Your Plan for Building Long-Term Wealth – Bitcoin Market Journal

Summary: Building long-term wealth requires building a long-term mindset. Here are a few “mind hacks” you can use to program your brain for long-term success.

At Bitcoin Market Journal, our plan is to welcome the next 100 million crypto investors.

It’s an ambitious number, but I believe our community can do it. (Wait until you see what we have planned.)

  • I remember when Microsoft CEO Satya Nadella boldly proclaimed that Windows 10 would be on one billion devices (they met that goal last year).
  • I remember when Steve Jobs predicted the merger of NeXT and Apple would lead to Apple’s remarkable turnaround (today it’s worth over $2.5 trillion).
  • I remember when Elon Musk predicted that the majority of new U.S. cars would be electric by 2027 (we’re on the way)

These were bold statements that required courage and commitment. And as crypto investors, there’s a lot we can learn from these visionaries.

When it comes to building your long-term wealth, do you have a long-term vision?

Do you know how much you want to earn, your net worth, your lifestyle?

Have you written it down?

Have you told someone else?

The investing mindset means being clear about your long-term goals. It’s hard to predict the short-term movement of anything, but we can greatly influence our long-term destiny by doing a few simple things, over and over.

Let me give you some examples.

The Average Investor

During crypto bear markets, newspapers love to write stories about all the “average investors” who have been burned. (Here’s a typical story.)

These are lazy, fill-in-the-blank stories about humble middle-class [day traders/DoorDash drivers/single moms] who were saving up for [new home/new car/new baby], invested it all in [bitcoin/Dogecoin/crappy altcoin], based on advice from [Reddit/YouTube/astrology] and lost [var $total_amt_lost].

Of course, people lose money on bad investments every day. It’s part of investing: you trade risk for possible reward. (As smart investors, our goal is to reduce risk while increasing the probability of reward.)

What always strikes me about these stories is that there’s no long-term plan. There’s a short-term plan: get out of debt, save for a vacation, buy a Lambo. Why on Earth would you YOLO into crypto to pay off your credit cards?

If you lost $10,000 because you aped into bitcoin at its peak, consider that $10,000 well spent. It’s tuition paid to the school of life. (Hard Knocks University doesn’t offer scholarships.)