Best strategies and worst strategies ?

[As-Soon-As]

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.

The person who wrote the book has given the answers to your questions there, maybe you did not read the book properly, read the whole book and the answers are there.
If you invest, you can invest in a trusted place or cryptocurrency. In this, you can use Bitcoin as an investment.
Secondly, if you run a business, you have to move forward with honesty and hard work, if there is no honesty, then you will not be able to succeed in business in any way. But at the root of all things is hard work, without hard work, you will not be able to succeed anywhere, so hard work is the most important thing.
And by working hard, you can go from poor to rich and avoid being poor. The answers to these questions are very simple, if you can manage your life properly, then of course you can get rid of all these issues.

[Rengga Jati]

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?

1. It depends on which investment you do. I think we can't generalize it because each investment has a different effective strategy. You need to specify what investment you will do, so you can analyze which one looks to work and which one looks to fail.

2. It is quite similar with the question 1. You need to specify the business itself first. We can't generalize their strategy.

3. I'm not sure to answer this question because I'm not a rich man. But to be rich, everyone can have their own way. Working with smart efforts will make it easier to be rich.

[Awaisjanizz11]

3. I'm not sure to answer this question because I'm not a rich man. But to be rich, everyone can have their own way. Working with smart efforts will make it easier to be rich.

[/quote]
This question isn't for rich people. It depends on the person that how can he manage to be rich? What would he do to become rich ? Where would he like to start bussiness and How would he start bussiness?
I may love hearing answers if these questions

[#CapsLOck]

What I would add to that is the best strategy should also be evaluated on how secure it is in preventing a bad thing from happening. In addition to how much profit it can generate. For instance. An investment may be successful for several years. But if you invest more than you can afford to lose. Or utilize borrowed funds, this can lead to an investment disaster. There are two skills that I believe are necessary for building wealth. Growing money and avoiding mistakes. The latter is often forgotten. And considered less important. Since individuals tend to be more concerned about the profits on their investments than what they potentially may lose.

[Bitcoin_people]

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 think that using a strategy in investment that has a long-term plan and can survive bad times in the market is a good idea. The strategy should be such that it is long-term but not harmful and if it is a short-term activity, there is a possibility of loss. Moreover, if you take more Bitcoin for investment, then I would say that you follow a strategy that can avoid losses. As a result, you can use the DCA strategy and continue to invest for the long term. This will help you avoid losses and lead to profits. Again, there are many people who are investing and do not invest, do not be greedy for the purpose of getting rich quickly. Using such strategies in investment that have good thoughts and have a long-term plan, and you must be patient.

[Pearl_20]

I haven't read the book but what I can say concerning about how one can get rich and how you can avoid being poor is that for you to be rich you have to live a life that you don't have to please people, just do as your strength can carry, also it is important that you save no matter how small and you've to be consistent with it, as someone who is into business or working you should have somewhere separate where you can save money and don't eat everything. Another thing is that you should also have extra income, you can't be rich with one source of income so earn a skill, own investments, or even have a side hustle like business or something else that fetches you money all the time.

Well for you to avoid being poor is that you should stop being extravagant, rich people will still save money and buy few things while the poor man will want to lavish all he has to impress, he wants to be seen and noticed. There's something I see most people do, borrowing money to get things that are not needed, debts really draws you back so to avoid being poor you have to stay away from debts and if you must borrow it should be for business and something that you know it will yield fruit not for something that doesn't count.

[Pi-network314159]

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?

The type of investment strategy that works is diversifying into different asset that has potential for long time value. Whenever you have money, keep buying asset more than liability. Assets like land gold, and Bitcoin. This assets keep increasing in value overtime, so buying it gradually will make you have more asset in the near future than liability.

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

I think the business strategy that works are the type of business that has the potential to last for a longer time without fading away. Like doing businesses that doesn't get outdated. Another strategy for business is identifying what the people needs most and solving the problem either by rendering service or through buying and selling.

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

How you avoid being poor, first you need to have a positive mindset, try as much as possible to stay away from people with negative mindset because they influence you alot. Don't get addicted to anything either alcohol, drug or any form of addiction. Then focus on your goal, don't get distracted with your ambition. Try as much as possible to read alot from successful people and learn  from the poor because you will learn alot from both side because expirence is the best teacher. Most inspiration I get today is from poor people because their condition will make you work hard not to be like them or make thesame mistake they once made.
 

[LUCKMCFLY]

Reading books is very important, but personally, as a practical strategy to improve your life, the best path is straight to the point: first, ensure your basic expenses are fully covered; second, tackle your debts and pay them off systematically; and most importantly, invest in Bitcoin for the long term. If you use the DCA method, even better.

If you really want to focus on real wealth generation, it's best to create a personal diversification strategy across different assets and consider starting a business. The core idea is simple: never rely on a single source of income and always build multiple cash flow streams

[sunsilk]

I haven't read that book but in investing, it's best to listen and get the answers from those real life businessmen and have failed for several times and then succeed after experiencing those.

Reading books is very important, but personally, as a practical strategy to improve your life, the best path is straight to the point: first, ensure your basic expenses are fully covered

It helps to gain knowledge for someone who's into business, they're giving the ideas on which track and advises they should follow.

The difference of authors, there are those who have written their books through experience and the others who doesn't have experience in business but have seen the experience of others and wrote it.

It's all in theory and possibilities but can help the reader if they're in the same situation as described by the book and the tips are on point and tackles reality.

[Solodoski]

I don't think there is a particular way to be successful,  because I believe that works for one person might not work for the other person. I can only talk about my opinion here, which I think is being discipline with your spending and also try to invest your money, rather than just spending it on unnecessary things. For anyone to be successful in life they should learn how to manage themselves. When I mean manage yourself, it simply means that you spend according to what you earn. You should learn to make plans and budget every income you get. Investment is also very important because it gives financial freedom.  This is just my opinion and I am.not saying it's a blueprint or it will work for everyone.

[tbterryboy]

A- Investing in stable stuff works. Bitcoin is not stable and is volatile, but it is stable enough on the long term if you zoom out. So if you may need money urgently then do not invest in Bitcoin; invest in things like bonds or anything safe like that, but if you can wait 5 years or more, Bitcoin is also a good investment. Save %10 of your salary every month and put that on the side and you should be able to invest that.

B- Business itself is not the problem for %90 of the businesses that start. Sales is the problem for most of them. You could literally find a cure for cancer and still lose money if you can't convince enough people to take it. So if you own a business, or want to start one, the number one priority is sales. If you can sell whatever you are making, then you are going to end up doing a lot better. I understand this may not be easy to handle that quickly, because sales takes time and it's a difficult thing to do, but you have to learn to be a great salesman if you want to own a business.

[Rengga Jati]

This question isn't for rich people. It depends on the person that how can he manage to be rich? What would he do to become rich ? Where would he like to start bussiness and How would he start bussiness? I may love hearing answers if these questions

Ok. Yesterday, I guessed it was specifically for rich people.  I'm sure everyone can be rich if they have a big intention. So, the first one is about the intention. The second one is about the behavior, someone who wants to be rich must work hard and work smart. Because of this, he needs to improve knowledge besides doing hard efforts. In my opinion, the business must be adjusted with the condition in our area. Here, it seems to be more suitable for culinary business because people here love to try new culinary. Property business seems also suitable here because many people are looking for houses. My town is the destination for the people who already retire from their jobs at varied cities in my country.

[lombok]

I don't think there is a particular way to be successful,  because I believe that works for one person might not work for the other person. I can only talk about my opinion here, which I think is being discipline with your spending and also try to invest your money, rather than just spending it on unnecessary things. For anyone to be successful in life they should learn how to manage themselves. When I mean manage yourself, it simply means that you spend according to what you earn. You should learn to make plans and budget every income you get. Investment is also very important because it gives financial freedom.  This is just my opinion and I am.not saying it's a blueprint or it will work for everyone.

Your basic principles of handling personal finances constitute the best possible base upon which you can establish future stability. Not succumbing to the lure of purchasing consumer products and saving money for useful purposes gives a true feeling of security. It allows your mind to stay free from the clutches of consumer debt. The ability to always create budget for each month makes it possible for you to have economic freedom in the future. Each dollar saved through budgeting makes good foundation for financial well being.

[JiiBs]

This question isn't for rich people. It depends on the person that how can he manage to be rich? What would he do to become rich ? Where would he like to start bussiness and How would he start bussiness? I may love hearing answers if these questions

Ok. Yesterday, I guessed it was specifically for rich people.  I'm sure everyone can be rich if they have a big intention. So, the first one is about the intention. The second one is about the behavior, someone who wants to be rich must work hard and work smart.

Everyone can never be rich, it’s just not possible, even in a better world we’re most policies do work. The very most we could get out of the world would be, a good standard of living. Otherwise, there isn’t a chance where everyone would be rich. The social ladder would always exist where, the little guys would always do all the hard work for the big guys and earn very little, with the big guys doing their share in decision making, risk taking and being at the receiving end of the consequences from wrong decisions taken which would justify what they get in the good times.

[xLays]

I've tried so many betting strategies when playing house games, but none of them really work in the long run because casino games are designed to give the house an edge. No matter what strategy you use, the casino is mathematically more likely to profit in the long run.

That's why it's better to avoid these games whenever possible. Maybe the only real strategy that works is knowing how to control your greed. Once you're satisfied with your winnings, just stop and walk away. Sometimes, knowing when to quit is the best strategy you can have.

[Miles2006]

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.

You might want to research and then give answers to the questions base on your understanding, my answer might be different and strange obviously we all have our different views when it comes to investment, business market and making more money. The most common investment strategy that works is the DCA strategy while investing aggressively might sometimes have a negative impact on our investment so personally aggressive kind of investment should be done when one is financially stable to handle the market pressure.
I think getting rich has to do with working hard and smart, hard work without the right knowledge will still end up in a struggling state.

[LUCKMCFLY]

Reading books is very important, but personally, as a practical strategy to improve your life, the best path is straight to the point: first, ensure your basic expenses are fully covered; second, tackle your debts and pay them off systematically; and most importantly, invest in Bitcoin for the long term. If you use the DCA method, even better.

If you really want to focus on real wealth generation, it's best to create a personal diversification strategy across different assets and consider starting a business. The core idea is simple: never rely on a single source of income and always build multiple cash flow streams.

[B-BossMan]

This question isn't for rich people. It depends on the person that how can he manage to be rich? What would he do to become rich ? Where would he like to start bussiness and How would he start bussiness? I may love hearing answers if these questions

Ok. Yesterday, I guessed it was specifically for rich people.  I'm sure everyone can be rich if they have a big intention. So, the first one is about the intention. The second one is about the behavior, someone who wants to be rich must work hard and work smart.

Everyone can never be rich, it’s just not possible, even in a better world we’re most policies do work. The very most we could get out of the world would be, a good standard of living. Otherwise, there isn’t a chance where everyone would be rich. The social ladder would always exist where, the little guys would always do all the hard work for the big guys and earn very little, with the big guys doing their share in decision making, risk taking and being at the receiving end of the consequences from wrong decisions taken which would justify what they get in the good times.

You actually have a good point here that we cannot all be rich, if at all I would say that's the nature of economy, but the thing is that even the poor ones needs to be more hardworking to ease thier affairs. When we have a good economy system in the world, it must definitely creates a lots of opportunities to people, because people will have a suitable educations, a good standard access to thier earnings or resources, if at all people's value truly needs to be appreciated, though our goals would never be the same as making everyone rich or we should all become rich,but the only ways are, helping one another so that no one is trapped on poverty and maiwhile some few people (rich) controls the most wealths. Same thing goes to bitcoin, we still have some people that aren't investing in Bitcoin while somr does. So we cannot be in the same wheel all.

[laijsica]

Reading books is very important, but personally, as a practical strategy to improve your life, the best path is straight to the point: first, ensure your basic expenses are fully covered; second, tackle your debts and pay them off systematically; and most importantly, invest in Bitcoin for the long term. If you use the DCA method, even better.

If you really want to focus on real wealth generation, it's best to create a personal diversification strategy across different assets and consider starting a business. The core idea is simple: never rely on a single source of income and always build multiple cash flow streams.

Your every advice is very important for everyone. We all want to be successful in life but no one wants to work hard and endure hardship. It is possible to improve one's condition through hard work and patience. Mentally, such as tolerance and creating a good position financially. Excessive emotions can lead you to wrong decisions because some allocate funds instead of meeting basic needs or some allocate more than their financial capacity. Only by being in tune with reality can you reach your long term goals.

If you want to accumulate Bitcoin for the long term, you should not forget the need to give importance to creating an emergency fund. You have to consider the present time as valuable and accumulate Bitcoin regularly through DCA.

[Bluedrem]

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.

The answers to these questions depend on the individual. In fact, do you want to become rich or prevent becoming poor?
If you want to become rich, you have to find different ways to earn money. You have to work hard and invest, but you must work hard in such a way that you can be economically profitable and invest in places where the risk is low but the profit is high. Along with this, you have to reduce your expenses.
And if you want to protect yourself from becoming poor, you don't need to do much. Keep the sources of money that you currently have active and spend wisely, and you will never be poor.
And if you talk about investing, it also depends on your financial situation. If you have enough money to take risks, you can invest in places where the risk is high but the profit is high (of course, this must be done within your ability to cope with the risk). And if you have a small amount of money to invest, then invest in places where the risk is low but there is no fear of losing your capital even if the profit is low.