Welcome back ,mindrust
As I posted before
One’s wealth matches one’s ability.
When one gained or lost some wealth, it’s not a big deal, just lucky or unlucky.
The ability includes financial knowledge, understanding people and human nature, understanding history and so on. When one masters the ability, one can know the world in a high vision. Now one know investment is so simple while before investment was very very very hard.
Suggest read the book The Shawshank Redemption, to know the essence of investment, that’s HOLD(patience)
ebook here:
https://b-ok.org/book/3357592/434fecdon’t trust anybody even WOers, but verify every post by yourself.
That quote seems to a bit strange because wealth is a product of a lot of different factors, including at minimum: 1) luck 1a) preparation 1b) opportunity, 2) thinking, planning and revision of planning, as warranted, 3) action and 4) starting position.
Depending on starting position, it can take a long time to build wealth and even can take a lot of failure to do the wrong things in order to preserve wealth.
You can likely fuck up a lot if you start from wealth, and still be able to preserve a decent amount of wealth and build wealth, and sure, frequently people who are building wealth from nothing make mistakes along the way, and if they make small mistakes and learn from their mistakes, then they would increase their chances to build wealth, even though building wealth might not be guaranteed, either.
For example, there could be
one man who starts out with nothing and takes 30 years to build up to a net worth of $500,000 by the time that he is 51 years old, and many times, that level of wealth would be respectable - because some people live so much in debt that they never really build wealth, but instead are always paying debt, gambling and taking their material goods for granted, assuming that they are wealthy, even if everything they "own" is mortgaged or leased.
There could be
man two, who comes from wealth, let's say daddy left him $8million in a trust fund when he turned 21, but that same man could have squandered down the $8million to $500k in the next 30 years, and feel as if he is not very wealthy because his networth is only $500k.
Let's say man 1 and man 2 above are in the same place by the time that they are 51 years old, each of them have a networth of $500k. At that point, the question might be about whether in the previous 30 years, each of them have prepared for their older years and if they have systems and allocations in place that facilitate growth of wealth or at least maintenance of wealth and an ability to live within their means to feel comfortable in their elder years without having to be forced to do things that they do not want to do, whether they continue to work or go into a less working lifestyle.
Sure, many people are going to want to have more than $500k in networth to feel comfortable in stopping working, so if maybe they only have 10 or 15 years left in their working career, they might wonder whether $500k is enough to get them to a comfortable status by the time he gets into his 60s.
Can someone recommend me a portfolio tracker for Smartphone (iOS or Android) ?
Blockfolio is a popular app.
https://blockfolio.com/I would say the best one, but just to not let them analyze data correctly, what I do is I pick a constant as a multiplier for my account. So If I buy 2 Bitcoin, I just add 0.2 in my portfolio, for example having 10x as a multiplier which only I know. That way they won't know my real holding.
That is a great idea. I had thought about doing something like that previously, but I had never really made such a change.
Your post caused me to actually make such change to my numbers in the app, and I feel a bit better about it, whether I am obscuring from blockfolio or anyone else who might get their eyes on such data, including if someone were to just be shoulder surfing when I am admiring my numbers.
I will have to practice for a while, so I can get used to making the mental conversion.
Can someone recommend me a portfolio tracker for Smartphone (iOS or Android) ?
Blockfolio is a popular app.
https://blockfolio.com/I would say the best one, but just to not let them analyze data correctly, what I do is I pick a constant as a multiplier for my account. So If I buy 2 Bitcoin, I just add 0.2 in my portfolio, for example having 10x as a multiplier which only I know. That way they won't know my real holding.
I've written my own app to track my portfolio. But what if someone steals my phone/PC and finds out how much corn I own? I might have to endure a $5 wrench session, which I know I won't be able to...
So, what I've done is exactly what you've done, and have also added a piece of code that detects a special, complicated gesture that only I know, which forces the app to show the correct values. So, when you run the app you get the adjusted, scaled amounts, and the special gesture reveals the true amounts.
Got to protect our stash from that dreaded Kebab Accident...
Keep
HoDLing, and you may soon have to change that multiplier to 100x or 1000x!
Funny. I can imagine AlcoHoDL doing an expressive dance towards his phone trying to get the phone to cooperate in showing the proper numbers.
I need one of those too... just like my avatar suggests.
