Yes! You can build any amount of wealth if you put your mind to it

iskafan in #hive-167922 • last year

You can build any amount of wealth if you put your mind to following due process. It is not complicated, nor does it require a lot of money or time.
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The biggest barrier for most people is their mindset and their unwillingness to take action. If you want more, there are only two options available to you: make more money or spend less. In either case, the first step is taking an inventory of what you already have.

Take an inventory of your assets

This is where many people get stuck because they don't know how much they do have. To gain a better perspective on the value of your assets, consider these questions:

• How long would it take to earn that amount in cash?

• How much is that worth to you?

• What would it take to replace that asset?

• Is this something I need to buy again?

Your answers will help you determine which items you should keep or sell. You may be surprised at how little effort it takes to increase your net worth when you start with a clear picture of what you currently own. Once you've done that, move on to the next step.

Take Stock Of Your Liabilities

Next, focus on your liabilities. These are the things you owe money on. It could be as simple as owing someone $200 for a car repair. Or perhaps it's a balance of several thousand dollars on your credit card. Most likely, it's both.

The good news is that, by paying off your debts, you'll free up money for investments. As you pay off one debt, remember to put some of the money you save toward future debt payments. You may have to sacrifice other expenses temporarily to do this.

But if you set a goal for yourself and stay focused, you can reach that goal quickly.
Some of the simplest strategies for reducing your debt include:

• Pay off your highest interest rate accounts first

• Don't charge new purchases until your old ones are paid off

• Cut down on discretionary spending (e.g., eating out)

• Make a budget

The key here is to make a plan. Without a plan, you're just spinning your wheels.

Start Saving

Saving doesn't mean sitting back and waiting for your finances to magically improve. Instead, it means making smart decisions today that will impact your life tomorrow. When you sit down to create a savings strategy, consider the following questions:

• What is my current net worth? How much do I owe?

• Am I saving enough to reach my goals?

If you don't know your net worth, use a free online calculator to calculate it. Once you have that number, decide how much you want to save every month and divide that into 12. Then, add another 10% of your income to that monthly payment. That's a rough estimate of how much you need to set aside each month to reach your goal.

Invest

Now that you have a basic understanding of your financial situation, you can begin investing. Depending on your goals, different investment strategies might be right for you. For example, if you want to purchase a home, you may want to invest in real estate.

But if you're looking to retire early, you may want to consider stocks. It depends on your circumstances, but whichever route you choose, the important thing is to get started immediately. Even small amounts of money can grow over time with the right approach.

Be Patient & Consistent

Finally, remember that patience and consistency are crucial to building wealth. We all experience ups and downs along the way, so don't get discouraged when your portfolio drops in value. Instead, take a deep breath and remind yourself why you're doing this in the first place. Remember that you can always change course if you find yourself headed in the wrong direction.

Conclusion

There is no questioning that becoming wealthy requires hard work. Fortunately, it also takes knowledge, planning, and discipline. With the right steps, you can reach your goals faster than you ever thought possible.

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#wealth #neoxian #proofofbrain #money #palnet #vyb #investing #stocks #leofinance

last year in #hive-167922 by iskafan

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gloriaolar last year

Wow, you made it simple, relatable and achievable. Though it's not easy, with proper planning, discipline and determination it is very much possible to accumulate wealth.

Thank you for this wonderful post.🥰

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bcarolan639 last year

Im almost at the point where everything is rolled into a solo 4-1K with checkbook control so i can have the ability to use leverage as long as its nonrecourse in my retirement account and a bit of leverage is fine depending on you like i go 4/1 off of my lt account for short periods while i borrow to day trade. That works for me others may not be comfortable taking a million dollar trade on that much margin.

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iskafan last year

That's true.. it may not be easy if we put our minds to it, we can accomplish it. Thanks for reading.

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bcarolan639 last year

Every person who is old enough to understand money should be strongly encouraged to work as hard as they can spend as little as they can by starting a business like car detailing at least here I can make about 150-200 a hour doing it and if I payed a contractor id sit watch and work on my crypto stuff make about half 75/100 a hour bc i would pay half to the person so they do a good job. Get ppl on monthly billing subscriptions for plans like 2 full detials and 1 wash per month would be x per month billed and booked as prepaid until earned and a 5% discount if paid up front so i can put it in assets generating 10% to 50% roi per year and way out do the discount i gave to get the money early. Then don't spend anything you don't need to and don't invest in etfs or mutual funds with a advisor unless you know nothing. First learn how to invest and what to look at then go through the quality stocks based on your parameters and us DCA methods to get in when you think its bottoming and DCA out as it moves up around a core position so you always take some off and add when there are dips around a long term hold which is 50-75%. Another less downside risk to massive upside profit potential is use Treasuries or high yield savings with 4-5% for 25% or a ETF you can margin on but that adds risk i do it but ill leave it out. so take the next 25% add it to stable coin LPs and the next 25% to 3 strategies BTC/WBTC with short btc future long call incase the futures go bananas same with paxG use that to have collateral on lending platforms borrow dai deposit on maker and various other defi protocals like aave, comp etc and then short the 10 oz gold future this lets you earn a stream of gold non principle risk by getting high fees on market making and using that to buy either more paxg or phyical gold or other metals. Last is eth/weth with short eth futures and a call to make sure you dont take a loss if future s go wild to. This lets you have a reletivly in expensive way to "Mine" btc, paxg, eth using a hedged set up to freeze principal and just have a unhedged stream of assets coming out. The next 25% should be private deals in all sorts of things from land, farms, start ups, all sorts or rental real estate, private businesses, Hedge Funds, Private Loans and Other such as collectibles, art etc. The last parts will be 5% for options and futures trading speculation for day trades 5% crypto speculation day - swing trades. and 15% staking and nodes and mining various crypto assets. The funds from the less risky assets should be used to purchase the risk on assets. If you really want to start off safe half stable coin pairs half highest yield you can get traditionally no risk right now 5%. so blended you will yield say 10% and if you add 50% margin to that you get a little under 20% a year and put 200K in get 40K to re invest in equities public, private, private funds, Digital Assets, Businesses, Other investment ideas. The cash will grow by re investing say 25% back in to lps not any more t bills to increase the roi from the cash and use other currencies from diff countries to. Then you can always know your portfolio will be growing as long as you are diligent with your stable coin pairs and don't risk much in each one or protocol. Then take a approach that divides the CF into asset classes for allocation daily or weekly so you can dca in to everything. I am betting this portfolio construction or variation of will perform much better than a traditional 60/40 over the long term due to the lower downside risk with how it starts and the fact it can then buy risk assets with out risking principle and still achieve a 5% return from reinvesting cash and likely much more from all the others over say 5-10-20 years i bet it significantly adds alpha to a portfolio and blows the s and p out of the water.

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