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7 Comments

How to Get Rich

  1. 1

    Of course it's just another cryptocurrency shilling article.

    See? Inflation. It is fucking all of us. Equally. Universally. It’s bad. Really, really bad. Even when you think you’re earning more it still fucks you.

    How so? What's the alternative? Deflation? Nobody spending is way worse than any alternative. Businesses rely on spending, people having an income rely on businesses having clients.

    What are you going to do with the crypto? How many goods and services have you bought with crypto in the past two weeks? My bet is on zero, because people who shill cryptocurrencies promote them as an alternative to FIAT money, but they actually treat it like gold, hoard it in hope to cash in later on (pure speculation).

    1. 1

      this comments publicly shows your ignorance, which, is fine with me.

      ... it's also clear you don't have a monetary (personal) system... b/c this isn't how ANY investment works.... unless you're short-selling (which is a very specific category of investing).

      personally, i sell once per quarter... enough to cover my family's needs. we maintain a certain "fiat threshold" for everyday transactions and when that gets low, we refill it.

      ... this is so basic that it hurts... and i hope you get your shit figured out. your financial future depends on you being more open minded than closed.

      good luck.

      1. 0

        You make no sense, except the personal attacks which have no foundation because you can't bring arguments, except that you are open minded and I am close minded (which isn't an argument btw).

        you don't have a monetary (personal) system

        What does that even mean? Monetary personal system? I invest in the stock market, get dividends and asset appreciation, get paid every month to cover my expenses. And I don't gamble.

        Yeah sure, cryptocurrencies might have a use in the future as a currency, but it has a loooong way to get there. A contender cryptocurrency must emerge for that to happen because Bitcoin isn't going to cut it. It has to be mainstream available (which isn't, due to requiring internet connection, which a lot of people still don't have), and to support more than 8 transactions per second while being more energy efficient. Using more energy than entire countries to support the mining while having such a limited capacity.

        If you can tell me how deflation is better than inflation, then I'll admit crypto is not completely useless and a ponzi scheme.

        1. 1

          i don't know how much more i can do outside of show you literally my bank account... which i won't do.

          all i can tell / show you is my life... and it's different. it's better. i have more, usable money than i did before.

          kinda cool. take it or leave it.

  2. 0

    Or rather... how I personally built a system of wealth for myself that is working... really fucking great:

    Well, for me it’s not about the size of my bank account or the liquid value of aggregate assets; rather, I’ve “gotten rich” (or built a system of wealth generation) via 3 distinct principles that are backed by simple behaviors:

    1. Longer-time horizons (i.e. longer time preferences) are vastly superior than shorter time preferences. My family makes long-term financial plans and then we build systems that we can (literally) afford that will make those plans come true. Investing $100 every week for 10+ years is something that we can do but you could start with $10.

    2. Give and save more than you spend. We teach our kids a simple “give, save, spend” system (in that order) and then we have a more “grownup” version too.

    3. I talk openly, honestly, and consistently about money generation, production, and even topics like inheritance (death / dying) thus making them less taboo in my own context which increases financial literacy for my children, family, and friends. We are all better for it!

    And then, specifically, it's about Bitcoin b/c that shit changed my life.

    1. 2

      I know you've tried to keep it simple but it's still a pretty long article. Let me ask you something really straight forward.

      If I invest $50 every Friday for the next year (an investment of $2600) how much would my money be worth if i then converted all the BTC back to real cash? (I realise this is your best guess).

      1. 1

        good question @primer and it's not a bad one...

        math can get tricky with predictions but here's the truth: bitcoin has historically shown a >200% increase year-over-year, on average over it's life-time.

        ... that's pretty fucking amazing.

        since we only have history to look at, let's take a look at if you did this between the dates of July 4, 2020 and July 4, 2021:

        1. You would have invested $50 per week, every week.
        2. Total investment would be $2,550.
        3. Total accumulated value would be $4,380, a ~71% increase.
        4. You'd have approximately 0.133 BTC

        We're assuming BTC is ~$33k per coin in the above scenario.

        It's not the 200% bump in that time-scale but the longer you hold... (as my article states)...

        ... where else could you get 70% gains? 🥰

        ... so, you could have technically, on July 4 2021, sell your position and have made nearly ~2k in profits... minus any local taxes, TX fees, etc.

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