How to accumulate wealth?

stygia

Active member
Cave Beast
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I trust the stock market less and less with every passing day. Sky-high valuations and distortionary Fed policy make me think that a historic correction is on the way, not to mention the potential for secular decline of American companies; there was that article from a couple weeks ago about competent white guys in senior positions being scooped up by China for cheap because they're being pushed out in favor of diversity hires. Woke capitalism is a recipe for long-term failure and while I'm sure the system will keep chugging along for a while, I'm not confident on the 35+ year horizon I'd be holding until retirement.

Bonds and high-yield savings accounts barely beat inflation now, and they'll probably become even less attractive once inflation picks up this decade thanks to QE.

I don't want decades of my labor going down the drain because I bet on the wrong asset class.

What is your strategy for accumulating wealth and ensuring that you have something meaningful to provide for yourself in old age and for your children once you're gone?

Land? I'm not bullish enough about American cities long-term to buy any investment grade urban property, and while some rural real estate for myself sounds nice, I don't want to own a bunch of land in rural Nebraska that I can't use and that I have to pay taxes on.

Crypto? I think crypto and DeFi have a bright future but I'm not confident about wading in at these prices, others might think differently though.

Gold/silver? Foreign currencies or stocks?
 

drallod

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Take a two-tiered approach.

On one hand dabble in high risk stuff.

On the the other hand, have the bare essentials satisfied as a backup in the case all other ventures fail. That necessarily includes land and housing. You don't want to be trading stocks and crypto in your rented apartment with your leased car and various debts.

If I didn't have a woman I'd be living in a camper or van on an acre of land if that's what I could afford. I definitely wouldn't be renting an apartment in a city even if it had a lack of Niggers. Cities don't have a lot to offer these days. Not nearly as much as many people assume. The only thing I can think of is high speed Internet and close proximity to easy pussy. Jobs in the city are a dead meme.

I'm really not a Musk fanboy but Starlink is going to revolutionize the Internet in rural areas so that is something to keep in mind.

Every man has to take risks on their own ventures. That's the nature of being a man. The ventures which are going to make you really wealthy are the ventures most men are going to laugh at. That's not a cliche, that's how it actually works.

When you're young, you can take big risks because you have a bounty of time to make adjustments and see ventures through. If you have your bare essentials covered you can continue to take big risks even if your previous ventures didn't work out.
 

TheMasterRace

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Most people I know personally built a lot of wealth with real estate like buying a house and selling at a huge mark up five years later or buying lake land near a small city once the city grows enough dump it for a smooth million or so.

That leaving shit for your children is overrated unless you are very proud of your kids and they are responsible adults they are accountable for their own financial future. Most and I mean MOST parents just bail their POS Hunter Biden wannabe kids out of endless messes, 90% chance they will blow through all their inheritance.

Did you ever watch that pawn stars show? dude half of it was kids pawning very pricey shit their parents left them because they are all broke pieces of shit don't leave them anything.
 

fukuyama

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i wouldn't worry about it. one way or another you will either have nothing and be dead, or have a functioning country living with the same race who will help.
 

Ethan_Allen

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The wealthiest person I know β€” a friend of mine, got that way by buying houses with some minor/moderate issues, fixing the issues, and selling them at HUGE markups to people with less-than-ideal credit, where he finances the sale at interest rates 3 to 4 times the rate he has it financed at the bank.

He didn’t start out with a great deal of money, but had good credit and years of experience building and repairing houses.
 

Chicken Tendies

πŸ‘ΎNEET GaymerπŸ‘Ύ
Cave Beast
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I was able to make 2x in 2019, 4x in 2020, and 3x in 2021 (so far). My strategy is to just buy crypto that has a utility and has not yet exploded. I do not buy what I call "promise coins" which are cryptos that just make promises rather than producing results. So a crypto like Cardano is just a bunch of promises whereas their competitor, Polkadot, is already fully functional. Cardano basically fools people into believing that a large update is coming soon but they have been saying "coming soon" for several years now. I also avoid cryptos that have anonymous teams because there is a large risk it could be a scam.

In summary: buy crypto currencies that serve a purpose in the crypto world. It's ideal to buy these crypto currencies before they become mainstream, just like how Chainlink was worth less than a dollar in 2019. You need to avoid promise coins and anonymous teams otherwise you're going to be taking a huge risk. My last bit of advice is to keep an eye on the markets. If things inflate, that means we're in a recession. You can either sell or hold. If you sell early and buy back in when everything is down -50%, prepare for some major gains.
 

stygia

Active member
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I was able to make 2x in 2019, 4x in 2020, and 3x in 2021 (so far). My strategy is to just buy crypto that has a utility and has not yet exploded. I do not buy what I call "promise coins" which are cryptos that just make promises rather than producing results. So a crypto like Cardano is just a bunch of promises whereas their competitor, Polkadot, is already fully functional. Cardano basically fools people into believing that a large update is coming soon but they have been saying "coming soon" for several years now. I also avoid cryptos that have anonymous teams because there is a large risk it could be a scam.

In summary: buy crypto currencies that serve a purpose in the crypto world. It's ideal to buy these crypto currencies before they become mainstream, just like how Chainlink was worth less than a dollar in 2019. You need to avoid promise coins and anonymous teams otherwise you're going to be taking a huge risk. My last bit of advice is to keep an eye on the markets. If things inflate, that means we're in a recession. You can either sell or hold. If you sell early and buy back in when everything is down -50%, prepare for some major gains.
What do you think of just buying and forgetting a basket of tokens like btc, eth, link, and ada, or something like that?

It's a gamble I'd be willing to write off as I'm still in my 20s.
 

Chicken Tendies

πŸ‘ΎNEET GaymerπŸ‘Ύ
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What do you think of just buying and forgetting a basket of tokens like btc, eth, link, and ada, or something like that?

It's a gamble I'd be willing to write off as I'm still in my 20s.
I would recommend buying crypto but you should check the prices at least once every other day. Things are slowly rising lately so it might mean you could buy in at the dip for a quick profit. Forgetting about the money is going to be a big mistake simply because crypto is so volatile and one mistake could absolutely destroy the crypto's value. For example, XRP got into some legal trouble in 2020 and there was a mass sell off. EOS is another example because it also got in legal trouble. Both those cryptos were in the top 5 by market cap at one point and seemed like a safe buy but now it's pretty clear they're just shit.

I think Bitcoin, Ethereum, and Chainlink are smart investments but to add some more. Aleph, Cosmos, Harmony One, and Stakenet are all great and seek to solve problems within the blockchain. They have utility but just enough risk to shoot up. Dot and Ada are very risky since Dot is founded by a literal pedophile and Ada is just a bunch of promises and majority of investors are normies who panic buy/sell rather than business firms. Both have the potential to moon but also have the potential to flash crash since they're considered over-valued and have shaky teams. Ethereum holds about 97% of all smart contracts so the fact that Dot and Ada are increasing in price without being used is risky (but profitable and I admit I invested in them early anyways). Those are all my recommendations and you should do your own research to pick which ones you like the most.

Last tip I have for you is a thing called "staking". Basically you can earn interest for just holding so it's very lucrative. Staking is different for every crypto and not all offer it but for the ones that do, you can potentially earn an extra 4% or more annually. Doesn't sound like a lot but some cryptos like Aleph offer around 20% annually. Literally free money. Just research it before investing because there is always a catch with staking such as some costing a lot of money to initially start staking or others take a whole month to unstake (meaning you won't be able to sell in case of a crash). No real reason to not stake unless you don't plan to hold for long.
 

Enigma

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Cave Beast
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Depends on how much one has to spent in FIAT money. If one has half a million and more it's best to put it in land/house, physical gold, stocks, foreign bonds and crypto all together.
If one is below half million it's best to just stick to stocks, gold and crypto.
As for stocks best is to buy the whole market with an All World ETF and buy&hold if you are a noob and dont want to invest much time and nerves, the whole stock market gave 10% yield annually since 1920, including all crashes as it always rebounces. About crypto, it skyrocks atm and you pay much more for it then you paid a year ago. I personally wait until it (maybe) crashes like 2018, it's too much of a hype atm and I dont like to jump on running trains.
About foreign currencies, would rather invest in bonds of countries with a low level of debt like Australia and Norway.
 

FrankieP

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I hold crypto, precious metals, stocks and that's it.

I have made some good money on crypto, but I don't think anyone should be entering into at these prices. I don't want to sound like a shill, but it could go higher, it seems like BTC is going to be the asset everyone runs into to protect themselves from inflation. CEO's could take the cash on their balance sheet and toss it into BTC to protect their purchasing power.

But in regards to building wealth, the first step is probably to get out of any large amounts of debt, ie student, auto, credit card (take this out first). Get positive cash flows then put the money to work in crypto/PMs/stupid speculative growth stocks. You're young, don't buy Apple, Tesla, or Facebook, those won't make you wealthy. Buy stuff that is small and buy a bunch, not everything will go up, but some will and when it does you'll make more than losses. Investing is gambling, just with a longer time horizon.

Then once you have some decent savings focus on passive income, grow passive income, then use that passive income to invest in more passive income, that will lead to compound growth. The key is making your money your employee.

It is all easier said then done.
 

HairMoccasins

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House flipping is dead. That is never going to come back. Dollar is being hyperinflated and the cost of materials is too high now for it to be profitable.
I feel that the days of scooping up properties and flipping them for a profit are gone.
The new property acquisition will be inheriting them from dead boomers, and millennials being broke as a joke will not be able to aquire them, sell them off to whater webuyhomes scammer for some money. They will then flip them to property management firms to increase their assets, and that will be the new "flipping homes" model.
 

JCEEZEE

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I trust the stock market less and less with every passing day. Sky-high valuations and distortionary Fed policy make me think that a historic correction is on the way, not to mention the potential for secular decline of American companies; there was that article from a couple weeks ago about competent white guys in senior positions being scooped up by China for cheap because they're being pushed out in favor of diversity hires. Woke capitalism is a recipe for long-term failure and while I'm sure the system will keep chugging along for a while, I'm not confident on the 35+ year horizon I'd be holding until retirement.

Bonds and high-yield savings accounts barely beat inflation now, and they'll probably become even less attractive once inflation picks up this decade thanks to QE.

I don't want decades of my labor going down the drain because I bet on the wrong asset class.

What is your strategy for accumulating wealth and ensuring that you have something meaningful to provide for yourself in old age and for your children once you're gone?

Land? I'm not bullish enough about American cities long-term to buy any investment grade urban property, and while some rural real estate for myself sounds nice, I don't want to own a bunch of land in rural Nebraska that I can't use and that I have to pay taxes on.

Crypto? I think crypto and DeFi have a bright future but I'm not confident about wading in at these prices, others might think differently though.

Gold/silver? Foreign currencies or stocks?
I think your approach to Crypto is wrong. If you think they have a positive outlook in the medium to long-term, then the correct strategy is to invest and hold, or average in with regular amounts over time. People were worried about crypto prices being "high" when BTC was closing on $100 USD.
 

JCEEZEE

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I think your approach to Crypto is wrong. If you think they have a positive outlook in the medium to long-term, then the correct strategy is to invest and hold, or average in with regular amounts over time. People were worried about crypto prices being "high" when BTC was closing on $100 USD.
Sorry, just on the crypto again. What if the entire thought process about crypto is wrong? We are trained to measure everything in dollars. Sure, in those terms BTC or other crypto may seem high. But reverse the relationship and it's not BTC that's high, but instead, BTC is keeping its purchasing power while fiat is being obliterated.
Take a look at the inflation rate as measured by shadowstats (here: http://www.shadowstats.com/alternate_data/inflation-charts ). When applying the same methodology which was used in the 1980s, inflation is running at 10%. When you consider that the inflation stats were *already* being manipulated in the 1960s, you start to see what they're doing.
 

Enigma

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Such a chart spike is called a bubble:





Until 30.12.2017 it looked similiar:





Until 30.12.2018 after the 2017 bubble crashed:




The problem is nobody who is invested in such an asset wants to hear the warnings, because skyrocking prices feel euphoric.
 

Bon

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Spend less than you earn.

Pay off ALL debt ASAP - and keep it that way, pay cash for everything possible. Or better - don't go into debt if at all possible, especially for unnecessary things.

Anyone who has accumulated wealth understands what compound interest means - you want your money working FOR you and not AGAINST you.

Invest wisely, especially in precious metals, physical gold and silver.

Those are a few suggestions from the Scottish side of my family, all of whom started out very poor and ended up millionaires.
 

Mencken

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Some time ago, 2008ish, somewhere, I recall reading that the average time that a share of stock is held -- average time -- is 11 seconds. Institutional investors, hedge funds, and trading houses, and jews -- but I repeat myself -- with their computers and algorithms and automated trading programs directly connected to the trading floor can buy and sell, buy then sell, then buy and sell again the same stock in blocks of tens or hundreds of thousands, doing so in mere minutes and taking (paper) profits along the way.

With turnaround time like that, John Q. Nazi is unlikely to be in a position to compete in the casino stock market. One can buy and hold solid, reputable stocks and one's paper wealth will increase there over time, but don't expect to lay hands on it unless from time to time one sells a portion of one's holdings at a profit and tucks the cash aside somewhere.

There isn't any magic path to wealth; what works for one may not work for another. To accumulate wealth:

1) Spend less than you take in;
2) Save 10 percent of what you do take in; and,
3) Sock it away somewhere safe, preferably a place it can't be lost to fire.

But for the roof over your head, stay out of debt -- no credit cards, no car notes, no little self-indulgences purchased on credit.

The future is at best difficult to predict. Because of this, the prudent course is to hold assets in different forms: currency, stonks, crypto. You can count on land appreciating in value because God isn't making any more of it; but this should be land one purchases without going into debt. Also, a little junk silver is, I believe, a good store.
 

JasonVorhees

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I trust the stock market less and less with every passing day. Sky-high valuations and distortionary Fed policy make me think that a historic correction is on the way, not to mention the potential for secular decline of American companies; there was that article from a couple weeks ago about competent white guys in senior positions being scooped up by China for cheap because they're being pushed out in favor of diversity hires. Woke capitalism is a recipe for long-term failure and while I'm sure the system will keep chugging along for a while, I'm not confident on the 35+ year horizon I'd be holding until retirement.

Bonds and high-yield savings accounts barely beat inflation now, and they'll probably become even less attractive once inflation picks up this decade thanks to QE.

I don't want decades of my labor going down the drain because I bet on the wrong asset class.

What is your strategy for accumulating wealth and ensuring that you have something meaningful to provide for yourself in old age and for your children once you're gone?

Land? I'm not bullish enough about American cities long-term to buy any investment grade urban property, and while some rural real estate for myself sounds nice, I don't want to own a bunch of land in rural Nebraska that I can't use and that I have to pay taxes on.

Crypto? I think crypto and DeFi have a bright future but I'm not confident about wading in at these prices, others might think differently though.

Gold/silver? Foreign currencies or stocks?
Get on welfare and stop paying for your own shit, then keep whatever other money you can make
 
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