The secret to creating wealth... - page 2.

apogio

hero member

Activity: 686

Merit: 1360

✔️ CoinJoin Wallet

Quote from: franky1 on December 02, 2024, 02:18:58 PM

2 reasons for this impatience

1. whomever told them about bitcoin done the get rich quick advert rather than true investment advice
2. most people throw all eggs in one basket and know they need the money out soon because they didnt buy their groceries or pay their bills that month so were hoping for quick win to then pay bills.. they didnt prepare for emergencies or have a separate savings emergency fund to buffer their daily needs.

Both points are correct.
I 'd add to that, the fact that people buy something (an asset), just because a friend told them to do so.
Most people don't care about experts, but they trust their good neighbor better, because they helped them with some water pipe maintenance the other day. This is, sadly, a true story.

franky1

legendary

Activity: 4424

Merit: 4794

Quote from: apogio on December 02, 2024, 02:14:06 PM

Everything starts and ends when people get impatient. Simple as that! Most people believe they 'll become quantillionaires in 2 weeks because they are smarter than others and they lack the patience to do the obvious thing.

2 reasons for this impatience

1. whomever told them about bitcoin done the get rich quick advert rather than true investment advice
2. most people throw all eggs in one basket and know they need the money out soon because they didnt buy their groceries or pay their bills that month so were hoping for quick win to then pay bills.. they didnt prepare for emergencies or have a separate savings emergency fund to buffer their daily needs.

apogio

hero member

Activity: 686

Merit: 1360

✔️ CoinJoin Wallet

Everything starts and ends when people get impatient. Simple as that! Most people believe they 'll become quantillionaires in 2 weeks because they are smarter than others and they lack the patience to do the obvious thing.

Die_empty

hero member

Activity: 686

Merit: 987

Give all before death

Quote from: BlackHatCoiner on December 01, 2024, 10:14:26 AM

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

The problem with most people is ignorance. They don't want to spend time to learn about a new investment. The have just decided to hold on to what they have known long time ago. There are people who still invest in company shares when it is clear that Bitcoin is more profitable. Others have been blinded by misconceptions that the crypto industry is a scam and will soon phase away. Bitcoin has the potential of increasing to any price, so I agree that we should have more than a four-year plan.

Mate2237

hero member

Activity: 700

Merit: 577

Enjoy 500% bonus + 70 FS

Quote from: BlackHatCoiner on December 01, 2024, 10:14:26 AM

... is not a secret.

The pioneers are still on the track of hodling for the long term while the young investors are Only interested in the trading and short term investment. And most of them that saying in the long term investment in the economic board are not even investors but depending on campaign funds. The delay gratification is an another method of long term investment. But when the price rise to some setting level it is tempting to sell. Like what happened recently, when the price was about hitting $100k and it was $99k I was tempted to sell but I removed my mind from the immediate pleasure of the price and continue the journey.

Like those who government workers, self employed, businessmen and other people who have extra income before investing are the ones enjoying the investment.

mirakal

legendary

Activity: 3108

Merit: 1290

Leading Crypto Sports Betting & Casino Platform

Agreed. Delayed gratification is the key. Most particularly for volatile investments like bitcoin. Stay focused on your goal. Resist those temptations by instilling more patience and self-discipline that will lead you to greater benefits in the future. If you dream of getting wealth, then find ways to make it possible. Not later or soon, but do it now.

Japinat

hero member

Activity: 3052

Merit: 685

Ensure consistency and high-focused on long term goals. Do what you think that will work best on you, and leverage your opportunities by creating both passive and active income. Lastly, love what you’re doing. If you don’t have the love and passion that will encourage you to pursue what you have started, you will never unlock your goals and achieve wealth creation.

Shishir99

hero member

Activity: 868

Merit: 530

Quote from: BlackHatCoiner on December 01, 2024, 10:14:26 AM

... is not a secret.

Do your job. Innovate, produce, make money.
Trade your fiat currency for the scarcest asset.
Hold the scarcest asset.

I believe more than 90% people in my country are confused about their investment and they don't know where to invest. A lot of expatriate people works and saves money for their future and they think they will do something after returning to the country. But most of them don't have any plans. They seek for plans on youtube and facebook. Unfortunately, most of their plans end up destroying their dreams.

Most people don't know about Bitcoin. A couple of days ago, I heard that the central bank of my country decided to print Tk 225 billion to save the banking sectors. What a shame. Most average people don't know what is going to happen after that. I will hold dollars and Bitcoin so I can face the inflation.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

I like the emphasis on getting a job and working it out, business is also an option for those who are having the guts and political connections.

Over the years on this forum, I have seen a delinquent attitude towards jobs and skills in general. People think bitcoin is an escape from the laborious lives. It is not. I always encourage people to complete their education, learn about finances in the side and consider assets available to them to store value in.

It is never easy, it was not for our ancestors and it sure as hell not going to be easy for our successors.

kotajikikox

sr. member

Activity: 2632

Merit: 259

Quote from: BlackHatCoiner on December 01, 2024, 10:14:26 AM

... is not a secret.

I agree that there is no secret in creating wealth. Maybe some are able to make use of the opportunities and resources available but it’s hardly a secret. They just learned how to do it and that’s what makes them stand out.

Quote

Do your job. Innovate, produce, make money.
Trade your fiat currency for the scarcest asset.
Hold the scarcest asset.

It’s not just about the scarcity of an asset. There should be value or purpose. Otherwise you are holding something no one wants to buy now or ever. Learn how to identify a potential profitable asset and acquire it quick and soon before anyone else.

Quote

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

By holding, your wealth in the future will just increase. You might not be rich now but you will be in the future and this should be enough motivation for anyone.

?

Activity: -

Merit: -

Quote from: Fivestar4everMVP on December 02, 2024, 07:14:32 AM

Quote from: BlackHatCoiner on December 01, 2024, 10:14:26 AM

... is not a secret.

Do your job. Innovate, produce, make money.
Trade your fiat currency for the scarcest asset.
Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

All rightly said, but you and I know that some stuffs are more easier said than done..

Creating wealth isn't as easy as it is put on paper, or written on forums like this, there are much more stuffs involved that contribute, or play important roles in determining the outcome of a person's quest to creating wealth.

The details of this i wouldn't like to go into right now, but it's also good to know that with persistency, determination and hard/smart work, wealth creation is very possible, but one who thrive to achieve this must be very patient with himself and those around him, and there are also alot of things he must be willing to deprive himself of, the ability to succeed in creating wealth lay in all of this things even though it's never mentioned on threads like this..

Theory is always a different thing to practise.
That's why we should start what OP described now to become better at it in the distant future.
Even when something would go wrong - we would be able to learn from it.

Fivestar4everMVP

legendary

Activity: 2520

Merit: 1092

Leading Crypto Sports Betting & Casino Platform

Quote from: BlackHatCoiner on December 01, 2024, 10:14:26 AM

... is not a secret.

Do your job. Innovate, produce, make money.
Trade your fiat currency for the scarcest asset.
Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

All rightly said, but you and I know that some stuffs are more easier said than done..

Creating wealth isn't as easy as it is put on paper, or written on forums like this, there are much more stuffs involved that contribute, or play important roles in determining the outcome of a person's quest to creating wealth.

The details of this i wouldn't like to go into right now, but it's also good to know that with persistency, determination and hard/smart work, wealth creation is very possible, but one who thrive to achieve this must be very patient with himself and those around him, and there are also alot of things he must be willing to deprive himself of, the ability to succeed in creating wealth lay in all of this things even though it's never mentioned on threads like this..

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Quote from: Lucius on December 02, 2024, 06:48:13 AM

it's that (if we take this forum as an example) people are simply forced to spend their BTC for living costs and cannot afford to keep them long-term.

I get that, but many people don't live paycheck to paycheck, and leave some funds as savings. For those who choose to put their savings into fiat currency, it is just extremely dumb to leave them lose their value around 50% every 5 years.

Quote

I have never hesitated to pay for something with BTC regardless of the price, because if I had just invested for the past 10 years and never taken a profit one way or another, it would have felt very strange - because BTC was conceived as a cryptocurrency, not what it has become today.

Many of us understand what it represents today, though. It undermines its value to describe it merely as a "currency" for internet purchases. It is much more than that, and I believe the most important aspect is that it allows people to save for the future; especially for those of us who experience it before it becomes a global reserve asset. Not only can we save, but we can also grow our capital over the long term by a factor of 100x.

And all you need to do is to just hold it.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: BlackHatCoiner on December 01, 2024, 10:14:26 AM

~snip~
That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

It's not just that some people are still very skeptical and don't understand how much the BTC price could go up in the future, it's that (if we take this forum as an example) people are simply forced to spend their BTC for living costs and cannot afford to keep them long-term.

People have been trading with BTC practically since the first days, and paying with it even when one BTC was worth $50, just as they do today when it is worth almost $100k. I have never hesitated to pay for something with BTC regardless of the price, because if I had just invested for the past 10 years and never taken a profit one way or another, it would have felt very strange - because BTC was conceived as a cryptocurrency, not what it has become today.

Alone055

sr. member

Activity: 1288

Merit: 375

Quote from: BlackHatCoiner on December 01, 2024, 10:14:26 AM

... is not a secret.

Do your job. Innovate, produce, make money.
Trade your fiat currency for the scarcest asset.
Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

It's not that people don't understand it; they can't manage their finances very well. You will find countless people who might have bought Bitcoin at one point but then had to sell it back because they needed the funds. Almost everyone would say this, and someone with general knowledge should know it already. You shouldn't invest money that you know you might need in the near future because that is going to disturb your investment goals and targets, and you won't be able to hold your investment for as long as you may have wanted to hold it.

Someone should follow the steps you have mentioned, but they need to make sure that they are trading only the fiat currency they know is kept idle and isn't needed now or will be needed soon. You can make wealth only if you have a stable source of income from which you can take care of all the expenditures and still have something left that you can add to your investment portfolio and hold it for the long run.

Most people do it the wrong way, which is why they barely gain success in what they are trying to achieve.

betswift

copper member

Activity: 280

Merit: 5

Quote from: Plaguedeath on December 02, 2024, 02:51:37 AM

Remember everything has it's price.

If you delay your gratification, you will miss your childhood to spend more time with your family, going out with your friends, enjoy the moments etc. When you're old enough and rich, you will say "damn, money is nothing, I want to trade everything to go back when you were young".

I think you would think so only after you accomplish the main goal, which is to become successful in the first place and live the way you would like to.
Cool

Plaguedeath

hero member

Activity: 910

Merit: 680

Remember everything has it's price.

If you delay your gratification, you will miss your childhood to spend more time with your family, going out with your friends, enjoy the moments etc. When you're old enough and rich, you will say "damn, money is nothing, I want to trade everything to go back when you were young".

Quote from: franky1 on December 01, 2024, 01:17:15 PM

p.s ive been hoarding and accumulating bitcoin since 2012.. retired before 40 and loving it

What you doing for now, sir?

Are you become a gardener or farmer in small village?

FortuneFollower

copper member

Activity: 196

Merit: 6

Quote from: Adbitco on December 01, 2024, 04:12:21 PM

Quote from: BlackHatCoiner on December 01, 2024, 10:14:26 AM

... is not a secret.

Do your job. Innovate, produce, make money.
Trade your fiat currency for the scarcest asset.
Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

This isn't the issue here man..
The main thing should be are they really ready to venture into bitcoin investment or are they that willing to trade their fiat to a tradable currency? Yes, I know there are doubting thomas who doesn't want to spare their hearts earned cash to a digital assets especially if they had poor orientation and mentality towards bitcoin and any other cryptocurrency out there.

If such people would learn about BTC itself more - they wouldn't have such a stance on it.
They can try with any amount of money after all - to see their ideas working out and the BTC cycles working in their favor, to then see potential in BTC itself.

john_egbert

member

Activity: 126

Merit: 11

Quote from: franky1 on December 02, 2024, 02:25:22 AM

Quote from: AVE5 on December 02, 2024, 02:06:22 AM

Then, we accepted to face the fear as being ready to accept whatever outcomes out of it by Investing with what's affordable to loose.

dont live with the mindset that investing is to have the fear of investing with whats affordable to loose.
instead have the mindset to invest with whats affordable to live without long term
fiscally its the same amount of money invested, but the mindset change affects how you treat your investment

when you have the "affordable to lose". people end up doing stupid things like gamble or take stupid emotions as reasons to cash out at the worse opportunity
however when you have the "affordable to live without", you instead dont want to make bad sell-at-loss risks. and instead are more happy to just hoard and wait for the right price

too many peoples mistakes are to invest funds long term but know they might need to extract those funds early and at a bad price because they put all their eggs into one basket and not protected themselves from the temptation to cash out when life events occur

too many peoples mistakes are to treat investments as a loss so it doesnt mater to them when they trade, thus make bad judgements and increase the risk of loss and just accept it as the inevitable that they would lose

..
in short a simple mindset change, helps protect you from bad choices

In a way, affordable to lose and affordable to live without are the same parts of one coin - people just understand it differently.
When I say, "do it but only with the funds you are okay to spend" I do mean what you said in the second part of the post: to do it without the hassle of cashing out too early due to a need for money on hands or because the hands of a person were shaky because of some different reason.
So I do agree with you - others should always remember that market is fluctuating and in order to gain something from it - one should have the knowledge and faith put into the thing he does.

fikrett

copper member

Activity: 126

Merit: 6

Quote from: nelson4lov on December 01, 2024, 05:58:06 PM

A wise man I respect a lot once said that "if you can't hold, you can't be rich". After seeing what had happened with bitcoin this year, I can confirm that. I think there was a topic on the forum 1-2 weeks ago about a guy that kept buying bitcoin for the better part of the last 8 years.

— He works
— Invest part of his paychecks in Bitcoin.
— Held for years.

Now he owns about 11 of the world's most scarced asset. There's a lot to take from his story and your tips.

And more to come - because it needs to be put into practice with much-awaited discipline behind it.
And then - it would click for anyone eager to do his research, analysis, and effort.

Topic: The secret to creating wealth... - page 2. (Read 640 times)