Status vs Wealth Symbols

[Marvelockg]

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

There's a place of buying an asset for the sake of using it to compensate the work you've put into your job. People buy some luxurious things for such purpose. While doing that, You can still buy your bitcoin if your finances can carry because it's not right to buy bitcoin and neglect every other thing that can give you a sense of pleasure.

Sometimes, buying a wrisk watch is not so much of a liability than it is an asset because most rist watch have better resell value which still makes them a means of investing.

[Die_empty]

Getting rich with bitcoin days are over in my opinion, you are not turning a $100 investment on bitcoin into a million dollars anymore, you need to be rich to own bitcoin(s). And bitcoin is more than getting rich it is still useful for people who are surviving, atleast they got a chance to pay as they wish without even getting into any third party.

We have to agree that the concept of being rich is relative and also based on the cost of living in different countries.

Now, the notion that the days of getting rich with Bitcoin are over might not be true. We would have to consider some factors before we could conclude that a low or middle-class-income earner might never get rich with Bitcoin. It would depend on how long the person want hodl and how the Bitcoin price rises in the future. If someone is DCAing $100 weekly and decides to do it for more than 12 years. He might become financially stable if the Bitcoin price keeps increasing.

[knowngunman]

All these mental gymnastics you people do is always funny to see. It has been championed by social media "motivational speakers" You guys have now made it your reality.
The times you mentioned above and the ones below are not mutually exclusive. You can have an expensive car, watch and a yacht, and still have good health, Bitcoin and the rest.
Getting the good things in life, or even the basic things (if you don't buy expensive ones) is not an abomination or whatever narrative you can think of.
There is more to life than just living. If you have the money to afford it, you can if you want to.
Having investments or planning for the future doesn't stop you from having a good life. People work hard for their money, there no point in making them feel bad for spending it on themselves every now and then.

To some extent, you'll think it's a necessity to have bitcoin before you succeed in life after reading some piece of writing. Like some people now tie success to owning bitcoin and failure to have it means you're playing with your future. I know what bitcoin is and it potential but to be honest, some people are over praising it and can go any length to discredit every other things that's not bitcoin. Moreover, having bitcoin doesn't stop you from having a normal life or owning luxurious items like cars or watch. It's all about lifestyle and as far as you can afford them, it's not a big deal. You may choose not to invest in bitcoin and still have a better future if you plan for your future properly. Bitcoin is not the only investment you can venture into.

[Synchronice]

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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.

Do we prefer to secure the future today and enjoy tomorrow or start the enjoyment now forfeiting future benefits with bitcoin, are we putting our future at risk or being sensitive of bitcoin opportunities, a simple explanation to what Bitcoin serve as benefits is well explained, 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, how do we plan ahead over the future ahead of us with bitcoin and other benefit coming from it adoption.

Listen, what's the point of life if you have wealth but don't use it? Especially when you are young. Life is beautiful when you are young, attractive, desirable and full of energy. When you become old, don't look well and don't have energy, then you don't need much wealth, all you need is to rest at home, in the nature and so on. That's why I think that it's okay to spend your money on status, especially when you are young. You can have status and wealth at the same time if you don't stop and keep working and there are lots of examples of that.

[davis196]

I have to disagree with the wealth symbols in your image. Since when being healthy is a sign of wealth? There are many poor and lower class people, who have good health. Also being debt free isn't necessarily a sign of high wealth. Many business owners have lots of debt, because their business requires loans and borrowed money for investing and buying raw materials. Being in debt isn't a bad thing, if you use that debt for leverage and if you can manage your liabilities in a smart way. Having Bitcoins is a sign of wealth only among the "crypto bros" community. Most people outside the "crypto bros" community view Bitcoin as a speculative toxic asset in the world of "casino capitalism". This is sad, but the overall image of BTC among the crypto haters isn't changing.

[Mpamaegbu]

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Of the Status Symbols, one is not a luxury but a necessity. That's car. Anyone owning one isn't lavishing their money. Also clothing is a basic necessity of mankind.

Of the Wealth Symbols, one isn't negotiable and that's Health. Bitcoin and others there can be negotiated or jettisoned but not Health. Health is very important for that's where the real wealth lies. Being debt–free, like someone mentioned above, isn't a sign that one is wealthy. It's a sign that one can manage what's within one's means.

[Somegory]

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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.

Do we prefer to secure the future today and enjoy tomorrow or start the enjoyment now forfeiting future benefits with bitcoin, are we putting our future at risk or being sensitive of bitcoin opportunities, a simple explanation to what Bitcoin serve as benefits is well explained, 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, how do we plan ahead over the future ahead of us with bitcoin and other benefit coming from it adoption.

The question I have for you is if it's wrong to belong to these two sides? Because there are millions of Bitcoin holders who have cars and houses, is it good to just stay healthy and have alot of Bitcoin but no roof over your head?

What are we living for if I may ask?

What's wrong is having cars while you can't afford it.
Or using all the money you have to build a house while you have no business that's bringing you money.

For example, someone who just won a million dollars and he started buying every thing that's liability, it's not wrong to have house and cars and Bitcoin, everyone is different but we are all going to make choices as to how we will live.

It's a free world.

[avp2306]

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.

Agree that those things you have mentioned can be an essential to us, but this is in practical level category. Some people will think that those assets you mentioned is a liabilities, but they didn't look at how useful it is to make our life more easier. Then we use those things to improve our lives like use that for work purposes or other that can help us earn some money.

The only problem is if they buy luxury items and use it for flexing. If they just aim to do this, there's a chance for those people doing that to get broke in future. Since they pay attention first on flexing rather than to be practical and just buy those items or assets that they need.

People really don't need to have those expensive cars and watch. Simple car and watch can also serve its purposes, but unfortunately lots of people prefer to flex rather than choosing those thing that can give them same convenience at much cheaper prices.

[rat03gopoh]

People really don't need to have those expensive cars and watch. Simple car and watch can also serve its purposes, but unfortunately lots of people prefer to flex rather than choosing those thing that can give them same convenience at much cheaper prices.

There are some professions that use luxury goods as weapons in some professions such as direct marketing; well, you know the saying "your appearance also conveys the first impression" even though all of it is not really theirs. Expensive clothes sometimes work better to convince people.

[Findingnemo]

Getting rich with bitcoin days are over in my opinion, you are not turning a $100 investment on bitcoin into a million dollars anymore, you need to be rich to own bitcoin(s). And bitcoin is more than getting rich it is still useful for people who are surviving, atleast they got a chance to pay as they wish without even getting into any third party.

We have to agree that the concept of being rich is relative and also based on the cost of living in different countries.

Now, the notion that the days of getting rich with Bitcoin are over might not be true. We would have to consider some factors before we could conclude that a low or middle-class-income earner might never get rich with Bitcoin. It would depend on how long the person want hodl and how the Bitcoin price rises in the future. If someone is DCAing $100 weekly and decides to do it for more than 12 years. He might become financially stable if the Bitcoin price keeps increasing.

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.

[uchegod-21]

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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.

Do we prefer to secure the future today and enjoy tomorrow or start the enjoyment now forfeiting future benefits with bitcoin, are we putting our future at risk or being sensitive of bitcoin opportunities, a simple explanation to what Bitcoin serve as benefits is well explained, 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, how do we plan ahead over the future ahead of us with bitcoin and other benefit coming from it adoption.

Would it be a problem if I acquire all those luxury items and still invest in Bitcoin? Definitely not. If I can afford all of those, I can definitely afford to invest in Bitcoin. I am usually not comfortable with how people assume that you are only acquiring liabilities and may not own assets for the sake of long-term sustainability,  simply because you show off lots of items considered liabilities. Investing in Bitcoin does not give anyone a reason to deprive themselves of the essential things in life.

We should rather be talking about having a balance, a fair balance between today's pleasures and plans for the future. Everything is about planning, and I am glad that Bitcoin is one asset you can invest in conveniently without having to strain yourself financially.

[Charles-Tim]

Would it be a problem if I acquire all those luxury items and still invest in Bitcoin? Definitely not. If I can afford all of those, I can definitely afford to invest in Bitcoin. I am usually not comfortable with how people assume that you are only acquiring liabilities and may not own assets for the sake of long-term sustainability,  simply because you show off lots of items considered liabilities. Investing in Bitcoin does not give anyone a reason to deprive themselves of the essential things in life.

I think that he meant that someone do not have to be very rich and have all the materials things in life before being wealthy, which I also think is true. You can be conscious of time, be disciplined, not having any debt and accumulate bitcoin as you are getting older and leave a comfortable life if you have a good health. But life can be somehow at times because as a very rich people can get sick, also can average people get sick. I think comparison is between rich and average, but also poor people can get sick. I mean life threatening illness.

[Smartprofit]

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 honestly disagree that a car, a watch, and a suit are essentials. For example, I don't have any of them. I've lived without them for many years and haven't died...😉

Furthermore, I don't plan to buy these things in the future. I simply don't need them...

Necessities, in my opinion, are food, shelter, clothing, and money.

Is Bitcoin a necessity? No! However, in the future, with the introduction of CBDCs, it could very well become a luxury item. It can be compared to family diamonds. Given the increasing influence of the virtual world, Bitcoin could very well become digital family diamonds. Owning Bitcoin will be a sign of a family's status and wealth.

I agree that it's better to have plenty of free time, financial independence, and health than cars, yachts, expensive suits, and watches.  I would like to have Bitcoin regardless of whether it is considered an elite asset or a basic commodity. 💁

[Bitcoin-Forever]

Maybe our conscience should be telling us something we are doing right or wrong if you truly have a deliberate plan for ourselves to be successful in life, why do we want to enjoy the future in the present, this is not to prevent us from enjoying the benefits of our hard labor with what we end and live in luxury life, but while doing so.

Do we still have something to fall back at in case of anything, the future is more important to secure it than when we have nothing as an investment or asset and keep living a luxury life that will all devaluate in the future, this is why bitcoin should first lead before any other profitable assets, then living luxury life following at last.

[Sim_card]

We have to agree that the concept of being rich is relative and also based on the cost of living in different countries.

Now, the notion that the days of getting rich with Bitcoin are over might not be true. We would have to consider some factors before we could conclude that a low or middle-class-income earner might never get rich with Bitcoin. It would depend on how long the person want hodl and how the Bitcoin price rises in the future. If someone is DCAing $100 weekly and decides to do it for more than 12 years. He might become financially stable if the Bitcoin price keeps increasing.

Let's forget about profit in bitcoin and talk about wealth preservation with bitcoin. Like you said, if someone can put his $100 into Bitcoin for twelve years, he will definitely preserve his money from inflation that leads to Fiat losing its purchasing power overtime since bitcoin is a store of value overtime. Even if the person is not rich with his Bitcoin holdings at least, he will spend from his bitcoin without feeling the excess inflation in 12 years time compared to if he was saving in the bank because the money will depreciate in value. It's better to put your money into Bitcoin than saving in fiat.

[Zlantann]

In the end, those who are truly wealthy have all of them. I'm sure it's not an either-or for them. And they don't care disposing one luxury car for another, maintaining yachts and choppers and planes, whether all these expensive stuff are a liability; they have all the money in the world.

For us mere mortals, however, there's a need to find the right balance. Our future is always uncertain. We're always tired and busy preparing for it. Many among us, unfortunately, have neither suit nor car yet our debts are piling, our health falling, and time isn't in our favor.

Life is too short to spend on seeking financial independence. I like what you said that there is a need to live a balanced life. As we keep pursuing our financial goals, let's seek time to do what we like doing. It could be as little as spending time with your family and friends. Playing football with my children has brought an uncommon satisfaction to me. My take is that sometimes we should learn how to find pleasure in things that don't cost so much.

[abaeze]

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

My plan is very simple and effective, which is the most realistic at first glance. First, ensure basic needs and emergency savings before investing. Many may say that investing in Bitcoin and saving can be done simultaneously, but I do not believe in that principle. On the other hand, limit unnecessary debt and luxury spending. Which I must do. Then invest in other suitable assets, including Bitcoin, according to long-term goals. That is, Bitcoin can be a potential asset for the future, but it is most effective when it is part of a sound financial plan, not a substitute for it. It meets current needs, while also leaving future opportunities intact.

[DiMarxist]

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.

You're right the truth is that the so called status symbol the OP is referring to are actually important and is necessary even for the rich. The wealthy are the people who supposed to be using these status syms the OP mentioned because for people who are still managing it's expected that, they should not be engaged in buying these status. But rather concentrate in investing their funds and make sure that they create a good financial future for themselves.

[Jubilee58]

In life, a wise person would want to protect his future y investing in assets that will transform his financial stability in the future, while the unwise will be interested in gathering things that has immediate use today, and become obsolete tomorrow. This knowledge is what sets entrepreneurs, and investors apart from the crowd. How rich you can be in life is not determined by the money you have in your bank account or the amount of luxury properties you posses, because these luxuries cannot guarantee or secure your future, but when you invest in asset like bitcoin, your financial future is assured, more especially when you protect your investment properly.

[Lembo69]

In the end, those who are truly wealthy have all of them. I'm sure it's not an either-or for them. And they don't care disposing one luxury car for another, maintaining yachts and choppers and planes, whether all these expensive stuff are a liability; they have all the money in the world.

For us mere mortals, however, there's a need to find the right balance. Our future is always uncertain. We're always tired and busy preparing for it. Many among us, unfortunately, have neither suit nor car yet our debts are piling, our health falling, and time isn't in our favor.

Life is too short to spend on seeking financial independence. I like what you said that there is a need to live a balanced life. As we keep pursuing our financial goals, let's seek time to do what we like doing. It could be as little as spending time with your family and friends. Playing football with my children has brought an uncommon satisfaction to me. My take is that sometimes we should learn how to find pleasure in things that don't cost so much.

Yes, this is a logical suggestion. In my opinion, we should also find some alternatives that will help us maintain our peace of mind in our investments and real life. Just like you played football with your child and it gave you peace of mind now, similarly, investors should find some form of entertainment to keep their thoughts active. I have seen many investors who get bogged down in unnecessary thoughts after investing in Bitcoin, and later this thought becomes the reason for their peace of mind and investment discipline.