How to accumulate wealth?

Simp Patrol

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Buy farmland or forestry land with a loan and rent it out. The rent should mostly cover the payments. A friend bought land and is growing spruce trees to sell as Christmas trees (he sells the trees himself so this is a lot of work during Christmas period). Normally lumber needs to grow 15+ years but Christmas trees are good to go only after a couple of years. I think buying land is the safest bet for accumulating a reasonable amount of wealth by the time you're old and then having something to inherit to the kids. edit: ideally you would purchase through an LLC or whatever you have in America to avoid personal liability.

Crypto and stocks are already sky high and we have massive warnings of a recession which in a normal world would mean deflation and falling asset prices but since we live in a clown world and judging by their past performance the governments are probably going to try print their way out of this mess making currency become worthless. So who knows which way it'll go (personally I believe we will have hyperinflation eventually but that doesn't mean that there won't be a deflationary hiccup along the way).

Buying bitcoin is probably still a good idea but only if you are prepared to hold for years and are willing to take significant losses on paper while holding.

There is (in theory) risk free 26% yearly interest for holding cash in the crypto world right now:
https://pancakeswap.finance/farms (UST-BUSD pair)
A month ago it was over 30%. The risks are that you become victim of a phishing attack and hackers gain control of your wallet and drain it or that either of the stablecoin defaults (UST is more likely to default meaning you would lose 50% of your funds). Excluding those 2 freak scenarios the contract is audited and your money would be safe. What will likely happen is that when price of bitcoin starts dropping hard then the 26% interest will fall to 10% or less, maybe even to 0%. I haven't held the UST-BUSD pair myself but I did hold CAKE in there for a while and can confirm that the ~130% yearly return is real. Of course when holding anything other than stablecoins you run the risk of the asset losing value. CAKE did a 10x so it could easily lose over 50% of it's current value rendering the 130% APY worthless.
 
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marcion

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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.
Or you could have just bought bitcoin and made a fuck of a lot more than 4X.

Shitcoins exist for the sole purpose of separating you from your bitcoin - there are maybe one or two rare exceptions, like Monero. but even XMR will fall by the wayside once bitcoin absorbs its advantages and forks.
 

Chicken Tendies

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The 4x was multiplied by the 2x of 2019. BTC only went up 3x in 2020 and is only up 2x in 2021. Unless you bought on March 14th of 2020, you probably didn't make over 4x on BTC alone. Bitcoin is a slow boomer coin and it's not even a good crypto. It's not the cheapest, fastest, best to mine, or as long lasting as other cryptos. Bitcoin also has a serious economic flaw once the last block is mined. The fees will be too expensive and miners will lose money by mining. If the Fed decided to stop printing money, eventually people will stop using money because it is too valuable. Some money will be lost or destroyed. Just think about it, how many people have a dollar in their possession from a century ago? The reality is that if Bitcoin cannot be mined then the price will crash hard. This probably will not happen in our life time but certainly will happen within the next 100 years. From an economic point of view, it's so obvious Bitcoin will one day be replaced by something more viable. I'm saying all of this because Bitcoin is an actual shitcoin and you're missing out on better cryptos.
 

Mencken

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Buying bitcoin is probably still a good idea but . . .
The reality is that if Bitcoin cannot be mined then the price will crash hard.
Perhaps we need a poll with discussion, "What's your crypto of choice and why?" I sense from what I read that the dollar and stocks are headed for an epic crash, and we should have a hedge (if there even is one). I also confess, though, to being perpetually confused by the benefits and disadvantages of the various crytos (and am likely far from being alone in that sense).
 

Equality 7-2521

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Your wealth will come from your career. Not from clever high-return “investment” — which is really better called speculation. For 99+% of people, your wealth will come from your career.

That said, the basic concept of passive income makes all the sense in the world. Your “career” as I’m meaning it is: things you actually do that provide value to people, for which they pay you. It does not have to be a wage job. It can be a variety of things. And making it as passive — that is, as automatic — as possible is clearly advantageous.
Once your monthly passive income exceeds your monthly expenses: you’re set. You’re now in “positive cash flow.” Then, at least if you’ve chosen an income generator that’s scalable, you can just keep shoveling the excess cash generated into the generator, which will keep making more and more. The generator could be:

rental houses
a website selling something
some other kind of business
 

ItsAllToast

Chinese Supremacist.
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Find ways to generate passive income that don't have massive input costs. Software is great for this, if you have the skills to build it. If not, look for products that you can get cheaply in your area and open up a store on Amazon Marketplace. Many household items sell there for 2x their actual cost. Or learn the basic skills to handle the basic trades: handyman and repair services will always be in demand, especially as people get dumber. Most importantly: Spend less than half of what you earn. No flashy cars, no boomer McMansions. Minimal and cost effective travel only.

I write all of this to emphasize that there is no real Get Rich Quick scheme, unless you were born in or near a classic Jewish banking family. There is only gambling, whether in the casino or in the stock market it's always the same: The house wins.

Clearly @Equality 7-2521 and I are on the same wavelength today.
 

MichaelWittmann

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1) Have a steady income.
2) Minimize expenses--even if it means reducing your standard of living and taking in a roommate temporarily.
3) Put the bulk of your savings in the safest possible investments you can.
4) Keep a small amount of money to put into risky, speculative investments that have the potential to pay off big. (By "small" here, I mean an amount of money you could lose without losing sleep over).
5) When you have enough money, buy some real estate, preferably in the country.
 
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