Bitcoin Stable (for the moment)…Stock market due for a “correction” – are you thinking what I am thinking?

The recent Stock market correction was a wake up call.  Many of my buddies saw some of their holdings go down in value, as their heart rates went up.  As a good friend, I asked how they protect themselves from a dip in value (we remember the 2009 stock and real estate markets very well).

When asked how I do it, my plan was both simple and works for me.  Everybody has a different situation.  Motley Fool has an article on “stocks to buy during a market crash“.  I imagine some people put cash  under their mattress.  Here is what I do;:
First, DON’T PANIC.  Panic makes you buy high and sell low.  Ask your friends who invest, take a shot of whiskey, don’t be “quick on the trigger”. THE MARKETS ARE CYCLICAL.  Ups and downs are expected, and can be profitable.  Wait a day or two and see what happens when the smoke clears.
Second, review your diversity strategy – consider a small investment in a Gold fund or physical gold.  (Disclaimer, I own a Gamco Gold fund and some gold collectable coins).  Gold, and silver, in my observation, holds or increases it’s value when the markets have an “unsteady” moment.  I also own some Bond funds and Bonds, but they don’t throw off a large dividend.  Bonds are usually very stable through their term, so I am comfortable owning some.  Bonds are not a large part of my holdings.  I also have some Bitcoin (I have other articles on this blog that show you hoe to get some).  Bitcoin is unstable, but putting a “few bucks” into a fractional amount of Bitcoin is both a hedge on it’s future or a gamble.  Don’t bet the farm on Bitcoin, and if you do buy some, hold it – the volatility is real, as is “panic selling”.
Third, take a deep breath!  Do you own a home (most peoples greatest asset)?  Do you have artwork, a coin or stamp collection, a car?  All these assets (if not mortgaged to the hilt) are part of your net worth.  If all you own are stocks and the market crashes, you can see a market drop eroding a large percentage of your assets in days.
So now you know what I am thinking.  It’s not “All Bitcoin, all the time!” It’s about being smart with your own pile of assets and investments and money that you need to make “bigger”.  Pulling some profit out of the market, and buying Bitcoin is part of a strategy to get into cryptocurrency, and it is a wild ride, as it goes up and down with regularity!  So don’t “bet the farm”, spread your money around (stock market, bitcoin, collectible things, gold, etc.) and hopefully, over time, you will watch it grow into a nice nest egg.  Remember, it does take time – investing is not like a winning instant lottery ticket – it’s like a winding road, with ups and downs.
Your financial journey should be more than money.  Money can buy things that make you happy.  I own an antique slot machine.  It was not cheap, but my “one-armed bandit” is fun and anyone that visits can’t resist putting some change in it.  It is also worth more than what I paid for it, and my heirs will either sell it or keep it, based on what they like.  Or I can sell it or “trade up” based on my feelings about this machine.  It’s picture is below.  I enjoy showing it off, and feel like I own a casino!  (I am also thinking of some way it can pay out in Bitcoin; still working on that).
Now you have seen my real strategy – Take some stock market profit off the table, and diversify with Bitcoin and collectibles. Also run this by your financial advisor – don’t just take my word for it; like I said, this works for me – you need to find what will work for you!
Thank you for reading my blog, and feel free to share!  Best of luck with Bitcoin and all your investments!
Disclaimer: This answer is offered as opinion and is not a recommendation on investing. Please consult knowledgeable advisors and professionals you trust when seeking investment advice. I currently own BTCS, and just exited a position in RIOT. I also own some Bitcoin and Litecoin, and the other assets mentioned.