I have recently seen a TV programme ("how to get rich" or something like that, in Netflix, not an eye-opener at all) where a man invested 20k USD in zoom at the beginning of the pandemic and his investment hit in a few days 150k. Long story short: he eventually lost money because he waited too much to withdraw and reinvested in shitty stocks in Robinhood.
In addition, today a colleague has told me that a professor of him won the lottery with some friends, and all of them ended bad (dead, addicted or ruined).
So I can't agree more with your thesis, OP, and the fact that most people I have talked with about it don't believe it only corroborate that idea.
Topic: Building wealth it's not just one time Luck - page 6. (Read 1313 times)
This is just imagination, because what someone used and build its is not applicable to what another person will use and its own wealth, we have to understand one thing in building of wealth, because their is every tendency that what you invested on and be prosper I can't invest there and get propagated in the investment,
On the contrary, wealth isn't something you get from been lucky and that's when your statement is applicable because what someone did and got lucky at like gambling is unlikely to be replicated by another person but when it comes to wealth, several people can make use of the same strategy and come out successful. Mark Zuckerberg used Facebook (social media) to build his empire and other entrepreneurs have done the same thing and became successful. Bill gate uses Microsoft (tech industry) to build his wealth and other entrepreneurs has done something similar and also built generational wealth. A strategy used for building wealth can be replicated by many people and they'll be successful that's why building wealth can't be a one time luck.
Well that's true, I think just by reading "wealth is not an achievement you can get by luck" it's obvious that they would think that there would be a process to achieve that. But yeah there might be some people who managed to get wealth from the result of luck like you said those who got something big from gambling, but honestly I wouldn't say that it's pure wealth but just pure luck, because usually the wealthy are the people who are able to start everything from zero with all the process to achieve the wealth they want. They have the knowledge to maintain their wealth but unlike the people who got it through luck, it is very likely that their wealth will run out in a short time, because they made it from luck and not from the way they have like the entrepreneurs you mentioned above.
Mark Zuckerberg and Bill gate have their own ways to achieve their success and nothing but that they get in return for their hard work, these people know how to build their wealth and also know how to maintain it.
It really takes special knowledge and expertise to be able to start an investment so that we can anticipate unexpected situations in investing. By having good knowledge in making investments, at least if something happens that we don't want, we can handle it well so that we can still persist in what we do and it is also very necessary for us to have someone who guides us in investing because if we have a problem in investing we can ask for a solution from him to overcome the problem we are facing.
Choosing to invest without having good knowledge and just relying on capital alone is a very bad thing because many things that we cannot predict can happen and we will definitely experience losses and we will lose what we have more easily than we collect it.
Well that's absolutely true and I would say that only desperate people come without any knowledge into the world of investing. I wouldn't say they are careless but rather stupid. I understand you're coming for the big bucks like everyone else but it's ridiculous to want to make a profit without any tools to help you realize that goal. Maybe at least before you jump into investing you should have some basic knowledge about this field. Especially if you really want to start your investment then you must have a good plan, understand your finances, use money that will not be used for other needs in the future, and learn continuously to be able to create a strategy that is accurate enough, build a strong mentality in yourself and lastly I say that self-control is very important there. Because yes I agree with you, it will be very useful to balance all your investment activities, you can get for and you can also minimize losses with all the preparations you have or that you have prepared in advance. Yes that's right, if you can't learn by yourself then maybe you can look for other alternatives that can guide you to go further like for example looking for a professional mentor so that you don't go in the wrong direction. Choosing to invest without having good knowledge and just relying on capital alone is a very bad thing because many things that we cannot predict can happen and we will definitely experience losses and we will lose what we have more easily than we collect it.
No one builds significant wealth from trading with an initial capital of $50 without making additions.
I agree with you strongly. In as much as been productive in little can mean been even significantly productive and profitable in more due to a good managerial skill, the influence/impact of a good or high volume capital can not be overly emphasised as it creates a better edge for a fast pace growth and profitablity which is very healthy for wealth creation.A good example can be sited with trading, a portfolio with just $50 can not experience the exact same amount of progress a portfolio of $50k will even if both accounts are on same trades as their profit margin will differ in large proportion, hence the person with a $50k account have higher tendencies of making a good fortune in less than no time as compared to that with the $50 account size. The person with a lower account size further stand chances of loosing their account quickly to volatility in the market even before they would want to think of making a fortune out of it hence it's okay to a $50 account size will most likely not make u a fortune.
Chasing of so many things to gain money can be distractions of not getting reasonable achievements of anything. The best thing is to be focused on one and bring out the best from it , this is the best way of making money. Billionaires I have seen, they focused on one project and make sure it becomes very successful, they didn't chase different things to make money to become Billionaires . They had target of achieving things one after the other.
Elon musk has many companies, He has Telsa (the car brand), Space X (space exploration), Twitter (now X which is social media), he has a perfume company as well and probably others that we haven't heard of or he's secretly invested in. Billionaire don't focus only on one investment or business, they would have one that they're known for and is probably giving them the biggest profits and publicity but they always have other business because they understand the power of diversifying. A hustler doesn't have one business he's doing as he always has multiple streams of income and that's how they make their wealth. Others are fortunate to have only one business that they make all their wealth from but you can't take your chances on having just one business.
Elon Musk's initial foray into business was Zip2, a web software company. This endeavor catapulted him to a $300 million fortune by 1999, marking one-third of the path toward billionaire status in his very first business. Perhaps this is what @Y3shot meant – ensuring the success of one business before branching out into others.
SpaceX took flight in 2002, followed by Tesla in 2003. From there, I'm confident that the proceeds from his prior ventures enabled him to nurture these other immensely promising businesses.
Therefore, it's not amiss for someone to ensure the success of one business first with unwavering focus. Subsequent ventures may sprout when the previous one can essentially run itself.
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This is just imagination, because what someone used and build its is not applicable to what another person will use and its own wealth, we have to understand one thing in building of wealth, because their is every tendency that what you invested on and be prosper I can't invest there and get propagated in the investment,
On the contrary, wealth isn't something you get from been lucky and that's when your statement is applicable because what someone did and got lucky at like gambling is unlikely to be replicated by another person but when it comes to wealth, several people can make use of the same strategy and come out successful. Mark Zuckerberg used Facebook (social media) to build his empire and other entrepreneurs have done the same thing and became successful. Bill gate uses Microsoft (tech industry) to build his wealth and other entrepreneurs has done something similar and also built generational wealth. A strategy used for building wealth can be replicated by many people and they'll be successful that's why building wealth can't be a one time luck.
Chasing of so many things to gain money can be distractions of not getting reasonable achievements of anything. The best thing is to be focused on one and bring out the best from it , this is the best way of making money. Billionaires I have seen, they focused on one project and make sure it becomes very successful, they didn't chase different things to make money to become Billionaires . They had target of achieving things one after the other.
Elon musk has many companies, He has Telsa (the car brand), Space X (space exploration), Twitter (now X which is social media), he has a perfume company as well and probably others that we haven't heard of or he's secretly invested in. Billionaire don't focus only on one investment or business, they would have one that they're known for and is probably giving them the biggest profits and publicity but they always have other business because they understand the power of diversifying. A hustler doesn't have one business he's doing as he always has multiple streams of income and that's how they make their wealth. Others are fortunate to have only one business that they make all their wealth from but you can't take your chances on having just one business.
Exactly, I agree with your point, when investing with your previous profits and you don't have a specific plan am sure you will lose your fund, on anything you are doing, you need to have an idea before investing, anyone who is succeeding in investment now, has thoughts and expertise on the investment they are doing, because without knowledge, I don't think someone will succeed, I can say building a wealth is not an easy thing to do, you need to wake up and you will never give up before you can achieve your goals.
Nowadays, everything we do really requires knowledge as a starting point, especially if it is about investing in the crypto market, which basically has very sharp price fluctuations every hour. So it cannot be denied that every person must have basic knowledge that can provide a little guidance for him apart from guidance from other people's advice on this matter, because someone who is determined to invest without having sufficient knowledge will definitely experience losses more easily.
And he could even lose his capital if he doesn't have the slightest knowledge to start this, because someone who carries out investments without sufficient knowledge and experience will definitely not know how to manage his capital or investment well and can also panic more easily when he sees decrease in prices in the market.
Choosing to invest without having good knowledge and just relying on capital alone is a very bad thing because many things that we cannot predict can happen and we will definitely experience losses and we will lose what we have more easily than we collect it.
There is absolutely no one-time luck in financial markets. It is possible to become rich with a single transaction but it is impossible for this transaction to be realized in the first transaction that a person makes. Finding a transaction that can make the money worth several times is possible by having a variety of infrastructure such as experience, market analysis, foresight and risk taking. Also, the management of such a lucrative position is certainly not possible without experience.
In other words, a person who makes a very high profit with a single transaction has actually made hundreds of unsuccessful transactions before this transaction and has gained experience by being disappointed many times. In other words, although it seems that he/she is someone who has become rich with a single transaction he/she is actually someone who has gained painful experience with many transactions and has earned a good amount of money with a nice transaction while chasing opportunities.
Well, you probably know about meme coins, which are actually the reason why all new investors of the cryptocurrency market think that it's very easy to get a lot of wealth with cryptocurrency investments which is actually not true but just because a few meme coins managed to gain significant hype in the market and made a few millionaires among their early investors, everyone started thinking that they can achieve that feat too if they keep trying all the time.In other words, a person who makes a very high profit with a single transaction has actually made hundreds of unsuccessful transactions before this transaction and has gained experience by being disappointed many times. In other words, although it seems that he/she is someone who has become rich with a single transaction he/she is actually someone who has gained painful experience with many transactions and has earned a good amount of money with a nice transaction while chasing opportunities.
This mindset is the reason why thousands of meme coin creators manage to get a lot of money and then run away with the funds because they know they won't get enough hype and they have already got way more than they might have used themselves for creating those tokens and marketing them a little bit.
Exactly, I agree with your point, when investing with your previous profits and you don't have a specific plan am sure you will lose your fund, on anything you are doing, you need to have an idea before investing, anyone who is succeeding in investment now, has thoughts and expertise on the investment they are doing, because without knowledge, I don't think someone will succeed, I can say building a wealth is not an easy thing to do, you need to wake up and you will never give up before you can achieve your goals.
Nowadays, everything we do really requires knowledge as a starting point, especially if it is about investing in the crypto market, which basically has very sharp price fluctuations every hour. So it cannot be denied that every person must have basic knowledge that can provide a little guidance for him apart from guidance from other people's advice on this matter, because someone who is determined to invest without having sufficient knowledge will definitely experience losses more easily.
And he could even lose his capital if he doesn't have the slightest knowledge to start this, because someone who carries out investments without sufficient knowledge and experience will definitely not know how to manage his capital or investment well and can also panic more easily when he sees decrease in prices in the market.
People keep chasing too much to earn money, Based on the statement better to focus on one field it's too hard to manage all of those things, seek for better opportunities stick to the things you are good too and once you master make new challenges through trying another thing. Not all starts with a good run of making a profit you will experience ups and downs There's no consistent winning in life. You can't earn a lot of money if you don't take a risk and gamble the funds you have. Top earners make a lot of failures and lose a lot but they keep taking risks to become successful.
Chasing of so many things to gain money can be distractions of not getting reasonable achievements of anything. The best thing is to be focused on one and bring out the best from it , this is the best way of making money. Billionaires I have seen, they focused on one project and make sure it becomes very successful, they didn't chase different things to make money to become Billionaires . They had target of achieving things one after the other. 
Success is not just all about luck. Because if you rely on luck on every endeavor you have, then you are seeing as a gambling. While investing and trading may bring you wealth in the long run, but know that there’s always a process that you need to go through before you can achieve success. If you want to build wealth, then learn to overcome your losses and mistakes along the way. Learn to start even from a small profits until you come to grow and improve it with your knowledge and skills in your chosen career, and as well with luck.
This is really the problem with newbies right now, they quickly want to earn huge profits even if they start from scratch. Others think that if you have a business you are already rich but you don't think that you are just getting a penny's worth of profit from it. Without your dedication, hard work, and not giving up you'll not be able to earn the huge profits that you are wanting to because that is really the key to success with your wealth.
Mistakes are the best teacher for us because that is where we learn and improve which we will go through while we are building our wealth. That is why it is better to seek advice from those with experience because you can get a lot of valuable advice from them.
Reinvesting of your profit without good plan after gaining a lot of profit from the first investment can lead to total loss of money. Reinvesting with your capital, inclusive with the profit makes it more riskier without a proper investment strategy to achieve what was achieved the first time. You can’t always be lucky, but the smartest and most knowledgeable investors continue to win is such market.
Exactly, I agree with your point, when investing with your previous profits and you don't have a specific plan am sure you will lose your fund, on anything you are doing, you need to have an idea before investing, anyone who is succeeding in investment now, has thoughts and expertise on the investment they are doing, because without knowledge, I don't think someone will succeed, I can say building a wealth is not an easy thing to do, you need to wake up and you will never give up before you can achieve your goals.
There is no luck in investing and not all investments are good for the long term or for building wealth, because to build wealth there will be many things that we need and need to do or we have to have passive income or other things.
Reinvesting of your profit without good plan after gaining a lot of profit from the first investment can lead to total loss of money. Reinvesting with your capital, inclusive with the profit makes it more riskier without a proper investment strategy to achieve what was achieved the first time. You can’t always be lucky, but the smartest and most knowledgeable investors continue to win is such market.
Exactly, I agree with your point, when investing with your previous profits and you don't have a specific plan am sure you will lose your fund, on anything you are doing, you need to have an idea before investing, anyone who is succeeding in investment now, has thoughts and expertise on the investment they are doing, because without knowledge, I don't think someone will succeed, I can say building a wealth is not an easy thing to do, you need to wake up and you will never give up before you can achieve your goals.
I think the majority of people know that building wealth is not an easy process. Work hard, think hard, strengthen your mentality, build motivation, continue to innovate, don't give up, be disciplined in finances after mastering financial management. Increase your insight and always be at the forefront of getting important information. All of these are things that are needed in the process of success in building our finances in a better direction. But remember, sometimes luck is needed in any process. Well, there is indeed a separate ratio regarding various efforts to improve your approach to luck. But still luck is luck. Sometimes it happens when we least expect it. And yes, in the process of building wealth, more than one stroke of luck is needed. But it does take a lot of luck. But the most important thing in this case is to keep working hard. Thinking creatively, innovating and maintaining motivation are things that must be maintained in this process.
Picasso said something about inspiration, which we can apply to luck here:
Inspiration exists, but it has to find you working.
In terms of building wealth, we could say that luck exists, but it has to find you working.
If you do things right, if you work hard to make progress, if you don't give up at the drop of a hat, if you set a long-term plan and stick to it, if you don't expect impossible returns and so on, you will be much less dependent on luck than if you expect to win the lottery.
So, I prefer to follow Picasso's advice.
But I agree with you. Namely, the concepts of inspiration and luck are indeed similar. Well, I think this expression is essentially also suitable when applied to luck. as you said.
Sorry if I'm going around in circles a bit. Because I have difficulty expressing the contents of my thoughts on this matter.
Success is not just all about luck. Because if you rely on luck on every endeavor you have, then you are seeing as a gambling. While investing and trading may bring you wealth in the long run, but know that there’s always a process that you need to go through before you can achieve success. If you want to build wealth, then learn to overcome your losses and mistakes along the way. Learn to start even from a small profits until you come to grow and improve it with your knowledge and skills in your chosen career, and as well with luck.
This is really the problem with newbies right now, they quickly want to earn huge profits even if they start from scratch. Others think that if you have a business you are already rich but you don't think that you are just getting a penny's worth of profit from it. Without your dedication, hard work, and not giving up you'll not be able to earn the huge profits that you are wanting to because that is really the key to success with your wealth.
Mistakes are the best teacher for us because that is where we learn and improve which we will go through while we are building our wealth. That is why it is better to seek advice from those with experience because you can get a lot of valuable advice from them.
Building wealth it's not just one time Luck
.....
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.
This is the point and we must really understand this. Becoming successful and rich is not something that is instant and easy to realize, especially if we do not come from a rich family. A person will definitely need a variety of different processes, whether flat, intermediate, or even difficult to achieve success. Moreover, success between one person and another may be different. The level of wealth will be different. but the process that goes through will be needed by everyone. There is nothing instant when it comes to getting rich. Even if you do something fraudulent to get rich quickly, it will definitely be a process, not instant. And every process will always have its own strengths and weaknesses, obstacles and consequences. And of course, it's not just about luck. Luck is just a bonus factor after we go through a certain process, not the only determinant. God gives us extraordinary luck because we have actually tried hard and that's when we are actually in a quite successful phase. But it's not just 100% luck. .....
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.
I would argue that this one time luck might be the strongest driving force that makes you built your wealth easily, i've seen many that become successful through business out of pure luck, either encountering the right person there is and make success out of it, or just simply lucky enough to start thing that later become the trend randomly and then makes money off it.
although many argued that luck is just one factor, but i also argue that it certainly have the biggest role, there are people trying to build wealth, but always have bad luck, their money always gone to drain, like having sudden ilnesses or something, which makes them fails in term of building wealth, and sometime illness is genetically inherited, which means doesn't matter if you try to be living healthy life, the chance of you getting the illness significantly higher than other people, so luck have big role here.
although many argued that luck is just one factor, but i also argue that it certainly have the biggest role, there are people trying to build wealth, but always have bad luck, their money always gone to drain, like having sudden ilnesses or something, which makes them fails in term of building wealth, and sometime illness is genetically inherited, which means doesn't matter if you try to be living healthy life, the chance of you getting the illness significantly higher than other people, so luck have big role here.
Success is not just all about luck. Because if you rely on luck on every endeavor you have, then you are seeing as a gambling. While investing and trading may bring you wealth in the long run, but know that there’s always a process that you need to go through before you can achieve success. If you want to build wealth, then learn to overcome your losses and mistakes along the way. Learn to start even from a small profits until you come to grow and improve it with your knowledge and skills in your chosen career, and as well with luck.
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 a gamble.
You need to know everything about the topic you deal with especially 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.
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 a gamble.
You need to know everything about the topic you deal with especially 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.
Yes, I agree with your points that buying money is a long-term process you have to wait, and show some patinenç, consistency, and dedication. It's not just to start and then money comes in a fast way which in my thoughts is stupidity and through this, you will lose all your assets. Especially the newbie they came just to earn as much as possible in a short time and as a result, they have their own funds. You need to be fit to learn and then you will earn more A special quote I always follow is "The more you learn the more you earn".
Building up a business is no joke and so as on building your wealth which comes right through investment and if you arent really that going into that slow but sure kind of pace but rather going for that fast pace one but it is really that something more risky then it would really be an another story. We know that successful people specially on investment firms didnt really get that kind of success in short time matter.
It does always takes time and lots of patience and perseverance along the way on which you cant really just easily achieve this state without doing those sacrifices.
This is just imagination, because what someone used and build its is not applicable to what another person will use and its own wealth, we have to understand one thing in building of wealth, because their is every tendency that what you invested on and be prosper I can't invest there and get propagated in the investment, so what we really needs in any investment is a investigation and research. Having a wealth is a plan and positive thinking of yourself, so if you don't think positively in whatsoever you are doing you will not acquire wealth from my perspective or understanding of achievement.
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 a gamble.
You need to know everything about the topic you deal with especially 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.
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 a gamble.
You need to know everything about the topic you deal with especially 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.
Yes, I agree with your points that buying money is a long-term process you have to wait, and show some patinenç, consistency, and dedication. It's not just to start and then money comes in a fast way which in my thoughts is stupidity and through this, you will lose all your assets. Especially the newbie they came just to earn as much as possible in a short time and as a result, they have their own funds. You need to be fit to learn and then you will earn more A special quote I always follow is "The more you learn the more you earn".
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