Topic: The secret to creating wealth... - page 3. (Read 640 times)

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

Wonderful. Just reminded me of a wise quote recently from consultant. So he said "The magic you seeks is in the work you fears".
This has also ignited me on how people awaits a huge number to batch in, make a testifying before they could take a walk-in. Problem may be late for them at then.

This is equivalent to what has happened in the space of bitcoin when we all had an earlier on opportunity to investment but we feared that we might lost our funds but when we advanced on deciding to really discover what the reality of bitcoin is, then we realized its potentials and found it's a legitimate financial system.
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.
On the short run or long run depending on when we embraced the industry considering the market seasonal events, we were lucky to benefit from it as an investment source which has the potential to provide us riches and wealths.
The experienced ones are now comfortable doing well by investing more on the discovery of bitcoin values while those who still fears to take the risk are ignorantly lacking behind the productive of th bitcoin market.

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.

I agree, you're right. That if someone who's invested in Bitcoin and needs some immediate money for emergency, there's a need to separate funds that will be used so that BTC holdings won't be touched. I'm not the one that who have done that and for sure many have experienced it. But learning it all with the process makes us wiser the second time around and we're realizing how valuable Bitcoin is. While there goes the folks that thinks of how much they're going to exit but there's no actual exit in here. We accumulate, hold and if you wanna sell, sell some and get that spare.

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.

this is where you need to keep just some funds as fiat(emergency savings) for those "circumstances" so that you are not "tempted to sell"

when it comes to bitcoin specifically. you can actually figure out the ultimate window of speculation limits..(how wild the price can go if a sudden pump and dump happened)
if you work out the most efficient mining cost on the planet and the most inefficient mining cost on the planet. you find:
the ultimates where no one wants to sell below as no one can even acquire/mine for less on the planet so wont want to sell at a loss..
the ultimates where no one wants to buy above as everyone can mine for less, so not worth buying at a premium when cheaper ways exist.

and then you can gauge where the price sits inbetween those limits to see how close to value or premium the price is to the gauge if its a good buy time or a good sell time

EG
hardware=$34k/btc (costs of 750exa of hardware spread over 2 year roi)
electric efficient= $24k/btc($0.04/kwh)
electric inefficient= $300k/btc($0.50/kwh)

so the cheapest place on planet can mine bitcoin for $58k/btc
the most expensive place on planet can mine bitcoin for $334k/btc

so the max edges of speculation low to possible high is $58k low to $334k high

so basically the market is setting a barrier where unless hashrate drops significantly the price wont see below $58k again but could test ~$60k in a market crash/correction test at current hashrate

so basically the market is setting a barrier where unless hashrate raises the price wont see above $334k if a super pump happened at current hashrate

enjoy investing and keep this sentiment in mind and update the numbers as the hashrate and mining costs change over time.. its helped me alot at the ATH/correction seasons of last cycles(numbers were different in previous cycles so worth keeping numbers uptodate, to stay in-date of speculation possibles)

Obviously, BTC is the asset that we should own. I'm hit by this. Although I've been practicing delayed gratification, in the past that I have to sell some because of some circumstances that I have no control over. It's true that holding is the hardest part and when being tempted to sell, you'll have to think many times before doing it whether it's worth it or not. Do not oversell, I've learned this from JJG and from my experience as well. It's okay to do some from your efforts of holding and take the money but never sell everything and have nothing when it's soaring high.

That's a result of FOMO. As a bitcoin HODLer I think you should be less bothered about news and focus more on the target price within a specific time span you have in mind and then you should be good to go. Bothering about firms wanting to sell can make you sell off just before a pump and then you end up regretting the loss.  In my opinion to be safe as a HODLER you should be looking for buying opportunities more at pull backs and not sudden sells at pumps.

Seems like BlackHatCoiner got kind of pissed at something he saw online or probably a situation hence this post. Well although it's not a secret not everyone can do it since it requires you to have a nice level of discipline for you not to be stuck in the average joe or 9 to 5 lifestyle. People are scared of risks and it's the key to becoming rich too.

Some people thinks there's a bigger secret than this when it comes to getting rich.
Some people fine it so hard to break away from a particular level, stage or status quo, this set of people when they are comfortable they don't bother seizing other opportunities and if they encounter challenge they always fine it difficult to get back up but those rich ones in the society are goal getters they seize every opportunity that they come across with and make good use of it.
Those goal getters are those people who will always grab Bitcoin investment opportunity.

There are lots of books about secrets to getting wealth, which shows that there are many people interested in it, and although the concept of getting wealth is a simple one, it has been misunderstood and misinterpreted by many authors in different ways, authors whose primary intention is actually to make money from selling these books rather than exposing any real secrets.

This hits the nail on the head. Delayed gratifications, which can be broken down to discipline, is a major attribute to develop if you have the intention to get and even keep wealth.

I will answer very simply.
1. Cut down on expenses.
Cut down on unnecessary expenses and don't buy things that are not really needed until you are rich and can buy anything you want.
2. Increase your income.
By improving new skills to create additional income as a side job can help you to invest especially in the most scarce assets and also very profitable from other investments if you keep it for the long term.
3. Share.
Sharing helps you a lot in the success of what you want and also keeps the finances flowing because they will pray for good things for your good, and remember your income 2.5% belongs to others or people in need.

As part of a strategy the wealthy invest in appreciating assets for maintaining and building wealth

Bitcoin has been "appreciating" since its inception

Bitcoin is an asset which has outperformed every other asset

Buy and HODL any appreciating asset - BTC

never sell all your hoard even when in profit
never sell at a loss no matter what (leave it hoarded until the next cycle(pretend its a pension plan locked for years))

if you want to play the daily/weekly changes.. only use a small X%(single digit%) to play with
if you want to play the cycle changes.. only use a small-mid VX%(double digit under 50%) to play with

It feels like an idea came into your mind and you started pressing your keys LOL

Holding is not easy. When you see btc price is above $20k you feel like okay that's it. Now I am going to sell. You sell and then you see it went to $60k you feel like damn what did I do. Then it goes back below $15k and even below $10k [you already bought back at $30k] you feel like you are losing everything that you are holding.

Now you see when bitcoin is over $70 you start repeating the same feeling and sell. Now BTC is going to touch $100k.

other thing to learn is the difference between wealth vs rich

rich is those that waste value to display a status of richness (flashy clothes/cars, to impress family&neighbours)
where as wealth is when you dont waste value and you dont reveal it just to impress people

people accumulate and use their wealth to make positive life experiences for themselves and close family and not to just show off to family/friends
EG fulfil dreams to visit new places/cultures instead of a lambo just to drive around hometown

once people change their spending habit/lifestyle, they start aiding accumulating more wealth and using it more wisely

I 100% agree with you.
More people should know this.

keep atleast 1month of income as savings for emergency.. then you will be less panicky/tempted to sell investments when life stuff happens or markets change
dont rely on your wealth stash/bitcoin when life gets tough, keep bitcoin investment separate(like a pension you cant touch for years even if your in debt)

Yeah true it is really a challenge for most of us to keep on holding because we all know not all of us are that stable nowadays. if I personally have a stable source of income then it is easier for me to just hodl the scarciest assets I might interest in investing but unfortunately all I have is Bitcoin and I ends up selling it for some reason. For me Bitcoin is the perfect asset everybody is looking for it's future proof and inflation proof and of course decentralized.

I read one of the most profound advice from Fred Krueger which is similar to this advice of yours. Fred said, "Put all your savings in Bitcoin" . I don't think there is any other more clearer way to say it than this.

As one reads about bitcoin, it becomes easier to delay gratification. Instant gratification comes from ignorance about Bitcoin. Unless one reads they cannot grasp the market capitalization of Bitcoin and how much wealth that translates for the individual who hold just a little of it.

blackhatcoiner only thought it was a secret because he has only just this last year learned to accumulate rather then spend, so he has only just learned the lesson the hard way this cycle that he wasted alot of coin in the last cycle by spending it on his life style. now he is seeing the beginnings of this cycles pump to the 2025 ATH he is learning to hoard and wait and now thinks he is expert level financial guru who thinks he is revealing (a secret of) something he only just learned to follow this year

secondly.. no one stores wealth as money.. those that understand the term wealth know not to store it as money.. the only money they store in banks is emergency funds(savings) for temporary/short term events.. so that they dont need to dip into their wealth investments when surprises happen in life

if you are putting all your spare income into investments but dont have an emergency fund to take care of surprises, people end up dipping into investments at the wrong times and mess up their investment potential. so having a savings fund aswell in regular access form where its like only a couple months of income to cover emergencies is also smart and prudent

many experts say save just one month of income to start with as bank savings(for emergency only) and then start putting excess into wealth creating investments. that way you are less likely to rely on, get paranoid or itchy trigger finger over to need to cash out the investment if you have the savings buffer as the first point of access instead for funds..

..
as for how to have excess money to save/invest.. this may involve increasing income. or organising lifestyle to decrease spending habits..
but in short you cant accumulate wealth if you dont have anything to invest
also when investing dont buy high sell low ever.. always buy low sell high.. its never a loss until you sell at a loss, so just dont sell at a loss
(which is why you have a savings emergency fund to avoid needing to sell at a loss if life events happen)

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