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bet on yourself

If You’re Going To Bet Big, Bet On Yourself First

Last Updated on April 17, 2023March 4, 2022 4 Comments
This post may contain affiliate links. Affiliate Disclosure.This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Not too long ago, I discovered a Twitter account that looks at some of the cringy financial Tik Tok advice out there. It’s a lot of the things you would have seen (and still see) on YouTube and Instagram. Young, mostly white, mostly male influencers peddling crypto, NFTs, options trading, and various other get-rich-quick schemes. They have extremely high-risk tolerances and look down on everyone for not doing the same things they’re doing. They get “it.” And if you don’t get it, well, then you’re just stupid.

I have a pretty large dislike for these types of influencers. To be fair, I am getting older, so it’s possible I’m just a crotchety old guy now, but I also don’t think I’ve reached that “get off my lawn” phase of life yet. Even if I was still in my 20s, I’d still get probably get annoyed at a lot of these people.  

I think my beef really comes from their lack of humility. I know, they have a shtick they have to put out there. Maybe they aren’t like that in real life. But that type of persona – the I’ve discovered the secret and you’re stupid if you don’t follow me – just rubs me the wrong way. 

Of course, there are people out there who are giving good, financial advice – telling people to do things like increase their income, save more money, invest wisely, and do all of these things over the long haul. I don’t have a beef with any of those Tik Tokers. That’s the right way to do things. Slow and steady. Building a habit. Enjoying the journey along the way.  

The thing I’ve noticed with these cringy get-rich-quick Tik Tok influencers is that they’re all about making big bets. Go all-in on crypto. Or put it all on NFTs. Or go big on something else. Desperate people are looking for ways out. So when someone with so much confidence tells them there is a way out -and a way to get out quickly – they jump on it. Some will make it too. Some won’t. Whether or not it works out, I think is beyond the point. 

Here’s my philosophy on pretty much anything in life. Everything takes time. Things don’t usually move fast. But if you can give yourself enough time, you’re almost assured to see good things start to happen.

And – I think this is important – if you’re going to make big bets (which is all fine and good), at least bet on yourself first before you bet on someone else.

I’m Not Against Big Bets 

I’m not against making big bets. Of course, I don’t have the ludicrous, hyper-risk tolerance of these Tik Tok influencers (putting their life savings into the latest crypto or meme stock or NFT is not for me). But I’ve made big bets in my life too.

Perhaps the biggest bet I ever made from a money perspective was quitting my job 3 years ago to see what I could do with this whole blogging and writing thing. It’s had its ups and downs. I’m probably never going to make as much as I could have made if I stuck it out as a lawyer. 

But here’s the thing. While I didn’t necessarily know what I was doing when I made this bet on myself, I at least went into it knowing that I wasn’t doing anything that was going to make me rich overnight (or make me rich ever).

It took time. I’m never going to write a post telling you how you can start a blog and make tons of money on it starting tomorrow. Things just don’t work that way. I bet big on myself, but I gave myself years before I was even in a position to try to make a real go of it.

We All Bet On Ourselves Already 

The interesting thing about big bets is that we all do it. When you get married or have kids or go to school, you’re making a huge bet that you’ve found the right partner or that you can handle kids or that you’re studying something that you want to do. These are all-in decisions we make. Some of them let you take back your decision, but it’s going to cost you. Some you can’t take back at all

Education and career choices are probably where we make our most obvious financial bets. I spent $87,000 and three years of my life to go to law school. It gave me a five-year career and I earned enough to save a good amount of money and pay off my loans. But ultimately, this big bet didn’t go the way I thought it would. It was a mistake, a sunk cost for me to learn who I was and what drove me.

My wife made an even bigger bet on her education. When you add up her tuition and the opportunity costs of her education, she ended up spending over $800,000 and 8 years of her life to get into her career. Not to mention she bought a practice after she graduated. 

These are big bets we made. Huge, risky bets even. But if we were going to bet big, we at least bet on ourselves. Isn’t that what we should be doing?

We Need To Be Patient – And Have Some Humility Too

The get-rich-quick influencers might have real things they’re peddling. Maybe they truly believe that they’re helping people by giving them this secret information that they know (all you have to do is buy their course or join their premium membership Discord channel).

But most of the time, these influencers are looking for views and attention. And to do that, they need to tell you that what they’re doing is easy, that you can do it quickly, and that they know for sure they are right and everyone else who tells you otherwise is wrong. You’re not going to get a lot of attention telling people to save money, invest slowly, and be patient. And you’re definitely not going to get a lot of attention if you tell people that you don’t know what’s going to happen in the future.

I don’t know how you can get rich overnight. I know nothing about crypto or NFTs or meme stocks or options trading or whatever other fancy finance things some Tik Toker makes a video about. Maybe I’m just one of those people that don’t get it. But that’s the truth. I don’t know everything. 

The only thing I do know is that if you give yourself time, most of the time, you’ll probably do okay. And yes, you should make huge, crazy bets. But bet on yourself first. 

This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

More Recommended Ebike/Scooters

Check out these other ebikes and scooters I've reviewed:

  • Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
  • Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
  • Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
  • Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
  • Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
  • KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
  • Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
  • Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
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  • Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
  • Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
  • Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
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financial panther

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

  • SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
  • 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
  • US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
  • M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
  • Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.

Filed Under: Investing, Thinking Posts

Reader Interactions

Comments

  1. Anonymous says

    April 1, 2022 at 12:43 am

    Why does it Matter that they’re mostly white?

    Reply
  2. NZ Muse says

    March 7, 2022 at 3:13 pm

    Well said!

    Ughhh I refuse to get on Tiktok. It is scary from what I can see, what’s circulating around there, in terms of news/advice.

    Reply
  3. MM says

    March 4, 2022 at 6:06 pm

    I’m 60+ and appreciate all of your articles, particularly the ones that offer life-lessons and guidance for the younger crowd. Many have no appreciation of the opportunities they have at this point in time, nor do they recognize it isn’t guaranteed to continue.

    Reply
  4. Impersonal Finances says

    March 4, 2022 at 4:05 pm

    Big Fake it till you make it energy out of those accounts. I’ve stopped looking at Finance twitter for that reason. Insufferable at best, dangerous at worst.

    Reply

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