The wealthiest people are wealthy because they always took big risks that kept paying off.
So someone who desires that, never puts safe money away, they never save.
Every penny is invested, every purchase goes on a credit. Because why pay now when you can invest that money for free another 2 weeks?
As long as “numbers always go up” it works…
But then the market crashes, and everything is still tied up. You don’t have funds to pay the bills, and if you sell to pay the bills, you’re realizing market loss.
So it’s “lifestyle change” but not always wanting better stuff
The wealthy literally have a different lifestyle than the “paycheck to paycheck” the majority of people have. We can both have our shit completely fucked overnight thru no fault of our own
For most of us, that’s just reality. For the wealthy it’s a choice.
The wealthiest people are wealthy because they always took big risks that kept paying off.
Like taking the risk of having rich parents…
We can both have our shit completely fucked overnight thru no fault of our own
Regardless of how much you’re investing, you need to take risk into account and diversify to mitigate it. The people I know who got into trouble when the market tanked had a risk appetite that exceeded their means. High-risk, high-reward investments are a bad choice when your financial stability is put at risk when they don’t pay off. Don’t gamble what you can’t afford to lose.
Nah, it’s survivorship bias.
The wealthiest people are wealthy because they always took big risks that kept paying off.
So someone who desires that, never puts safe money away, they never save.
Every penny is invested, every purchase goes on a credit. Because why pay now when you can invest that money for free another 2 weeks?
As long as “numbers always go up” it works…
But then the market crashes, and everything is still tied up. You don’t have funds to pay the bills, and if you sell to pay the bills, you’re realizing market loss.
So it’s “lifestyle change” but not always wanting better stuff
The wealthy literally have a different lifestyle than the “paycheck to paycheck” the majority of people have. We can both have our shit completely fucked overnight thru no fault of our own
For most of us, that’s just reality. For the wealthy it’s a choice.
Like taking the risk of having rich parents…
Regardless of how much you’re investing, you need to take risk into account and diversify to mitigate it. The people I know who got into trouble when the market tanked had a risk appetite that exceeded their means. High-risk, high-reward investments are a bad choice when your financial stability is put at risk when they don’t pay off. Don’t gamble what you can’t afford to lose.
Nothing really crashed, my stocks are doing well. I also had no problem selling stuff at a loss. This is just being irresponsible