This Mistake Cost Me $1,000,000

This Mistake Cost Me $1,000,000 Dollars!

counting-money

Back in college during the year 2010, I was a Freshman at Penn State University. I knew absolutely nothing about the “real world” and the concepts that are vital in that realm of life. Taxes, credit, internships, externships, budgeting, and time management skills that are imperative to understand both in and outside of college were all foreign to me.

I wish someone had made the effort to teach me these things more while I was still a freshman; I wish I had the foresight to know how important these terms and concepts were back there.

Even more focus on a single concept would have drastically changed my life and boosted progress substantially. Specifically, I can recall an occasion in which not knowing these essential pieces of information cost me dearly.  In fact, not understanding these concepts cost me over $1,000,000.

organized money
Back in 2010, my lack of knowledge cost me. It cost me money and time, both of which are immensely valuable

In 2010, during my Freshman year and several years later, my father suggested that I look into bitcoin, a form of cryptocurrency that was just starting to emerge and catch eyes. Unfortunately, my Freshman, Sophomore, and Junior-self knew absolutely nothing about investing. I wasn’t equipped to make such an important decision. My lack of knowledge and inability to make a good decision cost me over 1,000,000. Well how, you might be wondering.

Let me explain, back in 2010, the cost of bitcoin was about $.08. If I had bought about $100.00 worth of bitcoin (an amount that college students easily and consistently waste on booze, junk food, video games, etc) I would have made about 75 million dollars…give or take.

Put bluntly, my ignorance cost me $1,000,000. Actually, my ignorance cost me about $70+ million dollars. That money could have been pretty useful, wouldn’t you agree? But why am I sharing this story? Well, I’ve had some people question why I write about certain topics here on CollegeConqueror.

stock-market-chart

There is mild criticism about why I don’t emphasize issues such as bullying, sexism, racial issues, dealing with roommates, etc. While I do think those topics are very important for students (and will likely get some kind of attention in the future), I don’t think a single article can provide adequate attention to those kinds of issues. To be frank, I don’t believe a single piece of advice can work for someone being bullied for whatever reason.

On top of that, I think there are plenty of videos, books, and other articles that could help those with these problems. When it comes to those kinds of problems, while they can definitely be an issue in college, I want to address issues that could benefit others in college and beyond.

My goal is to focus on topics that the typical college student might not understand (or think about) until after college (which in my opinion is far too late for many of these concepts). Essentially, I wish to provide information that focuses less on others and mainly on the individual and what is within their power or what can help them personally. Investing, time management, choosing a proper major based on the economy, efficiently structuring your day, and so forth are concepts that I think college students don’t give enough attention to but are useful in college and especially after college.

broke-male

Overall, I’d like to eliminate the phrase I wish had learned this and every variation of that phrase from every transitioning student’s brain.

It might not be something that gets thought about a lot while you’re in college but once you graduate, you’re instantly forced to learn about many of these concepts (or not…but there are definitely ramifications to not learning and adapting quickly enough). You wouldn’t believe how many people I’ve met and have known that all wish they had learned some of the aforementioned concepts while they were still in college or high school.

In the end, I hope that college students don’t make mistakes that could simply be avoided (because let’s be honest, how upset would you be if you missed the chance at over 1 million dollars)?

Check out some of these articles to safeguard yourself from unnecessary mistakes:

[What are Loans?]  [Hard vs. Soft Skills]  [The ROI of College Majors]  [The 5 Habits of Highly Successful Students]  [Interview With Tiffany Carvalho-CCO of Tolli on Life After College and Entrepeneurship]