No one is an expert at handling money, and anyone that tells you they are owns a channel or means to monetize that stance, which isn't bad, but here is the catch. understanding money doesn't follow the conventional metrics or rationale of everyday life and due to this, we cannot write a book or a set of principles as to the realistic measures that need to be put in place to either earn or spend it.
This is because money is a tool, carries purchasing power, it's a socio-economic tool of relevance, it's a store of value, a means of exchange and so many other things I cannot begin to mention.
For example, I've seen books like "how to save" how to be financially free, the reasons why you're poor" or "becoming rich with ease" these writers would write from their perspectives, telling you their own experiences and how they cut it, but then, they wouldn't write from your perspective because they don't know you.
Money: The Unique Narratives
This is also another reason why I used to say that, no one can teach you how to be rich because the parameters and conditions in your different narratives are always definitive factors that can establish a "huge difference".
I was watching an interview some days ago where CZ BINANCE was talking about how he sold his home in Singapore for a million dollars to buy into Bitcoin in 2013, then after a year, his portfolio dipped by 70%, of course, he was called a failure, but Bitcoin gained traction and he's probably one of the wealthiest people alive.
However, a video like this is only for the motivational purpose, it doesn't change the fact that there are people who wouldn't immediately buy BTC after watching that video and aiming to repeat the same process as CZ, in a bid to become as wealthy as him.
Finding Diversities To "MONEY STORIES"
But the truth is, we cannot replicate "money stories" aimed at proving success by trying to better the mistakes of others and following their exact investment process. We use to forget that there's the element of luck in most success stories, sometimes we undermine "luck" because of the hard work and preparedness of the people involved in these stories.
While CZ himself is a tech and crypto prodigy and a legend in the game, he cannot exactly shill you the easiest way to become rich, and even if he does, it's for promotional purposes. Now people are often reliant on people who have done it.
They watch their videos, subscribe to their channels, listen to their podcast, or even buy their eBooks. While this is good, sometimes we aggrandize the process of building wealth as something that should be relative. Making money is not relative. This means a person can fail where another person has succeeded.
Like I said earlier,
......people who preach about the ease of making money are also using that means to make money themselves. Someone can shill you real estate but avoid telling you that you will need a ridiculous amount of money to start up, which by itself is an important piece of information.
This means that people can be differently successful in terms of volume even when they do the same thing. Because we cannot attach pure rationale to making money, it is difficult to exactly do the same thing and gain the same result.
This is why math or economics are sciences based on rationale but it's a different ball game in reality. This was how I watched Warren Buffett talk about how he started buying shares from companies at the age of seven and ended up owning shares I'm some of the biggest companies in the world, he also spoke about losing a lot of money, how he reacted to loss might have just been the reason why he went on to succeed.
Shilling Success To Prospective Shillers
In reality, CZ wasn't the first person to buy BTC or own a crypto exchange, so also, Warren Buffett wasn't the first person to start buying shares at seven, so their stories should only be for motivational purposes and not a metric to determine hustle, financial choices, and many other things.
It's the same with saying engagement and traction make you money on the Hive Blockchain, while less emphasis is paid on things like networking and politicking. It's a mad world and we need to understand that success stories are 50% for shilling purposes.
This has happened with companies like GNLD, it'll keep happening. No one can truly teach another person how to make money. Because we sometimes fail to mention the element of luck that played out in our cases.
While CZ is hailed as a billionaire icon, some people have understudied him, his investment choices, and many other things and still failed woefully.
Interested in some more of my works?
Crypto & The Outrageous Learning Curve: My Splinterlands Journey As A Case Study
Understanding & Adjusting To The Real Purpose Of Motivation
Thematic Expression: African Child (Shot & Edited On My iPhone 12)
How I Create Original Images for My Blog & Why This is Important
Budgeting: Paying Yourself First With Crypto
Establishing Compatibility: A Case For Self-Improvement
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These stories tell about the beginning and the end with only a couple of information of in between. Along with the element of luck, these stories fail to tell the process, the upheavals, the uncertainties, the losses, the break downs and much more.
I would agree with the point that everyone cannot make the money the same way. What I think one should do is to examine ones potential and interest if he/she can go ahead in certain things or not. For instance I felt tempted towards Splinterlands when I read about too much monetary benefit, but then I understood that the games are not meant for me and it won't give me anything but stress to get into them.
Well, the game can be complicated. The reward is something not to consider unless you're passionate enough to invest your time, efforts and money as well.
However we aren't all going to invest in everything we see. Sometimes we recognize what we want and go for it.
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Exactly. Everything that doesn't interest us generates nothing but stress for us.
But you could try it out if you're experiencing FOMO haha
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I agree with this 100%
The truth is so much more complicated then buy and hold. :)
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Truth of every success story is much more complicated. I heard someone saying. Partial truths are worse than the lies.
Thanks for the feedback
It is indeed quite interesting to ponder on the notion of being rich that a lot of people have. A flashy materialistic image seems to be quite ingrained in people's minds (sometimes even in my own mind). Thanks @josediccus for a thoughtful post on 'the concept of how to make money'.
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Well that notion is diversely pondered by many people as well. Thanks for reading through.
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Wow! I sincerely agree with you on these, most especially this statement you made:
"This means that people can be differently successful in terms of volume even when they do the same thing. Because we cannot attach pure rationale to making money, it is difficult to exactly do the same thing and gain the same result"@josediccus
Those days when I was in High School, I knew a man who stood at the gate of the school, with a wheelbarrow and under the hot sun, Hawking books titled - 10 ways to get rich in one month. I always asked myself why he was found by the gate on every school session Hawking the same books he was supposed to read and get himself out of the mess of poverty if what works for Mr. A actually works for Mr. B.
I believe that as our faces and mindsets are different so are our challenges and their solutions.
Hahaha the example you gave about that man, I can totally understand it. You see, becoming wealthy or rich isn't something that's generally attainable and applicable for everyone. It's why we must do things in our own way. That's why we cannot begin to copy the hack that helped others in life, it might just not work for us. We find it really difficult to be creative in sorting our issues.
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Yeah, I really agree with you. Thanks.
I don't think crypto millionaires are the best people to ask for money advice though. All they can teach you is patience.
These laws of money we read in books are very relative. A person who uses certain rules in the US can't succeed with them in Nigeria. The middle class in the US isn't the same as in Nigeria and our systems are very different.
Income-producing activities in both countries will vary. I've been a victim of these books and I wish my brain told me these things.
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Your points goes on to say that there's the need to foster uniqueness in our quests to become rich or do well for ourselves. Apart from crypto millionaires, I basically think it's unadvisable to follow the rulesets of wealthy people when doing anything, especially when it comes to investing. There are some many likelihood they're omitting important informations. It's crazy out there.
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The stories can serve as learning but not as a tutorial. Learning from the past is important but it is also important to know that the world changes every second and as you have already said a small difference in your reality to the reality of a success story can be all the difference.
The way is to study as much as possible and walk our own path and of course always counting on a little luck.
Thanks for sharing.
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Well in crypto, people try to mirror the stories of others, repeat their actions as well as everything they did. Simply because they want to make money as well. However we've seen that these things don't get to last.
Thanks for curating
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True 100%
Don't replicate the plan, replicate the knowledge, and use the knowledge to make your own plan, which is appropriate for your time.
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I kind of agree but most of these people ended up being focused on a goal and the market did what these people wanted. They all took a risk and it just shows the difference between those who pursue the opportunities and succeed.
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Well you're right, the goal for many is to be rich, sometimes I've seen people focus on the shortest or easiest ways to actually do this.
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My thoughts exactly. This books are written for motivation o ly. One man's meat is another man's poison. Perhaps cz didn't even need that money and had other sources to keep him when the money his BTC dipped. A person wishing to do that today may suffer diminishing returns. Reading those books and going through lice as it is ment for you, is the source of depression when things don't go as planned. With that said they do have there place in life, who doesn't like a good read
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Certainly, no one can draw you a map with financial freedom as the destination, I learnt this the hard way. This is because, the journey t financial freedom/wealth is an individualized concept that we must embrace individually.
But some things are constant, the basic foundations are the same, the laws of business still apply, although the application may vary from person to person.
Thank you @josediccus
Before coping anybody in any business whatsoever you must first know yourself, your level of tolerance and how you will be able to cope in a certain project at the long run. Is the risk too much for you, too much thing to consider before investing in any project
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Agree, making money is tought because there is some much information out there by people who may just be lucky, or the situation has changed and following their example will no longer guarantee you success. Life is complicated, so why should the process of attaining wealth be any different :)
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