Join BitDAO to earn a $BIT token here
Personal wealth is now more accessible than ever. It’s easier than ever to start investing, and it costs less than ever to do so as well. The internet has made it possible to invest in stock market directly from your desk and get started with little or no money. However, the way we think about wealth has changed too. It used to be about reaching the top of the financial hill and staying there for as long as possible. Today that approach doesn’t work anymore. Instead of focusing on a single goal, we need to look at new ways to generate income, increase our spending power and build wealth for the future. Wealth is no longer just about having money in reserve for old age; instead it should be used as a tool for enhancing our lives today and tomorrow. The new generation of rich people is those who have flexibility in their careers and can enjoy ample time off from work; they are also those who know how to save money while spending on the things they truly value — like education or travel, or cryptocurrency 😉 — so they can relax when they retire.
Create a new financial identity
As you grow your wealth, you’ll want to create a new financial identity. It’s the idea of having separate accounts for each asset type to help you better understand your wealth. For example, you might want to create an investment account, a savings account, and a retirement account. This way, you can better track your spending and investing behavior. You can also keep your spending under control and avoid unintentionally overspending by only having a single credit card.
In the current great correction of the market, people realized the old method of the investment may no longer work since the higher the inflation with lower the growth potential. You need a new way to generate wealth in a creative yet low-risk way.
Be proactive in saving for the future
While it’s OK not to have a specific amount to set aside each month, many people fail to live up to their potential. Remember: the earlier you start saving for retirement, the more you can increase your monthly retirement income. Moreover, the earlier you start saving, the less you risk running out of money during retirement. If you are currently earning a low income, you should put aside as much as you can each month, as high savings rates now can translate into a higher monthly income in retirement. Also, you can find alternative ways to test the new ideas about future finance, including cryptocurrency.
Invest for the long term and use liquid assets to grow your wealth
When it comes to investing, the earlier the better. This can mean starting young, and investing your spare change. Once you get the hang of it and understand the basic principles, it gets easier. The earlier you start, the better. Especially if you have spare change. Invest in stocks, and crypto such as Bitcoin and Ethereum. With Bitcoin and Ethereum, you can expect a long-term return. A long-term investment strategy is also a good way to grow your wealth over time. You can also use liquid assets to get the biggest bang for your buck. For example, you can use a savings or investment account to withdraw money to cover monthly expenses, then write the transaction off taxes-free. You don’t want to tie up all your wealth in one investment that might not pay off for years. Also, try to minimize your sending and taking more loans with higher interest payments.
Don’t forget about insurance: protect your current and future wealth
If you’re planning to retire, it helps to understand how much money you’ll need to live comfortably in your retirement years. This is known as your retirement savings goal (RSG). The first step is to calculate your likely annual expenses. This may include: housing payments, food, transportation, insurance, other necessities, and perhaps some travel too. Then, you need to add in your monthly expenses like transportation and health care. Finally, you can add in other important costs like retirement savings, annual vacation, and some discretionary spending money. Once you have a good idea of your current financial situation and your likely expenses in retirement, you can create a retirement savings goal and adjust the goal if necessary. Having a retirement savings goal and an insurance plan will help protect your current wealth and ensure you have enough savings for future generations.
Bottom line
While it’s important to celebrate the present, it’s also important to consider the future. You must never forget where you’ve come from and how far you’ve come. This is how you’ll be able to enjoy the prosperity of the new generation of rich people.
Reminder: This article is for educational purposes. I am not your financial advisor. Trust me will risk your investment. Instead, do your own research.
Note: the post was shared on multiple platforms here.
You can refer my previous article lists here and here
------------------------
2022 Prediction
2022 Prediction #1: L1 Scalability
2022 Prediction #2: L2 Bridges
2022 Prediction #3: Zero-Knowledge Proofs or ZKPs
2022 Prediction #4: Regulated Defi On-Chain KYC
2022 Prediction #5: Institutional Crypto Adoption
2022 Prediction #6: Defi Insurance
2022 Prediction #7: NFTs-Based Communities - DAO 1.5
2022 Prediction #8: Metaverse and NFTs
2022 Prediction #9: Web2 Companies’ FOMO
2022 Prediction #10: Time for DAO 2.0
------------------------
DAO The Way
DAO The Way Part 1
DAO The Way Part 2
DAO The Way Part 3
DAO The Way Part 4
DAO The Way Part 5
DAO The Way Part 6
DAO The Way Part 7
DAO The Way Part 8
DAO The Way Part 9
DAO The Way Part 10
DAO The Way Part 11
DAO The Way Part 12
DAO The Way Part 13
------------------------
Learn How To Defi
Learn How To Defi Part 1
Learn How To Defi Part 2
Learn How To Defi Part 3
Learn How To Defi Part 4
Learn How To Defi Part 5
------------------------
Crypto Comics
Crypto Comics
Crypto Comics - PoW
Crypto Comics - Who is Satoshi
Crypto Comics - What is Token
Crypto Comics - What is DeFi
Crypto Comics - What is Wallet
Crypto Comics - What is HODL
Crypto Comics - What is Coinbase
Crypto Comics - What is PoS
Crypto Comics - What is DAO
Crypto Comics - What is A Block
Crypto Comics - What is NFT
Crypto Comics - What is Fork
Crypto Comics - What is Web3
Crypto Comics - What is DeFi-2
Crypto Comics - What is Yearn Finance
Crypto Comics - What is Degen
Crypto Comics - What is Aping
Crypto Comics - What is Cold Wallet
Crypto Comics - What is Hot Wallet
Crypto Comics - What is Airdrop
Crypto Comics - What is DYOR
Crypto Comics - What is 65537
Crypto Comics - What is RC4
Crypto Comics - What is WAGMI
Crypto Comics - What is Bagholder
Crypto Comics - What is Decentralization
Crypto Comics - What is Wallet Address
Crypto Comics - What is Plagiarism in Web3
Crypto Comics - What is Bart Pattern
Crypto Comics - What is Encryption
Crypto Comics - What is Consensus
Crypto Comics - What is Protocol
Crypto Comics - What is Stablecoin
Crypto Comics - What is ApeCoin
Crypto Comics - What is FOMO
Crypto Comics - What is Tokenomics
Crypto Comics - What is APR
Crypto Comics - What is to The Moon
------------------------
Learn Web3 in 100 Days
Learn Web3 in 100 Days - #1 What is the Internet and How Relevant to Web3
Learn Web3 in 100 Days - Day 2: What are the Browsers and Servers
Learn Web3 in 100 Days - Day 3: What are HTTP Status Code
Learn Web3 in 100 Days - Day 4: HTML and CSS and JS
Learn Web3 in 100 Days - Day 5: What is programming
Learn Web3 in 100 Days - Day 6: Markup, Elements, Tags, and Hyperlinks
Learn Web3 in 100 Days - Day 7: Style Your Web
Learn Web3 in 100 Days - Day 8: JS
Learn Web3 in 100 Days - Day 9: SQL
Learn Web3 in 100 Days - Day 10: Front-End
Learn Web3 in 100 Days - Day 11: Front-End Framework
Learn Web3 in 100 Days - Day 12: More HTML
------------------------
Modern Economic Nonsense
Modern Economic Nonsense - Inflation and Incentives
Modern Economical Nonsense - The Astrologist's Way
Modern Economical Nonsense - The VUCA World
Modern Economical Nonsense - Zug Tax and How to Run your Own Monopoly
Modern Economical Nonsense - Participatory Economy
Modern Economical Nonsense - Economic Models
Modern Economical Nonsense - Tokenomic Models
Modern Economical Nonsense - Design A Reputation-Based System
Modern Economical Nonsense — The Money Problem
Modern Economical Nonsense — The Treasury Problem
Modern Economic Nonsense — Bitcoin vs. Real Estate
Modern Economic Nonsense — A very long term view
Modern Economic Nonsense — Banking Collapse
Modern Economic Nonsense — A Wall Street Legend
Modern Economic Nonsense — A Modern Alchemy
Modern Economic Nonsense — Founder goes ghosting
Modern Economic Nonsense — Anonymous cool or fool
Modern Economic Nonsense — The market volatility
Modern Economic Nonsense — The money shortage
Modern Economic Nonsense — The web3 scams or not
Modern Economic Nonsense — All about debts
Modern Economic Nonsense — Metaverse is still relevant or not
Modern Economic Nonsense — A Show of Recession
Modern Economic Nonsense — A Myth of Valuation
Modern Economic Nonsense — Inflation becomes irrelevant
Modern Economic Nonsense — A journey of money laundering
Modern Economic Nonsense — Consumer Sentiment Might Be Low
Modern Economic Nonsense — Is payment technology still relevant in high inflation environment
Modern Economic Nonsense — Recession is coming
Modern Economic Nonsense — We are at the bear market, now what
Modern Economic Nonsense — Invest like a cat
Modern Economic Nonsense — Bitcoin leads the market recovery
Modern Economic Nonsense — The dollar is dying slowly
Modern Economic Nonsense — The current stock market wants to go back to 2019 but ignore the technological solution of the future
Modern Economic Nonsense — Today's fear, tomorrow's cheer
Modern Economic Nonsense — An engineering recession
Modern Economic Nonsense — The market is broadening rug pull everyone
Modern Economic Nonsense — The self-fulfilling recession
Modern Economic Nonsense — Crypto is changing the advertisement business
Modern Economic Nonsense — Blockchain phone
------------------------
Yearn Finance Comic
Yearn Finance Comic - Part 1
Yearn Finance Comic - Part 2
Yearn Finance Comic - Part 3
Yearn Finance Comic - Part 4
Yearn Finance Comic — Part 5
Yearn Finance Comic - Part 6
------------------------
Curated Lists
Curated Lists - Web3 Culture
Curated Lists - Crypto-enabled Communities
Curated Lists - Crypto Philosophy
------------------------
Defi 101
Defi 101 - Part 1
Defi 101 — Part 2
------------------------
Thoughts
Thoughts about VC and PleasrDAO x BitDAO
The Crypto Market has Changed
The Myth of Inflation Hedge
The Myth of Stablecoin
The Myth of NFT
End of the Crypto Market?
The End of the Stablecoin?
Terra-UST Saga - How to repair the trust when there is no trust built on
How to deal with negative market sentiment
------------------------
Crypto VC Thoughts
Crypto VC Thoughts: Physical Assets vs Digital Assets
Crypto VC Thoughts: Digital Money Pushes Energy Companies to Innovate
Crypto VC Thoughts: GameFi Dilemma
Crypto VC Thoughts: Credit Oceans
Crypto VC Thoughts: The Death of Terra
Crypto VC Thoughts: Debunk Bitcoin Myths
Crypto VC Thoughts: Defense Crypto Investment Methods
Crypto VC Thoughts: New Type of Stablecoin
Crypto VC Thoughts: Crypto Business Cycle
Crypto VC Thoughts: Crypto Business Cycle 2
-------------------------------------------------------------------------------------
Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
