Post
Topic
Board Economics
Re: Building wealth it's not just one time Luck
by
Mauser
on 25/09/2023, 06:55:03 UTC
It's the process of making money and reinvest make money and reinvest.
If you made just some lucky 10x profit but you can't keep up your stradegy for the long term then you don't build any wealth.


That is a pretty good point, everybody can get lucky and make a nice profit either in gambling or in trading. As long as this one-time profit is not in the millions, then this won't make us rich and it comes down to what we doing with the money after. Becoming wealthy is not a process that finishes in a few weeks, this takes years and a lot of dedication to make it work. My old boss always said that if you want to achieve financial independence then look at the journey as a marathon, not a sprint. Being lucky helps of course a lot in our efforts to accumulate money, but if we don't have a plan and the tools to secure this money for the future, then we are going to lose it mostly likely again. Reinvesting any future gains is the key to building a successful portfolio that keeps growing over time. We shouldn't be only relying on the short or medium gains in our investments, and instead build a long term investment plan.