Short term thinking is death when it comes to building wealth. Crypto is a prime example of this.
In this video I discuss how we can sabotage our path to success by focuing upon short term time frames. This is what most do which tells us where they are going to be.
▶️ 3Speak
So, I get where you are going with the message, but you are not entirely correct in saying that traders can't make it. Dude's gotta make a living somehow, it's not happening on Hive after 5 years. Trading has saved me and given me the only real income I have seen in quite a while. The problem is where people put us all into one basket is looking at all the retards out there on social media. The best traders I know and the people that I consider mentors don't even have active social accounts, they are too busy trading.
The key is taking profits and putting them into something that will gain you more wealth overtime. Sure you can stack Bitcoin, or you can build another business like I am with the 3D printers, buy dividend stocks, real estate, gold, or whatever you want to do. But don't discount people that make their living by trading and throw us into the same category as the dumb ass airdrop hunters. That takes virtually no skill where trading is a whole skillset that takes years to master.
How can someone make wealth in a short period of time, tho people don't have the patience that's why people are busy looking for free dollars of airdrops but it's disappoints, like you rightly said build your wealth over a period of time.
There is great difference between 1 and 10 and you have to patiently count from one to ten to be successful.
I enjoyed the speech.
I agree that wealth building is done in the long term. But, for those with only small starting funds, I can see why they would opt for short term. If they have just 500 dollars in funds, it can only go so far, even in the long term. By going short term, they are hoping to increase their funds, so that by the time they go for the long term plan, it can have a meaningful change in their lives.
Big money at hand helps in opting for long term investment but most of the time lack of fund make people to settle for short term
Just reading the title, said a lot already. In watching the video, I just realized it's part of the psychological problems of being an investor, as well as FOMO and excessive worrying. People haven't realized free money doesn't exist, they just give it out to build more demand and not really to make them rich. Being an investor means looking long term, in my opinion that applies to every area of life.