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

[Ziskinberg]

Those who ended up with wrong turns may not all of them get distracted, but let us say they finally want to create their own path because they don't find the happiness they are looking for, they don't get the drive and motivation they aim, and most probably, they don't see their future in there, so they end up risking what they have at the moment and unfortunately, they lose their career after.

There are really some people who learn their lesson the hard way. And while others tend to stand up after, some have chose to just give up the career they've lost. They just accept the reality that its not actually for them.

[Emjay24]

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.

Discipline is very essential to wealth creation, actually you cannot implement any other principles properly without discipline. Capital is very important but without discipline, capital would be squandered unnecessarily. Discipline would see you be punctual to your business site, checkmate your employees very well and go over records periodically to identify abnormalities early enough and prevent potential catastrophe. Self-discipline is very important in your pursuit of wealth creation and it communicates seriousness and professionalism to your colleagues and subordinates and everyone would adjust accordingly when dealing with you. If workers are disciplined, the organization would record a higher productivity

Disciplined people excel faster since they are not allowing distractions of overlooking necessary steps for success. Disciplined people are not lazy since they would always do the needful for progress. Discipline is the most essential quality for wealth creation.

[barbara44]

Discipline is very essential to wealth creation, actually you cannot implement any other principles properly without discipline. Capital is very important but without discipline, capital would be squandered unnecessarily. Discipline would see you be punctual to your business site, checkmate your employees very well and go over records periodically to identify abnormalities early enough and prevent potential catastrophe. Self-discipline is very important in your pursuit of wealth creation and it communicates seriousness and professionalism to your colleagues and subordinates and everyone would adjust accordingly when dealing with you. If workers are disciplined, the organization would record a higher productivity

Disciplined people excel faster since they are not allowing distractions of overlooking necessary steps for success. Disciplined people are not lazy since they would always do the needful for progress. Discipline is the most essential quality for wealth creation.

People who think that they have studied enough and smart to know what to do and they end up with just going "yolo" on their investments will end up losing all their money. Real money makers are people who keep doing the same thing every single day without getting bored.

Like for example, I have been working nearly everyday for the past 7 or 8 years, and try to do that every single day, even on death I still worked, even on funerals I still worked, and even when I was sick, I laid down in bed and still worked. That dedication is the way someone gets richer and if they really want to be rich then this is the way to go. There is no scenario where they will be doing better without that type of dedication no matter how "smart" they think they are.

[Finestream]

There are no distractions that create a brighter future, everything ends up in a mess.

The thing is, these people allow theirselves to get trapped on it and believe that its the better and safer choice. And leaving the old and chosing the new one is the key, until unexpected negative outcomes start to happen, and have no way left to get back to their old self.

Sometimes, contentment is also compromised. When you find no contentment, you will only deprive yourself of the future success that awaits for you.

[Fortify]

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

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.

I don't understand why your examples of "distraction in building wealth" is just a bunch of fraudsters that got rich. These are not people you want to emulate in any way, but that's because they built up a business purely on lies, but they may still have been reasonably intelligent with money. The first two ended up in jail because they were essentially running a scam, it has nothing to do with prudent financial planning and running for the long game. You do need to think about the long game when it comes to finances and a lot of the other elements you say are true - our current society and the expectations it builds are always trying to drain our wallets, so you have to be constantly on guard with your money working hard to generate more.

[Vaculin]

Personally, I don't see these as distractions nor lack of focus. What they did is purely intentional believing that it could fill in the greed they have deep within.

But we all know, when you do bad things and wrong decisions, it will never result into positive outcomes but its always the negative and even the worst ones. So what they did are actually their choices, not some mere distractions or what.

They fail because they never find contentment on what they currently have, but they still chose to seize even those fake opportunities that they think will bring them the peak of their satisfaction.

[yhiaali3]

Yes, I personally suffered from distraction for a long time, then I realized my mistake and corrected my course.

This is a real-life example of distraction: I was accumulating Bitcoin, but instead of continuing with this winning strategy, I became distracted by greed. I was converting the Bitcoin I was accumulating into altcoins or memes, and in the end, I lost a significant portion of my accumulated Bitcoin.

I tried many times, but quitting trading is as difficult as quitting gambling addiction. However, I eventually succeeded and returned to a long-term accumulation strategy instead of trading.

[Darker45]

I'm not familiar with all of the personalities on the list, but to those whose failures I've read about, I certainly won't consider them mere victims of distraction. That would seem to make their case trivial.

Distraction is so easy, convenient, and handy as an excuse, albeit shallow. It's as if their failures are caused by something external that's completely beyond their control, which couldn't be farther from the truth. Their failures are basically their own making.

It's puerile to attribute such grand failures to distraction. I'm sure somebody who's man enough won't make it as an excuse.

[Orpichukwu]

Building wealth comes with a lot of temptation, pressure and every other thing. Once you have gotten to the top, you just try to maintain that status, and sometimes you focus on achieving more success, and in the process of doing that, business mistakes happen, and greed takes over us.

It's not always about distractions, but wrong choices can destabilise everything, and it will take a long time of focus and rethinking before the person can be able to get things back on track. For some, their greed and bad financial decisions brought them down, while for some, it's just business gone bad.

[Die_empty]

What really transpired was that he got money from the people, and that was suppose to be money that people deposited and should be there 1to1 backed, and instead he used it to invest and then lost the money because what he invested became bankrupt startups, so what he thought he could do like insurance companies, he ended up losing all of it instead.

Yes, he invested heavily in Alameda Research which contributed to the FTX. He also put in money in Genesis for a mining company, Anthropic and K5. Sam Bankman-Fried also made FTX spend so much on endorsement deals. Some of these investments were not profitable.
 

They included $205 million for FTX arena in Miami, $150 million to Major League Baseball, $28.5 million to Stephen Curry, $50 million to Tom Brady and Giselle Bundchen, and $10 million to Larry David.

He owned luxury properties such as Albany Condominiums, Albany Resort Penthouse, and Old Fort Bay Vacation Home, etc all bought by investor funds. He also used depositors' funds to donate to both Democrats and Republicans.

[el kaka22]

Unfortunately every bit of wrong mistake could have a rippling and compounding cost to us on the long run. If you really want to make sure how that could be impactful, take one example and you will see why that matters. Just as an example, if I invest 1000 dollars today, and it makes 20% yearly, and for every month it compounds, after 20 years I would have 53k dollars, never invested a single dime more, it has gone up 53x higher.

If I do it just 19 years, only 1 year less, it means I would have 43k dollars, nearly 10 k dollars less, for one missed year. So you wait for 19 years, and just one year later and you suddenly have 10k more, last year is the most important one. Same logic after 21 years and you have nearly 65k dollars, 22 years? You have nearly 80k. Reconsider when you decide to wait around.