Yes, unfortunately, losing your private key can mean permanently losing access to your funds, which is why safeguarding it is crucial. For hardware wallets, you should keep the recovery phrase—usually a set of 12-24 words—in a secure, offline location. Avoid saving it digitally to minimize hacking risks. If you have multiple wallets, organization is key. Label and securely store each private key separately. This beginner’s guide has more insights on the topic: https://coinpaper.com/6699/understanding-cryptocurrency-wallets-a-beginner-s-guide .

One tip is to use a fireproof and waterproof safe to store physical copies of your recovery phrases or private keys. Some people even split their recovery phrases into parts and store them in different locations. If you’re tech-savvy, consider using a dedicated password manager that doesn’t connect to the internet. Remember, no one except you should ever have access to this information. Keep your wallet and any associated software updated to avoid vulnerabilities.