saifedean.com/tbs
Amazon: https://www.amazon.ca/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861
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Book of the week for the Episode:

"I will teach you to be rich" by Ramit Sethi

Links to book of the week:
YouTube: https://youtu.be/yYZLY2otTT8
Author Site: TBD
Amazon: https://www.amazon.ca/Will-Teach-You-Be-Rich/dp/B07QQ3C7V3

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Book of the week for the Episode:

"The Millionaire Fastlane" by MJ Demarco

Links to book of the week:
YouTube: Actual book start point at time: 9hr 11mins https://youtu.be/L9waYjksnRw?si=l4UnhGh1_256xgv-
Author Site: https://www.mjdemarco.com/
Amazon: https://www.amazon.ca/Millionaire-Fastlane-Crack-Wealth-Lifetime/dp/B0711P51QV

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Book of the week for the Episode:

"The Phycology of Money" by "Morgan Housel"

Links to book of the week:
Web Link: https://www.facebook.com/watch/?v=1104011620693811
Author Site: https://www.morganhousel.com/

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Book of the week for the Episode:

"Rich Dad Poor Dad" by "Robert Kiyosaki"

Links to book of the week:
YouTube Link: https://youtu.be/wp7Lz1svVro?si=ThbQbBCYY0Oyxnfr
Author Site: https://www.richdad.com/

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Financial Literacy
Tips on creating wealth on your way to becoming a millionaire:

Here's a step-by-step guide to building wealth and reaching millionaire status:

Step 1: Master Financial Literacy
Understand the basics: income, expenses, assets, liabilities, and investing.
Read books like Rich Dad Poor Dad (Robert Kiyosaki) and The Millionaire Next Door (Thomas Stanley).
Follow financial experts and take online courses on personal finance.

Step 2: Set Clear Financial Goals
Define your millionaire timeline (e.g., 10, 20, or 30 years).
Break it down into achievable milestones (first $10K, $100K, etc.).
Set SMART goals: Specific, Measurable, Achievable, Relevant, Time-bound.

Step 3: Increase Your Income
Maximize your 9-to-5: Get promotions, negotiate raises, or switch to a higher-paying career.
Develop high-income skills: Coding, sales, digital marketing, investing, etc.
Start a side hustle: Freelancing, consulting, e-commerce, content creation.
Invest in yourself: Continuous learning pays off exponentially.

Step 4: Live Below Your Means
Follow the 50/30/20 rule: 50% needs, 30% wants, 20% savings/investments.
Cut unnecessary expenses: Avoid lifestyle inflation.
Avoid debt (except for good debt like real estate or business investments).

Step 5: Save and Invest Aggressively
Emergency Fund: Save 3-6 months of expenses.
Invest Early & Often: Use compound interest to your advantage.
Stock Market: Invest in index funds, ETFs, and growth stocks.
Real Estate: Rental properties can generate passive income.
Businesses: Start or invest in a profitable business.

Step 6: Build Multiple Streams of Income
Earn money from different sources: Job, side hustle, investments, and passive income.
Examples: Stocks, real estate, royalties, online businesses, dividends.

Step 7: Protect and Grow Your Wealth
Get the right insurance (health, life, disability).
Diversify your investments to minimize risk.
Work with financial advisors or tax strategists to optimize wealth.

Step 8: Think Long-Term and Stay Consistent
Patience is key: Building wealth takes time.
Stick to your investment strategy and avoid panic selling.
Keep learning, adapting, and making smart financial decisions.

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Music Credits:
Intro:
Music Title: Introduction | https://www.patreon.com/posts/62286657
Released by: Oleg Mazur https://soundcloud.com/fm_freemusic
Music promoted by https://www.chosic.com/free-music/all/free-music/all/
Creative Commons Attribution 3.0 Unported License
https://creativecommons.org/licenses/by/3.0/deed.en_US

Outro:
Music Title: News Intro https://www.patreon.com/posts/62294670
Released by: Oleg Mazur https://soundcloud.com/fm_freemusic
Creative Commons Attribution 3.0 Un

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Disclaimer: This video is for informational purposes only and should not be considered financial or investment advise. Always do your own research and consult with a professional before making financial decisions.