@PAASHAAS indeed I don't understand some people and how they are attached to what they know "FIAT", they act like they believe and know
BTC + it's fundamentals etc but actually only interested to see a net worth "FIAT" rise
A very know thing of people that I have noticed over time is that they just emotionally can't handle a balance drop...
Like when a person has an X-net worth they wanna achieve an X-goal and when thats reached they will do everything to not going under that again...
Probably true coiners will be hoping to achieve X-amount of coin and when achieved they don't wanna go under
Only most people doesn't understand they have to live (be smart of-course and don't trow away money etc but live), also in order to gain more of what one likes to gain you might need to invest and go under your previous achieved amount .... but thats just how things work, then again some people are just emotionally not able and will always be herd animals, whiteout taking necessary risks...
I have respect for most and many of the WO's and I know many thinking right (If what I think is right ?? maybe i'm wrong
).... But if i'm right then many are like minded though I know some people that have to work on there approach towards BTC etc
I think that we learn a lot through age and practice.
Not too many people receive an education regarding how to handle their finances when they are young, so many have to learn on their own, and attempt to be somewhat astute about it. Surely, this seems to be another area where the rich are likely advantaged, because we do not necessarily need to learn all of the most painful lessons of life through experience in the event that we have good models in our life that we can emulate.
So, good techniques and practices can supplement experience, and also starting out with a large pot can also provide a lot of advantages and even cushion for screwing up.
I certainly do not frown on any money building technique that includes preservation of wealth or even constant building of wealth rather than risking too much or going into debt in order to increase odds to increase wealth through investing that debt.. and of course picking investment that have odds in your favor, too... and yeah, sometimes, it can pay off well to take risk - but it might not be necessary, especially if you already have a decent amount of wealth through acquisition or merely as a starting point.
A few days ago, I went back and reviewed some of my historical investment strategies, and I had kind of concluded that I was balling in some kind of way because I had built a decent amount of wealth for myself through the years, merely by living within my means and always investing (even small amounts) and not really taking BIG chances in terms of gambling on investments that had low chances of success.
I also believe that there surely is a BIG ASS (and kind of unfair) multiplier effect that exists for people who never have to go into debt in order to multiply their wealth. I probably would have never come nearly as close to as wealthy as I had been able to become if I had not had access to debt instruments and to use those kinds of debt instruments towards investing rather than consumption... .. deferred gratification and all of that
(NOTE: I am not specifically referring to whatever I presume to know about your personal situation here, mic, so don't get all huffy and puffy and personal about whatever I am saying because I am trying to refer to general concepts of using money to make money by investing rather than consuming... at least while a guy (or gal) is in the early stages of wealth accumulation attempts).
Five digits by Monday next week?
