The 5-minute-a-day Underdog Investor audio experience is a show that’s dedicated to helping you take your power back and create your own version of Freedom. To our clients and us, financial freedom isn’t something that would be ‘nice’ to have; it’s non-negotiable. We’ll be focusing on conquering the world of Investing, diving into a wide range of income-producing opportunities available through DeFi, exploring all things blockchain, and mastering this thing called money.
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Welcome back to another Underdog Investor episode, folks! Today, we’re diving into the crucial next steps after creating a liquidity pool position. If you’re already familiar with our previous episodes, you know that setting up a position is just the beginning. It’s time to think about strategy, tracking, and managing your rewards. Think of it like investing in the stock market, but for cryptocurrency. You wouldn’t just set up a brokerage account and expect to make money passively, would you? No, you’d want to have a plan in place for when you start earning dividends or interest. Same thing here.
So, let’s break it down. Firstly, you need to have a strategy for collecting rewards. This is where many of you guys are getting stuck. Do you compound, convert to stablecoin, or move to a different position? It all comes down to your goals. Are you trying to build a cash flow machine or a Bull Run bag? Be honest with yourself. Once you know what you want to achieve, we can start reverse engineering a strategy to get you there.
Next up, setting up a tracking system. I’ve been using a software called Track My Liquidity, which has been a game-changer for me. It might take some manual effort to set up and track your positions daily, but the insights you get are incredible. And finally, creating a pool assessment and liquidity pool management framework will help you stay on top of your positions, assess their performance, and make informed decisions.
That’s it for today, folks. I hope you found this episode informative and helpful. Remember, it’s time to take your crypto game to the next level. Let’s taper off here and I’ll catch you all in the next episode.
