The secret to creating wealth...

[TheUltraElite]

I like the emphasis on getting a job and working it out, business is also an option for those who are having the guts and political connections.

Over the years on this forum, I have seen a delinquent attitude towards jobs and skills in general. People think bitcoin is an escape from the laborious lives. It is not. I always encourage people to complete their education, learn about finances in the side and consider assets available to them to store value in.

It is never easy, it was not for our ancestors and it sure as hell not going to be easy for our successors.

[Shishir99]

... is not a secret.

• Do your job. Innovate, produce, make money.
• Trade your fiat currency for the scarcest asset.
• Hold the scarcest asset.

I believe more than 90% people in my country are confused about their investment and they don't know where to invest. A lot of expatriate people works and saves money for their future and they think they will do something after returning to the country. But most of them don't have any plans. They seek for plans on youtube and facebook. Unfortunately, most of their plans end up destroying their dreams.

Most people don't know about Bitcoin. A couple of days ago, I heard that the central bank of my country decided to print Tk 225 billion to save the banking sectors. What a shame. Most average people don't know what is going to happen after that. I will hold dollars and Bitcoin so I can face the inflation.

[Japinat]

Ensure consistency and high-focused on long term goals. Do what you think that will work best on you, and leverage your opportunities by creating both passive and active income. Lastly, love what you’re doing. If you don’t have the love and passion that will encourage you to pursue what you have started, you will never unlock your goals and achieve wealth creation.

[mirakal]

Agreed. Delayed gratification is the key. Most particularly for volatile investments like bitcoin. Stay focused on your goal. Resist those temptations by instilling more patience and self-discipline that will lead you to greater benefits in the future. If you dream of getting wealth, then find ways to make it possible. Not later or soon, but do it now.

[Mate2237]

... is not a secret.

The pioneers are still on the track of hodling for the long term while the young investors are Only interested in the trading and short term investment. And most of them that saying in the long term investment in the economic board are not even investors but depending on campaign funds. The delay gratification is an another method of long term investment. But when the price rise to some setting level it is tempting to sell. Like what happened recently, when the price was about hitting $100k and it was $99k I was tempted to sell but I removed my mind from the immediate pleasure of the price and continue the journey.

Like those who government workers, self employed, businessmen and other people who have extra income before investing are the ones enjoying the investment.

[Die_empty]

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

The problem with most people is ignorance. They don't want to spend time to learn about a new investment. The have just decided to hold on to what they have known long time ago. There are people who still invest in company shares when it is clear that Bitcoin is more profitable. Others have been blinded by misconceptions that the crypto industry is a scam and will soon phase away. Bitcoin has the potential of increasing to any price, so I agree that we should have more than a four-year plan.

[apogio]

Everything starts and ends when people get impatient. Simple as that! Most people believe they 'll become quantillionaires in 2 weeks because they are smarter than others and they lack the patience to do the obvious thing.

[franky1]

Everything starts and ends when people get impatient. Simple as that! Most people believe they 'll become quantillionaires in 2 weeks because they are smarter than others and they lack the patience to do the obvious thing.

2 reasons for this impatience

1. whomever told them about bitcoin done the get rich quick advert rather than true investment advice
2. most people throw all eggs in one basket and know they need the money out soon because they didnt buy their groceries or pay their bills that month so were hoping for quick win to then pay bills.. they didnt prepare for emergencies or have a separate savings emergency fund to buffer their daily needs.

[apogio]

2 reasons for this impatience

1. whomever told them about bitcoin done the get rich quick advert rather than true investment advice
2. most people throw all eggs in one basket and know they need the money out soon because they didnt buy their groceries or pay their bills that month so were hoping for quick win to then pay bills.. they didnt prepare for emergencies or have a separate savings emergency fund to buffer their daily needs.

Both points are correct.
I 'd add to that, the fact that people buy something (an asset), just because a friend told them to do so.
Most people don't care about experts, but they trust their good neighbor better, because they helped them with some water pipe maintenance the other day. This is, sadly, a true story.

[Z-tight]

People forget that they have to make money first in order to buy BTC or make any investment, that is why you can see people asking questions like how they can make money from BTC, even when they are jobless and they are not making any money in real life. BTC is not a get rich quick scheme, you have to buy BTC with money you have already made or you need to have a skill or knowledge you can offer and earn BTC as payment

[Stepstowealth]

It amazes me how difficult it is for some people to grasp that.

It's all about the long term vision and the ability of holding on to the asset with the most potential. Bitcoin's market cap is huge, and the key to making the most out of it is having patience and discipline to hold onto it for the future. It can be tough to adhere to this discipline and also resist the temptation to sell too early. Delayed satisfaction is the game when it comes to investments like Bitcoin and other cryptocurrencies. It is definitely a strategy that requires a strong mindset and the willingness to ride out through the ups and downs.

2 reasons for this impatience
1. whomever told them about bitcoin done the get rich quick advert rather than true investment advice

The get rich quick advert promotes very high expectations from new investors, the high expectations contribute to the impatience.

[shield132]

... is not a secret.

• Do your job. Innovate, produce, make money.
• Trade your fiat currency for the scarcest asset.
• Hold the scarcest asset.

That's it. It's all about delayed gratification. The hardest part is to actually hold it. Bitcoin has an addressable market cap hundreds of trillions of dollars worth more than it currently does. Don't be the guy who traded it with a 99% discount.

It amazes me how difficult it is for some people to grasp that.

It's not as easy as you make it. First of all, if you are not from an educated or rich family, your chances of achieving success are very slim because you grew up in a place that makes everything hard for you. The mentality of parents isn't good, your connections are bad and etc... This is the case with 99% of people who grew up in such a place.
Second of all, people don't know what trading is. I'm from a developing country, and trading and forex are new words that we heard recently while the rest of the USA is doing all of this since the 20th century. Even in my generation, 90% of young people don't know what it is.

Holding an asset comes with knowledge. Sadly, I sold lots of coins in 2016-2017, because I was young with no knowledge of the economy and how things work in this world but since then, I focused on my mentality to keep patience and hold coins. in 2020, when I saw a bull run again, I became sure that holding of Bitcoin and investing in some altcoins with a big potential is a road to success and today it makes me very happy that I've come this far. I'm not rich but when I compare current days to my past days, I'm proud that I stand here, where I am.

[coolcoinz]

It amazes me how difficult it is for some people to grasp that.

It's normal human nature. It's hard for us to plan ahead for more than a few years. We feel that it's going to be worth more, but 5 or 10 years feels so distant that most people don't want to commit.

It's the same with many business opportunities. How many people can enter a business that will make them money in 10 years but they decide not to because it feels like such a long period of time that they're afraid they're going to need the money much sooner.

I've been holding bitcoin for almost 10 years and it feels great. Once you make it through a whole cycle it gets much easier. It's only hard when you're even on your investment or down a bit. When you're at a huge loss you say "fuck it" and stop caring and it's pretty much the same when you're up by a lot.

[Nwada001]

Remember everything has it's price.

If you delay your gratification, you will miss your childhood to spend more time with your family, going out with your friends, enjoy the moments etc. When you're old enough and rich, you will say "damn, money is nothing, I want to trade everything to go back when you were young".

Delaying gratification doesn't mean you will suffer your family for tomorrow's success; you can still pick up the few things you can sacrifice and deprive yourself of in order to get that desired result you want in the future.
 
If you are earning very well, you can give your family an average life, provide what they need, and deny things that are extremely unimportant, like luxury properties, which you can live without. Denying yourself of luxury alone is something many are not ready to do when they have the finances to fund that.

[Natalim]

Is to never stop creating your wealth. Hard work and patience are a must. There’s no instant way to success so you have to focus on the process until you start see things in progress. Right then, if you continue to maximize your limitless opportunities and make the best of it, not only you will create your wealth at the moment but also you will secure your future finances. Consistency is the key. You can rest but never stop in the process.

[Darker45]

It's difficult for some people to grasp this because it is indeed difficult. In most places in the world, even making money itself is difficult enough. Trading for scarcest asset is good. A week later, the scarcest asset is traded back to fiat with a loss to pay unforeseen bills.

I guess Bitcoin indeed isn't for everyone, at least as an investment. And perhaps the most important of all from what's listed above is to make money. Bitcoin investment only applies when one has enough surplus. So, create surplus first.

[Strongkored]

It remains a secret for many who have not found the scarcest asset, even when they have found it the next question is whether they have enough ability to start investing because there are many who even to meet their daily needs still have difficulty, let alone start investing even though they have worked hard enough and it is difficult to invest when the main needs have not been met.
But for many members in this forum they should have been able to do what Op said, even if they do not hold all their Bitcoins at least there is something to hold for the future.

[Richbased]

• Trade your fiat currency for the scarcest asset.

And some people will choose to trade their bitcoin to get more Fiats, isn't that foolishness?. The Fiat is no longer bringing monetary solutions to humanity, neither is it ending inflation that has crippled the world economy but yet some persons just want to die with the mentality of keeping more Fiats than bitcoin in their possession. As the price of bitcoin is skyrocketing, that is how it's value is increasing and it's affordability is also reducing and becoming difficult for many to buy. Why won't those who are lucky to own it when the price was cheaper, HODL it.

It is crystal clear that bitcoin is becoming more of store of value than being traded or used for transactions because if it is being stored and the price gets to an incredible milestone in the future, the HODLERS may have created generational wealth for themselves depending on how much of it they have acquired and hold in their custody. Why don't we hodl an asset that have the potentials to turn us into millionaires when we hodl for long term future growths. It baffles me when people who earns in Fiats trade their bitcoins instead of them to use their Fiats and buy more bitcoins to their holdings.

[Jawhead999]

Unfortunately not many people able to be in this path.

Most people abandon Bitcoin and choose to invest in shitcoins because they feel Bitcoin is too late to make profit.

Some people fell to ponzi scheme or any other project that claimed to be Bitcoin investment, which make them trauma to invest in Bitcoin.

While other people lost their coins due to staking in centralized sites.

[MeGold666]

There are no secrets to creating wealth; you are either smart or foolish in life.

You can acquire knowledge, but no one can teach you to be smart. Moreover, no amount of knowledge will help if you act foolishly.

/Over&Out.