Topic: Building wealth it's not just one time Luck - page 9. (Read 1316 times)
hero member
Activity: 770
Merit: 538
Leading Crypto Sports Betting & Casino Platform
Well, to build wealth, you must be determined, put in some relentless efforts, and also be lucky. Some people are so lucky that after trying just a few things, it worked out so well for them, but some people have to try and put in all their efforts, but it does not work. Being able to invest some money out of your earnings, depending on your responsibilities and awaiting bills to pay. We are all different kinds of people from different countries around the world, faced responsibilities differently, and I believe that in some countries, the minimum wage is as low as $50. If the minimum wage of $50 is paid to a man who is married and has kids, there is no way he can save up and invest with such earnings, unless they just attach some side hustles to the job they already have so they can earn extra income. It's very easy to say that, no matter how small your earnings are, you are meant to save up, but if you are in the same position as those people, doing what they are doing and faced with their kinds of responsibilities, you definitely will not be able to save anything. But if your earnings are higher, at least you have a better chance of being able to save, invest and build wealth.
I think OP got mixed up with risk-taking and gambling. In every investment, there are risks that come with it. So if you only play safe and do not take any risks, how will you grow? Risk-taking is not gambling. One thing you need to learn is to let go of the past, try it first, detect your mistakes, and then learn from them in order to gain experience. No one is lucky enough to make a profit from their first investment. So if you get stuck on the idea that you will make profits on your first try, you will never be able to grow.
I can agree with the fact that anything that you are unaware of and try without learning, it's a gamble. But also a risk-taking process. You learn by experimenting. But when there are ways available to learn it first, not learning and jumping right into it is a gamble for sure.
Other than that, I don't think there's anything wrong here. You invest in precious metals to gain profit. People are not hodling them for life. And in the price rises slowly and there's profit in it, then it's investment, not gambling.
I can agree with the fact that anything that you are unaware of and try without learning, it's a gamble. But also a risk-taking process. You learn by experimenting. But when there are ways available to learn it first, not learning and jumping right into it is a gamble for sure.
Other than that, I don't think there's anything wrong here. You invest in precious metals to gain profit. People are not hodling them for life. And in the price rises slowly and there's profit in it, then it's investment, not gambling.
Building wealth is not just about luck it takes hard work earn enough money to meet your basic needs leaving some for savings. Managing costs so you can maximize your savings investing money in a variety of different assets so that it is properly diversified over a long period of time. Wealth can help us provide and share resources emotional and financial with those we care about. When we help others get the education and opportunities they need to succeed no matter how we want to support them we can share in the joy of their progress. Cautious and not reckless to take risks cautious risk takers do their homework apply skills and knowledge to take risks before launching new ideas and initiatives into a business everything is possible if you keep the goal in mind.
For the majority of those who became rich and build a generational wealth, yeah there's no luck involved in it. They really work their ass off to reach that level that they are not going to be poor for the rest of their life including their grandchildren. Only a few percentage might have gotten their wealth as inheritance but still though they will also have to work very hard to maintain their wealth and then pass it from generations to generations. And so it's just a one time opportunity for them, but they have taken the risk and so they prevail that's why they become so wealthy throughout their natural life. For the majority, it's not that late though, maybe we can strived for the best at least for our children's future.
Building wealth is not just about luck it takes hard work earn enough money to meet your basic needs leaving some for savings. Managing costs so you can maximize your savings investing money in a variety of different assets so that it is properly diversified over a long period of time. Wealth can help us provide and share resources emotional and financial with those we care about. When we help others get the education and opportunities they need to succeed no matter how we want to support them we can share in the joy of their progress. Cautious and not reckless to take risks cautious risk takers do their homework apply skills and knowledge to take risks before launching new ideas and initiatives into a business everything is possible if you keep the goal in mind.
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.
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.
It's an important lesson that many people do not learn early enough in life, especially with the amount of "get rich quick" type activity that surrounds us in the world today. There will be a handful of people that get lucky with things like the lottery or inheriting money. However the majority of people who got rich, did so over a long time, through either building up a company or getting a salary which is then invested wisely into the markets. There are all sorts of routes to wealth, however spending all your paycheck every month on unnecessary junk is an easy way to live an average existence through life and the faster you learn that it takes a lot of time and commitment to build wealth, the better off financially you'll be.
Seems like you're making a distinction between trading and investing, albeit in a confusing manner: Day trading is not investing, and day trading requires a lot of good fortune. Perhaps some may disagree, IMO day trading profitability requires immense capital and luck. It's not a consistent method to build wealth.
Investing over time is a consistent way to build wealth and it does not require luck nor much experience. Investments diversified over multiple sectors will all but guarantee you a positive ROI over 30-40 years. The only circumstances of someone losing money over long term investments involve lack of diversification in assets, or they liquidate during a recession, both easily avoidable.
Sure, if you want to perfect you investing strategies for greater return, that's fine. You don't need to special expertise, that's the great thing about long term investing. The time does the work for you.
Investing over time is a consistent way to build wealth and it does not require luck nor much experience. Investments diversified over multiple sectors will all but guarantee you a positive ROI over 30-40 years. The only circumstances of someone losing money over long term investments involve lack of diversification in assets, or they liquidate during a recession, both easily avoidable.
Sure, if you want to perfect you investing strategies for greater return, that's fine. You don't need to special expertise, that's the great thing about long term investing. The time does the work for you.
Trading, investing or doing business, I think you will never be successful without luck. Luck plays an important role in anyone's success. As with your long-term investment, you won't have to liquidate assets during a recession or in the future. To do that, you need to be lucky so that unexpected accidents do not occur, only then can you maintain your assets intact. No matter how smart and talented you are, you cannot predict what will happen in the future, so you also need luck on the path to success.
I see people often discuss formulas, plans, and experiences to get rich, but one thing is that so far no one has really become rich and they are still discussing it every day.
In my opinion, each person will have different ways to get rich and no one will be the same, there is no common formula at all. Therefore, we should focus on our goals and find ways to overcome all difficulties in our own way. Don't try to share how to get rich or teach someone to get rich while we ourselves are still poor.
That will be an interesting discussion that we will continue to discuss everywhere and its realization depends on how society wants to implement and develop it. Talking about formulas, plans and experiences to become richer is an effort that we often see in people's lives, without exception when we sit and exchange opinions with people in everyday life. Don't be too rigid in living your life and there are times when we will get the initiative and plan to develop ourselves after discussing it at length with other people because maybe we will get enlightenment and a more effective way to start. We need other people as supporters and for me that's not a problem because the more often we discuss it with anyone, the more ideas will be born.In my opinion, each person will have different ways to get rich and no one will be the same, there is no common formula at all. Therefore, we should focus on our goals and find ways to overcome all difficulties in our own way. Don't try to share how to get rich or teach someone to get rich while we ourselves are still poor.
To develop this potential, it is up to us where to start and this is where we need skill and consistency to achieve it because if we don't prepare carefully in educating ourselves to reach the stage of wealth then no bet will be won. The problem is when we talk a lot but never do anything and that will show a person's true character, therefore we also need to educate ourselves first before having the desire to work on the stages of achieving a much better life.
Seems like you're making a distinction between trading and investing, albeit in a confusing manner: Day trading is not investing, and day trading requires a lot of good fortune. Perhaps some may disagree, IMO day trading profitability requires immense capital and luck. It's not a consistent method to build wealth.
Investing over time is a consistent way to build wealth and it does not require luck nor much experience. Investments diversified over multiple sectors will all but guarantee you a positive ROI over 30-40 years. The only circumstances of someone losing money over long term investments involve lack of diversification in assets, or they liquidate during a recession, both easily avoidable.
Sure, if you want to perfect you investing strategies for greater return, that's fine. You don't need to special expertise, that's the great thing about long term investing. The time does the work for you.
Investing over time is a consistent way to build wealth and it does not require luck nor much experience. Investments diversified over multiple sectors will all but guarantee you a positive ROI over 30-40 years. The only circumstances of someone losing money over long term investments involve lack of diversification in assets, or they liquidate during a recession, both easily avoidable.
Sure, if you want to perfect you investing strategies for greater return, that's fine. You don't need to special expertise, that's the great thing about long term investing. The time does the work for you.
Of course, $50 will not bring you anything, I mean that is too small and it you need extreme luck to be able to make it even x10 or higher. So it's better to start big and let your money be your friend. Built it slowly or aggressively, it all depends on how you are going to do and accomplished your goal in the end. As much as we teach people I think only 1% will really learn how to build wealth and riches.
If our mindset is still fixated on trading Bitcoin, cryptocurrency, or stocks, it might sound challenging. Try reallocating $50 into something tangible within the market. Managing the initial $50 may not immediately yield a x10 profit; I believe it may require several stages to reach that level.Using $50 for real-world buying and selling can toughen our mental resilience. With that initial $50, we could potentially generate a 10% or 15% profit, depending on our strategy in handling it. Then, the next step is to reinvest the money we have, turning it into business once more.
I believe OP's intention is to encourage us to practice managing small amounts of money first before we're prepared to level up and handle larger sums. That's the main point.
hahaha... I like your sentence. In essence, we have to live frugally and set aside money. The best way is to increase our monthly income so that we don't need to be too frugal because income is greater than expenses. However, in practice it is not easy, but it can be done. Youth needs to be utilized because the energy and mind are still strong enough to think about many things
Right. But that is why, being young, people do not understand some things about building their future and their reputation. The lack of the right teachers, who are supposed to teach economics to children in school, creates the belief that someone is not destined to succeed. How does building the American Dream with a million dollars sound? This is a 10-percent regular investment from your first earnings. But where do people get these investments if they don’t have a good enough income? And saving for everything, killing their health, is far from the best idea. It is precisely the passion for learning and the understanding that from what we do in our youth, we get benefits in the future that teachers and parents should instill with mother's milk. And when you have only 50 bucks and so many desires, it is difficult not to be tempted, so as not to stupidly waste it.
In my opinion, each person will have different ways to get rich and no one will be the same, there is no common formula at all.
The most important thing to be a successful person is consistency. Success is not an overnight thing. You have to spend countless sleepless nights to achieve success.
Building wealth first demands you focused on a knowledgeable form of investment, capital to kickstart
and your readiness to eliminate your expenses savings at unecessities then it demands your energymatic determined hardworking of the potentialities to make incomes and then it demands your top up to reinvest upon investing more like the thought of making a long time goal.
and your readiness to eliminate your expenses savings at unecessities then it demands your energymatic determined hardworking of the potentialities to make incomes and then it demands your top up to reinvest upon investing more like the thought of making a long time goal.
Someone who wants to build wealth through investment must have better focus so that they can carry out the methods they take more consistently. Because as long as the methods and efforts are correct and continue to be done consistently, the results will definitely be clear, even though sometimes they will not immediately match expectations.
Building wealth for yourself is not easy because basically you have to have help through more knowledge. Not to mention that when someone is going through the process, he will encounter various challenges in his life so that he has to think harder and wisely so that he can face these challenges well enough and not lose his focus because of this.
I see people often discuss formulas, plans, and experiences to get rich, but one thing is that so far no one has really become rich and they are still discussing it every day.
In my opinion, each person will have different ways to get rich and no one will be the same, there is no common formula at all. Therefore, we should focus on our goals and find ways to overcome all difficulties in our own way. Don't try to share how to get rich or teach someone to get rich while we ourselves are still poor.
1) Control income and expenses.
2) Spend less than you earn.
3) If you have consumer debt, get rid of it as fast as you can. And never get into consumer debt again.
4) Increase your income and get different sources of income.
5) Invest, invest, invest.
The key component here is the investing done. Controlling your expenses and income helps to keep you above water, having more assets in your investment column is what generates wealth overtime and as you develop more weslthbyoubhave the room to take more risks and grow even more wealth.2) Spend less than you earn.
3) If you have consumer debt, get rid of it as fast as you can. And never get into consumer debt again.
4) Increase your income and get different sources of income.
5) Invest, invest, invest.
Wrong. you are confusing gambling with risk.
gambling is taking risks that should lose in the long run.
investing is taking risks that should win in the long run.
this is definition. Not mine but webster’s.
And Oxford dictionary defines gambling as to "take risky action in the hope of a desired result" which perfectly describes an investment.gambling is taking risks that should lose in the long run.
investing is taking risks that should win in the long run.
this is definition. Not mine but webster’s.
The word gamble might be off putting to some but it describes the art of taking risks and the concept is the same.
Checking Webster's the definition shown there is different from what you wrote and more similar to the one I quoted above.
Building wealth first demands you focused on a knowledgeable form of investment, capital to kickstart
and your readiness to eliminate your expenses savings at unecessities then it demands your energymatic determined hardworking of the potentialities to make incomes and then it demands your top up to reinvest upon investing more like the thought of making a long time goal.
and your readiness to eliminate your expenses savings at unecessities then it demands your energymatic determined hardworking of the potentialities to make incomes and then it demands your top up to reinvest upon investing more like the thought of making a long time goal.
Someone who wants to build wealth through investment must have better focus so that they can carry out the methods they take more consistently. Because as long as the methods and efforts are correct and continue to be done consistently, the results will definitely be clear, even though sometimes they will not immediately match expectations.
Building wealth for yourself is not easy because basically you have to have help through more knowledge. Not to mention that when someone is going through the process, he will encounter various challenges in his life so that he has to think harder and wisely so that he can face these challenges well enough and not lose his focus because of this.
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.
That's not how it works at all.You can profit reasonably with $50 if you're lucky not to get liquidated first but you cannot build wealth with that. You need capital to have more room to stay in the game cause trades will not always go in your favour no matter how skilled you are.
Gambling is a huge part of investing and growing wealth.
Wrong. you are confusing gambling with risk.
Proper way is evaluating risk correctly and deciding if you are in a negative risk situation = gambling
or a positive risk situation investment.
What confuses people is negative risks makes money some of the time.
and positive risk loses money some of the time.
so people think all risk is gambling.
gambling is taking risks that should lose in the long run.
investing is taking risks that should win in the long run.
this is definition. Not mine but webster’s.
here is an example of investment a high risk high return low cost.
I give you 1100 to 1 odds on a three digit number pick.
You can only play 1 number 1 dollar each day.
here is an example of gambling a high risk high return low cost.
I give you 900 to 1 odds on a three digit number pick.
you can only play 1 number 1 dollar each day. thats gambling.
most people lose at gambling
some people lose at investing.
the first step is to understand gambling vs investing.
Building wealth first demands you focused on a knowledgeable form of investment, capital to kickstart
and your readiness to eliminate your expenses savings at unecessities then it demands your energymatic determined hardworking of the potentialities to make incomes and then it demands your top up to reinvest upon investing more like the thought of making a long time goal.
and your readiness to eliminate your expenses savings at unecessities then it demands your energymatic determined hardworking of the potentialities to make incomes and then it demands your top up to reinvest upon investing more like the thought of making a long time goal.
We can't be millionaire overnight, it happens and everyone can't expect this to happen in their lives. End of the day it is the person hard work, d dedication along with luck that makes him successful.
I agree with you on this point, but I want you to know that I think the majority of young people expect things to happen that they know will never happen. For example, there was a day in my hometown when the GSM network was hacked, and many people made a lot of money in a matter of seven hours; some of them overnight became millionaires, but that doesn't mean they were successful because they tried to invest but were unable to do so. If you see someone succeeding in business, it doesn't necessarily mean they made a single investment that made them successful. Some people have to do something numerous times before they are successful. 
This of course depends on the person and the situation but it is true. First of all we need to know what wealth means, if you are talking about 1 million dollars as wealth, that could be won luckily, if we are talking about a billion dollars, then not. So you need to make sure that you know what you are talking about before doing something like this. Secondly, there are very few situations in life when someone either invents something, or build something that gets sold for a lot of money, and even the buyer may not make much money with it, but that person just made a lot of money. However, I do agree that its not that common, being wealthy %99 of the time requires a hard work and dedication that is sustained over many years, even decades.
Agreed, it is all about the person's perspective about wealth. For some people having a life without debt itself good wealth. For some having a healthy life is a wealth. Apart from this people have got different meaning based on what they hold. In that way having a million could be wealth and the same varies between people. As mentioned, to some extent one can make it through luck whereas the same can't be achieved when the expectation is high. Based on the expectation should be the effort as well as the time period. We can't be millionaire overnight, it happens and everyone can't expect this to happen in their lives. End of the day it is the person hard work, d dedication along with luck that makes him successful. 
This of course depends on the person and the situation but it is true. First of all we need to know what wealth means, if you are talking about 1 million dollars as wealth, that could be won luckily, if we are talking about a billion dollars, then not. So you need to make sure that you know what you are talking about before doing something like this. Secondly, there are very few situations in life when someone either invents something, or build something that gets sold for a lot of money, and even the buyer may not make much money with it, but that person just made a lot of money. However, I do agree that its not that common, being wealthy %99 of the time requires a hard work and dedication that is sustained over many years, even decades.
Making a fortune is not the problem. The main problem is to keep this fortune. Often people who get a lot of money at once are not ready for it, so they quickly lose the easy money. As they say, easy come, easy go. The main thing here is not to give in to unnecessary euphoria.
Jump to: