Millennials: Resist the temptation of get rich quick cryptocurrencies; do this instead

Louisville, KY—November 14, 2017—Seeing the “once in the lifetime” returns Bitcoin has brought some of its investors, Millennials in the San Francisco Bay area are experiencing extreme Bitcoin FOMO, according to a recent Business Insider article. “The temptation for Millennials to take a chance on Bitcoin is certainly understandable; they want the opportunity to get rich quick and overcome the considerable hurdles to obtaining financial security before them,” said Carla Dearing, CEO of SUM180, an online financial wellness service designed to be simple and affordable.

Author Kyle Russell identifies two factors driving Millennial Bitcoin FOMO:

  1. Overwhelming student debt. “Knowing that a conservative investment plan will generally have pretty astounding returns on a long enough time horizon doesn’t seem to mean much when it looks like you’ll still be indebted for much of that time frame due to student debt.”
  2. The American Dream is further out of reach for Millennials than it was for their parents and grandparents. “The American dream means buying a house, and accomplishing that AND paying off student debt AND building up a nest egg AND saving for your kid’s education seems impossible. Instead of investing slowly and steadily, they’d rather gamble for the chance to accomplish all of those things.”

“I get it. When you feel the odds are so heavily stacked against you, it’s easy to reason, ‘What do I have to lose?’ and convince yourself that gambling on an aggressive investment like cryptocurrencies is a smart move. Except that it isn’t,” Carla continued.

Rarely does the media point out that the high-flying celebrity investors who’ve garnered those big, splashy returns on high-risk investments like Bitcoin likely already have an enormous and well-diversified portfolio. And that these risky bets represent only their “aggressive growth” holdings; i.e., the part of their portfolio they can afford to lose.

“As a result, the misconception that dealing with one’s money is all about ‘playing the market’ for a big investment win has become dangerously common,” continued Carla.

For those Millennials tempted to invest in Bitcoin or other cryptocurrencies in an effort to get rich quick, Carla urges them not to and to instead:

  1. Allow yourself to hope. The student debt crisis and challenging economy are not impossible obstacles to achieving financial security. So, don’t let hopelessness push you to take unnecessary risks with your money. Start now, step by measured step, and you can reach your financial goals. Remember, time is on your side.
  2. Build your investment portfolio steadily and systematically—from the “middle out.” 
    • When you’re just getting started investing, put your incremental savings into stocks and bonds, ideally through low-cost mutual funds, in a variety of vehicles such as your 401(k), investment portfolio and IRA, in the appropriate balance for your age.
    • In your early years, the right mix for you will lean toward a higher percentage in growth investments. Over time, however, the right mix for you will transition toward income investments, generally in the range of 80% for growth and income investments combined.
  3. In the future, once you have the first 90% of your investment portfolio solid overall, you may consider riskier investments with the remaining 10%. When you have a balanced portfolio of growth and income investments, and the right amount of cash (up to 10%, depending on your circumstances,) it may become appropriate for you to “play with” the final 10% of your portfolio, and explore more aggressive investments that offer potentially high returns. But keep in mind that these investments are by definition highly speculative and risky. They are only appropriate for you if you can literally afford to lose what you invest!

“’Playing’ with risky investments like cryptocurrencies is only appropriate when your overall financial security is not at stake. Most Millennials have not yet reached this point. So, start where you are, and steadily build the foundation that makes long-term financial security possible,” Carla concluded.


About SUM180
SUM180 is an online financial wellness service designed to make planning and dealing with your money simple and affordable. Specifically, SUM180 is differentiated in the following ways:

  • SUM180 meets people where they are. SUM180 plans are personalized to help people wherever they are right now on their financial journey; whether they’re just beginning, starting over or well on their way.
  • SUM180 plans are simple. They start with only the three (3) most important next steps, making them easier to accomplish, and gives clients a clear picture of where they are.
  • SUM180 doesn’t assume clients want to become financial experts to meet their financial goals. SUM180 provides the tools they need, without overwhelming them with “education” and details they don’t need.
  • SUM180 offers a community for users, unfiltered, which allows them to explore and share.
  • SUM180 serves; never sells. Earning and keeping client trust is SUM180’s highest priority. SUM180 never makes commissions from any of its recommendations, ever.

Additional information about SUM180 may be found at


Robin Schoen
Robin Schoen Public Relations