The richest people in the world are not rated based upon their income. Does anyone know what Bezos or Musk make a year? Does anyone care?
When dealing with those people, we deal with net worth. How much is a person worth? Yet for the rest of us, we talk about our income, that is our focus.
In this video I discuss how it is vital for us to switch our mindset to one of Net Worth. If it is good enough for the wealthy, it should be good enough for us.
▶️ 3Speak
You are definitely right about the mindset differences. The wealthy own things and these things work for them to earn more money. In the future, I wonder if we will look at LBI, DHEDGE and other dividend tokens as income or assets. I currently think of it as income but I hope this changes down the line.
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I agree people always talk to me and as how much I make? not how much I own in asset etc so I say not much just am happy with what I have
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From personal experience, I have seen how one's earnings can completely take a nosedive. In the event where one doesn't build on what he earning, chances are that they turn out broke in the end. I have been making this mistake for the longest time and I am making corrections this year. I wrote recently about how I have grown my portfolio from $400 to $2000. Yes, we have the bull-run to thank for that, however, the mindset this year is to grow my holdings and create the future I desire.
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Very Nice!!
I'm tempted to ask if you are using actual figures, but I won't. I really just cRe about the growth, and that is 5x 😳
You might check into LBI which is Leo Backed Investments
That has grown dramatically and will keep growing very steady. I was in SPI which is the parent of LBI. It has been phenomenal as well. Very good instrument for wealth preservation on blockchain!!
Well to be honest I got lucky during a giveaway last month. Plus a kind investment from a friend. So if I sum up my hive and Leo holdings, plus my little investment in cubdefi, it should be around $2k. That could double given my earning rate during the second quarter of the year.
Had some. Sold but will buyback before the weekends. It is one of my goals to diversify my portfolio.
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Very cool, remember it takes 10 LBI to get a vote in the community. Join the discord if you can!!
Love to see you make that portfolio over TEN Thousand, Next!!
I guess I am making progress, I am thinking almost exclusively in terms of my Net Worth and rarely income.
Very happily I took total control of my 401A account almost 2 years ago. I now hold nearly the same amount in crypto as I started with, plus a bonus stash of precious metals that is right close to that starting figure.
Great post as usual, Task
What you're saying is absolutely true and also concerning. What I call people's capitalism is key for the middle class to stay middle class.
I've had the net worth oriented mindset for quite some time now. For me, it's about buying nothing that I do not need, living under my means and investing the difference while seeking aggressive returns. The only thing I regret is not starting to build my net worth at a much younger age.
This is wisdom that I'm in a position to pass on to the younger generation. Start investing early. Compounding interest can work wonders given enough time.
By the way, any young person would be wise to pay close attention to the money personalities of potential spouses.
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Switching to a person's net worth will have them well, mainly Aussies jerking at it. A few weeks ago I wrote a post about how Aussies are amongst the richest in the world. All it takes is a house, car and a job and an Aussie is probably in the top 10%.
It is because houses in Australia are close to $1 million. Not many nations across the globe can afford that.
Aussies want to pay their homes off faster so they can have disposable income. However the business world is very different, they see the house prices as equity to tap into to live their lifestyles.
I might write a blog about that today. It was an interesting conversation I had.
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@taskmaster4450le switching our mindset to networth itself makes us have a greater self worth which will then inspire us to become more successful and makes us reason far beyond our income and before we know what is happening we are already becoming a great person in life,
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@taskmaster4450le what is good for the goose is good for the gander...many people focus too much on their present income and ignore the future ahead,they are more interested on what they can earn right now and they ignore "value" which they can add to the society which can later make them become a better person in life....
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Yes, when you estimate your value with what you own, you are poor
Your value should be what you can get in the year and the day
Like a player who retired and made a lot of money but had nothing to offer
Another promising young player has a lot to gain
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