Building wealth it's not just one time Luck

[Hamphser]

Building wealth is not just about luck it takes hard work earn enough money to meet your basic needs leaving some for savings. Managing costs so you can maximize your savings investing money in a variety of different assets so that it is properly diversified over a long period of time. Wealth can help us provide and share resources emotional and financial with those we care about. When we help others get the education and opportunities they need to succeed no matter how we want to support them we can share in the joy of their progress. Cautious and not reckless to take risks cautious risk takers do their homework apply skills and knowledge to take risks before launching new ideas and initiatives into a business everything is possible if you keep the goal in mind.

For the majority of those who became rich and build a generational wealth, yeah there's no luck involved in it. They really work their ass off to reach that level that they are not going to be poor for the rest of their life including their grandchildren. Only a few percentage might have gotten their wealth as inheritance but still though they will also have to work very hard to maintain their wealth and then pass it from generations to generations. And so it's just a one time opportunity for them, but they have taken the risk and so they prevail that's why they become so wealthy throughout their natural life. For the majority, it's not that late though, maybe we can strived for the best at least for our children's future.

Yes that's right, I also quite agree with what you said, for the problem of getting rich by luck maybe it's only for brands that come from rich families and they just have to continue in the footsteps of their parents and I would say they are quite lucky. So it's true as you say anyone who builds their wealth from scratch is not a matter of luck, but they succeed because of their tireless hard work so they get their just reward which is success. Of course, actually in any case it is more difficult to maintain than to get, but in terms of building success, it cannot be said that it is easy to achieve it because there must be a lot of failures that they experience, and after success as I said above, you have succeeded does not mean you just sit down to enjoy it but you also have to be able to maintain your wealth, and most of them already know how to do it because they already have provisions from previous experiences when they were pioneering and it is very useful.

We can see those who suddenly become rich by winning big prizes, on average, their wealth will not last long because before they never did anything like learning in the process of getting it, and it is very different from people who get wealth from the results of their hard work, the point is that knowledge from the journey is very useful.

Different situations indeed which there are ones who are really that born on a family which does have that better financial or simply being rich kind of state on which those childrens or the ones that would be getting those inheritance would really be having no problem when it comes to the time that they would really be making out their own businesses or someone that would really be continuing their long time business built up by their parents or simply been established on which it is really that something that would really be giving out advantage compared to those who do build up from scratch.

We do know that every business or investment does need up capital and the rest would really be definitely be needing that hard work on which it would really be varying on each person
since not all would really be having this kind of characteristics and this is why they do really miss out or fail on reaching out their targets and goals because
of such behavior.

[1715099423]

1715099423

[CryptopreneurBrainboss]

It's the process of making money and reinvest make money and reinvest.
If you made just some lucky 10x profit but you can't keep up your stradegy for the long term then you don't build any wealth.
If we talking about trading and you don't build wealth with starting capital of 50$ then you woun't do it with 1000,3000,5000 either.

One thing I have come to understand in my years of searching for financial freedom is that, wealth isn't luck. Riches could be gotten by luck (like winning a lottery ticket that's is worth millions) which happens for many undeserving reasons like mistakenly picking the right ticket but wealth is what you get through years of building through investment. Since you'll have to be building for years then wealth can't be unexpected. You can also get riches from making the right investment and making a lot of profits like 10x or more higher profits. Building wealth with $50 isn't impossible because in rare occasion some people have been able to do it but it isn't something that can done very often so I won't stress myself over building wealth with $50. Increasing the capital will be ideal thing to do in this scenario because the higher the capital, the higher the chances of making profits from trading.

And gamblimg is not business so dont call yourself like investor or traders.
You think by holding the gold,silver and you always stay in profit that kind of mindset it's gamble not investing.
You think inflation always goes up and money printers working always its also the gamble.

I don't believe anymore takes gambling as a business but holding your investment can keep you in profits but it depends on when you got into the investment. Let take Bitcoin investment as an example, those who bought Bitcoin when it wasn't mainstream will be in profit until Bitcoin become worthless because they believed in Bitcoin when majority of the world didn't believe and that could be because they haven't heard about bitcoin then or because they choose to ignore bitcoin. Building wealth can be done in many ways because there's not only one way to build wealth. You can build wealth from investment and you can build wealth from running a business.

[Cryptomultiplier]

Well, to build wealth, you must be determined, put in some relentless efforts, and also be lucky. Some people are so lucky that after trying just a few things, it worked out so well for them, but some people have to try and put in all their efforts, but it does not work. Being able to invest some money out of your earnings, depending on your responsibilities and awaiting bills to pay. We are all different kinds of people from different countries around the world, faced responsibilities differently, and I believe that in some countries, the minimum wage is as low as $50. If the minimum wage of $50 is paid to a man who is married and has kids, there is no way he can save up and invest with such earnings, unless they just attach some side hustles to the job they already have so they can earn extra income. It's very easy to say that, no matter how small your earnings are, you are meant to save up, but if you are in the same position as those people, doing what they are doing and faced with their kinds of responsibilities, you definitely will not be able to save anything. But if your earnings are higher, at least you have a better chance of being able to save, invest and build wealth.

Extra source of income has become the order of the day inorder to stay afloat or even build wealth in this current economy of recession and increased interest rates and charges.
Building wealth is a result of consistent effort toward achieving a particular goal. It takes years and one must be disciplined enough to see it through the growing stages.
It's not just luck. It's like creating ones own opportunity in the field or area they have devoted a consistent effort in. The day just comes when everything clicks, and boom, we just call it luck, but it really isn't , because work was done behind closed curtains.

[Unbunplease]

Extra source of income has become the order of the day inorder to stay afloat or even build wealth in this current economy of recession and increased interest rates and charges.
Building wealth is a result of consistent effort toward achieving a particular goal. It takes years and one must be disciplined enough to see it through the growing stages.
It's not just luck. It's like creating ones own opportunity in the field or area they have devoted a consistent effort in. The day just comes when everything clicks, and boom, we just call it luck, but it really isn't , because work was done behind closed curtains.

Wealth is good when it can be enjoyed, but it is not good to become a hostage to money. A person here faces a choice: to collect money for many years or just to live. And luck does not always favor the patient. Often luck smiles on those who are not fixated on accumulating money

[Raflesia]

I don't believe anymore takes gambling as a business but holding your investment can keep you in profits but it depends on when you got into the investment. Let take Bitcoin investment as an example, those who bought Bitcoin when it wasn't mainstream will be in profit until Bitcoin become worthless because they believed in Bitcoin when majority of the world didn't believe and that could be because they haven't heard about bitcoin then or because they choose to ignore bitcoin. Building wealth can be done in many ways because there's not only one way to build wealth. You can build wealth from investment and you can build wealth from running a business.

Gambling is a business just not for the people who play it but for those bookies and gambling house owners who are behind the chair.
For us as players, it cannot be said to be a business because it is just a game where we only rely on luck and it is not suitable to be called a business but it is a different concept with the people who are behind the scenes of gambling. It is a business that is even very feasible to continue to maintain.
It all depends on your mindset and where you stand because in the end this determines the view whether it is worth saying business or not.

[Casdinyard]

Had a friend who experienced an identity crisis last year after one of the worst bear runs in the market. He didn't particularly suffer from it as he was prudent enough to make sure that his assets and wealth is safe, but at the same time being someone who's a visionary in the industry, continuously dishing out content for a time which went successful but all of a sudden experienced one of the worst droughts on both the creative and the audience department. He experienced one of the worst imposter syndrome episodes of his life. But what he failed to realize was that, prior to this he lost everything too, he won big in the 2016 bull run, lost it all, and then came back up and went stronger than ever before come the second bull run. That's something that even luck couldn't have accounted for.

[Dr.Bitcoin_Strange]

Extra source of income has become the order of the day inorder to stay afloat or even build wealth in this current economy of recession and increased interest rates and charges.

Yeah, you are right, it's very bad in some countries than other countries because in some parts of the world, the minimum wage is so small that it cannot even be able to handle all the family bills, and where the pressing needs cannot even be completely settled, how then can they be able to save and build wealth? With the current economic situation, there really is a need for side hustles, which is why a lot of people are always looking for an extra source of income.

Building wealth is a result of consistent effort toward achieving a particular goal. It takes years and one must be disciplined enough to see it through the growing stages.
It's not just luck. It's like creating ones own opportunity in the field or area they have devoted a consistent effort in. The day just comes when everything clicks, and boom, we just call it luck, but it really isn't , because work was done behind closed curtains.

Cryptomultiplier, I once argued this right on this forum, but there was a simple idea I learned from a member's comment here. Yeah, we know that we have to do some work, be dedicated, be passionate, be consistent, and add more effort before we can be able to archive success in building a wealthy life for ourselves, but that doesn't mean that you can just easily get favored and become successful. Some people have been putting in those efforts for years, and they have remained consistent for years too, but they have not really built much wealth or become so successful. But in most cases, there are also some people who can just start something, and before you know it, boom, they go... They are already becoming more successful than that person who has been putting in all their efforts for years. So, some people are usually very lucky with just small efforts; they get favored so abruptly.

[Oasisman]

I hope you have a better understanding the differences with gambling, business, and investment.

everything what you don't know about and can't control it's gamble

This definition of yours about gambling doesn't make any sense. I have seen gamblers who bet on their favourite sports as they find it comfortable betting on a sport they know about, so they know what they're doing.
Business owners don't just start their business without knowledge on the business model they want to pursue.
Investors doesn't just place their money in an asset they don't know about.
Do you know what is the one thing they have in common? "Controlling the outcome".

[fauzan Ichsan]

I hope you have a better understanding the differences with gambling, business, and investment.

everything what you don't know about and can't control it's gamble

This definition of yours about gambling doesn't make any sense. I have seen gamblers who bet on their favourite sports as they find it comfortable betting on a sport they know about, so they know what they're doing.
Business owners don't just start their business without knowledge on the business model they want to pursue.
Investors doesn't just place their money in an asset they don't know about.
Do you know what is the one thing they have in common? "Controlling the outcome".

Gambling in my favorite sport in my opinion is a hobby, so it is difficult to get rich from it. for example, betting on football, so there are only 2 possibilities of winning or losing, and of course not every luck comes from every time we do it. Therefore, what can make you rich comes from the bookie who coordinates with the gamblers. Therefore, it is better to build a business that can be done in stages on an object

[jeha2015]

In my opinion, each person will have different ways to get rich and no one will be the same, there is no common formula at all.

The most important thing to be a successful person is consistency. Success is not an overnight thing. You have to spend countless sleepless nights to achieve success.

I really believe that successful people are born from hard work, discipline and consistency. Don't worry too much about external things, but focus on improving your own skills.

In my opinion, there are actually four ways to build wealth to become rich.
1. Dreams (the dreamer) = dreams are the goal of our life, what is the current context, wealth, that is, you already have a dream of becoming rich.
2. Sever and investor (saving and investing) = saving and investing is a way to achieve our dream of becoming rich.
3. Company climber (job + position) = well, how do we want to earn money without working (honest, professional) and also if we don't save and invest, how can we achieve our dreams.
4. Vertuoso (skills) = well how can we get a job if we don't have skills, and how can we earn income without skills?

[Jody.Drummer]

Yes that's right, I also quite agree with what you said, for the problem of getting rich by luck maybe it's only for brands that come from rich families and they just have to continue in the footsteps of their parents and I would say they are quite lucky. So it's true as you say anyone who builds their wealth from scratch is not a matter of luck, but they succeed because of their tireless hard work so they get their just reward which is success. Of course, actually in any case it is more difficult to maintain than to get, but in terms of building success, it cannot be said that it is easy to achieve it because there must be a lot of failures that they experience, and after success as I said above, you have succeeded does not mean you just sit down to enjoy it but you also have to be able to maintain your wealth, and most of them already know how to do it because they already have provisions from previous experiences when they were pioneering and it is very useful.

We can see those who suddenly become rich by winning big prizes, on average, their wealth will not last long because before they never did anything like learning in the process of getting it, and it is very different from people who get wealth from the results of their hard work, the point is that knowledge from the journey is very useful.

Different situations indeed which there are ones who are really that born on a family which does have that better financial or simply being rich kind of state on which those childrens or the ones that would be getting those inheritance would really be having no problem when it comes to the time that they would really be making out their own businesses or someone that would really be continuing their long time business built up by their parents or simply been established on which it is really that something that would really be giving out advantage compared to those who do build up from scratch.

We do know that every business or investment does need up capital and the rest would really be definitely be needing that hard work on which it would really be varying on each person
since not all would really be having this kind of characteristics and this is why they do really miss out or fail on reaching out their targets and goals because
of such behavior.

Yes it is like that and I say that means they are quite lucky, sometimes I also like to feel a little concerned about myself why I am not in the position like them, but honestly it might just be a shadow in my mind to enjoy the results of my parents' hard work and I just have to continue it. But to be honest, I don't want to be a cutter who only enjoys the fruits of my parents' hard work, if I were in their position, maybe in terms of capital it wouldn't be difficult because the finances are quite capable but maybe I would only borrow a little capital from my parents and I would run it myself or build a business from scratch myself without involving my parents. I was educated to be a person who is better at giving than asking, so even though my position is favorable by being in a rich family but maybe I won't be a coward, I want to feel what my parents felt in the process of getting their wealth, because it will be a lesson.

Yes, my words above are probably only for people who have a warrior spirit who have a strong desire to do it, with that being true, so everyone has their own character, you are very interested in what you see but other people may not even care about anything.

[rachael9385]

Yes, you are absolutely right. You know for somebody to be rich, that person's must need to be very disciplined, and again, you have to make good or bad decisions before you can get rich. Sometimes the economy of a country can be very tough and you need to take a bad and risk decision before you can achieve what you want in life, although it is not easy to make a good name when somebody is starting from crash.

The economic problem is the number one reason I don't blame those sets of people who sold some of their property to get money so that they can start up a business or an investment, to see if they can get profits or become rich from there.

Those set of people who were given birth in a wealthy home are the ones who don't suffer in life. Like I watched a video when they were interviewing a Nigerian celebrity called DAVIDO and they asked him what was the hardest thing he had experienced, and he said that the hard thing he had experienced was sitting down in a car at a road block, just that. And the funny thing was that he was not the one driving the car, lol.

There are people who are just looking for a way to get off of that car, but for him it is a very bad experience.

Those set of people who suffered before they became rich have got a good experience so nothing can scare them again, because while they were trying to make a name for them selfs they have experienced a lot of changes but those who were given birth wealthy or rased up in a wealthy can't understand the ironic of life no matter their level of education.

[tygeade]

I really believe that successful people are born from hard work, discipline and consistency. Don't worry too much about external things, but focus on improving your own skills.

In my opinion, there are actually four ways to build wealth to become rich.
1. Dreams (the dreamer) = dreams are the goal of our life, what is the current context, wealth, that is, you already have a dream of becoming rich.
2. Sever and investor (saving and investing) = saving and investing is a way to achieve our dream of becoming rich.
3. Company climber (job + position) = well, how do we want to earn money without working (honest, professional) and also if we don't save and invest, how can we achieve our dreams.
4. Vertuoso (skills) = well how can we get a job if we don't have skills, and how can we earn income without skills?

Yeah, no matter how hard you work, and how much you save, a simple worker can not get wealthy without investment. You may make a lot of money, but you are not going to be rich, at least not where I live.

You are going to be a lot better than rest of the people if you end up with a good position at a good company, but it is not going to be that much of a simple solution neither, it is going to be a tough deal. When the time comes, if you saved enough, you should start investing that money into bitcoin and then when bitcoin goes up you will have a chance to get wealthy as well. This is why you need to be smart about the money you have and even smarter about the money you are going to have in the future as well.

[dothebeats]

I hope you have a better understanding the differences with gambling, business, and investment.

everything what you don't know about and can't control it's gamble

This definition of yours about gambling doesn't make any sense. I have seen gamblers who bet on their favourite sports as they find it comfortable betting on a sport they know about, so they know what they're doing.
Business owners don't just start their business without knowledge on the business model they want to pursue.
Investors doesn't just place their money in an asset they don't know about.
Do you know what is the one thing they have in common? "Controlling the outcome".

I agree with you. Besides even in gambling gamblers still use critical thinking and skills to ensure that they win as much as possible or not lose as much money as they can to retain their capital. It may be true that there should be luck and some uncontrollable aspects that comes with gambling but it doesn't mean gamblers do not use their mind to bet. In fact, in gambling, before an individual makes a bet they have to analyze how big of a percentage their chance of winning can be and when, to whom, and how much they should gamble or bet. These things show just how much control is at present in gambling. The same way as investments should be, thinking both critically and rationally should be present.

[benalexis12]

In the title, it's true that you can't get wealth in just one day if you're just a poor person, but you persevere to get out of the hardships of life. From the word building, which cannot be built in just one day, one week, or one month. There is a proper process to build it properly. A good layout plan is needed, and just like building wealth, it takes time before it arrives. And it is not easy to get; we will experience or go through great sacrifices and hardships before we achieve it, and everyone who has a dream or ambition in life knows this.

[Inwestour]

Yes it is like that and I say that means they are quite lucky, sometimes I also like to feel a little concerned about myself why I am not in the position like them, but honestly it might just be a shadow in my mind to enjoy the results of my parents' hard work and I just have to continue it. But to be honest, I don't want to be a cutter who only enjoys the fruits of my parents' hard work, if I were in their position, maybe in terms of capital it wouldn't be difficult because the finances are quite capable but maybe I would only borrow a little capital from my parents and I would run it myself or build a business from scratch myself without involving my parents. I was educated to be a person who is better at giving than asking, so even though my position is favorable by being in a rich family but maybe I won't be a coward, I want to feel what my parents felt in the process of getting their wealth, because it will be a lesson.

Yes, my words above are probably only for people who have a warrior spirit who have a strong desire to do it, with that being true, so everyone has their own character, you are very interested in what you see but other people may not even care about anything.

When you see the results of successful people, in your example these are your parents, it may seem to you that there is nothing complicated in this, and you could create the same business yourself and manage it successfully. But I saw an example of my friend when he first ran a business with his parents, and then when they retired, he began to run this business with his wife. As a result, after several years he had to close this business.

Perhaps the pandemic and the subsequent crisis are to blame for this, but his parents also had to go through difficult times, and they were able to cope with the difficulties, but my friend could not. Why did this happen, maybe he didn’t have enough experience or perseverance to cope with difficulties? It seems to me that he did not have enough knowledge to manage a business in difficult times, he got everything ready and just managed it, it was not difficult, but it was not enough.

[bayu7adi]

Well, you see, it appears that this thread isn't guiding us toward a stock market or cryptocurrency investment scheme, as growing $50 solely relying on candlestick patterns would take longer than a small street food vendor making a fortune. Such mechanisms are often preached by successful motivators at workshops.

And we're aware that investing in Bitcoin isn't a get-rich-quick scheme. In fact, it takes quite a while for individuals in the middle to lower economic scale. This means turning $50 into millions of dollars requires various steps and different places. The more skillful you become, the greater your chances of reaching true wealth.

[terrific]

I already know that using a $50 trading capital was impossible to make it $1,000 in just a few days but can possibly be made for years. And with that long, I'm not sure I still have the courage to trade with that amount, that seems too boring for sure.

That won't be boring for me but challenging but it's a challenge that I am not going to take. I'm not as good as the other traders and it's just like going to give me an headache.
Wherein, I have some deadlines to meet and making that small capital turn into something bigger but the road will surely be tough and unknown with that typical challenge.
Yeah, we're all for building wealth and doing it with all our might, knowledge and experience. But the main thing that I've learned is to focus on your strength and challenges are there already but you don't have to complicate your life.

[isaac_clarke22]

2023 year Will be good year to teach you Lesson don't take nothing for granted but learn first how it works.

Some part of it could be helped with technical stuff, but we gotta admit that even if we reinvest over and over, luck still becomes a factor in the end. Both luck and hardwork/knowledge depend on each other.

Sure you could know every ways to trade per season, but luck could do so much that it could crap out your trade. Not everyone is meant to trade and that's okay as not everyone's business-minded and some are usually comfortable with technical stuff....well like me.

I thought I could day trade before since it is kinda the something that would make me see how I earn and even I can control the market with that, but I was fucking delusional, lol.

[|MINER|]

It's not just about making money.  How to increase money from that money should know the strategy.  If someone earns 1 million dollar by luck, if he does not know how to increase the money from that money, then the money earned by his luck will not last long.  I agree with your statement that if someone can't earn from fifty dollars, he can't earn from 100,200,300 dollars.  Before investing in any sector, it is impossible to achieve success without having a clear understanding of that sector and knowing the strategy.