To Make Money with Crypto, You May Need to Fire the Experts

How Embracing Low Time Preference and Taking Control of Your Finances Can Lead to Long-Term Success

In my early 40s, while living and working in the UAE, I walked into a financial adviser’s office, ready to get serious about my financial future. What followed was a moment I still carry with me — a moment of shock, confusion, and, ultimately, empowerment.

The adviser didn’t waste time. On a piece of paper, she drew a mountain with a small stick figure — my financial avatar — barely halfway up the slope. Then she sketched a steep cliff face ahead and warned me that without serious investing, I’d be clinging to the edge, facing a bleak future. I left that meeting shaken, tears streaming as I sat in my car. How could someone with no debt and a good salary be painted into such a grim scenario?

Looking back, I realize I wasn’t hopeless — I was manipulated. These so-called financial “wake-up calls” often serve to scare, shame, and sell rather than empower. The impact of that meeting echoed in my financial decisions for years, leading to confusion and missed opportunities.

The Power of Low Time Preference

What finally helped me reclaim control was a concept I discovered later: low time preference. Rooted in economics and behavioral psychology, low time preference is the ability to delay gratification and prioritize long-term rewards over short-term pleasures. It encourages saving, investing, and careful planning instead of impulsive spending or chasing quick wins.

This idea, rooted in Austrian economics and championed by thinkers like Ludwig von Mises and Hans-Hermann Hoppe, first came into focus for me through Saifedean Ammous’s 2018 book, The Bitcoin Standard.

A Financial Journey Interrupted

Before moving to the UAE, I was a committed investor. In Canada, I opened a retirement savings plan at 26, investing regularly and increasing contributions whenever I got a raise. Despite some financial missteps, including credit card debt, I managed to stay disciplined.

But relocating to the UAE disrupted my rhythm. Without a clear financial plan, and weighed down by the fear of missing my chance or messing up, I became an easy target for slick financial advisers. Introduced by my employer, these advisers pushed investment products requiring 15-year commitments and hefty monthly payments — impossible to maintain if I moved back to Canada, as I always expected.

Every time I declined, I was met with judgment and pressure. The minimum investment amount kept rising, and I got stuck in a vicious cycle of saving and spending, never fully committing to investing. The products turned out to be predatory or poorly structured, often loaded with hidden fees, leaving many people regretting their long-term involvement or losing everything when payments became unsustainable.

Taking Back Control with Bitcoin and Personal Finance

Eventually, I realized that all I needed was to open my own investment account, free from external advisers trying to sell me complex schemes. Facing my money fears head-on and educating myself on personal finance empowered me to rebuild my savings discipline.

Bitcoin, with its transparent structure and long-term potential, has been a crucial part of this journey. It has helped me rediscover the focus and discipline I had before moving overseas, turning my financial mindset toward investment rather than consumption.

Moving Forward, One Step at a Time

I wish I could rewind the clock to avoid those years of confusion and lost opportunity. But I firmly believe it’s never too late to change course. That stick figure the adviser drew is no longer clinging to a cliff — she’s steadily climbing, one forward-looking step at a time.

The lesson is clear: sometimes, to truly succeed in crypto and beyond, you need to trust yourself more than the experts. Embrace patience, take control of your finances, and prioritize long-term growth. In doing so, financial freedom becomes not just a distant dream, but an achievable reality.