Best strategies and worst strategies ?

[Awaisjanizz11]

Today I was reading the of Morgan Housel ' The psychology of Money'. In the page no 28 there are 3 questions asked
1) What investing strategies work? Which ones don't?
2) What business strategies work? Which ones don't?
3) How do you get rich? How do you avoid being poor?
I would love seeing your answers of these questions because nothing comes to my mind whenever I see these questions.

[BIT-BENDER]

Today I was reading the of Morgan Housel ' The psychology of Money'. In the page no 28 there are 3 questions asked
1) What investing strategies work? Which ones don't?
2) What business strategies work? Which ones don't?
3) How do you get rich? How do you avoid being poor?
I would love seeing your answers of these questions because nothing comes to my mind whenever I see these questions.

Did you finish the book? I have read books about finance such as these one and there is non which brought up a question without giving an answer or giving more information about the question.
If nothing comes to your mind then you are either reading the book wrongly or you haven't finished the book.s

In between the question isn't straight forward, there are different types of investment and business opportunities and they don't actually use the same strategies.

[Alpha1999]

Today I was reading the of Morgan Housel ' The psychology of Money'. In the page no 28 there are 3 questions asked
1) What investing strategies work? Which ones don't?
2) What business strategies work? Which ones don't?
3) How do you get rich? How do you avoid being poor?
I would love seeing your answers of these questions because nothing comes to my mind whenever I see these questions.

I believe that investing is not just about making quick money.Its about making decisons that can benefit us in a long term like not placing money in one area and avoid investing in such area which we do not understand and to be patient and consistent when things goes wrong.On your second question i would say business is about understanding people needs and giving them useful and creative solution and earn people trust rather than simply trying to make money.And for getting rich increasing income is important along with learning to manage it.Also in order to not become a poor, saving is important and to learn skills as well as not relying solely on one source. What i'm still learning is that earning, keeping and growing money are all different skills in which we can be good at one and bad at another.

[Frankolala]

In order to become rich is good that you make sure that your basic needs and expenses are lesser compared to your income. Also invest and spend less on consumption items. It's not everyone that knows how to become rich because it's not easy to control money and make it work for you. This is why you should buy bitcoin and hodli. Don't pile up money in the bank because Fiat is prone to inflation. Invest in stock, gold, equity and bitcoin.

[Proty]

I believe the answer to these questions depends on the individuals and the kind of investment they are into or doing . For someone that is investing in bitcoin, I would gladly recommend DCA strategy because it helps reduce the pressures that comes with timing or speculating the price in order to buy at a perfect entry point.
The best way to get rich is to buy assets and not liability, because most of the poor people don't invest, but instead they acquire liability and this is due to poor financial decisions. To get rich buying assets alone isn't enough, you must also learn how to manage risk and having a good financial management.

[Mr_Brilliant$]

First there is no guaranteed answers for this. No blueprint. Everyone that claims they have one is just dumping sheet. The most important I can tell you is that you learn on the job. That's the way to grow and also a good way to grow. To answer your questions by my best of knowledge.

1. What investing strategies work? There isn't one. But I will say something about your position. Your position in life matters as your starting point for your strategy. You might have a good strategy and your current position in life might truncate it.



Which ones don't? There isn't one that we can say doesn't work. All we can say for sure that the right attitude and mindset towards something is important.

2. What business strategies work? I think when we make good communication with people. An underrated business strategy.



Which ones don't? Not communicating i guess

3. How do you get rich? Do what the multitudes say it's useless and find a way to meet people that actually need it. Because whether we like it or not, what we say is stupid, for another it is very good.



How do you avoid being poor? Your mindset is your first battle field. Think like someone who wants a change rather than just being stuck in one position.

I hope my answers give you something to work on.
I would love seeing your answers of these questions because nothing comes to my mind whenever I see these questions

[Dreadboost]

Today I was reading the of Morgan Housel ' The psychology of Money'. In the page no 28 there are 3 questions asked
1) What investing strategies work? Which ones don't?
2) What business strategies work? Which ones don't?
3) How do you get rich? How do you avoid being poor?
I would love seeing your answers of these questions because nothing comes to my mind whenever I see these questions.

If a man has the right answer to these questions, he will be captured by people in top positions for their personal benefit. No man knows the perfect answer to that question. Investing strategies are subjective, based on the finances of an individual. It will not be the same for all. Choices also matter, and the ability to manage an investment is considered. An investment that person A will do may not favor person B.

In order to become rich is good that you make sure that your basic needs and expenses are lesser compared to your income. Also invest and spend less on consumption items. It's not everyone that knows how to become rich because it's not easy to control money and make it work for you. This is why you should buy bitcoin and hodli. Don't pile up money in the bank because Fiat is prone to inflation. Invest in stock, gold, equity and bitcoin.

The advice is good. But that's not the best way to advise someone if they want to get rich. To get rich, first work on the finances before the discipline. However, the person should work on both at the same time, but they know that the most important aspect is finances.

[Karl_3000]

Today I was reading the of Morgan Housel ' The psychology of Money'. In the page no 28 there are 3 questions asked
3) How do you get rich? How do you avoid being poor?
I would love seeing your answers of these questions because nothing comes to my mind whenever I see these questions.

How someone can get rich is not an easy question that can be answered, the answer remain to the people that are rich. If you are rich or you later become rich, you will understand what I am talking about. But it is possible people try to remain not poor. Spending wisely, having savings, investing, knowing valuable assets where their money can be and so on.

[Odogwu-Blockchain]

Are you asking us to give our own opinion on the questions or you want the same answer that corresponds from the book, what do you actually want?

From my own opinion and little knowledge from the book, the author said, at some point of your journey of building wealth, there may be a chance that you'll regret the job you are doing, what will matter then are your loved ones.

In anything you do, make sure you create, and spend time with your family because at the climax of everything, money may not entice you again, and so family will do that. That's another form of richness no one talks about.

[Awaisjanizz11]

Are you asking us to give our own opinion on the questions or you want the same answer that corresponds from the book, what do you actually want?

From my own opinion and little knowledge from the book, the author said, at some point of your journey of building wealth, there may be a chance that you'll regret the job you are doing, what will matter then are your loved ones.

In anything you do, make sure you create, and spend time with your family because at the climax of everything, money may not entice you again, and so family will do that. That's another form of richness no one talks about.

Yes , I want you people to give me your own opinion so that I can get some information by merging it together.
Here you touched a very good point that we all should spend time with our families. I have already talked about it but I want to tell you people a short paragraph about my friend who died recently due to an heart attack. He was considered in the richest people in our area because he on himself recovered all his family economy from nothing to everything. He used to invest in markets and was watching the markets 24/7 eventough he barely came out from his room and barely eat with his family. And in the end his health broke up with him. RIP

From this short story I had a lesson, we all should give time to our family, friends, sports, and other things that keep us healthy and fresh. We shouldn't use all our time in investing and hoping to earn more. In life we would have to face many problems and had to take many risks but at least we should take care of ourselves and our families.

[laijsica]

Today I was reading the of Morgan Housel ' The psychology of Money'. In the page no 28 there are 3 questions asked
1) What investing strategies work? Which ones don't?
2) What business strategies work? Which ones don't?

Do not invest beyond your financial capacity. Always adopt a long term strategy. If you can abandon the strategy of getting rich in a short time, it will be possible to reduce the investment risk to a large extent. Always apply a comfortable investment strategy, if you put excessive pressure on yourself, the chances of reaching the ultimate investment goal will be low.

3) How do you get rich? How do you avoid being poor?
I would love seeing your answers of these questions because nothing comes to my mind whenever I see these questions.

To become rich, I give more importance to hard work because nothing is sustainable without hard work. I have adopted the hard work policy to get rid of poverty and it is giving very good results. I have adopted a regular Bitcoin accumulation strategy through hard work and discretionary income. Shortcut methods of getting rich are more risky and have a higher chance of loss.

[Darker45]

Are you serious, "nothing comes to mind"?

There are probably a hundred answers to each of your questions. But to keep it short and based on experience:

1) What investing strategies work? Which ones don't?

-I invested in Bitcoin. Hodling worked for me.
-Don't check the charts every minute. When checking, control your emotions. If you're emotional, avoid making decisions.

2) What business strategies work? Which ones don't?

-Focus on what you know best, where you're sufficiently exposed to.
-Don't jump right into a business venture just because a friend, family, workmate, acquaintance, stranger, or anybody convinced you.

3) How do you get rich? How do you avoid being poor?

-I'm not rich. Neither am I poor.
-Quit making excuses.

[fighter2627]

Being rich and poor can be considered a matter of choice, except if you were born rich due to your parents were rich. But you can become poor from being rich if you are careless,
in which case it still falls short of being a matter of choice.

Overall, business and investment strategies depend on the method that the individual person thinks of, if you are smart, the investment and business
we do will definitely be successful.

[Ishicryptic]

Today I was reading the of Morgan Housel ' The psychology of Money'. In the page no 28 there are 3 questions asked
1) What investing strategies work? Which ones don't?
2) What business strategies work? Which ones don't?
3) How do you get rich? How do you avoid being poor?
I would love seeing your answers of these questions because nothing comes to my mind whenever I see these questions.

Did you finish the book? I have read books about finance such as these one and there is non which brought up a question without giving an answer or giving more information about the question.
If nothing comes to your mind then you are either reading the book wrongly or you haven't finished the book.s

In between the question isn't straight forward, there are different types of investment and business opportunities and they don't actually use the same strategies.

OP wasn't very helpful after he threw his questions at us, since he got the question from a book he should have shared the answer which the author gave because a writer cannot raise a topic without giving their own solution, except if OP perhaps didn't finish the book.

Investment and business strategies including how to get rich depends on where you are, I don't know if there is a universally accepted strategy on how to become successful, your environment and country plays significant roles whether your strategy will work or not. You have to consider your country's business policies whether it aligns with your strategy, if it doesn't it means that your strategy will have problems with the law. But success habits are quite universal, you should understand financial management and have discipline to apply the management. Don't jump into any financial and business decisions, think it through and do your research to not make avoidable mistakes.

[DPHOR]

The easiest way to become rich is to stop entitlement mentality.
I have known how this has ruined so many people career because they believed that someone out there owes them something very important for them to become extremely successful in life. Again, the best strategies to apply in life to become successful is to avoid waiting for friend and family to help you without you putting efforts to make out things for yourself. In reality, no one owes us anything in our life and it is better for us to work more efficiently and effectively than waiting for anyone out there. We must also learn to start small, all great things doesn't come so easily so when we start small it would enable us to grow bigger as we may think.

[$crypto$]

This is a silly question, asking about business strategy or getting rich, while from this answer all will not be the same for others to do his opinion --- his problem is you can experience failure first and then the business can develop.

I never read the book, but from what you read in the book not to the conclusion that you understand, instead turned to ask about strategies that work and only the answer is yes or no.

[Italian Panic]

Generally speaking, we could say that the best strategy is to always invest something, while the worst is not to invest at all, because inflation causes you to lose money continuously.
If we dig deeper, we will end up discussing what’s best to do once you’ve invested some money. The best practice is definitely to hodl your investment, because only time will tell how it turns out; otherwise, you might turn to trading, but then your chances of success are minimal. The best thing is to try not to let your emotions get the better of you and let your investments mature.
Another thing: it’s best not to invest in absurd products like shitcoins and stocks promising unreasonably high returns, because many people lose money on them and only a few come out ahead.

[Taricoins]

Did you finish the book? I have read books about finance such as these one and there is non which brought up a question without giving an answer or giving more information about the question.
If nothing comes to your mind then you are either reading the book wrongly or you haven't finished the book.s

In between the question isn't straight forward, there are different types of investment and business opportunities and they don't actually use the same strategies.

Personally, aside from the last sentence, I don't think it's wrong bringing it here as some of us haven't read the book, plus suggestion from diverse people across the world in this platform can help modify the answers given in that book because alot of areas or places have peculiarities and maybe somebody's answer can be relating to your own area which can boost of businesses or other endeavors

[Opiate32]

One thing I took from this questions is that we can easily mistake a good outcome for a good strategy. Someone can make money from a risky investment and assume they know what they are doing while another person can make a careful decision and still lose because of circumstances they couldn’t predict. The same thing can happen in business.

So for me I’d say a better strategy is one that does not depend on everything going perfectly. This when doing business means that you need to understand your customers and keep enough room to survive difficult periods. Luck will sometimes play a part but the decision we repeat can improve your chances overtime.

[boyptc]

Today I was reading the of Morgan Housel ' The psychology of Money'. In the page no 28 there are 3 questions asked
1) What investing strategies work? Which ones don't?
2) What business strategies work? Which ones don't?
3) How do you get rich? How do you avoid being poor?
I would love seeing your answers of these questions because nothing comes to my mind whenever I see these questions.

For both 1 and 2, I have the same answer and it's about what you know. The investment and the business that you know.

If you know what you are doing, you have higher chance of success. And what doesn't work in most times is that people invest and do business due to hype, so that's the opposite of it.

3. I can answer theoretically about how to get rich but the answer from that question is best coming from those who truly are rich.

And they have in common about what they say, and it is about these things, loving what you do, loving your employees and loving God.

Some might not like those common answers that I've heard from them but, that's their perspective while there are ultra rich that don't believe in God but they're more focused in work ethics.

Avoidance of being poor, I guess if you're able to experience no money in your pocket, no money to pay for the bills and food, you'll be more encouraged to do everything in your capacity to avoid it.