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Rich and Poor

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I will start this article off by saying in no way am I a financial expert, or advisor. I am simply a young man who has spent many hours studying crypto, investing, and wealth in general and I would like to share my thoughts and findings with you. I have read multiple books around wealth including “The Richest Man In Babylon” and “Rich Dad Poor Dad”. I have also spent time studying family members who are successful, and who are not.

The first thing that sticks out to me about poor people is, they are afraid to take risks. I first began thinking about this topic while I was reading “The Richest Man in Babylon”. One of the lessons in the book was to be ready for opportunities and take them when they present themselves. Many people fail to prepare or are simply too afraid to act on the opportunities presented in their lives. Both are detrimental to their financial success, and can ultimately lead them to continue their poor mindset. I have also seen this in my life as well, with family members telling me stories of opportunities they missed, whether that be stocks they wanted to buy at bargain prices or prime real estate they passed on. Their reasoning behind each mistake was actually being afraid to make a mistake. When I see people who have generated great wealth, they talk about opportunities they took and ran with. The funny thing is many people did not see the opportunities back then or believed they were poor or would ultimately fail. However, the select few of those who took the opportunities used them to generate great wealth and prosper. Also, another important point to mention around the topic of risk, is these are calculated risks they are not “shots in the dark.” The successful people take time to prepare and understand the risk-reward ratio for each opportunity.

Do you work for money, or does money work for you? If you cannot answer this question or you would have to admit that you work for money, then ultimately your mindset is poor. This is the greatest way to generate wealth, in turn, it is also the most difficult thing to actually accomplish. What I mean by working for money is that you wake up every morning head to a job where you work for a set amount of hours, get paid a set amount of money, but ultimately you are working to make someone else rich. You are making your boss’s pockets bigger as well as the government’s. On the other side of things, if money works for you, your the one who is truly generating wealth. This can be a number of things, whether it be owning your own business, setting up a corporation (a great “hack” for the wealthy), or investing. Each of these vessels is a great way to reach your wealth creation goals, and ultimately you have to practice and learn about each to be able to take advantage of them. This is a really interesting topic, and one I plan on going deeper into it soon in another article!

Assets, assets, and more assets. Building on the previous idea of making money work for you buying assets is the best way to do this. To understand assets you must first know the difference between a liability and an asset. A liability is something that takes money out of your pocket, while an asset is something that puts money in your pocket. This is a very simple but effective definition of the two. An example of a liability would be your personal home or car. Both require you to pay money on a monthly basis, and the occasional fix for each. But on the other hand, an asset, like real estate, or stocks with dividends pay you on a monthly basis. Now obviously this is much easier said than done, real estate and investment are very trick, and require years of learning and experience to master, but if you know how to generate wealth you are a lot closer to actually doing it! Your own business is another example of an asset. A sort’ve secret “hack” the rich take advantage of is creating corporations. This is because corporations receive government tax breaks, and also take some of the risks of being sued for your assets away. Many people don’t understand a corporation does not require an office or a set number of people working for you. You simply need to pay a small fee and report certain financial documents to the government.

The last point of this article is maybe the most important. Poor people simply don’t take the time to educate themselves financially. The rich spend much more time educating themselves, than worrying about what other people are doing. They educate themselves on taxes, income, markets, and more. And due to their education, they realize they need to hire people to help them with managing their wealth, this includes lawyers accountants, assistants, and more. Again this is another example of making your money work for you. You are paying them to save you money, and generate income for you. It’s a very simple idea, but it is often times overlooked. They also understand ways to generate income, and ways to get around paying more taxes. Take the time to educate yourself financially, and see the impact it has on your wealth generation!

I hope this article helped you learn, and also take a look at how you are currently operating. Are you making money work for you? Are you scared to take calculated risks? I would love to hear your comments below! I would greatly appreciate if you upvote this article, resteem it, and follow me!

Follow me on Twitter @thecryptosky and shoot me a DM!

Listen to my crypto podcast, and check out my website thecryptosky.com

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De-dollarization is on its way!

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The Dollar is a weapon of mass destruction

In recent years the news has been filled with stories on sanctions and othr economic turmoils that seem to all stem from the power of the United States of America. Before the 1960’s america had little control over the financial liquidity of the economies abrod but today with the swipe of a pen america can effectivley ban you from its Dollar club paralyzing your economy. in recent years that has begin to slowly change, nations like russia and china are becoming tired of the United States throwing its weight around. Even allies like india and Eu nations are looking into ways to escape from the petro dollar regime which has ruled for so long. A change is coming and it looks like America’s behavior is the catalyst.

Big stories developing

Turkey has dumped several billion dollars in Us debt securities and scooped up gold in an attempt to work closer with its allies Russia and China. The Dollar is fueling huge wars and it is coaxing nations into the growing de dollarization trend. Alliances are developing that may soon shift economic paradigms away from Washington and into thw world. If one is being optimistic they could even say that a new era is about to begin.

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Global markets are getting volatile as trade spats continue.

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Trade wars taking their toll

This trade spat between the united states and China is becoming increasingly burdensome upon the people of the world. Emerging markets are tanking and as of this week the american market is also strugling. In america the pullback can be attributed to the corporate shareholders who have been on a buying frenzy, taking a breather and starting to sell. this has kocked the DOW and NASDAQ off off all time highs and caused concern for the smaller investors. There is widespread reports of a possible recession caused by these market circumstances and it could be big. Some cryptocurrency supporters believe that this round of economic turmoil will translate into a run up in the prices of bitcoin and some altcoins.

Will bitcoin prevail in the next downturn

for most of this year stocks in the usa have been on a tear rising similar to how crypto did in 2017. Some are saying this rise will lead to a huge correction that will lead many investors to begin using cryptocurrencies. They site the instances of countries like Venezuela who almost immediately turned to bitcoin and crypto in the midst of its current crisis. I personally hope that this current downturn comes to an end and hopefully some of that money in the hemorrhaging stock market s will find its way into crypto.

Check out this video that kind of explains some of whats going on from the crypto lark over on Youtube!

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Is The U.S. Winning World War Trade?

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A global trade war

Since late 2017 President Donalt Trump has been threatening and levying tariffs on many of our economic allies. This has caused the global markets to experience volatility similar to the cryptocurrency markets .It is driven bythe uncertainty and FUD being spread by the media to investors, which has effectly created a direct correlation between the presidents actions and market movements. When the first tariffs went into effect the stock market took a masaive dive only to recover and dive again after anothe announcement of tariffs. Such volitility has led to increased fear of losin the trade war, yet it seems like this Tradewar has had far smaller of an effect in the U.S. than abroad.

Donald Trump is winning!!

when he started this trade war the president stated that “trade wars are easy to win” to racous dissent from the pundits and economists. Yet it seems that his confidence in the american economy was not misbegotten, since the trade war has started the stock market overall has been able to make gains on a weekly basis that has led it to approach new highs. Along with a booming stockmarket with companies reporting stellar earnings, the U.S. FED has also stated that interest rates will go up thanks to the stability of the economy. Meanwhile in Europe markets are struggling with various internal issues compounding the effect of trumos tariffs. China isn’t fairing any better with the majority of its stock market seeing red and thier central bank attempting to do currency acrobatics to stem the bleeding.

The end may be near

Now that all the rhetoric has passed it seems to be time for the ice to break and tensions to thaw. On wedensday August 22nd 2018 Chinese and American Officials will meetin to discuss trade terms and seek an end to the globally devastating war. Europe has already chose to come to the table an negotiate on the subject of tariffs so with Chinas apparent concession it seems that donald trup had actually wont the trade war. Maybe the other leaders realized it would be dumb to follow Trump down such a destructive path or maybe the U.S. economy is actually strong enough it could defeath the whole world in a fight!! Whatever the reasons it seems this saga of trumponomics is coming to an end, I dare say im excited to see what the future holds for us.

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