Building wealth it's not just one time Luck

[Latviand]

That depends though, what if the luck that you're talking about is winning the lottery or being able to buy bitcoin back when it was dirt cheap? That's a different kind of luck. Also it's kind of weird to say that you've disregard someone's trading skill by saying that if they make 10x profit, that means they're lucky, but I guess that depends though and I do agree that if it's not a consistent occurrence then there's something wrong but I'd like to point out that even the greatest trader out there doesn't do good trades everyday.

[Lorence.xD]

I have recently seen a TV programme ("how to get rich" or something like that, in Netflix, not an eye-opener at all) where a man invested 20k USD in zoom at the beginning of the pandemic and his investment hit in a few days 150k. Long story short: he eventually lost money because he waited too much to withdraw and reinvested in shitty stocks in Robinhood.

In addition, today a colleague has told me that a professor of him won the lottery with some friends, and all of them ended bad (dead, addicted or ruined).

So I can't agree more with your thesis, OP, and the fact that most people I have talked with about it don't believe it only corroborate that idea.

Most likely they got overwhelm with the amount of money they've won or received and did all the things that they haven't done before such as investing all your money in shitty coins/stocks, and trying out drugs which will eventual lead to killing yourself or ruined life, why? They did not manage their money cause they lack the knowledge, they have been blind by the big amount of money on their hands. If you have the money and don't have knowledge why not hire a financial tutor right so you would know to handle your money. Cause I believe even a million or thousands of money could get easily drained if you are keep consuming without reserving, saving and investing.

[Cookdata]

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.
If we talking about real estate , first you need to understood the " mortgage markets " If you make like 10 year Investment plan because you been told real estate always good Investment then it's gamble everything what you don't know about and can't control it's gamble. 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.

You need to know everything about the topic you deal with specially when money is involved.

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

You sound too theoretical than someone who is talking in a real sense. How on earth can you continue to make 10x in the long term, that is not possible, trading sometimes is by luck and what happens after, your position and what you think might not happen every day, just because you set up a trade on support of BTC/USD at $25k and it did make you 10x after it hit that price, you think the same is going to happen. If you are not even a pro trader, you will lose everything you earn the second day, trust me.

You can't know everything, you are limited with information, even Albert Einstein didn't know all, if he had known all, he would have developed a formula that would have save his life but he couldn't and neither do you. You can't understand everything around money, if indeed you understand everything around money, you will not be on this forum making threads on theoretical stuff to get merit, instead, you will be on your desk trading and making all that profits to yourself; Before you teach others, make sure you have the proof that you have done it and has been successful too.

[Vaculin]

That depends though, what if the luck that you're talking about is winning the lottery or being able to buy bitcoin back when it was dirt cheap? That's a different kind of luck. Also it's kind of weird to say that you've disregard someone's trading skill by saying that if they make 10x profit, that means they're lucky, but I guess that depends though and I do agree that if it's not a consistent occurrence then there's something wrong but I'd like to point out that even the greatest trader out there doesn't do good trades everyday.

If there’s wealth that you were able to built out from a single luck, then expect that it will also vanish all of a sudden just like a thin air. That’s why stable wealth are hard to build and establish. Sometimes, you need more than just one luck, and a sufficient knowledge and skills, and a good amount of patience in order to build your wealth. If you do everything and yet you’re still not lucky, probably you are doing the wrong and ineffective way.

[Baofeng]

That depends though, what if the luck that you're talking about is winning the lottery or being able to buy bitcoin back when it was dirt cheap? That's a different kind of luck. Also it's kind of weird to say that you've disregard someone's trading skill by saying that if they make 10x profit, that means they're lucky, but I guess that depends though and I do agree that if it's not a consistent occurrence then there's something wrong but I'd like to point out that even the greatest trader out there doesn't do good trades everyday.

If there’s wealth that you were able to built out from a single luck, then expect that it will also vanish all of a sudden just like a thin air. That’s why stable wealth are hard to build and establish. Sometimes, you need more than just one luck, and a sufficient knowledge and skills, and a good amount of patience in order to build your wealth. If you do everything and yet you’re still not lucky, probably you are doing the wrong and ineffective way.

True, I also believed in this saying, I mean let's say that you struck in a lotto and won. Meaning there is no hard work behind, you simply got a windfall, so easy money as what we say. So most likely if you are a person who hasn't seen or touch this kind of money before, then you might drown seeing it and you don't know what to do.

So you might buy something that you don't need and live a lavish lifestyle. Nevertheless, if you don't know how to protect it sooner or later maybe in less than a year, it will all be vanish in thin air. Better be work our ass off and earn and become wealthy in years through hard work and investing.

[Smartvirus]

If there’s wealth that you were able to built out from a single luck, then expect that it will also vanish all of a sudden just like a thin air. That’s why stable wealth are hard to build and establish. Sometimes, you need more than just one luck, and a sufficient knowledge and skills, and a good amount of patience in order to build your wealth. If you do everything and yet you’re still not lucky, probably you are doing the wrong and ineffective way.

Can anyone build wealth out of a single luck? I mean, let’s look at it.
Wealth is much different from when you say someone is rich! They both aren’t the same thing and vast significantly by my understanding.

Rich simply puts you in a position of having just enough money to maintain a lifestyle around the average level. Maybe you own a house, car, business, few properties, family and can afford most of your expense.
When someone is wealthy, you almost own enough joy yo work a day anymore in your lifetime and still, you would be rich enough to afford all that you would desire.

That’s how I look at them and I don’t think it’s a level one can archive out of a single luck. People can inherit wealth but, you don’t get wealthy out of luck.

[serjent05]

That depends though, what if the luck that you're talking about is winning the lottery or being able to buy bitcoin back when it was dirt cheap? That's a different kind of luck. Also it's kind of weird to say that you've disregard someone's trading skill by saying that if they make 10x profit, that means they're lucky, but I guess that depends though and I do agree that if it's not a consistent occurrence then there's something wrong but I'd like to point out that even the greatest trader out there doesn't do good trades everyday.

Even winning in a lottery requires time.  I have never heard someone who just bought his first lottery ticket win.  If there is, it is more likely a fabricated story to make the story more sensationalized.  So these people may have been buying lottery tickets for months or years before they got the winning number combination.

At the same time in a situation where one person bought Bitcoin at a very cheap price.  This took years before Bitcoin started to skyrocket.  In short, there is no such thing as get rich quick, because if it is, the person may probably be scammed.

[macson]

being rich is everyone's dream but it is not easy to build it, it takes hard work and good skills to achieve it, we all go to school to get a good education so we can get a decent income and that also takes quite a long time, which is very important to become someone who is rich is a circle of friends, if you are in the circle of entrepreneurs then you will get a lot of good business plans and a good exchange of information about the business and it doesn't take a moment to achieve it.  as long as you are able to imitate the way rich people work then you will be able to achieve that, but it is far from the opinion that being rich can be achieved in a short time ^{(unless you win the big lottery)}

[martinex]

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.

To make even a 10% profit is very difficult in the current situation, especially when you bought everything with that $50 capital. The dream of being profitable in trading to get 10x, 20x ... 100x profits and achieving a profit of $1000 with capital of $50 like a dream (and trading is not the world of memes) in my opinion. On the other hand, the initial capital value of $50 is actually less than 35% of the initial capital. Believe it or not, that is what happens in the world of trading if it is not resistant to corrections like some time ago. Now. Does anyone here feel this?

[HONDACD125]

being rich is everyone's dream but it is not easy to build it, it takes hard work and good skills to achieve it, we all go to school to get a good education so we can get a decent income and that also takes quite a long time, which is very important to become someone who is rich is a circle of friends, if you are in the circle of entrepreneurs then you will get a lot of good business plans and a good exchange of information about the business and it doesn't take a moment to achieve it.  as long as you are able to imitate the way rich people work then you will be able to achieve that, but it is far from the opinion that being rich can be achieved in a short time ^{(unless you win the big lottery)}

I don't think you can get rich just by winning the lottery, but most of the billionaires in the world got there through hard work, and you don't have to be very good at education to get rich. Rather you can take the example of Bill Gates who was very weak in terms of education, but later earned a lot of name, wealth and fame through his hard work and ambition.


It is true that there is no short cut way to get rich but one has to take a long journey to reach this destination. Luck also plays a big role in this. Some people also have luck on their side, due to which they easily overcome difficult phases. Some give examples of what he touches turning to gold. I think the best option to get rich is business,If you live in the circle of business people, you will also get knowledge about getting new business ventures and you can learn a lot from them.

[Strongkored]

Many people understand this, but luck can make it easier for us to achieve the wealth we desire, it's just that everything that is obtained easily will also be lost very easily, this happens because usually we will not be too careful when using wealth obtained quickly, or also because they think they will get it back quickly, so they use it unwisely, buy a lot of things that decrease in value, or continue to spend it on things that are not important.
Achieving wealth takes time and we can see how rich people take decades to achieve it

[barisbilgili]

being rich is everyone's dream but it is not easy to build it, it takes hard work and good skills to achieve it, we all go to school to get a good education so we can get a decent income and that also takes quite a long time, which is very important to become someone who is rich is a circle of friends, if you are in the circle of entrepreneurs then you will get a lot of good business plans and a good exchange of information about the business and it doesn't take a moment to achieve it.  as long as you are able to imitate the way rich people work then you will be able to achieve that, but it is far from the opinion that being rich can be achieved in a short time ^{(unless you win the big lottery)}

I don't think you can get rich just by winning the lottery, but most of the billionaires in the world got there through hard work, and you don't have to be very good at education to get rich. Rather you can take the example of Bill Gates who was very weak in terms of education, but later earned a lot of name, wealth and fame through his hard work and ambition.


It is true that there is no short cut way to get rich but one has to take a long journey to reach this destination. Luck also plays a big role in this. Some people also have luck on their side, due to which they easily overcome difficult phases. Some give examples of what he touches turning to gold. I think the best option to get rich is business,If you live in the circle of business people, you will also get knowledge about getting new business ventures and you can learn a lot from them.

There are many processes that must be taken to become rich, but there are some people who become rich because of their parents' inheritance and can manage well what their parents have given them so that they will remain rich, but very few people can do it because they are not able to manage it well good. Yes, you are right that choosing to do business will indeed make us rich, but before starting to do business there are many things we have to prepare carefully so that the business we are going to build doesn't just run for a moment so we experience losses in business.

[gunhell16]

That depends though, what if the luck that you're talking about is winning the lottery or being able to buy bitcoin back when it was dirt cheap? That's a different kind of luck. Also it's kind of weird to say that you've disregard someone's trading skill by saying that if they make 10x profit, that means they're lucky, but I guess that depends though and I do agree that if it's not a consistent occurrence then there's something wrong but I'd like to point out that even the greatest trader out there doesn't do good trades everyday.

If there’s wealth that you were able to built out from a single luck, then expect that it will also vanish all of a sudden just like a thin air. That’s why stable wealth are hard to build and establish. Sometimes, you need more than just one luck, and a sufficient knowledge and skills, and a good amount of patience in order to build your wealth. If you do everything and yet you’re still not lucky, probably you are doing the wrong and ineffective way.

Well, it is true that building wealth is not easy. Then not all people's hard work or patience just to have a lot of wealth will be successful in the end. Because most of the others are just hardworking and patient, but the system they are working on is wrong, their situation is still difficult.

It seems to mean that others who are rich businessmen are not hardworking in terms of physical effort; instead, they use the smart way. While the majority are hardworking, they still remain poor because no wealth is built because it only goes to their bills, and often they are still lacking or under pressure.

[adzino]

I understand what you are trying to say. Relying on luck is like hoping to win the lottery (with impossible odds) to get rich. Yes, there are few people that get lucky and become rich over night, but the numbers are very few. Like 1 in a 100,000 people maybe. The rest actually ends up losing more when relying on luck to make money. Look at how many people have lost their savings and almost everything when investing on some shitcoin hoping that it will go x1000 in few days. A lot! Consistent effort, smart choices, and understanding what you are doing and where you are investing is the key to building your wealth and yes.. a little luck.

[Fakhrulenclix]

I understand what you are trying to say. Relying on luck is like hoping to win the lottery (with impossible odds) to get rich. Yes, there are few people that get lucky and become rich over night, but the numbers are very few. Like 1 in a 100,000 people maybe. The rest actually ends up losing more when relying on luck to make money. Look at how many people have lost their savings and almost everything when investing on some shitcoin hoping that it will go x1000 in few days. A lot! Consistent effort, smart choices, and understanding what you are doing and where you are investing is the key to building your wealth and yes.. a little luck.

Actually, everyone knows this, but there are quite a few people who try to get lucky, yes, but I think it's just a normal thing.
And to be realistic, in building wealth, everyone knows the stages that need to be gone through, but regarding trying your luck on shitcoins or other things that can make you rich in just a short time, I think there's no harm in it, but there must be a limit because if you overdo it, it will actually result in big losses.

[passwordnow]

I understand what you are trying to say. Relying on luck is like hoping to win the lottery (with impossible odds) to get rich. Yes, there are few people that get lucky and become rich over night, but the numbers are very few. Like 1 in a 100,000 people maybe. The rest actually ends up losing more when relying on luck to make money.

While there are rare and few people that have been lucky and became rich overnight. Those who have put in a lot of hard work and effort are the normal process of being wealthy and as long as both have made their own way through it legally, there's no question for both of them.

Look at how many people have lost their savings and almost everything when investing on some shitcoin hoping that it will go x1000 in few days. A lot! Consistent effort, smart choices, and understanding what you are doing and where you are investing is the key to building your wealth and yes.. a little luck.

True and those investors that have been putting all of their savings and finding for those types of altcoins to invest with, they're depending on luck. There are many of them that don't do their due diligence before entrust their money on those.

[demonica]

That depends though, what if the luck that you're talking about is winning the lottery or being able to buy bitcoin back when it was dirt cheap? That's a different kind of luck. Also it's kind of weird to say that you've disregard someone's trading skill by saying that if they make 10x profit, that means they're lucky, but I guess that depends though and I do agree that if it's not a consistent occurrence then there's something wrong but I'd like to point out that even the greatest trader out there doesn't do good trades everyday.

If you get lucky and won such a huge amount of prize, you'll be rich. But if you don't know how to handle that money or how to grow it more, then it'll be gone after some time. To be able to be stable with your wealth, you build yourself. And it takes a lot of effort and hard work. You can be rich with one time luck but it won't last without skills and hard work.

[dothebeats]

That depends though, what if the luck that you're talking about is winning the lottery or being able to buy bitcoin back when it was dirt cheap? That's a different kind of luck. Also it's kind of weird to say that you've disregard someone's trading skill by saying that if they make 10x profit, that means they're lucky, but I guess that depends though and I do agree that if it's not a consistent occurrence then there's something wrong but I'd like to point out that even the greatest trader out there doesn't do good trades everyday.

If you get lucky and won such a huge amount of prize, you'll be rich. But if you don't know how to handle that money or how to grow it more, then it'll be gone after some time. To be able to be stable with your wealth, you build yourself. And it takes a lot of effort and hard work. You can be rich with one time luck but it won't last without skills and hard work.

And that's just how it is, even if you get lucky once you still have to manage it and ensure that whatever benefit you get from hitting the luck will not be gone after a day or two. There already have been a lot of stories of individuals winning the lottery and after less than a year they have lost almost all of the price money. Those stories showed how you cannot just depend on luck alone, you still have to work and manage everything yourself. If you keep relying on luck then you will continue to find yourself back to where you started.

[Dickiy]

If you get lucky and won such a huge amount of prize, you'll be rich. But if you don't know how to handle that money or how to grow it more, then it'll be gone after some time. To be able to be stable with your wealth, you build yourself. And it takes a lot of effort and hard work. You can be rich with one time luck but it won't last without skills and hard work.

And that's just how it is, even if you get lucky once you still have to manage it and ensure that whatever benefit you get from hitting the luck will not be gone after a day or two. There already have been a lot of stories of individuals winning the lottery and after less than a year they have lost almost all of the price money. Those stories showed how you cannot just depend on luck alone, you still have to work and manage everything yourself. If you keep relying on luck then you will continue to find yourself back to where you started.

Yes and that means that no matter how big the luck is, it still depends on how you can manage it. Because it's useless even though you have as much money as you have or as rich as you are if you can't manage your finances well then yes the results are like what you said maybe it will run out in just a day or two. We can see how rich people who started from the bottom to the top point in their lives, they are more concerned with how to maintain their wealth rather than prioritizing their desires such as buying something that is actually not important at all, and that is clearly a waste. And I think that means a person who has wealth from the results of his hard work will be very different from those who are rich from the results of getting lucky from winning the lottery for example, and clearly the difference is from how they can manage the money to continue to grow. Honestly agree with what you said, that indeed we cannot continue to depend on luck alone, there must be action to make changes, it doesn't need to be too significant but you can start slowly and consistently.

[Texac]

If you get lucky and won such a huge amount of prize, you'll be rich. But if you don't know how to handle that money or how to grow it more, then it'll be gone after some time. To be able to be stable with your wealth, you build yourself. And it takes a lot of effort and hard work. You can be rich with one time luck but it won't last without skills and hard work.

And that's just how it is, even if you get lucky once you still have to manage it and ensure that whatever benefit you get from hitting the luck will not be gone after a day or two. There already have been a lot of stories of individuals winning the lottery and after less than a year they have lost almost all of the price money. Those stories showed how you cannot just depend on luck alone, you still have to work and manage everything yourself. If you keep relying on luck then you will continue to find yourself back to where you started.

Yes and that means that no matter how big the luck is, it still depends on how you can manage it. Because it's useless even though you have as much money as you have or as rich as you are if you can't manage your finances well then yes the results are like what you said maybe it will run out in just a day or two. We can see how rich people who started from the bottom to the top point in their lives, they are more concerned with how to maintain their wealth rather than prioritizing their desires such as buying something that is actually not important at all, and that is clearly a waste. And I think that means a person who has wealth from the results of his hard work will be very different from those who are rich from the results of getting lucky from winning the lottery for example, and clearly the difference is from how they can manage the money to continue to grow. Honestly agree with what you said, that indeed we cannot continue to depend on luck alone, there must be action to make changes, it doesn't need to be too significant but you can start slowly and consistently.

Totally agree with what everyone is saying, regardless of whether that success comes from luck or because we inherited it.  but if we don't know how to manage it, no matter how big that asset is, it will one day disappear.

But I want to emphasize one thing, luck is indispensable when it comes to anyone's success.  although sometimes we will see a lot of successful people coming from poor backgrounds, or working hard to achieve success, I believe that without luck, no matter how talented they are, they will not succeed if luck does not come to them.  we must not be lazy and rely only on luck, but we also cannot deny that luck is a part of our success.