Topic: Rich Mindset vs Poor Mindset : 6 key differences - page 7. (Read 3753 times)

i my opinion - these is one thing which is for sure
If the person is an honest worker -he will be loved and admired by the people around and he will not be a looser.

In other words, it's too hard to credit people's accomplishments even outside of investing. This is the type of person who could never respect himself, so to appreciate the success of others would be difficult for him. Boredom, laziness and stupidity are situations we have to fight. Because I often hear their joke "There is no free lunch". This is even true, if we don't try to get the job done on our own terms.

Poor people never agree with the mindset of the rich because they don't have the same path in real practice, that's the real connection why poor people are more likely to be objective and don't try to make investments like most rich people.

And some people end up quite tragic in life building a mature financial aspect, because they choose the fast road without thinking about the risks that will occur. For me it's simple to start investing, because it's not how big we start, but rather do it consistently and put money into potential investments like Bitcoin.

Many people try to do things so fast and rarely follow the process that needs to be passed, this path will actually lead them to greater destruction in building financial strength.

It can take a very long time for the possible compounding effects of investing to pay off.

Many people spend 30-40 years building aspects of their financial lives, and they never end up getting at or close to fuck you status... a kind of position in which you can comfortably finish working (perhaps early).. so it seems that bitcoin provides a possible way to get to fuck you status earlier than what might have otherwise have had been feasible or even doable, but still it is not guaranteed to get there, either... because not only is there a need to invest on an ongoing basis, there are needs to preserve wealth and preserve perseverance in order that sometimes it will end up being possible for compounding effects to be able to kick in for earlier efforts.

So you have been registered on the forum as long as me, yet I cannot necessarily presume your bitcoin investing strategies, so it could be that you were not able to invest as much in the beginning, so you were ONLY able to invest $10 per week, and then later you were able to increase to $50 per week and then even later you were able to increase to $100 per week, and so the persistence and perseverence could end up paying off, as long as you are able to preserve your capital and don't get distracted into bullshit.

But sure it is possible that you ended up getting distracted into bullshit over the past 8.5 years, and you were not even ready, willing and able to invest (on average) $30 per week into bitcoin, which would have allowed you to accumulate nearly 12 BTC with around $13k invested.

So, even if you screwed up in the past, there are likely ways to start to employ a more prudent and practical approach without panicking.. so that 6-8 years down the road, you may well feel that you have put yourself into a better place... so maybe you try to make up for your mistakes by investing $100 per week into bitcoin, or if you are unable to do that, then you just do what you can, and otherwise try to manage yourself, your psychology and your finances in such a way that you are not putting yourself into any state of panic, and you are continuously investing into bitcoin while maintaining your expenses in control and maintaining an emergency fund in order that you never have to draw from your bitcoin at any time than at a time that is completely of your own choosing.. .and then maybe at some point you start to get close to fuck you status at some point down the road, even if it might take many years, if you are able to make it at all that is an accomplishment, if you are able to make it in less than 30 or 40 years in total, that is an accomplishment, and if you are even able to make it in a shorter period of 10-15 years, then that is really an accomplishment.. not to get too greedy while at the same time continuing to build.. and with the passage of time, it is more and more likely that what you have built and what you are building will increasingly compound upon itself.

For such things it may not be how many thumbs up we give but the position of the thumbs up may have to be turned downwards.

It may be a little hard for most people to accept feedback or recognition of the success others have had in the investment field. For me it is an attitude or mindset of the poor that makes them continue to stay in the hole.
Sometimes I myself feel that I am bored with the situation that continues to be stuck in a situation that never changes.

From all the discussions you gave, for me they are all things that can add and expand insight.

Each of us needs to find a kind of balance in which we are comfortable in the ways that we discuss investing in bitcoin as it might compare with other kinds of investing and various kinds of investment strategies that we might have learned along the way. None of us is necessarily going to get anywhere if we are not allowing for a certain level of comfort with others, and surely some folks are not even going to want to talk with us about bitcoin or about investing if it seems to them that we are failing/refusing to account for their ideas or their investment style.  I am not necessarily going to want to interact with some people, either based on my own knowledge and experiences - and so I might be willing to praise them for having had developed various kinds of investing knowledge, but I might not be willing to praise them for the various ways that they may have gotten duped into various shitcoins and if they are failing/refusing to consider bitcoin.  So, sure the amount of "thumbs up" that I might give may well depend on the degree to which they are truly attempting to engage in sound investment practices, versus merely gambling with shitcoins.



Sometimes we might be able to get over some of the hurdles and/or the differences of opinions regarding bitcoin as compared with other investments (into shitcoins) by talking about proportionality issues.  A lot of people have difficulties going along with an investment thesis that might involve a 4-10 year or longer investment thesis, so frequently they are considering getting in and getting out in much shorter timelines, so at that point, we might not have a whole hell of a lot in common, because even though in late 2013, I had considered the possibility that bitcoin might only be a 1 or 2 year investment, but I believe that currently, the investment thesis for bitcoin is much stronger than it was in late 2013, so it is my belief that it is better to be talking about how to consider bitcoin in terms of a 4-10 year or longer investment thesis.  So if some folks are wanting shorter turn around periods in their investment, the we are likely talking about different things - and it does seem that there are quite a few folks who do not even want to consider being able to attempt to commit to a 4-10 year or longer investment timeline.

So perhaps part of the punchline is to be able to figure out how much any of us might be wiling to talk about or share ideas with others in the event that we are framing our investment (gambling) goals in different kinds of ways.  For sure, we are going to have a whole hell of a lot of activities that have shorter than 4-10 year timelines, so for example, we might have a school program that we are in or a job or even some shorter term investments that we are likely planning to turn over in timeframes that are way shorter than 4 years.  Also, there are a variety of aspects of our own financial and psychological management that have to get sorted out in shorter than 4-year timeframes. 

So for example, currently, when I project out my cashflow, I tend to project out for around 2 years, even though when I was younger (30 years ago), I could easily get away with cashflow projections that ONLY went out 6 month because my finances were much less complex 30 years ago, yet even if I am currently projecting out cashflows for 24 months, there are going to be more immediate concerns that I still have that are within 1-3 months from now. .and it always remains important that the shorter timeframe cashflow issues are covered with way more specificity than the potential cashflow issues that are projected out 6 months from now or 12 months from now or even  24 months from now, and sometimes if we change some of our current financial and/or psychological situations, the current changes will have impacts that could fall either in the shorter time frames, or they might show that they have impacts that fall further out in our cahsflow projection timeline. 

It does seem that the more that any of us is able to project out our cashflows further into the future, then it is more likely that we are able to set up systems in which we are NOT putting ourselves into positions of shorter-timeline emergencies... so maybe 20-30 years ago, I felt that I could have a $500 cushion in my cashflow (so never go below having that $500 cushion), and maybe 10 or 20 years ago, I moved my cushion up to $1,500 and these days I may well tend to maintain a $3k cushion at all times.. so finances and psychology may well change with the passage of time and even with how complicated any of us might consider our finances and psychology to be... and maybe also how much we might want to have liquid amounts that are available and higher amounts of cushions that account for having had accumulated more wealth over the years, perhaps?

Providing input by discussing with people who can already distinguish between Bitcoin and coins is much more interesting than suggesting to beginners who do not have more knowledge about investing in Bitcoin, although we must give them a thumbs up for their investment knowledge outside Bitcoin.

You are right. I also often meet arguments that tend to equate Bitcoin with other coins including regarding risk. Even though it is very clear that Bitcoin is not the same as other coins.
I think efforts to explain to such arguments need to be done further before explaining the benefits that will be obtained in this type of Bitcoin investment.

It is true that all investments come with risks, but for bitcoin and in the current situation I would advise my family members to invest in bitcoins. And I have advised some of my family members to invest in bitcoin too for long term at least two years from now. And the strong reason I suggest investing in bitcoin is because right now there are huge discounts that will benefit them in the long term, or in the future.
and I also advise not to invest more than they can afford to lose and also do it gradually and as long as the price is good to buy, because I want them to feel what I feel because there are many good advantages if investing in bitcoin, especially in profits and can help their finances and future goals.

And that doesn't mean I don't educate them, because it has to be mainly about all the basics of bitcoin and its long-term benefits, and as proof of their interest, because they see the state I am in now.
and i suggest if you want to be like me you should do it now and for the long term or future and stay under my watch because they are my family.

Life has drawn boundaries for poor people and will not let them cross that line. When a poor person receives some money, person will of course use it for food and shelter. Because the money person earns does not allow him to invest. A poor person cannot invest to take care of his family or to take care of himself. He is only focused on work and thinks about the end of the month. It's not his fault, it's the system's problem. Because that's the only way the wheels can turn. A rich person can also be a fool if person has inherited a large inheritance from his family. This is not his problem either. Person didn't earn that money because he was smart, person got rich because they family was rich. So you can be rich and stupid.

For sure bitcoin is not any kind of sure bet either, so each person has to consider his/her level of allocation, if any, and there are so many of us who suggest people get the fuck off of zero, but people are going to do what they are going to do in terms of figuring out whether and when to get in, if they do, and then how to structure their "getting in" strategy and how to go from there.

Frequently when I hear arguments about this that and another problem with "crypto," I will remind them that they are NOT even talking about bitcoin, and sometimes even if they present a decent variety of arguments about various risks and various craziness that are potentially related to bitcoin, in those contexts, I will frequently tell them that they arguing with me about position size and not about whether to get in.. and if they are whimpy about it, then they can error on the side of a lower level of allocation, such in the territory of 1% of their investment portfolio, even though I tend to recommend that a mostly beginner allocation in bitcoin could well be anywhere between 1% and 25%.. and they have to figure out the particulars in regards to where they are at and surely the more that they know about themselves, such as their finances and their psychology and the more that they subsequently study bitcoin, then the more that they can tailorize their investment approach to themselves and to their knowledge, including coming up with their own formula in regards to how much to start their allocation (if any) and how to play their attaining of their allocation and their subsequent maintenance and or liquidation strategies.. which surely, I personally, prefer to suggest that newbies begin their journey into bitcoin in terms of considering it as a 4-10 year or more investment, yet of course, again, the more that they know about themselves an the thing that they are investing into, the more that they can figure out their own preferred timeline that is based on their knowledge and their situation.

All investments carry risk. Therefore, never advise them to involve them in investing. Explaining the basics of Bitcoin if they ask is appropriate so that with the explanation we provide they can decide for themselves whether to invest or not.

Investing in Bitcoin can make a profit, but the concept is a long-term hold. The process of getting rich doesn't happen overnight.

We are the same. I will also never recommend to them any coin, token or project other than Bitcoin.
I've played enough with stupid tokens and projects in the past to end up being worthless. When I think about it, what a waste of time. If the duration of that wasted time I was with Bitcoin, then at this time it is enough to just enjoy the results.

It is always on them whether they are "friends / relatives" or not.

I do agree that there is likely going to be some differences in the way that you might talk about things when you are talking to friends/relatives versus a more anonymous setting like this one, yet I think that it is still important to let people know that they have to be responsible for what they do and that they should not be overly relying on what you are saying - even if they might be able to know that you are being sincere and genuine with them...

Another thing that remains important when talking with actual people who know you is figuring out how much you might want to disclose to them in terms of your specific finances.  Sometimes they will know, and other times they might not know, and sometimes you might want to be careful not to say too much about your specifics, even though you might lose some trust, even with people that you know, if they might feel that they are providing you with some specifics, but you are not providing them with specifics - so there can be some balancing of these kinds of disclosure matters that might sometimes be more challenging when dealing with people that you know more intimately as compared to when you are posting in a forum like this.

Don't get me wrong.  There sometimes are members who will regret giving too many specifics in a forum like this too... so it is not even necessarily a bright line determination regarding how much you might want to disclose about your own particulars here versus how much you might disclose in person when people might be able to physically see some of the goods, assets and/or services that you might own (or rent).

Depends on where you are. If you are at home with your friends and you think that it is going to be just advice on what they should do with their money, you should be very careful about giving that advice because that could be their only money and if they make a mistake because of you then you would lose a lot of money.

However, if you are here on bitcointalk and giving an advice that should be not really carefully thought and just whatever comes to your mind since this is literally a place for discussing these things, people who read you and act accordingly should know that you are some stranger and if they just do it because of you and lose, that is on them and not you.

The solution you offer is not wrong, because complaining is not the nature of hard workers or people who are looking for the key to success and also not a good way out for people who want success within themselves. But I've seen two models of humans who complain very often because they don't know what to do and the other is when they feel bored with their work which in the end will also complain. Even though they don't have to tell them that they are looking for the key to success, and they should be more grateful when they can still work in a place with modest income.

First of all.  Fuck shitcoins.  Focus on bitcoin.  I would not recommend anyone to invest in shitcoins or any of those projects that relate to shitcoins until they somewhat understand bitcoin first and figure out what their investment approach to bitcoin is going to be, which could be anywhere between 1% and 25% of a starting investment portfolio.  And, of course, prior to investing into anything, there are needs to get your own finances and psychology in order.  No one is going to be able to invest into anything in any kind of meaningful way until they figure out various aspects of their own personal finances and psychology. 

At the same time, I would imagine that we can walk up to any random person on the street, and they are going to tend to generally know their finances and their psychology - for example how much cash is coming in on a regular basis as compared to their expenses on a regular basis, so people generally know their finances and various aspects of their psychology, even if they might not know their specifics very well in order to really be aggressive with their investing or to figure out how much risk that they are ready, willing and able to tolerate without going overboard and/or while staying on a relatively comfortable and personally suitable level. 

The more you know your finances and your psychology, the more aggressive that you can be in regards to how to allocate your time, energies, psychology and funds - while at the same time, no one should be too aggressive either, because if you are too aggressive, then you are engaging in gambling rather than investing. ..

balance.. balance.. where is that balance, and how aggressive are you able to be without devolving into too much aggressiveness?  Personal choices and personal responsibility regarding these matters.

So yeah, a successful person may well have some adventures in which s/he is investing time, energies, mental power and money into various kinds of projects and also contributing/production, creating businesses and/or learning skills in which s/he is able to increase income in the present or in the future.

Another thing is that people have to both decide for themselves and to take responsibility for the choices that they end up making.  Of course, I am going to tell the vast majority of people who are still living more than a year or two to both learn about bitcoin and to get involved in bitcoin in some kind of way.. and it is much better if they have a 4-10 year investment time horizon or longer. and bitcoin is on the list of items to know about, pay attention to and to learn about. 

I am also going to tell almost every person to stay away from shitcoins or shitcoin related projects, and surely some people already have their ideas about these matters, so there may be some people who have strong opinions that differ from my own, yet in the end, what each person does and how much they do it is completely their choices and their responsibility, so I am not going to take responsibility if they make the wrong choices and/or engage in the wrong level of balancing in terms of how they are spending their time, energies, psychology and finances, even if they might tell me that they had listened to me and that they were following my advice. 

If anyone tells me that they are following my advice, I would tell them that I agree with their following my advice, but at the same time, reassert that I am not responsible for the outcome of their being able to balance their particulars, so they have to make sure that they are comfortable with what they are doing on a financial and/or psychological level and to sufficiently/adequately engage with how they are allocating their psychology and/or finances in order to be able to determine the degree to which they are comfortable in order that they can figure out for themselves the amount of balance that they are currently doing or that they are planning to do in the future, which may well be different from my own choices in how I would balance the various investment matters.   I would imagine that most people are going to have some differences from me, so it is going to be more difficult to find two people who match exactly, but surely not impossible if we were to meet enough people, then some might end up matching more closely, but it is still the responsibility of each person to figure out his/her particulars.. oh and by the way, similar weighings of balancing of particulars should apply to institutions and/or governments too.

Individual financial and psychological considerations include but are not limited to cashflow, how much bitcoin you have already accumulated, your other investments, your view of bitcoin as compared with other investments, timeline, risk tolerance, and your time, skills, goals (investment/lifestyle targets) and your abilities to strategize, plan, research and learn along the way including tweaking strategies from time to time to consider trading, reallocating, use of leverage and/or financial instruments.


For sure, risk management is part of any endeavor. whether passively investing or other ways that any of us spend our time, energies, psychology and/or money.

Giving investment advice to someone is an act that should be carefully considered, especially with bitcoin because even we do not guarantee that Bitcoin will bring us profits. For me, it was not a wise decision. If someone asks about investing in bitcoin, I teach them the basics of bitcoin, I am not going to give they any advice on whether they should or should not invest.

As for the mindset of the poor, if they don't like to invest is understandable, because making money is very difficult for them, so they won't want to take risks. We should not blame them but understand them.

It's still good that they are finally willing to invest even if it's not in Bitcoin. The value behind our invitation to people is of course positive, but it can turn negative if people misinterpret it. For us this (inviting people to invest in Bitcoin) is not a good action. Not that we are afraid that the people we invite will be rich but they will one day blame us as an inviter.

It would be nice if the person you are inviting finally switches to Altcoin, it needs to be conveyed more clearly what will be obtained by the decision. Who knows, the person is willing to switch to investing in Bitcoin which we think is the best investment.

Well, it seems that you are correct in terms of the need to be in the right place at the right time, and it seems that people who are more likely to be successful will continuously be putting themselves into positions in which they are ready to take advantage of opportunities that come... so there might be organization and even abilities to create space in their schedule that may well not work if someone is frequently and constantly busy putting out fires and not organized enough to be able to take advantage of any situation (opportunity) that might come.

Some of the organization is psychology, and some of the organization is finances and some of the organization is time management. 

There may well NOT be any kinds of guarantees that the good opportunities will come, also... and we can all consider that there  might be examples in which something that appears to be an "opportunity" is NOT really an opportunity, but instead is a waste of time, and so in that sense, maybe the more likely to be successful person will either figure out early that the apparent opportunity is not really an opportunity and/or might be able to learn quickly that the apparent opportunity was not an opportunity and not allow such sham opportunity to drag him/her down in terms of time, finances and/or psychology.


Hopefully, if brave people are facing stupid challenges, then they are wasting their time.

Not all challenges are worthy to be faced.  It is likely a good skill to be able to figure out which challenges are more worthy to be faced than others.

    -  A poor mindset doesn't lead to anything good, and I haven't seen anyone advance because of having a poor mindset, is there? What we sow is what we reap.

So if you are a positive person in life and you want to become succesfull in the future, of course, you will think about the things that can help us to rise or advance in life and that is to count yourself in something related to business. In short, apart from the Rich mindset, we must also have something called Dare to fail, because our fear or doubt is often what prevents us from progressing.

The fact that you need to use the money to make money, and the poor always don't believe in investing because they are always comfortable with what they have, has been a problem even when telling people to invest in bitcoin they give excuses and at the end of the day they go investing in altcoins, is that the mindset is the key to every physical manifestation, even before attaining success it must start from the mind.

Making money is a skill like any other.  And, like any human skill, it needs to be developed and trained.  

The thinking of a rich person is very different from that of a poor person.  

For example, rich people are more positive.  They know how to set ambitious goals.  Wealthy people have a longer-term planning horizon.  

I am not a fan of personal growth coach Kiyosaki, but I agree with him that financial well-being requires a constant focus on financial goals. However, this kind of thinking is not typical for poor people.