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Binance CEO Shares 3 Key Steps on How to Survive Market Crash
In a recent interview with Robert Kiyosaki, the renowned author of “Rich Dad, Poor Dad,” Binance CEO Changpeng Zhao discussed his insights and advice on how to navigate and even profit from market crashes. Speaking to Richard Teng, Mr. Kiyosaki’s business partner, he emphasized that this is not a bad time for anyone who wants to get rich.
He pointed out that all assets are now on sale due to the recent market downturn, making it an exceptional opportunity for investors to buy high-quality assets at a discounted price. “This is the best time to get rich,” he stressed, urging people to be prepared and take advantage of this situation.
According to Mr. Kiyosaki, who has been a strong advocate for financial literacy and education, one must think critically about their investments during times like these. “We’re not going to teach you how to make money in a rising market,” he said. “We’re here to help you survive the crash.”
To survive the current market volatility, Mr. Kiyosaki and his partner, Richard Teng, recommend three key steps:
1. **Stay informed**: Staying up-to-date with the latest news, trends, and market analysis is crucial during periods of uncertainty. This will enable you to make more informed investment decisions.
2. **Diversify your portfolio**: It’s essential to have a well-diversified portfolio that includes various asset classes, such as stocks, bonds, real estate, precious metals, and cryptocurrencies. This strategy helps minimize potential losses while maximizing gains in the long run.
3. **Focus on cash preservation**: During market crashes, maintaining liquidity by having sufficient cash reserves is vital for protecting your wealth and avoiding impulsive decisions based on emotions.
Source: u.today