Prominent Bitcoin (BTC) developer and instructor, Jimmy Song, recently shared his views about how “to get rich slowly.” Song first explained that many people are in “a hurry” to get rich - which is why they ultimately “become poor” and stay that way.
Getting Rich Requires Discipline
He continued by noting:
[There are] a lot of people who want to get rich quickly because they want to indulge in their desires. The thing about getting rich that way is that you will indulge in your desires. There’s a reason why most lottery winners end up broke after like five years. It’s because they spend their money too quickly … because they don’t really know how to control themselves.
As one of the most active members of the Bitcoin community, Song not only teaches courses about how to develop blockchain-based platforms, but he also regularly offers insights via social media on other topics - particularly those that are related to self-improvement and how to adopt a balanced approach to life.
Slow And Steady Wins The Race
Those who follow Song closely on Twitter would know that he asks very thought-provoking questions in the form of a “Sunday survey” at the end of every week. He also maintains an active YouTube channel and writes easy-to-follow blogs on Medium.
Oftentimes, Song recommends taking the slow-and-steady approach, which is what he recommends when it comes to dealing with one’s finances. Song, a computer science graduate from the University of Michigan elaborated: “[The good thing about] building your wealth over time is that it teaches you a lot of good habits. Among others, it’s not [like] indulging in frivolous spending or in really shady business deals … that’s how you lose your money very quickly. Instead, you build your wealth up slowly [which] gives you the discipline, and know-how, and wisdom to be able to keep that wealth.”
The Bitcoin Core developer added:
You need virtues to balance the money that you have. Money [brings with it] a lot of power. A lot of money [translates to] a lot of power … [but] with great power, comes great responsibility. You’re not going to be able to keep that wealth unless you’re very careful with it. [In other words], you need to have the virtues to back that up...It’s not [necessarily] about making a million dollars … [The focus should be] building towards [one’s financial goals] slowly [so that] you can keep it when you get there. [By that time], hopefully you become a better person. Some people get rich, but they’re not good people. That’s a really sad outcome. There are, believe it or not, miserable billionaires that are just really nasty people. You don’t want to be one of those people.
Many started investing heavily in cryptocurrencies last year - when their prices reached record-level highs. The fear of missing out (FOMO) led many to make quick and ill-advised financial decisions. Pete Roberts, a Nottingham, England resident, revealed in August that he invested $23,000 - which was most of savings - into digital currencies at the end of 2017.
Eight months later, Pete’s investments were worth only $4,000. Speaking candidly about what happened, Pete said:
I got too caught up in the fear of missing out and trying to make a quick buck. The losses have pretty much left me financially ruined.