Status vs Wealth Symbols

[sunsilk]

I'll give an exception with the car and suit. A person who's into relationship for customers or potential clients need to have this.

They need to be on the go at all times and that's why they need a car and as well as to wear good for them to impress their clients which relates to sales.

Also, there are vintage cars that can be an investment but it's very niche and limited to the car collectors.

[MRY]

I'll give an exception with the car and suit. A person who's into relationship for customers or potential clients need to have this.

They need to be on the go at all times and that's why they need a car and as well as to wear good for them to impress their clients which relates to sales.

Also, there are vintage cars that can be an investment but it's very niche and limited to the car collectors.

Well, sometime nice car and clothes are certainly needed by someone who works with clients. These are instrument of earning the trust and securing business continuity. I also believe that luxury good may make a worthy investment so long as it is utilized in the correct ways. Business man understand when to spend money to impress customers and is just enough not to waste money on a big number of people and end up being termed as showing off.

[sunsilk]

I'll give an exception with the car and suit. A person who's into relationship for customers or potential clients need to have this.

They need to be on the go at all times and that's why they need a car and as well as to wear good for them to impress their clients which relates to sales.

Also, there are vintage cars that can be an investment but it's very niche and limited to the car collectors.

Well, sometime nice car and clothes are certainly needed by someone who works with clients. These are instrument of earning the trust and securing business continuity. I also believe that luxury good may make a worthy investment so long as it is utilized in the correct ways. Business man understand when to spend money to impress customers and is just enough not to waste money on a big number of people and end up being termed as showing off.

I agree, there are use cases for them in the right way and timing and that's why if someone doesn't see it as an investment and it has no use for them.

That will be categorized as a status symbol and a waste of money. But if it's on the right hand and person, they become instant investments that will help them generate more money.

Except for those social media influencers who are dressed well and rent luxury cars for their contents to make it look like they're wealthy or portrays as business coach and good traders.

[Agathamay]

I know and understand that we are in a bitcoin forum but I think you should replace the bit on and just put Asset this is because you are seeking opinions of the entire public and not just the forum members and I always like to express myself freely and not make it seem like I'm not trying sound odd, that's why when it's necessary to include other choices of investment, I do do so an not making it seem like life revolves round bitcoin which we know it's not true despite how good bitcoin is.

With that been said, I totally agree with you that a lot of people confuse comfort with liabilities and that's why they keep acquiring what they might literally not have use for maybe trying to impress people or imitate the lives if others.

I will definitely go with the second option than trying to chase status because I believe with the right things been done, us automatically just comes without necessarily trying to chase so I would always advise people to persistently invest aggressively at every opportunity they get and for those who know about bitcoin and have the money to invest and still not choose to invest in it, I would say that, you might just be making the wrong decisions without realizing

[yhiaali3]

For me, and I think many like me, it is better to secure my future today and enjoy it tomorrow, or leave it as an inheritance for my children after me to secure their future. Only the short-sighted miss a great future opportunity in order to enjoy some symbols of luxury today, leaving their future and the future of their children to the unknown.

But on the other hand, who knows, Bitcoin might also become a symbol of luxury in the future, meaning that in the future only a few people will be able to own Bitcoin or a large amount of it because it will become very valuable and rare.

[m2017]

link

Where would you place real estate, businesses (means of production)? Above or below?

It will get to a certain stage whereby ignorance will lead to acquiring more liabilities than assets because we don't know the differences, in life you will discover that some are chasing after what will later impose more cost on them to maintain, why some will make use of their idea and invest on a profitable asset that will give them other additional benefits later in the future.

Profitable assets, you say? I suppose this includes knowledge, skills, and abilities that will be useful in the future (and present) and can be monetized. I also believe this is true wealth, which can't be deprived of its owner (unless, of course, use a $5 wrench attack to the skull, which would destroy all skills ).

Do we prefer to secure the future today and enjoy tomorrow or start the enjoyment now forfeiting future benefits with bitcoin,

I believe it is necessary to maintain a reasonable balance, that is, prepare for the future (financially), while not forgetting to “live in the present”, without limiting yourself unnecessarily, which will affect the level and satisfaction with life.

are we putting our future at risk or being sensitive of bitcoin opportunities,

If we invest, we take risks, and if we don't invest, we avoid opportunities. The impact of bitcoin on our future is radically changed by our current actions.

when we choose other assets as a sign of luxury for this present dispensation, but leaving the future at risk with uncertainties, or are we after the status they see with us,

More than they possess. Assets that appear luxurious are actually liabilities, draining your resources. Of course, this leaves fewer resources for the future. People strive for the status they want to demonstrate.

how do we plan ahead over the future ahead of us with bitcoin and other benefit coming from it adoption.

It's very simple: just buy and hold until you're ready to spend it.

[TheUltraElite]

But how much bitcoin does one need to own to be considered wealthy? Or since when is bitcoin exclusively for the wealthy?
I would prioritize social connections or relationships over bitcoin as a symbol of wealth.

That number depends on your own mind. If you are happy with what you have you are good to go because there is no end to your greed.

Bitcoin is for everyone and the choice to include bitcoin in you portfolio is yours only. Fiat is enough to keep your rich on its own but we plebs like freedom and hence we keep bitcoin as well.

Definitely friends and family, good relations with everyone has a role in life, otherwise it is not worth living and hence one should not only think obsessively of owning bitcoin all the time.

[pushups44]

Bitcoin can be a status or wealth symbol, or both, depending on the person. Given that there can only be 21 million bitcoin in existence, that implies those who own at least a whole Bitcoin will attain elite status some time in the future as Bitcoin becomes more integrated into the global financial system.

On the other hand, Bitcoin is digital gold with superior qualities to the yellow metal. It is capped, unlike gold, and is far more portable.

[Itz-prisigold]

For me, and I think many like me, it is better to secure my future today and enjoy it tomorrow, or leave it as an inheritance for my children after me to secure their future. Only the short-sighted miss a great future opportunity in order to enjoy some symbols of luxury today, leaving their future and the future of their children to the unknown.

But on the other hand, who knows, Bitcoin might also become a symbol of luxury in the future, meaning that in the future only a few people will be able to own Bitcoin or a large amount of it because it will become very valuable and rare.

I agree with you but I believe that there is also some kind of risk when a person focus too much on the future that he or she actually lose sight of the present. Financial planning for the future is very important but we all know that life is still unpredictable,  so there must be a balance between planning for the future and enjoying what we have already worked hard for today.

I am not really sure if Bitcoin will ever be a luxury symbol in the future, but I think it can.  As Bitcoin continues to grow in value and become increasingly difficult to obtain,  owning a significant amount of it might only be possible for a select few people. But what will really count is not how much you have of Bitcoin to brag about but having it because you actually understand its potential early and took advantage of the opportunity while it was within the reach for ordinary people.

[Son Of Blockchain (SOB)]

A car, a watch, and a suit are essential items in life, unless you're referring to a luxury car, a $50,000 watch, or a custom-made suit costing thousands of dollars.

In fact, buying things you don't need can be considered a status symbol. Instead of buying a car for over $100,000, $20,000 or $30,000 could get you a decent car, and so on.

I don't think someone should expect that I'll trek to work or put on rags and mive about without a wrist watch to tell the time, I get the OP's message but I had to reply you cause you made more sense. People shouldn't confuse themselves with the OP's post then avoid necessities just because they want to own assets.
 They should know how to differentiate spending on luxury they can't maintain, spending on necessities and then owning an asset. Luxury lifestyle is okay for those who can afford to maintain it for long term by having assets as a backup not for those who can barely maintain it but spend lavishly for show offs.

[Die_empty]

Assuming they do it for 12 years then closer they can get wil be 1BTC, haven't done the math just the approx number. However after 12 years the 1 million may not be enough at all for anything, even now the cost of real estate in the mid town is skyrocketing in my place and a decent villa cost around 1 million already so can't imagine how much it would be in the next 12 years.

I stated in my post that the concept of being rich is relative and it also depends on our location. To be rich, to you, might mean living in a decent villa, but to me it might mean living in a modest house and affording basic needs. The worth of $1million in the US and a developing country in Africa or Asia is not the same. In some developing countries, that amount will be enough to live lavishly for several decades. In my country, people can retire at a very young age with $100k.

[GreatArkansas]

Bitcoin can be a status or wealth symbol, or both, depending on the person. Given that there can only be 21 million bitcoin in existence, that implies those who own at least a whole Bitcoin will attain elite status some time in the future as Bitcoin becomes more integrated into the global financial system.

On the other hand, Bitcoin is digital gold with superior qualities to the yellow metal. It is capped, unlike gold, and is far more portable.

I think for me, it's not about the numbers here. Based on OP, for me, the real meaning of "wealth symbols" here is you as a person become financially responsible, just for the example in the images, it's mostly an investment, meaning not liability, values are not depreciating. So for me, it's the true meaning of status vs wealth symbols here.

[goldkingcoiner]

Status or wealth symbols are pretty much the same thing. A symbol. And symbols are meant to show something. I would say in this case they portray the same thing as nobody would flash wealth nor status symbols if they had nothing to brag about. It is all nothing but a bunch of gloating and bragging. Which in my personal opinion is a shameful and stupid act by the lower intellects.

Symbols are for the symbol-minded.

[Razmirraz]

I choose securing the future today by having Bitcoin investment and others so I can enjoy my future better. But if I only focus on status symbols, that will not be ends and will increases following the situation. Status symbols mean you chase something higher time to time and makes you tired while you lose time preparing your future.

The future you plan for by continuing to accumulate Bitcoin is a transition from status symbol-based consumption to long-term wealth building, trying to secure a more secure future means you have postponed instant gratification such as chasing status symbols for future financial gain. Buying luxury goods just to chase status symbols is like burdening yourself with maintenance costs and depreciation, whereas Bitcoin will maintain or increase the value of wealth over time.

It seems that you have understood the main benefits of Bitcoin for the future, the decision is the same as trying to fight inflation by continuing to adopt Bitcoin with your own patterns and methods, the supply of Bitcoin in the world is limited to only 21 million coins making it a strong digital store of value. On the other hand, the purchasing power of fiat money decreases over time, if someone pursues status symbols just to look rich or be respected by others, it is the same as harming themselves because they have ignored Bitcoin which offers a disciplined alternative to protect the value of assets from inflation.

[gracreavix]

Status symbols looks like liabilities. But those status symbols are just separations. Let's give an instance. I want to get a big deal. But to get that deal, I have to acquire one of those status symbols to get to that deal. The deal I am talking about is a huge deal that can get me 7x the status symbol that one thinks is liability. Will you now suggest I don't get it all because it will build up expenses? Hell no. You will want me to get it. At the end of the day, not everything you acquire is bad. Just acquire things at the right time and you'll be fine.

[Lida93]

This is like telling me not to enjoy my labours fruit after some years of hustling to achieve it, just because you think certain things are liabilities doesn't make it unnecessary to have if you can afford having them. The thing about life is that there's time for everything, and when the time for investment has being fulfilled and the fruits of profits are made it wouldn't hurt to have one or two luxury with it while still making sure of reinvesting a part of your funds continuously.

[Hamza2424]

Do we prefer to secure the future today and enjoy tomorrow or start the enjoyment now forfeiting future benefits with bitcoin,

Wait a minute, so who exactly has to follow this advice? A rich person, a poor person, or a middle class person?

I take it as advice for the rich because poor or middle class people don't have any other option except being disciplined, buying BTC, and not taking any debts because they can't buy yachts or luxury cars as they don't have that kind of money bro haha.

So let's say it was an impression for rich people and anyone who has money, but they should be choosing option two instead of option one. Well that's good advice, but in reality when rich people get rich they buy these things because they have already worked hard and now it is their time to enjoy the future.

So basically a struggling person should choose discipline, BTC, and a debt free life to make money and once they make enough money then they should go for the luxury life but maintain a balance between both, otherwise in no time they will be poor again.

[LGD2Business]

Are things that show where you spend your money really status symbols? A person might want to buy a nice car simply because they like cars. That certainly doesn't mean they have status. Time and health are symbols of wealth, I agree with that point in the graph. The others seemed a bit of a stretch to me. Wealthy people own yachts, so what business would someone who isn't wealthy have with a yacht anyway? I guess they put together a weird graph just to squeeze Bitcoin into it. This is not more than a clickbait graph. I don't think it's very valid information.

[Rengga Jati]

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Does that mean luxury cars, very expensive watches, clothes, and yachts?

In some ways, what considered a "status" symbol represents wealth. Naturally, wealthy people should be able to afford such things. It's impossible for a poor person to have all of those luxury things, whether they're rich or have acquired so much money through any means. That means they're truly rich. So, whatever the opinion, the image at the top also represent wealth.

But, what differentiates old money from the instant rich is their level of flexing. There are many truly rich people (old money) who wear expensive clothes but aren't flexing or overly flashy or over sharing. They might even own luxury cars and go on cruise ships frequently. They are rich. And such people must have extraordinary incomes, whether from Bitcoin, businesses, salaries, or various other investments. They may only appear to be wearing a t-shirt, but they've sold out and bought 10 or more of ours. Now, this is different. Those are all wealth, but different personality

[Churchillvv]

People attach meaning to things which are mere or regular things, both the rich and the poor they have the status symbols but what’s the difference spending extra money to get them. Bitcoin is a currency anyone can have it both the rich and the poor but what’s the difference, the poor only buys to make profit enough to satisfy them while the rich buy it to have edge over everyone and also be seen as a high value asset holder. That’s what changes everything.