Best strategies and worst strategies ?

[Solokan]

In my opinion, almost everyone wants to be rich, but it's certainly not easy because it requires extra effort and certainly isn't instant

The way to become rich is to have a wealth of knowledge and insight, and to maintain a positive mindset. Don't give up on a job or business you're pursuing. If you experience failure, it's better to learn from your failures to avoid them again. However, there are many paths to becoming rich, as long as you're willing. Especially in today's digital age, where you can easily build a company or business, including becoming a content creator or other businesses. However, in the initial stages, if you have a minimal income, you should only buy what you need. You should also set aside funds for investment and to build your company. However, I definitely think it's better to run a business that aligns with your hobbies

[Jubilee58]

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.

In every given business, the investing strategy that the investor or the business would use depends on the type of goods or asset you are investing on, and also the risk tolerance of the investor. Let's take for instance you desire to invest in digital assets like Bitcoin or stock, these are assets that can yield good profit or reward investors on the long run, so the best strategy for this kind of investment is just to invest for long term, but if you lack patience, and you invest to make profit within a short period of time, you are already using the wrong approach or strategy.
As a business man or an investor, the strategy you deploy in running your business depends on the type of business you are doing, and i think the same strategy will not work for every business. However, I think there are general strategies that every business person should use to make his business successful, such as good product advertising, reaching your targeted audience, ensuring products quality, and ensuring good customers services, these are some good business strategy that a business person should use to make headway, and any business that entirely lack this strategies stands to fail.
Getting rich is not as easy as some people think, even one can loose inherited wealth if you are not disciplined enough. To get rich, you have to invest your money properly, possibly on assets, and not on liabilities. You also have to be patient with your investment, and grow gradually. Lifestyle can affect your goal if becoming rich, therefore cultivate responsible lifestyle, and avoid extravagant lifestyle, and spending money lavishly. With this methods you can actually become rich.

[Nothingtodo]

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 you had read the book you have read completely, you would have definitely got the answer. You cannot know anything properly by reading 20 or 30 pages. If you want to know the complete answer and strategy about all these investments or how to get rich in an easy way or where to invest in your life, then you should definitely read the entire book. You will automatically get the answers to all your questions. The answers to all these questions are basically presented neatly in the entire book. You will not find any answers in a haphazard manner without reading the book completely.

[AmaGold70]

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.

There are many people who are really living above their income, and such lifestyle is really a barrier to becoming rich. Someone who wants to become rich only spend money mostly on basic needs, and not on thing that doesn't matter much to him. Investing your money is very important, becoming rich without investing your money is never possible, and as we know not even good salary can sustain financial stability. This this the more reason why Bitcoin investing is very much important because it gives you the advantage of building wealth, and becoming rich with time. Also while building wealth, remain focused, and pursue your financial goals and objectives, getting yourself distracted is a way of derailing from acheiving your financial goals.

[Queen uloma]

1 When it comes to investing strategies, one need to understand what theyre investing on, and don’t put all your money in one place and avoid chasing after quick profit.

2 what business strategies work:  any business that can solve problems and satisfy their customers can survive long term. I know it’s not all business that will work, so it’s better to research before you invest.
 
3 getting rich only work when you increase your income, invest consistently, control your spending and save more. Don’t live above your means if you want to avoid poverty, Don’t borrow and always have emergency funds.

[Rengga Jati]

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.

The definition of rich can be different for each person. Yes, not all people can be in the same level of their wealth, but I'm sure everyone may have the chance to be rich. If there is no chance to be rich or get a better economic level, people probably have no spirit to work hard. In life society, there must be people who have higher level of economic and there are people who have lower economic level. It is very true, we can't have the same economic level. It will depend on our own ability and how far we push ourselves to work hard. In my opinion, it isn't a must to be rich but we need to have a better economic level if we want to do hard work. About the role of rich people in life society, I must admit it is very correct. Rich people must always get the priority in deciding anything.

[LUCKMCFLY]

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.

Yes, creating an emergency fund is a great idea. The problem is that when you decide to accumulate, sometimes you don't have enough to do it twice over, that is, to accumulate both BTC and fiat currency. The effort is significant because expenses generally increase, but salaries sometimes don't, making it difficult to keep going.

However, if you have the DCA method for accumulating BTC, for example, you can use the same method to accumulate fiat currency, creating the emergency fund. Once you have this, and if you have enough for more, then you can begin diversifying. It's difficult to reach that level, but it's possible if you know how to manage it.

In countries with high inflation, it's an obligation to do it, because generally work is scarce. In my case, I have a high level of education in terms of degrees, but there are more jobs for people who have nothing to pay a professional for, so the world sometimes works backwards and everything has to do with money.

[Charcol]

1 When it comes to investing strategies, one need to understand what theyre investing on, and don’t put all your money in one place and avoid chasing after quick profit.

Of course, time is of the essence in any investment and chasing quick profits is a sign of financial weakness. Even before investing, it is important to at least understand whether the investment is logical for the investor. However, it is also important to understand that simply buying a few different assets does not actually reduce risk. If you invest in assets with different names that actually fall together in similar market conditions, then the risk remains largely the same even though the names are different. I would like to mention in particular all those coins whose prices are closely related to the fluctuations in the price of Bitcoin. However, people should understand that investing is a long-term matter, so before investing, you need to think about your own time frame and how much loss you can tolerate. I think the right asset allocation mainly depends on a person's goals, time frame, and risk-taking ability.

[Decimetre]

1 When it comes to investing strategies, one need to understand what theyre investing on, and don’t put all your money in one place and avoid chasing after quick profit.

Of course, time is of the essence in any investment and chasing quick profits is a sign of financial weakness. Even before investing, it is important to at least understand whether the investment is logical for the investor. However, it is also important to understand that simply buying a few different assets does not actually reduce risk. If you invest in assets with different names that actually fall together in similar market conditions, then the risk remains largely the same even though the names are different. I would like to mention in particular all those coins whose prices are closely related to the fluctuations in the price of Bitcoin. However, people should understand that investing is a long-term matter, so before investing, you need to think about your own time frame and how much loss you can tolerate. I think the right asset allocation mainly depends on a person's goals, time frame, and risk-taking ability.

This issue of not putting your eggs in one basket has misled many people into making some wrong investments especially the people who are into bitcoin investment. Some people go to the extent of buying shitcoins in the name of diversification and they sometimes end up losing their money even more than they could have lost. If you must diversify your investments, you should go into other aspect of economy like the real estate in order not to face same volatility in shitcoins.

What works for one person may not work for another person but still, there are various practices that causes quicker losses or success. If you invest in bitcoin for a long-term, you will have a higher opportunity to make profit in the future. Real estate is still one of the most trusted alternatives with a promising future, so when she said don't put your eggs in one basket, I can see real estate as an alternative after reaching your accumulation target.