Distraction in building your own wealth and it's effects to Bitcoin investment

[odunybiz]

Distraction remains one of the silence enemies of building ones wealth. Distraction steals time making individual become less focus and inconsistence.  

Below are the examples of people that got distracted along their successful dreams and later failed:
Sam Bankman-Fried (FTX)

Samuel Benjamin Bankman-Fried commonly known as SBF, is an American entrepreneur and a founded the FTX cryptocurrency exchange. At the peak of his net worth, he was ranked the 41st-richest American. He was distracted by political ambition, risky bets and lack of controls. Due to lack of discipline, his dream collapses and later end up in jail.

Elizabeth Holmes (Theranos)

Elizabeth Anne Holmes is an American biotechnology entrepreneur. Holmes was once named the youngest and wealthiest self-made female billionaire in the United States. She was distracted by hype, secrecy and the fear of admitting failure which later led to her company being collapsed, was convicted and her personal wealth was wiped out.

Vijay Vittal Mallya

Vijay Vittal Mallya is an Indian businessman and a former politician. Mallya is the former chairman of United Spirits, the largest spirits company in India and continues to serve as chairman of United Breweries Group. He built alot of profitable businesses but was later distracted by luxury living, overexpansion and and excessive borrowing. Not long, debt becomes uncontrollable while businesses collapse and assets were seized.

Eike Fuhrken Batista da Silva

Eike Batista is a Brazilian businessman. In early 2012, Batista's net worth was estimated at US$35 billion, ranking him as the seventh richest person in the world and the richest in Brazil. He was distracted by hype-driven projects, overconfidence and aggressive expansion which late made him go bankruptcy and his personal wealth collapsed

Michael Gerard Tyson

Michael Gerard Tyson is an American former professional boxer. Tyson holds the record as the youngest boxer ever to win a heavyweight title. So, he is regarded as one of the greatest heavyweight boxers of all time. He was distracted by partying, drugs, bad advisors and reckless spending which later made him go bankruptcy.

Causes of distraction
👉👉Indecision and unhealthy expansion
Unhealthy expansion or trying to try all ideas make you end up building nothing. This bring about distraction as you will definitely lack concentration in all as ones mind will be divided.
Effect on Bitcoin investment: Lot of people aren't stable with their investment. Buying altcoin today and Bitcoin tomorrow. Planning to hodl BTC for long but selling it off tomorrow. Getting distracted by trying to put their money in all(gambling, trading and Bitcoin hodling) at once. Not being stable in investment distract you and make you lose focus in all. Leading to loses in gambling, trading and not hodling any Bitcoin.

👉👉 Chosing short-term pleasure over long term gain
Gambling, drinking and partying can be fun but can cause distraction to one wealth if not properly manage. Short term pleasure when not careful and properly managed can be hazardous to your wealth.
Effect on Bitcoin investment: Alot of people are distracted from hodling to their fortune (Bitcoin) due to being addicted to gambling. Some chose fun to investment, using all their discretionary income on partying, drinking and gambling instead of proper investment for the future.

👉👉Cutting corners or finding shortcut
Distraction may occur when you are trying to cut corners and looking up for short cut to success. Some successful business owners has fallen for scam out of making wrong decision after being distracted from their major goals when trying to find shortcut to success.
Effect on Bitcoin investment: Most time, unprofessional traders gamble with thousands of dollars thinking they could make quick money. But instead of profit they mostly end up making loses over those years. They would have made some good investment buying and hodling Bitcoin for those years if they aren't being distracted by quick profit from trading.

👉👉Social media pressure
Pressure from social media with people flexing with exotic cars, fake trading results and fake gambling winnings can cause distraction which could lead to being influence into making  wrong decision which could later lead to failure in ones wealth.
Effect on Bitcoin investment: Patient is needed to make fortune investing in Bitcoin. Comparing oneself with this social media people kills ones patience and distract you from hodling Bitcoin pulling you towards trading which could lead to lose of fund if not done professionally.

👉👉Being carried away by other people's success
Distraction may set in when checking out through other people's success. This sometimes bring into mind the idea of doing that same things they are doing neglecting your focus and ideas.
Effect on Bitcoin investment: Mr A is a successful trader and Mr B has being doing DCA with his income. Checking through Mr A trading success, Mr B decide to engage in trading with his income neglecting his focus of accumulating Bitcoin.


CONCLUSION
Most times we attach wealth creation to only capital, intelligence or opportunity neglecting the importance of consistency and self discipline. Distraction may affect the consistence and continuity of a business leading to it collapse. Being discipline is another factor that help to avoid being distracted in businesses. Self discipline is a strong structure that holds wealth together. Getting away from distraction will help you to be more focus and dedicated to your goals which makes wealth creation easy.

[MarjorieZimmermanGinger]

CONCLUSION
Most times we attach wealth creation to only capital, intelligence or opportunity neglecting the importance of consistency and self discipline. Distraction may affect the consistence and continuity of a business leading to it collapse. Being discipline is another factor that help to avoid being distracted in businesses. Self discipline is a strong structure that holds wealth together. Getting away from distraction will help you to be more focus and dedicated to your goals which makes wealth creation easy.

There are many factors that might cause people to fail in life, especially regarding the structure of building one's wealth and generally if people are unable to get out of a bad situation then what happens will actually cause problems. I believe everyone has made mistakes in life, but that is not important if we want to change and do something much better because that way we understand that mistakes are not to be repeated but to be corrected. I am familiar with the two people you share, but I am more familiar with the figure of Tyson, a big name in American professional boxing and even though he made mistakes at first, he is now much better. Discipline and not making the same mistakes is a form of overall improvement and it will make us much better than before.

[Findingnemo]

These are not really distractions, they chose different career and ended up failed terribly, and they did that because in one field reaching the peak is not possible for everyone so once youi reaches the saturation point then you will be looking for other opportunities to keep making more money.

Distractions are something that people do with no real intention of progressing while managing the existing business.

[DacianBlock]

CONCLUSION
Most times we attach wealth creation to only capital, intelligence or opportunity neglecting the importance of consistency and self discipline. Distraction may affect the consistence and continuity of a business leading to it collapse. Being discipline is another factor that help to avoid being distracted in businesses. Self discipline is a strong structure that holds wealth together. Getting away from distraction will help you to be more focus and dedicated to your goals which makes wealth creation easy.

There are many factors that might cause people to fail in life, especially regarding the structure of building one's wealth and generally if people are unable to get out of a bad situation then what happens will actually cause problems. I believe everyone has made mistakes in life, but that is not important if we want to change and do something much better because that way we understand that mistakes are not to be repeated but to be corrected. I am familiar with the two people you share, but I am more familiar with the figure of Tyson, a big name in American professional boxing and even though he made mistakes at first, he is now much better. Discipline and not making the same mistakes is a form of overall improvement and it will make us much better than before.

Errors are also included in the process. The only thing that was really important is the readiness to study and learn to prevent them. Everybody does not construct a sound future without suffering in the process. An improvement process normally commences when we accept the responsibility and make a decision to change.
The case of Mike Tyson is a suitable example. He was staggeringly successful, he lost his grasp at some point but he later demonstrated that change could occur under the condition of discipline and self reflection. I think that it is not about not falling but about getting up knowing better how to do it next time. Once concentration and discipline develop into routines, affluence and self-sufficiency will ensue.

[Furball808]

Honestly when you are at the top there are so much distractions. There are so much external factors that may lead you astray from your initial goal but they are still humans too. We often make mistakes and we regret a lot of things but the most important thing is even if we get distracted we still end up regaining our focus later on.

[joniboini]

Eh, I'm not really sure grouping everything under "distraction" is a good choice. I also doubt some scammers are "distracted" by fear because there's no way they'd openly scam people to begin with. A scammer will always try to mask their weakness with one reason or another. I believe most people refer to stuff like unstoppable notification sounds, social media notifications, etc when they're talking about distraction, not something like being addicted to drugs.

[abhiseshakana]

Even i'm not wealthy enough, i am on my way to be wealthy, i commited that self discipline  and consistency brings prosperity closeness to me. BUt its not automatically easy to create wealth with discipline, there are many factor which affect our effort, such as national economic condition, national system and inflation also take role. At least with discipline we have tools to get the opportunity and also discipline is basic habit which keep us working even without motivation, keep investing even when we feel bored, keep hold our lifestyle  even we have money to spend and keep us manage our cashflow even we got stability.

For me, the biggest enemy of wealth creation is lifestyle inflation, desire become rich, FOMO without proper research, starting some project but not finished it and i called all distraction (everything that ruined our focus and our habit). Wealth creation can be build from small habit which be done continuously. I start my wealth creation with understanding key of financial literation, routine saving, detials on budgeting, manage my cashflow, routine saving, consistent in investation, upgade my investor skill, try living below my ability (live modestly) and focus on 1-2 routine income.

[MarjorieZimmermanGinger]

Errors are also included in the process. The only thing that was really important is the readiness to study and learn to prevent them. Everybody does not construct a sound future without suffering in the process. An improvement process normally commences when we accept the responsibility and make a decision to change.
The case of Mike Tyson is a suitable example. He was staggeringly successful, he lost his grasp at some point but he later demonstrated that change could occur under the condition of discipline and self reflection. I think that it is not about not falling but about getting up knowing better how to do it next time. Once concentration and discipline develop into routines, affluence and self-sufficiency will ensue.

Everyone makes mistakes in life, whether big or small. But how do we learn from those mistakes and correct them? This is how we become better people. Building a better future is imperative because in these circumstances, we will decide to get married and have children, so it's impossible not to make changes and still be in the same situation. Mistakes become teachers for us to change because it is through these mistakes that we can become better people, including how someone builds financial freedom after experiencing previous failures and it depends on discipline and continuing to evaluate previous mistakes.

[julerz12]

Let me fix some of the stuff you mentioned here.
Below are examples of people who got greedy and tried to fool everyone just to get rich and make tons of money.

Sam Bankman-Fried (FTX) - Convicted of fraud
Elizabeth Holmes (Theranos) - Convicted of fraud

Yeah, I'd agree with joniboini. You cannot group these two with the others on your list. These two are one of the most prolific scammers, stealing billions.  
You can't even group these two with the other people on your list based on what they usually wear. One loves black turtle necks while the other loves casual t-shirts.  
So no, they didn't get distracted. They got caught with their lies and greed and ended up in jail.

I guess one good example of the people you wanted to list, OP, are those specific ones who win mega jackpots on national lotteries but end up burning it immediately due to multiple distractions, such as addiction and gambling. Remember that guy who was a garbage collector? He won the lotto jackpot, but only to end up in the same place, same job, 7 years later, because of his bad spending habits.
https://en.wikipedia.org/wiki/Michael_Carroll_(lottery_winner)

[Rruchi man]

Eh, I'm not really sure grouping everything under "distraction" is a good choice.

Yes, not really a distraction, but a lack of focus.

When you say someone is distracted, it can mean a lack of focus, but not exactly and completely.

Someone lacking focus is distracted by everything, but someone distracted may still have focus but just be focusing on the wrong things. This is the case for some of the rich people who later became poor; they were not totally distracted, just started focusing on the wrong things, and that took their attention away from what they should be focusing on.

[Nanga Parbat]

Everyone makes mistakes in life, whether big or small. But how do we learn from those mistakes and correct them? This is how we become better people. Building a better future is imperative because in these circumstances, we will decide to get married and have children, so it's impossible not to make changes and still be in the same situation. Mistakes become teachers for us to change because it is through these mistakes that we can become better people, including how someone builds financial freedom after experiencing previous failures and it depends on discipline and continuing to evaluate previous mistakes.

Mistakes are actually the name of strength.Most mistakes happen when we depend on what others say and are unable to make our own decisions which only results in losses.We should be independent and learn from life mistakes and not make them again.By doing this we will succeed in life quickly.If we do not learn from our mistakes life will not give us a chance to be right soon.That is why our elders tell us to do something or the other.They know that even if we fail the difficulties of the coming life will make us stronger.Most of mistake are due to our habits.If we correct them we will make fewer mistakes.

[MarjorieZimmermanGinger]

Mistakes are actually the name of strength.Most mistakes happen when we depend on what others say and are unable to make our own decisions which only results in losses.We should be independent and learn from life mistakes and not make them again.By doing this we will succeed in life quickly.If we do not learn from our mistakes life will not give us a chance to be right soon.That is why our elders tell us to do something or the other.They know that even if we fail the difficulties of the coming life will make us stronger.Most of mistake are due to our habits.If we correct them we will make fewer mistakes.

Not necessarily because even though we make our own decisions, without relying on others, at some point we also experience failure, especially when running a business. Mistakes and failures in life are lessons and perhaps everyone has experienced them. The question is whether we are able to bounce back and continue striving for success. Discipline and continuous improvement of personal skills are required when carrying out anything in life. If we choose to run a business, we need to improve our business skills so that we can improve upon previous failures and continuously evaluate them to achieve the success we desire.

[viljy]

For some reason, the OP lumped them all together. The first two are outright scammers who were well aware of what they were doing. This is the first time I've seen the next two, so I don't have any opinion about them. But Mike shouldn't be considered one of these scammers here. He was very young, and after the unexpected death of Cus D'Amato, he fell under the influence of people who only wanted to use him. And they succeeded because he was naive, gullible, and had no experience to see their rotten nature in people. Mike himself wrote about his first wife and Don King in his book, and you could hear from his speeches. Then there was the incident that landed him in jail, and it looks like it was just a provocation. So it's hardly appropriate to put Mike on a par with some scammers and local unsuccessful oligarchs.

[Die_empty]

CONCLUSION
Most times we attach wealth creation to only capital, intelligence or opportunity neglecting the importance of consistency and self discipline. Distraction may affect the consistence and continuity of a business leading to it collapse. Being discipline is another factor that help to avoid being distracted in businesses. Self discipline is a strong structure that holds wealth together. Getting away from distraction will help you to be more focus and dedicated to your goals which makes wealth creation easy.

Sam Bankman-Fried's case was really disappointing. He was celebrated as a financial whizkid, but only a few people knew that he was reckless. He surrounded himself with the wrong people, who gave him advice that made him destroy the empire he built. He began to finance major political parties in the US, hoping that he would get a soft landing when his shady deals were discovered.

Having the right management teams is important. When an organisation lacks a professional financial management team, it is bound to fail. If the owner of the company can have unhindered access to the company's financial resources, it might breed recklessness. The owner should have some restrictions on accessing the company's money.

[btc78]

Eh, I'm not really sure grouping everything under "distraction" is a good choice. I also doubt some scammers are "distracted" by fear because there's no way they'd openly scam people to begin with. A scammer will always try to mask their weakness with one reason or another. I believe most people refer to stuff like unstoppable notification sounds, social media notifications, etc when they're talking about distraction, not something like being addicted to drugs.

it is no longer a distraction if one intentionally sought it out like if someone was too greedy and they commit frauds to earn more money then it no longer is a distraction because they put themselves in that situation