Nevlin: I Lost Real Money in Crypto. Here's What I'd Learn First

So here we have a thousand dollars of fake money and I've lost a lot of money in crypto chasing meme coins and panic selling and scams and things like that. I've made a lot of videos about it but here I'm going to make the same mistake but with fake money and see what I should have learned first. This video is sponsored by Nevlin. It's an app that teaches you about money basics and this practice account is part of it. As I always say none of this is financial advice. Nevlin has four courses. They have investing, they have trading, they have financial literacy, and then they also have retirement. And I think if I were starting from absolute scratch, I'd probably start with financial literacy. So chapter one is why do financial skills matter? Chapter two is how does borrowing work? I'd want that one down before I put money anywhere. But let's do a lesson here real quick. I just kind of want to show you what is in here. So it starts by telling you what you'll get out of this course. So then it says you'll make decisions about borrowing, saving, insurance, and taxes your whole life. Some affect your money for years. Yes, I can attest to this, so it's good to know what you're doing. Then it hands you a situation. So you have several loans. Which repayment strategy would you pick to pay as little interest as possible, Avalanche or Snowball? And there's a hint button if you get stuck. I'll go with Avalanche. And what do you know? I'm right. So then it explains why. Avalanche starts with a that has the highest interest rate so usually pay less interest overall paying that off first snowball starts with the smallest balance so you see progress faster snowball can be a little bit better for you mentally and emotionally uh but avalanche is a way better decision so that's the type of stuff that you will learn in this lesson comment down below did you get that right avalanche or snowball so now let's make our uh crypto mistake that we made before so this is bitcoin and we have our thousand dollars in practice money here and i will go ahead and buy a hundred dollars of bitcoin feels pretty good and now what i used to do with real money i'm not necessarily bitcoin because i know i believe in bitcoin long term but i would buy a meme coin and you kind of watch it you know you just keep your eyes on the price like and you're hoping that it's going to go up a thousand percent or let's just say i thought about i had buyer's remorse and i'm like oh i want to sell this so it tells me information on the trade i did and then i love this it gives you a key takeaway and really the takeaway for this since i kept it for about five seconds was i just lost money because there was some fees on it um you know not not huge fees on bitcoin but that was not a good move so you can mess around with just this virtual portfolio and you'll see how you do trading that's that's the best way to learn honestly well bitcoin's up almost two percent today i think i might actually go and buy uh buy some bitcoin so they have the lessons you can practice with fake money stocks or crypto and then this explore tab also and they want to clarify that this is an ai assistant it's not a real human being that's you know answering your question here but you can just ask it financial questions so like what is panic selling why can it cost people money again the problem that i have a lot of times in crypto you can mess around there you get free questions that you can ask the ai assistant there so and then all these other courses that you can go through as well just if you want to learn more about it like you maybe just want to learn more about investing in general seeing how inflation erodes your money they say that the best investment you can make is in yourself you know you can lose all your money but the investments in yourself like your education and your health things like that those stick with you unless you get a bunch of concussions and forget things like I have happened to me. Here is their pricing page. The lessons are in a paid subscription. There's actually not a price listed on their pricing page. You take a quiz and then they tailor pricing and what plan you need based on your answers to the quiz. One more thing that I want to show you, they also have a bookstore where you can dive deeper into these topics. So they have this financial basics seven day plan for 25 bucks, a workbook that you can go through. So whatever you do, whether you sign up for Nevelin or you subscribe to James Pelton, learning is a great thing and especially learning about your finances. A lot of people spend a lot of time focused on making money and not a lot of time on learning about money. So go learn the basics, then you can practice, mess around if you're interested in trading or investing, you can mess around with it, see how you would do with real money. Link for Nevelyn is down in the description. Thank you guys so much for watching. God bless you all and have a great rest of your day.