Wealth Tips - Overnight Successes
The Keys
There are many proverbial "keys" to success as it were. Here are some that come to mind. You could say that *location* would be one if you are talking about a business or a piece of property. *Timing* is always a good one for trading. *Vision* for ideas or concepts. *Planning* is good projects or applications. *Tenacity* is needed for overcoming obstacles or dealing with experimental failure on the road to success. There are many others that could be considered "key" and others that may be subcategories of the above. Let's look at one hypothetical and a couple of real experiences.
Planning to be an overnight success
What if you want to be doctor?
You know you are competent in reading and thinking, plus you like health and medicine. Some of the things that you will do to achieve that *end* will involve taking out loans and becoming accepted to the right school. You will be Studying, practicing, taking tests, for many years. Depending on the goal,there will be varying requirements for residency and finally a job offer.
It is rare to see a doctor who makes little or no money after all that preparation. You will probably be able to nail down a day or month when you know you have *turned the corner* and are taking in enough money to live and start paying back all the people and banks that helped you along the way. That day or month would be your "overnight" part of the *success* story.
It is just assumed that a med-student is going to be a success. Barring any severe screw-ups along the way, most end up being successful. To say they are an overnight success, would be a jump for most. But once that corner is turned, the money is there and the time to break even is calculable given the right job.
I have had my share of successes and *none came by surprise!*
The Bike Shop
There came a time when I got enough requests to repair vehicles that I thought it was time to charge for it. The road to success was quickened by staying out of debt first of all. I did not need anything new to get started.
I found a gas station that had a bit of a warehouse in back. There was a blast door that separated the mini-mart from area in back which had an air compressor and some old oil drums in it. I used my *vision* and laid out an offer in my head. "If I were the owner of this place, I would love to have a tenant that would not interfere with my gas business, yet would be paying me per month to rent the unseen part of the property." I said to myself. I practiced selling it to the owner in my head.
I took some time to track this owner down. I stopped in and got some gas every time I passed the place. I asked if the owner was there every time I stopped there and dealt with rejection as he never was. A few smiles and friendly greetings later, I leaned his name and the days and times of day he might be found stopping in. In passing I heard that the owner, Rick, drives a late model, red Corvette also.
As time went on, all I needed do was look for his car as I passed by the place. When I saw that specific set of wheels, I pulled in and struck up a conversation, and made my pitch, "It's simple. I need a place to work and I am willing to pay you a set monthly rent plus commission on every dime of labor that I bill. How does twenty five percent sound to you?"
He thought about it and called me back a few times to discuss possible glitches and contingencies. As it turns out, I would have the only key to the back door and the overhead door would be pad locked from both sides, only able to be used while both businesses were open.
The going rate for that size shop was $4,000 per month, I had offered $1,500 and estimated ten thousand in billed labor as easily attainable monthly guesstimate, his share being $2,500 ($4,000 total). His percentage would also decrease as my billing went over ten grand to be fair.
If I only did a couple of jobs per month, I would pay about thirty percent the going rate for the place. It was right on Route 66. If I became a smash hit, the price would not become exorbitant.
Signed and sealed, I had a key the next day. My first few jobs had covered rent. Though I did mostly bikes, Rick had me doing all the work on his Vette over the next ten years. Many of my customers had really hot cars as well. Most of Route 66 runs through states with snowy months you know.
I was an overnight success before I hit the six month mark with only fifteen hundred out of pocket and a call to the insurance company to cover my shop for fire, theft, and liability. I grossed a million and half out of that place the second year.
I saved money on a place to work, but I always bought the best quality parts and did every job right the first time. I never wanted more money than my time was worth and the success really came by word of mouth.
Are you starting to see that successes rarely come over the course of *a literal moonlit night* or even in a month?
Making Sense and Making Cents
Another example is one of perception, faith and common sense, which may not be so common after all. I am talking about another time when I spent about $1,500 to get started.
I built an internet server of sorts and ran it for well over a year (tenacity) with little or nothing to show for my efforts. The electric bill was between $1,400 and $1,500 every month at my home while it was running. I was clearing about ten cents per day operating the server.
This was a new technology that I thought would do well.
It did not do well, but I kept checking to make sure others could connect to my server without fail and eventually I made about $300 running that one. *
Most people who asked how it was going questioned me on how much I spent on electric and how much I earned running it. They got the above information, did a lot of pointing and laughing. Word got around that I was an idiot.
Financially, this one was under water meaning it had more expenses than profit. It ***was making cents*** but ***not making sense***.
Hive, BCH and Lots More Laughs
I started buying up more BCH when bitcoin dropped below thirty thousand and I buy when I can now. I was putting money here on read.cash in order to support authors here, but I am not sure about the shadow banning that is going on. Some tags exclude people who are using them. Everyone that I follow show up in my notifications, but sometimes I use tags to locate the people who invited me here. They are not listed. Read.cash is an awesome idea, but if they are censoring in any way, they world is already far too gun shy from twitter and youtube doing that.
In the midst of a deep valley, the kind where there is blood in the streets, I threw $19,000 into Hive after signing up as EZRider - Thank you all for your very nice comments and your support when I post. But back then, my friends heard me speak about Hive. They laughed and said I was crazy. "It's failing" they said.
Funny how most of my starts are between ten and twenty thousand as an initial investment. My first few posts here were on investments that I hold and how they are doing. I cannot hear the laughter when I write but I know what had been said on other social media sites like YouTube. Doge is not looked at as a serious coin. I can only assume many were laughing that I included that coin when talking about holdings.
Doge was one of many I had purchases very early on and I only entered that position with a hundred dollars. After that, I pulled out tens of thousands as it peaked, then dropped back down. I stopped jettisoning Doge when it hit thirty five cents. I still hold about a hundred thousand Doge if I remember right. I do not care if it is a meme coin. I had planned to lose a hundred dollars when I went in and ended up gaining more than I could imagine. I may have funded my Hive account with Doge.
I think it has potential now as well. The only is because it is accepted hundreds of sites. When I go to buys things, I would rather not wait the extra hour for confirmations on bitcoin. Smaller lesser used coins make sense. I think there is a certain value in having a coin listed on most sites as a payment method. What I have left, and there is quite a bit left, is all free coinage. If I lose the rest of my Doge for some reason, I would not care. I am good either way.
***Things are not always as they seem***
The worst of these few examples I give in this post was the one that I worked on the longest with no reward and negative income. But I felt it would change the world.
I was grossing ten cents per day - that is $3.00 per month
When it went to $100 - every day was worth $10, every month $300
At $20,000 - every day was worth $2,000, every month $60,000
At $70,000 - every day was worth $7000, every month $210,000
**...and it was all retroactive!**
**the three hundred I had mentioned above would be $21 million total. It was only valued at $300 for the first couple years. Sadly, I held well under a hundred bitcoin before it ever went over ten thousand. Ask and I will write a post on that.*
Bitcoin just made sense to me right out of the gate. It got to the point when all those who laughed at me sheepishly ate crow as they greeted me in the streets. I became a bit recluse for some time. I met people only on ***my*** terms.
It usually takes some imagination, careful planning, time, and tenacity in order to get to the point where a burst of success is perceived as an **overnight success** by others.
In the case of the internet server (the bitcoin mining rig), it took faith that my better judgement was correct. First impressions are usually right. Mine were. What seemed to be an overnight windfall, was actually a long trip with lots of self doubt that needed to be overcome by reason and logic. I thought it would be a game changer and it is.
I probably changed out more real coin for cash when I sold my Doge than any bitcoin transaction. A lot of my bitcoin was donated or given away trying to make people aware of how freeing it can be. Most failed to see it. I started paying my bills with bitcoin as soon as the price hit a hundred dollars. I spent even more when it hit twenty thousand. There were not many left in my hands when the coin went over sixty thousand. Precious few really. Still, I am not hurting for money.
Ending Thoughts
Hive, Leo, POB are all like bitcoin mining. You should collect them and treasure them while they are "low" - a relative term for sure. This platform makes a lot of sense. The vast majority judge a post as only being worth the dollar-figure at the bottom. Not true! If it were really just a dollar or five dollars, their judgement would be right on. But like my bitcoin experience, all income from all posts will be revalued when the price goes up drastically. Seemingly ***overnight*** people will be rushing to make posts, the same way they stopped when the price went to eleven cents.
The truth is...
When Hive's price goes to $100, every single post will be worth twenty times more - past, present and future. A $5 posts will be worth $1,000
How many years have you been posting? I mined bitcoin for a little over four years. I know the above estimate speaks of a five dollar post. I know it is split between the curators and the author. So maybe each gets $500 - the point is that you need not invest anything but time and good will here.
On my end, I attempt to pay back your good will with some of mine.
Share this post if you know of anyone who might be frustrated with the current figures under their posts. Those figures are fluid. They are not stagnant like paper dollars. When Hive moons, every Hive token will be an ***Over Night*** Success. The slump will be over just like my tiny bitcoin earnings flipped everyone on their heads.
***Let's add "gathering" to the list of "keys" to success.***
**Links to my Wealth Tips series**
1 How to Have Money
2 Debt and Percentages
3 Waste not, Want Not
4 A Practical Example
5 Cost Averaging for Investing https://read.cash/@ezrider/a-howto-related-to-wealth-3d6b72eb https://read.cash/@ezrider/wealth-tips-debt-and-percentages-20000fbd https://read.cash/@ezrider/wealth-tips-waste-not-want-not-73df6f84 https://read.cash/@ezrider/weath-tips-a-practical-example-f6fcabea https://read.cash/@ezrider/wealth-tips-cost-average-for-investing-f479da65
Breaking from Real Life to Write
I recently updated some of you on my absence. I have to remember to also update **read.cash!**
It's been a long time.
Real life has done grabbed my arm and pulled me away from this wonderful blog site.
An eyeful ...
I don't get on read.cash enough, nor do I get out enough but I am taking a few minutes before the weekend starts to get on and let you know what is happening.
The dive
I was never worried during the market crash. My investment here never went lower than four times my entry price. I have my reasons for not making posts which I will not get into, but it is mostly because, "Why mess with something that works!" *see "Lastly" below.
The dive did not feel good when I doubled down on many coins as the leader went to $28,000 and I held on for dear life as, like I said, my investments went as low as quadruple what I paid.
My recent acquisitions are in the medium risk categories including TRX, DOGE, USDT, ARK, BTG, BCH, LTC and FIL.
I was caught up in what I viewed as a *low* when Bitcoin dipped under thirty thousand and you can only be wrong so many times so I waited for a full bounce. Let's hope this is the bottom.
In a bear market, I only buy and never sell except for necessity. I have a thousand of one of the original ten and I have been holding it from a $400 investment to a million and a half and now in the ditch like everything else. The coin will not be mentioned because it is a decent coin. The problem is the core wallet (with full blockchain downloaded) has been untenably haywire. I nearly went crazy in 2019 when it would not synchronize no matter what I did.
I was able to repair broken or corrupt blocks back then but it happened again just weeks ago. I had six computers working on fresh downloads of the chain and other scanning the chain. They all kept crashing. I will not hold a coin if I cannot hold my own keys - no matter the potential upside.
I have liquidated half of what I own and am buying anything that will follow Bitcoin back up as it goes. The coins I listed above have all paid heavy profits with just tiny initial investments (except USDT and FIL). I am only doubling up on my positions for a repeat of past successes.
The B** ones were windfalls as I had pulled the ones I own out of the original forks of BTC so I am good. It is a shame I cannot keep the other one because I liked everything about it except the unreliable core wallet.
Lastly
Though I have not been able to be 'social' here on Hive and Leo, I have been using something called "Distill Web Monitor" that allows me to go to hiveblocks and select the voting power bar - then tell it to warn me if my voting power is over 98%
That helps me to get in here and do some voting so I do not have 100% voting potential sitting there idle. I am happy to say that **my ROI has never dropped below $1,000 per month on voting/tipping**. Mostly on Hive - see my wallet to find out why. I wish there were a staking reward here. I would invest. https://wallet.hive.blog/@ezrider/transfers
I feel I have been selecting worthy content creators as I go and look forward to seeing more of what you all have.
**Don't buy into Schlong Covid - not contagious!**
*Well,maybe a face diaper for Mr. Johnson*
Having difficulties. Referrals are not able to join read.cash. Registration restarts after they enter a user name and define a password. It endlessly starts over again and again.
I was planning on bringing a group here and also becoming a sponsor of many read.cash accounts.
I await any advice. Thanks
A Year in Review - 2021 - Hive Investment Overview
I do not have a **Wealth Tips** post in mind to add to my series right now, but I did I want to write something before ringing in the new year. I was looking back on how long I have been here and weighing my decision to get involved in #LeoFinance and by extension, Hive. https://hive.blog/trending/leofinance
I have not taken the time yet to analyze the Leo and Proofofbrain voting that I have done, but I know they are making money for me. I *do* plan to invest more in those tokens as time goes on.
A Word of Thanks.
To all of you who have voted on my posts, commented, and engaged with me at different levels. Thank you. Many names come to mind as I write this and you know who you are based on the appreciation I show when you posts come up on my feed. I spend a lot of time scrolling through the new posts when I am on and I like to encourage new users as I was encouraged.
Sometimes I need to run into someone's post a couple times before I hit the follow button. I am working on developing a routine though. Thanks again to you all.
Hive Investing
I cannot state how pleased I am with my choice to toss $17,600 worth of paper debt notes into this little community called #**Hive**. It is not the most profitable investment I have ever made, but I am pleased nonetheless.
I got about 160,000 Hive and powered them up. Since then, my HP has increased by 20,000 and I am up to 180,000 now. This all happened due to voting and posting during the course of one year.
According to CoinMarketCap.com my little eighteen thousand entry **spiked to over a half million dollars** at the end of November. Since then, that same money dropped down a bit to a dollar value of over a quarter million dollars.
$17,600 --> $525,600 --> $273,600
I guess I am supposed to cry and pound my fists that I *lost* a quarter million dollars by not powering down on that day and cashing it all out in one day at the moment of the spike. I think it takes a couple of months to actually unstake Hive Power, so that would not be an option.
I choose to look at the glass as half full not half empty.
The truth of it all is that the price of Hive is up more than thirteen times that of my purchase price, and with the money earned by simply voting, the dollar value of my little investment is up over fifteen times what it was a year ago.
Percentages
If you have read my Wealth Tips posts, you will know that the same has happened to any of you who put in a bit and did not touch it. Just by posting and voting, you would have seen higher returns according to the percentage you put in.
A $1,760 one year ago would be worth $27,360 right now.
$176 would be $2,736 and $17 would be $273
Play with the trailing zeros all you want. Everyone who decided to keep money on Hive made money this year. The differences come in based on percentages invested and the number of posts created during the year. Your results would likely be higher than mine, percentage wise, if you had posted daily.
Further Logic and Stats
I double checked on the average, weekly, dollar figure earned in recent weeks and if the price had been at 1.52 all year long, I would have made over $37,000 in 12 months just for voting on Hive posts and making a couple posts per month. That is amazing in itself.
In reality, that figure was lower because of the first part of the year stayed in the ten to thirty cent range.
Conclusion
This year has been an experiment for me with a new kind of blockchain and a different way of mining using words and votes.
It did not take a lot of patience to see returns on the money that I placed here. My parents never got anything like this on their compound interest from the bank or on their Certificate of Deposits.
Now that I have a full year behind me and a bit of experience with the main blockchain plus some of the other sites built on top of it, I will be ready to invest more and get more involved in projects and proposals in 2022.
One can only learn so much about the workings of Hive in a year. I have an idea of what is out there now and a notion of what other additions are being built to support it all.
If the madness ends related to personal medical decisions and government intervention, 2022 will be a great year for people who choose freedom oriented social media like Hive.
Happy 2022 to all!
Wealth Tips - Cost Average for Investing
We are at another one of those times when fear, uncertainty and doubt (FUD) dominate the packet-waves. I have actually been waiting for a time such as this. When you see FUD posts, it means that the windows of opportunity are opening ever so slightly.
It is buy time from now until there is blood in the streets. As you know, I play the game of percentages so as to never lose. Once I commit to buying on the way down, there is no selling. There is only cost averaging.
Catching the Knife
Everyone dreams of swooping in and buying the low and riding it to the top, otherwise known as catching a falling knife. When blood is in the streets, you may to catch the knife one out of every ten tries, but it is unrealistic to count on it and idiotic to place your bet with every last dime that you have to invest.
Back in November of 2020, I was watching the price of this new Hive token. It was new to me at least. I had been watching the price and looking for the bounce. On Nov. 3, 2020 .1029 it occurred. I started buying and my plan was to buy again at seven cents, and again at five and scoop much more at three cents. As it turns out, I had bought just after the lowest price and there was not much of any cost averaging. You really cannot count on this kind of luck, but your chances increase if you buy when there is blood in the streets.
Much of that investment was and still is in Hive Power, so I was not able to sell at the high last month. If I were to power down right now, I would still be making well over ten times what I invested. Compare that to those who bought the momentum a month ago. They are likely getting out right now with a tiny profit or worrying that they will go into loss territory. I rarely buy momentum and if I do, I usually sell when I am at three times my investment with no concern about missing the top.
Cost Averaging
What if I had not caught the knife. Let's take the same twenty thousand and start at a different point in time - April of 2020. In this example, I had missed the run up and I am buying an expected bounce.
I take five hundred of my twenty thousand dollars and buy Hive, then double the amount every time I see a new possible bottom. So, I buy after the spike in April - $500 dollars worth at $0.45 - I am hoping for a bounce.
The bounce does not come, so I buy twice as much at the next low point- $1,000 worth of Hive at 0.307
We are at the second red "X" on the graph. I am still hoping for a bounce but if it does not come, I am ready to double down.
Hive is still dropping as it levels off and we keep doubling down with each red "X" - these are actual prices from the historical chart. I caught the knife when I spent my twenty thousand on Hive and my cost average was $0.11 per hive.
But, if I would have bought earlier and doubled down as the price fell, I would still be **Ten X** today! The pattern at which I bought in the above scenario is the same as if I had bought all 137,637 Hive at fourteen cents each. What varies is the total amount of Hive that I actually have, ten percent less, and a few cents more per Hive.
**It is the same $20,000 - The same chart - The same time frame - The same investor**
Many people look at how much they can afford to invest and then enter into a trade with all of it. I am of the opinion that jumping in with both feet, with no room to correct the price, is the main reason for nail biting and FUD.
As for me, I am **never all-in**, so I am never willing to sell at a loss. Give it a try!
Weath Tips - A Practical Example
### Good evening.
We talked about how to "Have Money" or in other words, how to feel at ease having money in the house without your mind finding uses for it. It is okay to just have money and not want to spend it. **Part 1**
We talked about the system of spending only ten percent every three months. How it would be nearly impossible to spend all your cash if you follow that plan. In other words, the money automatically collects in a drawer. A habit of having money and spending a fixed amount outside of rent, food and bills. **Part 2**
We talked about building a habit of not wasting what you have and taking care of the things that should last so that they ***do*** last. That helps to avoid buying something again before it should be necessary to do so. **Part 3**
Hive purchased a year ago - the car I did not buy instead.
*read to the end to find out why this is relevant*
I will lay out a sample life with round numbers similar to those of my last job, along with bills, and some credit card debt that we will ignore until it would be pittance to pay off, as planned!
Salery 1,000 per week - $52,000 per year.
First month:
1,000 Rent.
$ 800 Electric, gas, phone, internet, etc.
$ 300 Car insurance, gas, maintenance.
$ 600 Food.
$ 300 Minimum payment on credit cards.
$ 400 Giving to charity (10 percent of pay).
------
$ 600 extra. We cut out fast food and bar hopping in order to ***have money*** to have.
Now, plan to spend $180 on February 28th - that will be your ten percent. You could use this on a new shiny object that you always wanted or you could just spend half and put the other half in your wallet for anything you feel like getting. Maybe some fast food with friends from work.
You will also have $1,620 to play with - you need to decide on where to put it. Buy gold, silver, crypto? It could go anywhere but in the bank.
- that's 1,800 - three months saving 600 per - less 180 = 1,620
>You go another three months...
It is late May 2022 and you need to decide what to spend your $342 dollars on. What investments would bode nicely for your $3078 which is just laying around? It is the money you have learned to **have**.
> Moving on to August
You are looking to spend $487 on whatever you want. It is your money and it is what you agreed to spend in order to find financial freedom. You ***have*** $4,390 that is being invested and we are not tallying any return on investment. I will not try to estimate that, for now, for simplicity.
> The one year mark
You have $6,190 and it is time to spend $619 on gifts for you family and friends. And you can do *that* without adding to your credit card debt.
You have paid $3,600 in interest on your credit cards during the year and at the same time, you kept $5,571 in silver or crypto and made money holding that asset.
> Fast forward another twelve months to November 2023
You have controlled yourself for 24 months with increasing mad money every quarter...
You have $10,252 as November comes to an end, and you can take $1,025 and do whatever you want with it ***while still staying on the road to increasing wealth!***
## The pressure is off
When I got to this point in the program, I started to count my wealth, the **money I have**, in terms of ***time*** instead of dollars. In our hypothetical case study above, I would have counted the entire experience as having given me a ***three month window***. If something bad happened and I could not work, with no income of any kind, I could go on living worry-free for three months before any feeling of crisis would come over me.
As time went on, I started to count the years that I could go jobless without worries. I want that kind of feeling for each one of you who has taken the time to read this series. You will find, at some point, that another quarter ends and you do not really feel the need to spend a whole thousand dollars. That is alright. The next quarter will have a bigger amount that you can spend - *or not*.
## Editing the plan
I am eluding to the option of rolling the quarterly spendable figure back into the money you have. You will find that the feelings of freedom and security are so nice that spending seems to be secondary. You have a thousand dollars you can spend on anything you want. Your needs are covered every month, so spend it all if you want or just spend half and let the other half ride.
As my quarterly mad money comes in, there are times that I spend it all on a wild frenzy and other times, I just leave it on the desk and spend what I can. Sometimes I cannot spend it all even if I try. Other times I find that I do not need to spend any of it. If you are ***satisfied*** with what you have, you may just want to become wealthier instead of spending. Your mad money every quarter will only increase.
**Important!**
Editing how much you spend only applies to the **ten percent** that you can spend. Reducing your income or increasing your monthly expenditures is not a good idea. It would be like cutting down the apple tree to get the apple down. You will miss out on all the other apples it would have produced.
#### This works
I have done it four times in my life, each time starting from zero again.
I am coming up on one of my quarterly times. The amount equals a decent house that I could purchase. I have always opted to not buy the house because the assets that I hold will likely triple in value at the very least. If I buy the house, it could be the worst form of depreciation one could experience.
Imagine living in a $200,000 house that you had purchased using 1.8 million Hive. How much is that today?
Hive purchased a year ago - the car I did not buy instead.
A year ago nineteen thousand dollars went into Hive and today it is worth $200,000 - that is public record via my posts and wallet. There is nothing I could have spent nineteen grand on a year ago for which I would be two-hundred-thousand proud of today.
Let me know if there is anything I need to clarify about this reverse Ponzi scheme.
Wealth Tips - Waste not - Want not
A Penny Saved...
Yes, there are a lot of old sayings that people have tried to live by, but they do not mean that one should buy the cheapest thing available. Many times cheap dish soap is just less concentrated. By the same token, buying concentrated soap and then using it in large quantities is a waste worse than the first.
Cheap appliances will mean replacing them sooner than the more quality ones.
Cheap kitchen utensils and cookware will also need to be replaced much sooner than necessary with something from a reputable company. But also check to make sure your favorite brand has not outsourced to China. Raw materials from there are less durable than what companies used to use.
Thinking logically is what we are after.
Satisfied
I talked about being satisfied with what you have in my first post. I buy sensible quality so that I can take care of the things that I buy. I am most satisfied when I am able to use something for years without replacing it.
This post is about creating daily habits to make the most of the items you buy so that nothing is thrown away until it is truly garbage. I developed a lot of these habits when I was a kid. We were not well off. We had to make things last because there was no buying more if something did not last.
Lacking
As soon as I was able to, I started earning my own money doing odd jobs for neighbors, cutting lawns, babysitting, and delivering newspapers. I did not do any of that out of greed. I did it so that I could help buy things that I needed and to take some of the weight off of my mother's shoulders. I knew by the look in her eyes when I asked for candy; She wanted to get it for me but something else would not be purchased if I got it.
There were many times when we did get things that other kids had. Whenever there was extra, she was the first to fill those wants without us asking.
Income > Expenditures
There are many ways to get to the goal but the above must always be true.
If making things last and buying less gets tiresome, there is always the option to work harder. I did that on my first rendezvous with millions. I bought quality and avoided waste but I also got what I wanted. I like to work and many times, I signed for something and then put in extra hours to pay for it.
I always said, "If I ever win the lottery, I will continue to work!"
I never played the lottery much because that is like tossing cash into the garbage but when I got my first windfall, I *did* keep working. I currently have no boss, but here I am voting and writing posts. I trade for profit, successfully I might add. I look for opportunities like a niche that will need to be filled as something else fails. I hire someone or do the leg work myself.
Your road to wealth is like a set of balances. You must keep the income above the expenses.
You either scrimp and waste not -
**... or**
You earn more to cover what you need.
***Or better yet. Both!***
In the end, it is your road to wealth. Controlling your own destiny is key. Sacrifice is rewarded later with higher percentages that can be spent as your wealth increases until you find it hard to spend the limits you put on yourself. I spoke of that in my last post. That state is called **abundance**.
Hedging Losses
In our current boat - runaway inflation - buying assets is actually smart. I call it "spending the money while it still has value." There is an old saying, "Like money in the bank!" But what if money in the bank just gets less valuable?
When saving money unavoidably incurs losses
I use gold and silver as a hedge. It is nothing like crypto but it holds its value like cash used to. The increase is as good as the interest that used to be paid by banks. Any asset can be used in order to keep your wealth from being stolen by the money printing politicians. If you have some extra room, you could buy air conditioners, refrigerators, a flat screen TV or two, or anything that could be sold as new on eBay later on.
Avoid computers and phones because new models come out so fast they are hard to sell if they get too old.
Since it does not matter what you buy - look for sales and buy with coupon codes - that increases your bottom line at the time of sale.
The trick to assets is that they should be new and in the box. Do not open them unless selling them becomes difficult - then only when your current TV is sold, you open the one in the box.
Many of the most wealthy today are investing in land, art, jewelry, classic cars, or anything that is **not** made of paper. When your cash starts to build, put some of it into an asset that has limited liquidity, like some of the things mentioned in this section, and it will help you keep from scooping up all of your cash in a moment of weakness.
Gratitude
You can call it Karma, *What comes around goes around*, or the good-old *God loves a cheerful giver*. Sharing is necessary - it eliminates greed and makes others happy.
You will notice that you feel happier, less stressed, in a better mood, less worried as your wealth builds. It is important to give. My higher power is the God of the Bible and there is a part I read where God says...
"Bring one-tenth of your income into the storehouse so that there may be food in my house. Test me in this way," says the LORD of hosts. "See if I won't open the windows of heaven for you and flood you with blessings."
If I am right about God, and he cannot lie, then this is a sure fire way to succeed in your efforts.
The first few times I worked my way up to wealth, there was something that held me back from being truly unstoppable. Think of this final piece of advise as the one that will put staying power into your goal of being independently wealthy. I am not much of a church goer, but I look for the an organization that is doing the most good and give to it anonymously. That is the only part of my religion that I do religiously.
Please share ideas you have for making products last longer or other suggestions you may have. I have many but they are small and seemingly insignificant. Every bit gets you there faster. I also post on Hive https://hive.blog/hive-167922/@ezrider/wealth-tips-waste-not-want-not
Wealth Tips - Debt and Percentages
Good Morning
Back again with part two of my series on wealth creation.
Dealing with Debt
Debt comes when one wants to have things that are beyond their means and is willing to pay a higher price at the cash register. It is the classic *kick the can down the road* mentality.
The key to becoming wealthy is being satisfied with what you have. If you are satisfied with where you live and the things that you have around you, then you are able to start to **have money** as I spoke about in the last post. https://hive.blog/hive-167922/@ezrider/wealth-tips-how-to-have-money
"But I deserve a new tread mill and it will help me to be more healthy and alert at work..."
*I tell that voice, "I can accomplish all those same goals and get fresh air too if I walk in the park."*
"I deserve that new whachamacallit because I work hard!"
*So you work hard, and you want to add slavery on top of the hours you already put in?*
You can start to ***have money*** *while* in debt or you can tackle you debt and *then* start to have money. Either way, it will take the same amount of time to become rich and also eliminate the debt. When you look, a couple years down the road, and see that your ***debt*** is just a small ***percentage*** of the money your ***have***, then it will be time to make that tiny transaction to kill your wad of debt. The most important thing is not to add to your debt while building your wealth. Just make those minimum payments until your pile of debt looks like a roll of pennies.
Percentages
Let's say you follow my advice and a year from now you have ten thousand saved. You have tightened your belt and have been living on a shoe-string budget for a year. Great! You deserve to splurge and get yourself something nice. Spend $1.00 outside of your budget - you deserve a treat.
*before you get insulted read the next paragraph*
Every three months or maybe six months, depending on crypto prices, I splurge and spend **a tenth** of a percent on something nice. I usually stay below a tenth of a percent of my *savings*, because I *have money* (*you* will too) and I rarely am able to spend even that tenth. This month I bought new phones for each if my kids and also new e-bikes for them. I got another bike for me and I still have eight grand to blow if I want to reach the 1/10 of one percent that I had planned to spend.
I will tuck that money off to the side in case one of the bikes gets stolen. I can just replace it and still be within my planned spending structure.
Becoming wealthy is not about the things you can buy. It is about the freedom you have when you have your bills covered for months to come. The ability to take a break if you need one. Recover if you get sick or have an accident.
**So what are you going to do with your $1.00?**
If you absolutely need to spend in order to feel good, you can decide to spend 5% or even 10% of you new savings stash. Take a treat if you have managed to save ten thousand. Do not spend it all! If you do, then will not ***have money*** anymore.
**We have been talking about how to have money right?**
If you decide to spend a hundred (1%) then you could do that again in three months or maybe six. If you spend a thousand (10%) then you should wait another year to have that experience again. Whatever you plan to spend, stick to it and increase the savings until your ***lump of debt*** is just ten percent of your ***have money*** pile. Then eliminate it all at once.
Once your debt is gone, your wealth will build much more quickly. Your worries will also decrease exponentially as a side effect.
Run the Math
So you have ten thousand saved. Let's assume a worst case scenario and you spend ten percent as a treat. You also go against my suggestion and spend another ten percent of your savings the next month, and again the next month, etc.. You also forget to save anything during those months...
You are spending 1000, 900, 810, 729, 656, 590, 531
Even after six months of horrible money management, you still have over five thousand dollars in the pile! You will actually never be able to spend it all if you stick to the 10% of savings rule, a worst case scenario rule. Your pile of cash will always contain 90% after you pull out 10% to spend. It would be very hard to spend it all.
This is a percentages game. Simple math.
**Maintain your income level while reducing your expenditures and save money as if you were stock piling it. Spend one percent or less every few months on what you want. You will be wealthy.**
***If your luck holds out, that is. I also post on*** ***hive.blog*** https://hive.blog/hive-167922/@ezrider/wealth-tips-debt-and-percentages
A HowTo Related to Wealth
I move around quite a bit, so I rent rather than own. The reason will be explained herein if I get that far. First I want to lay out a bit about some types of people as it relates to their wealth ability. I know these *types* because I have been each of them at one point or another.
Children
Most children are never taught correctly about money. They are taught to count it and to make sure they get correct change when they buy things. They are taught how to put it in a wallet and even how to borrow it to the max. That is what I was taught to do, and my first million was on paper and summed up against my debt. That is not as exciting as cash, really.
Getting Rich
Becoming a person of money requires learning to ***have money***. Sounds really over simplified, but that is the part kids are not taught to practice. I learned to save and even did calculations on compound interest when I was young. That model failed as inflation kicked in, so it is no longer valid. We will be talking about things that work in this post.
So one of the first things you need to do is learn to ***have money***.
When I decided to become rich for the fourth time, I decided to have money. I stopped borrowing it, spending it, wasting it, and paying for things that I ***needed***. Then I put that money in a drawer.
I then had money
For me, that was the first step. I adjusted my life and my necessities to reduce spending, and I continued to work like a dog as I always had done.
I cleared out a room in the place I was renting and advertised it for rent. Took in $300 per month for any month I rented it. That also required some care, discomfort, and keeping the common areas clean. I had to share when it was much easier to keep it all to myself.
I had already moved close to work, as is my usual first thought when changing jobs, and got rid of my car, car insurance, plates, maintenance, etc.. It was a luxury, not a necessity.
I killed my health insurance. I am healthy and had not been to the doctor for many years. A little risk for a couple of years.
The money immediately began to build up in that drawer. Paper money is a bad investment because it always goes down in value, you know. So I started counting it and found a gold dealer that was trustworthy, found out how much paper I would need for a one ounce coin of pure gold. When I had enough, I bought some. I paid around $800 for that first coin. Today it is worth $1.800 and I had never planned to sell it. I have bought and sold gold over the years since, but I still have that coin.
About a year later I heard about the first ever crypto-coin and started checking into how it works. I remember signing up for Dwolla and having to transfer money to something called Mount Gox in Japan. I do not remember how it all worked, but BitInstant was a big factor in how happy I was or was not at the time.
That was the beginning of it all. Small habits build wealth and one need only learn how to just **HAVE** money.
Spenders
Most people are not looking to have money. They want to *get* money so they can give it to some cashier somewhere in order to obtain the next shiny object that will sell at the garage sale in a few years.
They are the ones that upgrade their gaming console every time a new one comes out. That is great for the ones who make the consoles - those people will be wealthy but not the gamer who does that.
A wealthy person can upgrade everything all the time because it a small percentage of what they have. It is like upgrading a tooth pick from wood to plastic. The wealthy can go broke if they upgrade their Corvette every year. Most do not do that because of the senseless losses. When Corvettes are like tooth picks too them there is not problem.
**Spenders** are the ones who can hit the lottery and will be broke a year later. They have no clue what proportions are acceptable related spending.
Borrowers
The guys with 12 credit cards, a mortgage, and the latest new car on a six year plan. That was me in 1990. It is possible to become rich by borrowing your way into an opportunity, but you need an insane amount of luck and a lot of foresight!
**Borrowers** are just spenders who spent too much and still want to do more of the same.
Savers
In general, *savers* learn how to have money but they get stuck at the *drawer* level and miss out on their money making more money for them. Some get rich but lose a lot of their wealth in paper devaluation. Many think they are making money just because they bought their house for $80,000 a decade ago and can sell it for $250,000 today. They even pay tax on the money they earned.
The house has not appreciated. In reality, it has gotten older and uglier. In asset terms, the house was worth four average new cars then, and it is worth four average new cars now. No value increase!
Misers
Frugal people are able to spend less, but their inability to spend money transfers over to their investments. Many times, they hold on to their paper and treat investments like expenditures and fail to spend money on them.
Investment money is NOT spent. It is the same as the money in the drawer but with one more physical barrier in place that keeps you from scooping it up and blowing it all, thus ruining all your hard work.
Stable
I consider what I have learned to do and I think it is a **stable** way of life. You could also call it a **happy** way of life. When you can reassess your **needs** and differentiate between actual **necessities** and the **luxuries** that you think you cannot live without, then you become more **stable** in an instant.
If your happiness is only attained by the fuzzy feeling of something new and a receipt in your pocket, then you have stability issues. The trick is not telling yourself that *you cannot spend money on nice things*, but that you cannot do it now.
The reward will come in the form of relaxation every month knowing that you have the money to pay all the bills this month. I worked my way up to a goal of having three months in cash in case something happened and I could not work.
Beggars and Cheats
These folks usually sometimes make money. They may even get rich, but how they make their money does not give them an escape from being one of the other categories listed in this post. They are just able to replace the bills in their wallet faster than they spend it in some cases.
**Back to my road...**
Soon I had enough to pay all bills for a year if I lost my job. Then I was hit with a very complex legal matter and had to take time off of work. I took a month to clear it up. I never went back.
That was many years ago. I have gotten used to never having to worry about how I will pay my bills. To me that is better than any purchase that made me smile. Why? Because it lasts.
I learned to live with very little compared to others who have the numbers that I have. I am content and I have many nice things. The most expensive thing I have bought in the last ten years had not cost even a small percentage of one percent of my net worth.
**Percentage is the key** as our wealth starts to build. Many see that I just spent thousands on that really nice (fill in the blank) and they want to have one too. For them, it would be 600 % of their yearly income. For me, it is a tenth of one percent.
The only difference between them and me is that I have been spending tiny percentages of what I have, and I have been happy doing it for many more years than they have. When will you learn to **have money** and **spend tiny percentages** of what you have?
I am starting you all on some very basic rules to growing wealthy. It is a mathematical formula that never fails. I have done it four times in my life. It always works if you are willing to sacrifice comfort today for super comfort in the future.
Sacrifice a tiny bit today for a long hard trip to moderate wealth in the future? That works. But readjust two words in that sentence and shorten the road and result greatly.
I said "sacrifice" not suffer. I stopped suffering the day that I readjusted my list of **needs** in trade for eliminating my list of **worries**!
Why I move around
As I said, I rent. I prefer renting because the investments that I have will all double in the years to come. If I cash them out to buy a house then I will have the opposite of capital gains to show for that decision. I will also be locking myself into a neighborhood, which can cause difficulties. And finally, I would be spending more than a tiny percentage of my total and I have learned not to do that. I have also learned to be happy with what I have.
Why I may soon move
A neighbor and I have become friends recently. He is starting to guess that I have a little more than most. I have been generous with him and have helped him out with some hard times. He and others in this neighborhood have started coincidentally "running into me" from time to time, more frequent as each month passes, and they all have investment ideas or partnership ideas for ways to make money. If we just buy a (fill in the blank), then we can...
I have never had a partnership. They sometimes succeed and then you need to argue about money with a good friend. I do not like to do that. The arguments are usually those of a spender or borrower. . .
If I cave on one idea, the next one will be bigger. . .
I have bailed hundreds of people out and they always bounce back with a bigger ask. . .
I will still be friends with these people if move. I just won't see them each several times per day. I have no problem giving them money for their ideas. I have a problem watching them fail. The ones that spend until they have zero always do and it is sad. Everyone could have money if they were only taught how to do it.
***I plan to make this into some sort of series. There is much more to share***. Please feel free to ask questions and I will try to cover them in upcoming posts.
Big investment today in Polkadot(**DOT**)
***I also post on*** Hive.blog https://hive.blog/hive-167922/@ezrider/wealth-tips-how-to-have-money
Low risk bottom buying.
Hello everyone,
I do more reading and voting than posting. Well, I make comments when you grab my attention, but other that that, I only tend to post when I make a move. I am not bottom fishing full throttle today, just changing the amount of one asset I hold.
I have been holding out on buying the dip, waiting for this thirty two to thirty five thousand bitcoin range to choose a direction. As I wrote in my last post, I am seeing indicators that the crypto market is set to fly as more countries head into complete collapse. There is no doubt that I will buy, but choosing the time and token is the question.
Choosing to buy using crypto or USDT is another big consideration. Exposing myself to a gateway with cash is a third option, but I rarely take that road.
I have been drooling over several old positions that will certainly buy soon, lowering my cost averages, thus increasing my profits. I need to wait until the valley is defined. Tether will be the way to enter those positions when I am ready.
Today, I am starting small. I call it **low risk** because I am spending a small amount. I am doubling down on the position I already have while it is one twentieth of where I bought the bulk of it.
Library Credits (**LBC**) are going for two and a half cents each right now.
They are down due to the entire market having fallen and also because they are under attack from the SEC, ie; blood in the streets level. Of all the coins that I am watching to get into, LBC is where I am starting.
Entry: $0.18, high $0.30, rebuy, $0.024
The platform is doing well. They still have a node type app (Lbry), which is a wallet. They recently rebranded to Odysee for people on browsers and rolled out live streaming. They are growing and all the videos on the blockchain play very well. If I want to save a video, I need only copy the link to my node and play it - it will always be there and *serve* that video forever.
I am about half done with my buying for today. Here are some of the buys I made along with historical buys from this past April.
I am not concerned about LBC dipping. I am mostly concerned about doubling my stake in it to lower my cost average. The tech is solid.
If you are planning to grab some, be aware that the company is exposed and may likely be hammered by the Feds. They are asking people to help save all crypto if you want to sign a petition to stop the SEC from classifying all crypto as "Securities". This is a problem for Odysee (lbry), but ***crypto does not need saving***. https://helplbrysavecrypto.com/
One of the main benefits of crypto is that the government has no one point of failure to attack. If Satoshi had opened a company and a website, we would not be HODLing today. The mistake that many companies make is that they want to have an office address and a CEO - then they learn these other lessons the hard way.
Never trust your rulers, especially when you compete with their coinage.
Videos on Odysee can never be deleted or taken down, but having this one flaw in their infrastructure makes the company vulnerable. I am fully prepared to hold LBC through the storm and see if the blockchain will survive Uncle Sam's hammer, please do not follow me into this token if you cannot stand to lose.
Another tip: Hold your own keys **so you don't look like a nail**.
When they banned liquor, it went underground. I hope they ban Bitcoin. People will just want it all the more.
#trading #tip #hive #crypto #thoughts #finance #money #bitcoin #investing https://hive.blog/trending/trading https://hive.blog/trending/tip https://hive.blog/trending/pob https://hive.blog/trending/crypto https://hive.blog/trending/thoughts https://hive.blog/trending/finance https://hive.blog/trending/money https://hive.blog/trending/bitcoin https://hive.blog/trending/investing
Bitcoin - Not Bailouts
All crypto set to move up
If history is any indicator in the markets, we are in for a huge increase in crypto prices. Lebanon is in the news and it triggered some memories of other countries that met the same fate years ago. What happened when their people could not get their paper money out of the banks?
Lebanon's Turn
I think Cypress was the first to go, though it all becomes a fog of gut feelings based on mental notes, news, and reactions to the news. When Cypress fell, it had already been through negotiations with the IMF for more high-interest, country-sized, credit card debt. The conditions were simple. All you need to do is implement **austerity** and the money is yours. What was the money for? Oh yeah, it would all go to the countries to whom they owed money. A small percentage would be used to get more paper money into the banks, only to run out again. There was never enough to cover all depositors.
The first bank runs in Cypress happened in February/March of 2013 if memory serves. Bitcoin had gone from single digits to over a hundred dollars per coin at the same time. The first sign was live coverage of people fighting in line outside the banks and at ATM machines. I thought to myself, "Could this little island economy possibly have an impact on my bitcoin stake? Is these events related?"
Greece was next in line. **Its people** were now trying to find a way to do commerce. Without currency, everything stops. Between April of 2013 and October of 2013, both countries were always in the news. During that same period, Bitcoin went from around a hundred dollars per, to over two hundred dollars per.
Once you start taking IMF smack, they start to talk about cutting you off, seizing your bank accounts, and forcing you to go cold turkey. Take a look at the last few words of April-2013 Forbes article https://www.forbes.com/sites/steveforbes/2013/03/25/can-a-cyprus-like-seizure-of-your-money-happen-here/?sh=e779e7825061
They were talking about trying to stop all of the listed countries from "escaping the paper system" (my words). The runs had already occurred in Cypress, and they were about to do the same thing to a greater extent in Greece. Their worries? How to stop everyone from selling their paper currency and buying *another asset* outside the banking system.
At that point, bitcoin was holding at over a hundred dollars.
Then
**Utter collapse**. With no other options, everything would go on the auction block. Stadiums, power companies, historical treasures, and anything else that was worth anything. No more bail outs.
Since then, I have always remembered these events and have bought early whenever I see the same scenario playing out. The most recent one was in Venezuela.
Country collapses are the biggest buy indicators that I look for when it comes to bitcoin.
*I am quoting myself, just now*
From the time of the above Forbes article to late November, bitcoin had gone ***from a hundred to over eleven hundred dollars*** per coin.
It's Time
I am calling it. I may be early but if people cannot get cash in Lebanon, the price of crypto will rise*. It may be time to put some more money into crypto-currencies. I still believe bitcoin is is as useless as bank transfers, but over six million people in Lebanon are about to discover bitcoin (and other) wallet apps. They will be looking for a way to buy.
When I say ***buy***, I mean that they will have no way to buy anything. They will be looking for a currency that they can use now. I am not sure how every stage of the game goes, but I have watched many countries collapse. They turn to bitcoin, and they all want in at one time.
It appears they have gone through the inflation, bailouts, murders, and "tensions" over there. These were all listed while other countries were about to raise the price of bitcoin. The realities of debt, paper money and its day of reckoning seem to be at the door for Lebanon.
This is my gut feeling based on experience and I trust it.
Read more (today's articles on Lebanon) https://duckduckgo.com/?q=what+happened+in+lebanon+today&ia=web
A word of caution.
*There are other variables at work in this particular country-crash instance. The others I had seen only dealt with a few exchanges, the only one that offered shorts or margin trading at that time was Bitfinex. These days, people are buying bitcoin without ever taking delivery of it. In other words, they do not hold their keys. There are players that have nothing to lose who are hammering the price down. I am guessing that these same people see what I am seeing and did not want bitcoin to spike **starting at sixty thousand dollars**. In my opinion, the recent decline is likely preemptive, them knowing that the price will go ballistic.
There is also all the recent talk by governments. Venezuela was under threat of war and nearly had regime change, the unspoken reason is because its people were mining and using bitcoin. Everyone that opted for gold or any alternative currency has been eliminated or beaten down (Lincoln, JFK, Iraq, and Syria, are some examples). Then there is the recent threat by the U.S., seeking to track down and punish bitcoin holders who do not report holdings. At the same time, there is no workable tax law to comply with and the goal posts constantly change.
If it were not for the above variables (not present during the Cypress and Greece events), I would wager that a massive bull run is unavoidable.
Feel free to take this as financial advice.
*Hell, if Bill Gates can give medical advice*...
This is a Proof of 🧠 introduction - read.cash
I joined **read.cash** and proofofbrain.io today. I am an Orca on Hive and very active on LeoFinance.io but I am looking to expand where I post. A lot of what I post on is Financial or crypto related. I love that these sites do not ask for identification or even an email. **This is the wave of the future!**
The first thing I thought of when I heard proof of brain was a mask. How can anyone have a brain when they clearly don't understand the basic scientific precepts of virology¿
How big is a virus?
Just two short years ago, to avoid being infected you needed a self-contained suit with its own air supply, which kept one completely sealed off from their surroundings.
image source https://www.wbur.org/news/2020/03/25/covid-19-coronavirus-boston-ebola-research-lab
**How times have changed**
For well over a year now, people who are not on @proofofbrain.io have been wandering around in stores, in the streets, in their cars, out in the woods, and even in their homes alone wearing one of these 😷 in order to stop the Rona from getting them.
How big is a virus still?
I'm not really sure if it's necessary to do a completely different introduction just because it's my first day on read.cash, but this was mine!
Can anyone tell me if there are any benefits to loading BCH into my new read.cash wallet? Does it help others if I have a balance for when I give a like?
I hope to be investing in some of that #pob which was highly recommended by my friend @lordneroo just today. https://hive.blog/trending/pob https://hive.blog/@lordneroo
Find me on: <a href="https://leofinance.io/@ezrider">LeoFinance</a> | <a href="https://www.proofofbrain.io/@ezrider">ProofofBrain</a> | <a href="https://read.cash">read.cash</a>
@ezrider
