How one flower left a nation economically stinking? Tulips | CoinSwitch Updates

How one flower left a nation economically stinking?

Tulips were once considered a luxury flower owned by the affluent and wealthy of the Dutch community. It was purely a status symbol when it arrived in Europe.

Owing to this, the prices of Tulips started picking up. People started cultivating and trading tulips because it was the perfect opportunity to “get rich quick” by serving the demands.

The prices of tulip bulbs soared. By that, we mean a good tulip would sell for the price of a mansion in Amsterdam. In today’s money, one Tulip bulb was a little more than A MILLION DOLLARS!!

So, what happened when the bulb-le popped? An economic catastrophe. People lost truckloads of money, neighborhoods collapsed, relationships burned, and economic decay in Dutch society.

All for what? #Greed? #FOMO? Bloody flowers?
Emotional decisions in the financial world rarely work out well.

The Tulip mania today acts as a parable to not give in to emotion and herd mentality. Evaluate your wants and needs, not your hunger and greed.

#economics #DYOR #FinMinute