Building wealth it's not just one time Luck - page 2.

Mauser

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Quote from: Shortboss on September 09, 2023, 03:50:37 AM

It's the process of making money and reinvest make money and reinvest.
If you made just some lucky 10x profit but you can't keep up your stradegy for the long term then you don't build any wealth.

That is a pretty good point, everybody can get lucky and make a nice profit either in gambling or in trading. As long as this one-time profit is not in the millions, then this won't make us rich and it comes down to what we doing with the money after. Becoming wealthy is not a process that finishes in a few weeks, this takes years and a lot of dedication to make it work. My old boss always said that if you want to achieve financial independence then look at the journey as a marathon, not a sprint. Being lucky helps of course a lot in our efforts to accumulate money, but if we don't have a plan and the tools to secure this money for the future, then we are going to lose it mostly likely again. Reinvesting any future gains is the key to building a successful portfolio that keeps growing over time. We shouldn't be only relying on the short or medium gains in our investments, and instead build a long term investment plan.

Litzki1990

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Quote from: PytagoraZ on September 09, 2023, 04:08:10 AM

You're talking about a $50 investment and you're talking about real estate? As crazy as it sounds, no investment will generate much profit with $50 of capital. You need more money, I think if you don't have money to invest, it's better to focus on increasing your monthly income, if you have enough money left for living needs, then think about investing.

OP just gave us an idea, OP wants to make us understand that if you don't know the process, you can't achieve success with only huge amount of money. You have no idea about investment trading or real estate business but you have money without any idea you can be successful in business with that money.
Just a sign to represent $50. Those who know the business process can gradually improve their business even if they have less money, so the first thing in business is proper planning and idea about a particular business.

Suppose you have $10,000 plus if you invest in the wrong way at the wrong time, will your $10,000 increase or decrease? Of course it will come down, so it is very important to have an understanding of the specifics beforehand.

lombok

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Build wealth. This topic is indeed sensitive and very difficult to do even though we have a large income.

Investments, I need to get this straight. To build wealth, especially by investing or trading, we must really set our intentions straight and be thorough. Why? because if this is done carelessly, I am sure that the wealth we are referring to will not be achieved or will result in a loss of time and money.

We have to pay attention to various aspects, including market sentiment, market growth, the state of the country's and the world's economy, and anticipation if undesirable things happen, such as Covid and so on, which might have a good or bad impact on our investment. But if we give up during a crisis we will lose. Well, maybe reserve funds outside of investment must be thick so that we don't falter or are able to survive in all circumstances.

Xcode7

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Quote from: YUriy1991 on September 24, 2023, 12:02:26 AM

Quote from: AicecreaME on September 21, 2023, 06:32:23 AM

Building wealth doesn't have any fixed amount of capital for you to figure out you could survive in the long term. I've witnessed too many events where people started their business here in our country only using $1 and they made a lot of money in the long term because of discipline, and right money management.

No matter how big your capital is, there's no way you could assure yourself that you're going to have a pretty decent wealth in the long run, it would entirely depends on how good you are. I don't believe in luck, because we make anything impossible to possible through hardworks.

What you say about discipline in investing is true, but currently capital also determines the rate of return. This is a game of time and whoever is quick to read the potential is quick, therefore in terms of building wealth and if our business development points only rely on one point then one source of income will be obtained, but if there are many points then there will be many income post later.

The level of profit and capital will indeed be quite comparable, but it all comes back to the type of business and our self-management in building the business, whether the business we run will develop or not will depend on whether we have good control or not.
And regarding the fact that there will be many other sources that make it easier or faster to build wealth, it will certainly work itself out when we have sufficient capital.

YUriy1991

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Quote from: AicecreaME on September 21, 2023, 06:32:23 AM

Building wealth doesn't have any fixed amount of capital for you to figure out you could survive in the long term. I've witnessed too many events where people started their business here in our country only using $1 and they made a lot of money in the long term because of discipline, and right money management.

No matter how big your capital is, there's no way you could assure yourself that you're going to have a pretty decent wealth in the long run, it would entirely depends on how good you are. I don't believe in luck, because we make anything impossible to possible through hardworks.

What you say about discipline in investing is true, but currently capital also determines the rate of return. This is a game of time and whoever is quick to read the potential is quick, therefore in terms of building wealth and if our business development points only rely on one point then one source of income will be obtained, but if there are many points then there will be many income post later.

HONDACD125

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Quote from: uswa56 on September 23, 2023, 10:33:42 PM

It takes consistent struggle to be able to realize what we dream of because without going through the process we go through then our dreams cannot be realized. If we have a dream then it would be better for us to try to achieve it and go through the process so that we can realize what we have dreamed of. You are right, we will not be able to get whatever we dream of without trying to go through the process that must be gone through and it will be more satisfying if our dreams come true after going through the existing process.

No doubt we need hard work to fulfill any dream but you have almost repeated the same thing in your post that we should dream and then act on it. Although the main point of this post was that we should use our income to invest, meaning that instead of always keeping our money, investing it elsewhere is a better strategy.

Whether one has more or less wealth, one always has to invest his money in different places to maintain it. You can make big capital from small capital, but for that you have to go through a learning process. If you do not know the art of earning from small capital, you will not be able to earn from big capital either. The purpose of keeping your money in circle is that whenever you get a good return on your investment, you can take the profit and try to reinvest it somewhere more suitable.

uswa56

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Quote from: xSkylarx on September 23, 2023, 07:58:12 PM

Dreaming it will always be part of obtaining it because we do imagine having it but if you aren't doing anything that is 100% that you won't be having it because while dreaming you should also be working on it. This is like you always wanting to own a whole bitcoin but you don't buy a small amount of it.

Luck will not strike you if you aren't doing anything like winning the lottery if you haven't bet you wont win. Anything will come to you once you work for it.

It takes consistent struggle to be able to realize what we dream of because without going through the process we go through then our dreams cannot be realized. If we have a dream then it would be better for us to try to achieve it and go through the process so that we can realize what we have dreamed of. You are right, we will not be able to get whatever we dream of without trying to go through the process that must be gone through and it will be more satisfying if our dreams come true after going through the existing process.

xSkylarx

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Quote from: Fara Chan on September 23, 2023, 06:39:58 PM

Quote from: dothebeats on September 22, 2023, 07:54:47 AM

I agree with you. Although it is very ideal that we can all be lucky and suddenly be millionaires it is just so impossible and very unrealistic. Hence, instead of just daydreaming about such unrealistic things happening it is better to act and do something that will help us get at least the goal we've been aiming for. There are just people who are more fortunate than others even in terms of luck, like winning the lottery, hence it is very unreliable and stupid to just rely on that. If we really want to be successful and have at least a good guarantee that it will happen we need to do something about it ourselves like working and investing, as well as improving ourselves every chance we get.

Daydreaming and dreaming without trying to make it happen through effort is very futile because in the end there will be nothing. In terms of achieving success, there is no exception for everyone who must continue to make their own efforts to make their dreams come true in their life, because success does not come automatically to everyone, even though everyone can hope for luck in their life. But it is always uncertain when it will come so everyone is always willing to try if they want to be more successful than others and I think this is no exception.

Dreaming it will always be part of obtaining it because we do imagine having it but if you aren't doing anything that is 100% that you won't be having it because while dreaming you should also be working on it. This is like you always wanting to own a whole bitcoin but you don't buy a small amount of it.

Luck will not strike you if you aren't doing anything like winning the lottery if you haven't bet you wont win. Anything will come to you once you work for it.

Fara Chan

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Quote from: dothebeats on September 22, 2023, 07:54:47 AM

I agree with you. Although it is very ideal that we can all be lucky and suddenly be millionaires it is just so impossible and very unrealistic. Hence, instead of just daydreaming about such unrealistic things happening it is better to act and do something that will help us get at least the goal we've been aiming for. There are just people who are more fortunate than others even in terms of luck, like winning the lottery, hence it is very unreliable and stupid to just rely on that. If we really want to be successful and have at least a good guarantee that it will happen we need to do something about it ourselves like working and investing, as well as improving ourselves every chance we get.

Daydreaming and dreaming without trying to make it happen through effort is very futile because in the end there will be nothing. In terms of achieving success, there is no exception for everyone who must continue to make their own efforts to make their dreams come true in their life, because success does not come automatically to everyone, even though everyone can hope for luck in their life. But it is always uncertain when it will come so everyone is always willing to try if they want to be more successful than others and I think this is no exception.

CryptopreneurBrainboss

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Quote from: emulsifryer on September 21, 2023, 02:36:50 AM

It is important to search a lot of information before investing which you need to understand and keep in mind were invest what you can afford to lose. I agree with you that it's better to focus on increasing first your monthly income aside from that is you have to divide your earnings which is you need to separate first your base or your savings, and it's up to you if you will re-invest half of your money, but you have to consider the risk that it may not all be a good outcome for you.

You don't build wealth with salary, if you're a salary earner concentrate first on building an additional stream of income that generate money automatically without you been present, that's how wealth is generated. Wealth comes from having multiple streams of automatic income. You can create wealth from running a business or through investing in a large scale and most people use the profits generated from their business for the investing that's how the wealthy billionaire like Elon musk behavior.

Quote from: Sayeds56 on September 22, 2023, 07:14:31 AM

You have made very insightful points regarding time and effort required to build sustainable wealth. While there may be instances where a lucky person experiencing a significant windfall, such as winning the lottery, such occurrences are extremely rare, happening to the tiny fraction of the population. For majority of the people, achieving lasting financial security requires a patient and unwavering dedication to long term planning and effort.

Most lottery winners go broke in a very short time and that's because they didn't prepare for the huge some of money they received and most of them try to be smart by investing the money but they usually don't do the right investment because they were in a hurry to get rid of the money from their hand without thinking well. Money made from lottery can't be classified as wealth, you can say this people are rich but not wealthy. Wealth is a different type of money that its source never goes dry. Wealth isn't built by luck but you have to have intentions and work towards achieving your goals.

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Quote from: AicecreaME on September 21, 2023, 06:32:23 AM

Building wealth doesn't have any fixed amount of capital for you to figure out you could survive in the long term. I've witnessed too many events where people started their business here in our country only using $1 and they made a lot of money in the long term because of discipline, and right money management.

No matter how big your capital is, there's no way you could assure yourself that you're going to have a pretty decent wealth in the long run, it would entirely depends on how good you are. I don't believe in luck, because we make anything impossible to possible through hardworks.

Often we cannot realize what we think and plan because we are constrained by capital. Most people think that to start a business you must have large capital/a lot of money first before you can start a business. And this is wrong thinking when our minds are only focused on large capital and lots of money, then we will never be able to start the business that we have previously planned and in the end we don't have the money and capital and the business that we want will not be created. and it's just wishful thinking.
But if for example the thinking behind it is that we have to have a 'business' to be able to make money, not that you have to have money to have a business. And God willing, if we keep trying and keep trying we will definitely get the results and reap the fruits.

dothebeats

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Quote from: Sayeds56 on September 22, 2023, 07:14:31 AM

Quote from: icalical on September 09, 2023, 09:02:52 AM

Building wealth is always a long run, doesn't matter what industry you are in, not only crypto, in any business. The only way to be wealthy in a quicktime is by over-exploiting, and violating ethics. Many people could became rich, but only small amount of those rich people could become wealthy, a one-time luck could get you 50 Million, but keep those money and use it to build wealth is something that required a lot more than luck.

You have made very insightful points regarding time and effort required to build sustainable wealth. While there may be instances where a lucky person experiencing a significant windfall, such as winning the lottery, such occurrences are extremely rare, happening to the tiny fraction of the population. For majority of the people, achieving lasting financial security requires a patient and unwavering dedication to long term planning and effort.

I agree with you. Although it is very ideal that we can all be lucky and suddenly be millionaires it is just so impossible and very unrealistic. Hence, instead of just daydreaming about such unrealistic things happening it is better to act and do something that will help us get at least the goal we've been aiming for. There are just people who are more fortunate than others even in terms of luck, like winning the lottery, hence it is very unreliable and stupid to just rely on that. If we really want to be successful and have at least a good guarantee that it will happen we need to do something about it ourselves like working and investing, as well as improving ourselves every chance we get.

Sayeds56

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Quote from: icalical on September 09, 2023, 09:02:52 AM

Building wealth is always a long run, doesn't matter what industry you are in, not only crypto, in any business. The only way to be wealthy in a quicktime is by over-exploiting, and violating ethics. Many people could became rich, but only small amount of those rich people could become wealthy, a one-time luck could get you 50 Million, but keep those money and use it to build wealth is something that required a lot more than luck.

You have made very insightful points regarding time and effort required to build sustainable wealth. While there may be instances where a lucky person experiencing a significant windfall, such as winning the lottery, such occurrences are extremely rare, happening to the tiny fraction of the population. For majority of the people, achieving lasting financial security requires a patient and unwavering dedication to long term planning and effort.

cafter

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Quote from: AicecreaME on September 21, 2023, 06:32:23 AM

Building wealth doesn't have any fixed amount of capital for you to figure out you could survive in the long term. I've witnessed too many events where people started their business here in our country only using $1 and they made a lot of money in the long term because of discipline, and right money management.

For a millionaire, if have $50k free sitting in their bank he will think (Oh! its very low amount to start a good business.) because he is a millionaire his mind says $50k is less amount to be work on..
for a small businessman who accumulated $50k by saving, he will think (yes! I accumulated around $50k, now I can start a business to convert it into millions) in last a person who works hard and smart for their business will achieve success in that business.
may the small businessman becomes more wealthy then the discussed millionaire because he worked hard on it because that $50k was saved by him day by day by cutting his luxury,
and if that millionaire had started a business with 50k, may he will fail at that because his thinking was: $50k is very small amount and he may had not given his full attention to it.

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Quote from: xSkylarx on September 21, 2023, 07:11:03 AM

Quote from: emulsifryer on September 21, 2023, 02:36:50 AM

Quote from: PytagoraZ on September 09, 2023, 04:08:10 AM

You're talking about a $50 investment and you're talking about real estate? As crazy as it sounds, no investment will generate much profit with $50 of capital. You need more money, I think if you don't have money to invest, it's better to focus on increasing your monthly income, if you have enough money left for living needs, then think about investing.

It is important to search a lot of information before investing which you need to understand and keep in mind were invest what you can afford to lose. I agree with you that it's better to focus on increasing first your monthly income aside from that is you have to divide your earnings which is you need to separate first your base or your savings, and it's up to you if you will re-invest half of your money, but you have to consider the risk that it may not all be a good outcome for you.

Another strategy is that they take out a loan and pay it on an installment basis because no matter what they do it will cost them time if they find a second job meaning if you plan to invest you have less time for your investment so others take the risk of having a loan but it is not recommended because we know that if ever it is not a success you are still paying that loan but at least you have tried and are still able to pay the loan.

It is better to save first and accumulate capital no matter how big or small your income is because that is where your capital starts and you won't be taking out a loan. But always keep in mind that you should always risk what you can afford to lose stay out of your comfort zone and always learn about your investments.

Taking a loan to buy real estate probably works on a long-term basis because they're expensive and their value is constantly increasing although slowly. However, taking a loan in order to invest in a very volatile asset like crypto will be too risky. I actually thought about it in the last few months but my calculations aren't showing something positive.

The best way is really to save first and accumulate capital. Looking for another source of income can make it faster. And the fastest way to grow money is to start a business. Whether big or small, starting a business of our own expertise has huge potential. The profit can then be used to invest in risky or slow-moving but more secure assets.

Obari

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Quote from: Shortboss on September 09, 2023, 03:50:37 AM

2023 year Will be good year to teach you Lesson don't take nothing for granted but learn first how it works.

2023 has already taught me more than enough and it will be one of my most memorable year but in good terms and also otherwise because I must confess that I've truly learnt more than enough for the year and I'm grateful.
Well people already have wrong concept of savings and investment and I've always known that the major purpose of savings is to have something to fall back to, in case of emergency but now people make saving a competition and most times people save and even refuse to touch or temper with it even in times of difficulties and end up messing and ruining everything for themselves.

People should always have a proper knowledge of investment and savings and not feel oppressed when they don't have any especially after doing their best.

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Quote from: emulsifryer on September 21, 2023, 02:36:50 AM

Quote from: PytagoraZ on September 09, 2023, 04:08:10 AM

You're talking about a $50 investment and you're talking about real estate? As crazy as it sounds, no investment will generate much profit with $50 of capital. You need more money, I think if you don't have money to invest, it's better to focus on increasing your monthly income, if you have enough money left for living needs, then think about investing.

It is important to search a lot of information before investing which you need to understand and keep in mind were invest what you can afford to lose. I agree with you that it's better to focus on increasing first your monthly income aside from that is you have to divide your earnings which is you need to separate first your base or your savings, and it's up to you if you will re-invest half of your money, but you have to consider the risk that it may not all be a good outcome for you.

Another strategy is that they take out a loan and pay it on an installment basis because no matter what they do it will cost them time if they find a second job meaning if you plan to invest you have less time for your investment so others take the risk of having a loan but it is not recommended because we know that if ever it is not a success you are still paying that loan but at least you have tried and are still able to pay the loan.

It is better to save first and accumulate capital no matter how big or small your income is because that is where your capital starts and you won't be taking out a loan. But always keep in mind that you should always risk what you can afford to lose stay out of your comfort zone and always learn about your investments.

AicecreaME

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Building wealth doesn't have any fixed amount of capital for you to figure out you could survive in the long term. I've witnessed too many events where people started their business here in our country only using $1 and they made a lot of money in the long term because of discipline, and right money management.

No matter how big your capital is, there's no way you could assure yourself that you're going to have a pretty decent wealth in the long run, it would entirely depends on how good you are. I don't believe in luck, because we make anything impossible to possible through hardworks.

SmartCharpa

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Quote from: Shortboss on September 09, 2023, 03:50:37 AM

It's the process of making money and reinvest make money and reinvest.
If you made just some lucky 10x profit but you can't keep up your stradegy for the long term then you don't build any wealth.

If we talking about trading and you don't build wealth with starting capital of 50$ then you woun't do it with 1000,3000,5000 either.
If we talking about real estate , first you need to understood the " mortgage markets " If you make like 10 year Investment plan because you been told real estate always good Investment then it's gamble everything what you don't know about and can't control it's gamble. And gamblimg is not business so dont call yourself like investor or traders

You think by holding the gold,silver and you always stay in profit that kind of mindset it's gamble not investing.
You think inflation always goes up and money printers working always its also the gamble.

You need to know everything about the topic you deal with specially when money is involved.

2023 year Will be good year to teach you Lesson don't take nothing for granted but learn first how it works.

I would not refer to a trader or someone who owns estate as a gambler because their success is not the same. Those who invest their money will have much assurance that they will not lose money, and the same is true for estate owners because there is no way to lose money but slowly and steadily profit must be made. However, a real gambler won't have 100% assurance that they will win; instead, they will either lose and win by luck. However, I'm confident that if I did such a thing, I would never even try a gamble in my life. No matter how long it takes you to make a profit in bitcoin, we can't say that they are similar gamble is a big risk. Those gamblers also claim that rather than using the money to invest in bitcoin, they would rather use it to gamble based on what we have faith in.

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Quote from: PytagoraZ on September 09, 2023, 04:08:10 AM

You're talking about a $50 investment and you're talking about real estate? As crazy as it sounds, no investment will generate much profit with $50 of capital. You need more money, I think if you don't have money to invest, it's better to focus on increasing your monthly income, if you have enough money left for living needs, then think about investing.

It is important to search a lot of information before investing which you need to understand and keep in mind were invest what you can afford to lose. I agree with you that it's better to focus on increasing first your monthly income aside from that is you have to divide your earnings which is you need to separate first your base or your savings, and it's up to you if you will re-invest half of your money, but you have to consider the risk that it may not all be a good outcome for you.

Topic: Building wealth it's not just one time Luck - page 2. (Read 1316 times)