Building wealth requires playing the long-term game
Wealth is very important because it gives us more options and opportunities. It also allows us to live a better life and have more time for leisure activities. Investing is one of the best ways to build our wealth and make sure that we can have enough money for retirement.
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Investing is a way to build your wealth by putting your money into something that will generate a return for you. It can be risky, but if you invest wisely, it can be very rewarding.
What are the Core Building Blocks of Creating Wealth?
The core building blocks of creating wealth are asset allocation and investment portfolios. The goal is to have a diversified portfolio that includes stocks, bonds, crypto, and other investments.
The core building blocks of creating wealth are:
Asset Allocation
This is how an investor allocates their investments among different asset classes, such as stocks and bonds, to balance risk and reward for a particular investment horizon.
Investment Portfolio
A group of assets is managed together to achieve a specific goal or purpose. For example, an investment portfolio might be managed to balance risk and reward by investing in stocks, bonds, or cash equivalents.
Stocks And Bonds
Stocks and Bonds are the types of securities that represent ownership in a company or organization and provide the holder with either voting rights or income from the company
Cryptocurrency (or crypto)
Cryptocurrency is a digital currency that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds without relying on central authorities such as banks or governments. You should have certain amount of money you put into crypto assets like Bitcoin, Ethereum, Hive, LEO, POB, HBD, etc.
Building Wealth Requires Playing the Long-Term Game
Building wealth requires playing the long-term game. It is not about how much money you make today, but how much money you keep which will determine how much you will have in the future. The key to this is saving and investing wisely.
To build wealth, it is essential to play a long game. This does not mean that you cannot spend your money on things that you enjoy. It just means that you have to be smart about how you allocate your money and make sure that you are investing in assets that will grow in value over time.
It's Never Too Late To Start Building Wealth. Start Today!
It's never too late to start building wealth. You just need to start today and play the long game!
The earlier you start building wealth, the better off you'll be. If you're in your twenties or thirties and have never really focused on saving and building wealth, it's never too late to start. You may not be able to save as much as someone who starts at age 25, but it's not too late to get started and make a difference in the long term. After all, time is on your side.
This is because compound interest can add up over time. The key is to play the long game and make sure you are setting aside some money each month.
If you are starting from scratch, it is important to know that you have a lot of options to invest in for your future. Seek them out, study, do your due diligence and get onboard sooner.
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Investing is something that most people don’t first take seriously at first and those that know the importance want to jump the process which doesn’t work like that, it’s a process and we must enjoy it, slow and steady win the race
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I agree with you regarding investing. I think the main issue is that most younger people tend to live in the now and do not look 5 or 10 years down the road. They often live paycheck to paycheck. And that means there is little room for saving or investing.
And it is probably due to a bad job of informing them and educating them about it. I mean if someone told me that if I invested my money when I was 20 instead of buying a lot of useless crap, then I most likely would be in a much better financial situation than I am in now. =)
There is always a big competition among the young people and this makes them choose wrongly.
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It's the times we live in. The younger ones want the money here and now to spend it away with no care in the world 😔
That is the problem with the younger generation
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Great post, well written and nice all in all. =) A tip, just in case you have missed it, switch to Brave browser on your computer and phone, that way you will be able to earn a few $BAT over time.
ANd in this post, I cover how you can turn a bitcoin faucet into an auto-claiming faucet. I get ~$3 a month from it as it is now. But hopefully, those BTC will increase in the coming bull run. ^^
https://hive.blog/hive-173575/@daje10/first-step-towards-freedom-is-to-start-earning-a-passive-income
Again, great post, thank you for sharing and helping people. =)
Oh. Thank so much for the tip. I'll take a look at the browser.
And of course, I'll visit your post and read more.
Thanks for coming around, reading, and lending a helping hand with your tips too. ❣️❣️
Of course, I believe it is important to try and help people as much as I can. That way they hopefully will help others, and maybe when I need help in the future some of those people will be able to help me. Like a circle of good if you will. Much nicer than all the negativity that tends to spread online. =)