Common mistakes that can delay your wealth building

 

Wealth is the product of smartness and never of intelligence. Some years ago, precisely in 2008, we had a global financial crisis which caused many problems, such as unemployment, high level of debt, and misery all over the world. As a response to this problem, a Japanese created a digital currency called the bitcoin. According to the bitcoin creator, his objective was to create a digital currency in such a way that no country has control over the currency or has the power to manipulate the currency. As soon as the digital currency was launched in 2009, there were criticisms and skepticism across the board since it was not regulated. At the same time the concept of blockchain was rolled out and this created more confusion. Only few people understood the concept of blockchain and bitcoin. However, the explanation to the masses was a real hurdle. Although the objective of this post is not about the history of the cryptocurrencies, it is good to situate the reader in order to make meaning to the title of this work. If you check the Google, you will see that the cost of bitcoin in 2009 and 2010 was $0.01, that is, literally 1 cent of a dollar. The value of bitcoin at the time of writing this post was $ 57,000. The value had reached $65,000 before going down to $57,000. This means that if one had bought 100 bitcoins in 2010, the person would have made at least $5.7 million dollars after 11 years. From this episode, we can ask the obvious question: why didn’t many people buy the bitcoin even when the value was only 1 cent of a dollar? This question should be directed to the working class which always receive paycheck at the end of every month. Probably, there were afraid of taking risk. I refer to this omission as a mistake. It is a very big mistake because no worker will die because he or she took a risk and lost $100 in the process. $100 is considered insignificant in relation to a worker’s income. The worst mistake someone can make in this world is regret. It starts by saying ------ had I known, I would have done this or done that. Today, the cryptocurrency market has made many billionaires and millionaires while many are still waiting for regulation of the business. Do you know that large corporations like Goldman Sachs, Fidelity, among others are investing in cryptocurrencies? There is still time for you to start investing in other cheaper cryptocurrencies. Their values may go up or go down. The most important thing is to be cautious and invest only a little percentage of your income in them so that you don’t lose a lot if they go burst. There is another type of investment coming up. It is called NFTs. First, try to understand something about it and also give it a trial. It is better to give them a trail and lose than not participating in them and regret after the others have made it. The worst thing is that these people who became successful have much less income than those who did not participate as a result of fear of taking risk. One should understand that there has never been a time to be wealthy in the world than now. This is because of the internet and existence of various social media platforms. The only work you should do is to look for information and learn new things. Don’t turn your back to innovation because it may hurt and delay your wealth building!