Why You're Not Rich Yet
A lot of us are struggling and hustling in the crypto world regardless of our age. We have different reasons to earn money and invest it. And the fact remains.
Not all of us are Rich.
Instead we are kind of getting by. We are just moving from one goal to another with shift in our income. Which goes to show you that being consistent with earning money is not that easy.
For those who are trying really hard with income generation and working hard to make money, we have to find out the reasons why we are not happy yet or rich yet for that matter.
So my approach is finding out what it takes to become rich and kind of financial independent with our money. This post basically serves an approach which we should take to become financially stable.
Some of the reasons for you not being rich are as follows. I hope you find these reasons something to relate to and worth looking at.
You Don't Invest into Mutual Funds.
In order to invest long terms. You have an option of deposits and the mutual funds. If you select the deposits, they are going to earn you less. And with the changes in the financial years, the income would drop as well.
So having the mutual funds in hand in the portfolio is a good option. Like mutual funds with the goal of the 3 to 5 years span is a good option. This could even set you for life. That's what we want in life.
Some of the time having the investment into the mutual fund could get you the home and the retirement income that you expect long term. So make sure to start investing into the mutual fund and build on it.
You Don't Have Dividend Income.
I learned about this pretty late. Like in 30s. I wanted to save better at that time but instead I invested in the wrong things. I have to focus on changing this so that for the old age I can have some income in hands.
I am going to invest into the dividend based stocks. And that can be a good option there. Like each year you get some dividend income that can even pay your rent or even pay enough for few months.
So make sure to have some sort of the dividend income and start investing into that with some plan. This way you can have a good investment strategy that can even make you rich too.
You Don't Work Hard Enough.
Sometimes in order to reach some of the goals you have to work hard enough. And you have to make sure that hard working on that front, gives some results. you can do work on wrong things for years, but may not get result.
Like say writing on platform that does not earn anything, you are supposed to stop the working. When you start working with some plan. Your actions compound and slowly start to give some results.
When you are focusing on the results, you reach for the hard work there. Some of the time it can give you a good idea on how hard work can be a good thing for the progress. Like if you want to progress, work hard and smart.
You Don't Invest into Legit Crypto.
A lot of us invest into those dogecoin or clone coins like that. None of those coins add any form of the value. Instead those coins are going to be serving the temporary measure.
This also means that we don't have means to find out if the coin is legit or not. Some of the time that sort of the approach we have to find out if those coins are good or not and then consider investing.
Another thing is that you have to stick with the giants like bitcoin, Ethereum and bitcoin cash. These three are more than enough for you at the moment. You have ton just find the reliable giants like this.
What is your experience about this?
My experience says that combination of above things and the timing. That kind of shows you why you are not where you are supposed to be. So your experience matters a lot in this context. Share your views on this.
What's your experience says about this?
