This infographic that I found on Canva easily sums up wealth creation in a simple and people-friendly manner. Being smart with our resources can make us financially independent or even wealthy beyond our wildest dreams.
Generational wealth
Hello everyone! I hope that you are all doing well. The crypto bull had created another batch of generational wealth and our beloved #Hive is moving in the same direction so there is an infectious and positive vibes going around the community. Hive price is correcting, but I think that this is just the beginning of a good run up back to the 1 dollar price range for Hive. (*As a mandatory disclaimer 😆, I'm not a fortuneteller so please dyor before doing anything with your hard-earned money. After all, no one knows for certain what's on the right side of the trading chart).
That said, I'm daydreaming about being super wealthy already. LOL It is such a nice way to spend coffee time after dinner thinking about HNWIs (High-Net-Worth Individuals), UHNWIs (Ultra-High-Net-Worth Individuals) or even #billionaires. In this time wasting activity, I thought about how I will spend money if I suddenly came across a fortune. Waste of time, maybe? Still... So, once I got over the usual purchases I would have made if I became instantly super-rich: big mansions, fancy cars and a helicopter or maybe an airplane, I got to thinking how do people get this rich in real life.
The many paths to riches
For instance, one can get wealthy by being born into a super rich family. I guess this is the easiest way because you are already wealthy even before you were born. You don't have to do anything, except not die in childbirth, to be born rich into this world.
Then there are those who marry into a rich family, which might require little or a lot of effort to actually becoming rich. As relationships aren't a stroll in the park, I'd say that this is a tricky one because marriage can become so complicated.
One can start a business and get rich that way, but as data shows, a big percentage of new businesses fail within the first three years, so that might not be the best path for you to take if you don't know squat about sales, marketing, product development, finance or other stuff business owners need to know to be super successful.
Of course, there are the gamblers. Hitting the lotto jackpot is a once in a generation event, so the odds here are even lower. And you know what they say about betting against the house in a casino, "the house always wins". Or if you'd care for a more recent one, "it's okay to gamble, as long as you are the house ". I think we already know about these things and it would require a lot of capital to build a casino empire, so we can also rule that one out. 😁
Our country has a giant bureaucratic machine where millions of dollars pass through, so corrupt politicians and technocrats thrive, but do we really want to get rich this way? It would still need a lot of money and effort to win a campaign or you can become a political appointee toge t a juicy position, but this isn't for everybody, plus the high risk of getting caught and thrown into jail for plunder is a Damocles sword one can never rule out.
Next is the more traditional route that is also less risky. So, one can work his or her way up the corporate ladder and retire wealthy. IMO, a more achievable path to take because there are many private and public companies offering six figure salaries, which can easily make us millionaires. If managed correctly high income can be used as a foundation to build financial freedom and success. Besides, the top corporations usually have nice retirement benefits aside from those mandated by law.
More recently, social media influencers have been getting attention for achieving financial success. Mr. Beast is said to have refused a billion dollar buyout offer for his social media and business portfolio. This can be a good opportunity if you are into these things.
My bias 😆
For me, however, the thing that really resonates with me is investing in and trading cryptocurrencies. For me, it has high upside and potential for generational wealth building. It is something that can be done part-time or full-time. And, you may invest as much or as little as you want and still get rich. It is like the perfect #coffee brew; rich taste, delicious aroma, with hints of chocolate and earthy flavors.
Conclusion
So, I started drafting this blog post before Hive pumped and totally forgot that I was writing it, but that just goes to show that it can be easy to make a profit in this space given the right timing and situation. That said, I'm still taking the long position by just taking a small profit and focusing on long term goals. I believe that taking profit is an essential part of investing in any business or financial instrument so this is a no brainer.
And that's it for today. Thanks for dropping by and visiting my blog. The traffic situation is getting worse so try to extend, expand your patience some more.
Love and peace,
@juanvegetarian
*Please check out the Canva template I used and edited for this post ---> HERE.
I would define generational wealth as something that is lasting and sustainable. I believe being into business is the way to go, it's not that easy though. What's important is learning how to be resilient, smart, developing management and financial skills, etc.
If wealth was attained through luck (i.e. lottery, bull market, being born rich) but the person isn't able to handle money well, then resources can easily be depleted.
Being successful in business can be one of the best ways to have a sustainable and lasting wealth, for sure. There are many factors to consider, both internal and external. I think it also depends on the person. How he or she can build and hold on to wealth long enough to pass it to the next generation. Good points you raised here. Thanks for dropping by. 😎 !PIZZA
$PIZZA slices delivered:
@juanvegetarian(2/5) tipped @scion02b
Congratulations @juanvegetarian! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 5250 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOP