- This is so crazy.
This is one of the most common questions
we get on social media, and it's from you.
It's: Dan, should I invest in cryptocurrency?
Should I buy bitcoin?
Should I get into forex trading?
Or, I'm in it. What do you recommend?
Do you do forex trading?
Do you buy cryptocurrency?
So, today in Boss In The Bentley,
I'm gonna answer once and for all.
(upbeat music)
If you're asking me, Dan, should I invest
in cryptocurrency or should I get into forex trading?
The simple answer is: The very fact that you're
asking me about this is... You shouldn't.
Because when you ask me this question
it means, chances are you don't know enough about them.
Maybe you see it on social media,
or your friends told you about this,
or you hear somebody making some money doing this.
And you thought, "It's a good idea.".
The problem is...
You think of forex trading, or even cryptocurrency.
They're not a fucking business.
They are just investments.
So, in case you don't know what forex trading is.
All it is, through very, very simple terms:
You buy currency at a certain rate,
hopefully you buy low.
And you sell currency at a certain rate.
Hopefully you sell it high, right?
That's all that is.
You buy low and sell high.
That's how you make money in forex trading.
I make money through currency exchange, where...
Example: I have a lot of revenue coming in,
in U.S. dollars.
Then, I would see when is a good time
to hold on certain amount of dollars of U.S.
Or, a certain time I know that,
hey, it's gonna go down probably.
Then, I'm gonna sell some U.S. and convert into Canadian.
So that, to pay for the company expense
and all of that stuff.
But, I'm not trying to make money on the difference.
Right? I'm trying to more fully utilize
the capital more efficiently.
But, I'm not trying to make money on that.
When you've got no money...
When it comes to money
there are three things you need to know.
There are three skills you need to know.
Making it, keeping it, and multiplying it.
A lot of you guys, you're trying to multiply.
You've got nothing to multiply!
You've got a couple grand, you've got ten grand,
you've got 20 grand, you've got 50 grand.
That is nothing!
It's not enough to multiply.
You're not going to become wealthy that way.
The very first thing that you have to do is,
focus on making it.
Maximizing your income.
When you maximize your income,
assuming you don't just blow it all, like an idiot,
and you keep most of it...
Not to be frugal, but you keep it,
you accumulate it, so that you could invest.
Now you can invest in something that is sustainable.
Something that will provide you with a good return.
But, first you need to develop what I call
a 'high income skill'.
You need to have a skill set that can earn you,
continuously, money. Income.
If you think about it, even cryptocurrency.
So, you buy a little bit of bitcoin,
you buy a little bit of cryptocurrency?
So fucking what.
You still can't pay the bills.
You still can't put food on the table.
You need a continuous income stream,
that allows you to do that.
You need the ability to earn.
To earn money on a regular basis.
To pay for your bills.
Otherwise, you're trying to speculate.
See, the most dangerous thing is this:
If you go into something, and you're speculating,
and you think to yourself, "This is a business."...
It's not a fucking business.
At best, at best, it's speculation.
To me... Some people might disagree with me.
I know I'm gonna get comment from YouTube,
on social media, about, "Oh no, let me explain
to you about cryptocurrency, let me explain to you
about blah, blah, blah, blah.
Let me explain to you, it's not what you think."
Fuck you guys, I don't give a fuck.
I'm just saying, I don't agree,
and it's not what I invest in.
I'm so pissed off, because I have people,
quite a lot of people, using my name.
Set up fake Facebook group, fake Facebook profile,
fake Instagram profile, fake stock tip profile,
using my name.
Using my picture, pretending to be Dan Lok,
telling people to buy certain stock.
Telling people to buy certain cryptocurrency.
Telling people, basically, scamming people,
using my name.
I don't approve of that, I don't appreciate that.
So, if you see anything like that?
If you're my fan, don't believe in that.
You see anyone recommending a stock tip,
cryptocurrency, or bitcoin, or forex trading.
Whatever it is...
100% percent, it is not me.
So, if you want to follow me, follow me
on the proper social media channel.
Which, I have my links on all my sites,
on my YouTube description.
Those are the official social media accounts
that I have.
Anything outside of that?
They're fake, they are not real.
People using my name, because they know
how much exposure I have.
And that's what pisses me off.
Not only they are telling people to invest
in certain things, they are basically
using my brand to deceive people.
That is just fucking wrong.
And my legal team is constantly,
we're shutting that down every damn--
Before, it was every month.
Now, it's almost every day
we gotta shut these things down.
That's how crazy it gets.
So, the most dangerous thing you can do is,
going into speculation,
thinking it's gonna be an investment.
It is like, the other day.
Jenny and I, we were in Vegas.
And I never gamble. I don't gamble.
You've read my book, you know
I don't like gambling.
But we got some time to kill.
And I thought, you know what?
Why don't we just, sitting in front
of this Monopoly, kind of a slot machine.
So, cool! Let's just play some games.
So, we put in like $100 bucks, or whatever.
We play, and we actually, from $100.00 bucks,
within like, 30 minutes, we were up
$300.00, $400.00 dollars.
This is cool, this is fun, right?
And then, afterwards, we keep playing,
and went from $400.00 - $300.00 - $200.00,
and then we lost all.
We lost $100.00 bucks, right?
It is very foolish to think, oh, you know what?
Is that an investment?
Or, am I trying to make a living,
playing the Monopoly slot machine?
Or, am I trying to get rich with that?
That's how stupid it is, when it comes
to you thinking about forex trading,
or cryptocurrency.
That thinking of, you know what?
I'm gonna make a business out of that.
It's as if you're saying, I'm gonna play
the slot machine, and hopefully that will make me rich.
No.
It's not even speculation.
To me, it's a game.
It's like, I lose $100.00 bucks,
it's no big deal.
It's a fun thing. It's just entertainment.
I'm not counting on that to make money.
You shouldn't count on that to make money.
The only thing you count on make money, is you.
See, real estate doesn't make me money.
The stock market doesn't make me money.
Business doesn't make me money.
I make me money.
Those investments work because I work.
Your investment would work only if you work.
The only thing, the only person to count on
to make you money, to make you successful?
It is you.
So, comment below. Don't follow those advice.
They are not good for you.
Learn to think independently.
And, until next time, I'll see you in my Bentley.