The wealth-building thread

[levimax]

There is an old trading adage : "Don't confuse brains for a bull market"

 

[HiFidFan]

Or: " The market can remain irrational longer than you can remain solvent"

 

[Chromatischism]

I've heard good advice from low net worth people. They didn't have a lot but they were doing the right things, building their wealth. I've heard bad advice from high net worth people. They got lucky, right place at the right time, and didn't know what they didn't know. I've co-founded and built software startups, so I've met MANY of those people.

Most of the wealth managers I've worked with over the years have been worth less than I am. But it would be silly to hold that against them. Just because I know enough to have some moderate success, and I'm older than them so I have the advantage of time. I'm wise enough to know what I don't know, I've made mistakes too, it's not my "day job". They've given me some good ideas and advice. But I didn't take their word on faith, I took their advice and did my own research. Trust but verify, take any wealth management advice with a grain of salt and do your own homework.

Right. Many of us are on our way. It will take time. Doesn't mean we don't know anything and aren't applying it as we go.

 

[Chromatischism]

This is the most boomer take I've ever read.

Crypto has been around for over a decade, is being adopted by governments, banks and MNC's.

Odds are you know someone who never has to work again because of crypto.

If you're not bullish on crypto you're willfully ignorant.

Companies aren't putting billions of dollars worth of Bitcoin on their balance sheets (instead of gold) for nothing. Tesla, Microstrategy, many more that haven't even disclosed it. Countries are buying and holding it. And many more will once it becomes easier.

Ignore the title; the content is regarding how much money is just waiting to pour in. I would listen to Kevin O'Leary.

 

[gvl]

13 pages and no one yet mentioned winning the lottery?

 

[MRC01]

13 pages and no one yet mentioned winning the lottery?

Gambling is a tax on people who are bad at math.

 

[Jim Matthews]

If you're not bullish on crypto you're willfully ignorant.

Then I'm in good company.
https://markets.businessinsider.com...ni-neither-currency-nor-asset-btc-2021-5?op=1

 

[Jim Matthews]

Company CFO's aren't putting billions in "tulips" on their balance sheets for nothing.

I would be very interested in seeing these balance sheets, and the percentage speculation (in any form) occupies on that ledger.

 

[Jim Matthews]

Get-rich-quick schemes rarely work out as promised.

Somebody gets rich, just not the last to hold the marker.

 

[RayDunzl]

If you're not bullish on crypto you're willfully ignorant.

If you buy all the shares of (for example) Tesla, you own a car company.

If you buy all the Bitcoins, what do you have?

 

[Jdunk54nl]

If you buy all the shares of (for example) Tesla, you own a car company.

If you buy all the Bitcoins, what do you have?

All the bitcoins ‍

 

[GD Fan]

Anyone want to provide feedback on my retirement fund portfolio?

View attachment 151843

Looks very reasonable, depending on your age and how long you expect financial repression to last (and also assuming you live in Australia - otherwise it might look a little weird!).

 

[JeffS7444]

Gambling is a tax on people who are bad at math.

I occasionally indulge for grins, and buy a single ticket. My reasoning is that if I buy one ticket, my odds of winning increase greatly, from 0:[Some very high number] to 1:{Some very high number]. But no remotely sane number of additional tickets will significantly improve my odds of winning beyond that first ticket.

 

[JeffS7444]

I don't doubt that some people will make a good deal of money by dealing in cryptocurrencies, but for now I shall take the advice of a couple of old guys:
https://www.forbes.com/sites/joewal...ing-and-bad-for-civilization/?sh=7630bd4fbf05

 

[Chromatischism]

Then I'm in good company.
https://markets.businessinsider.com...ni-neither-currency-nor-asset-btc-2021-5?op=1

This guy is missing the forest for the trees.

More for the rest of us, then. A lot of these folks are coming around as they learn more about it.

 

[GD Fan]

There is an old trading adage : "Don't confuse brains for a bull market"

Another maxim I've learned after more than 20 years 'on Wall Street' is never to confuse wealth or income with knowledge, talent, ability, or ambition. And no, I'm not talking about the clients...

 

[Chromatischism]

A report published by the British bank Standard Chartered indicates the company’s analysts are bullish about the crypto asset ethereum. The bank’s analysts think that bitcoin could reach $175K and said “structurally, we ‘value’ ethereum at $26,000-$35,000.”

https://news.bitcoin.com/standard-chartered-report-structurally-values-ethereum-at-26k-to-35k/

 

[Astrozombie]

I made a few hundred bucks on the AMC stock

 

[beeface]

Looks very reasonable, depending on your age and how long you expect financial repression to last (and also assuming you live in Australia - otherwise it might look a little weird!).

Thanks! Yep, live in Australia, and I am 32.

 

[Chromatischism]

I would be very interested in seeing these balance sheets, and the percentage speculation (in any form) occupies on that ledger.

https://www.coingecko.com/en/public...Unu8bwgvx8o-1631066113-0-gqNtZGzNAfujcnBszQlR

Those are only a fraction, since it is only public companies on that list.