How do I plan to be rich? Getting rich doesn't mean buying Dogecoin... | by Mohamed Hakim | April 2022

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Being rich does not mean buying Dogecoin or "investing" in the latest trend. Instead, it's about hard work and determination to make it big.

Courtesy of Pexels.com

HVery person who wants to be rich. Cryptographic frenzy is an example. When people heard about the success of Dogecoin Millionaire, many tried to follow suit and bought into the hype. People kept buying it even though it came to $0.70 per coin.

And like the highly successful Ponzi scheme, those who bought earlier reaped the profits and left the rest holding the bag. Currently, the meme coin is trading at $0.14 per coin.

What to say to those who bought in the rush?

This wasn't the first time that the promise of easy money and quick returns had drawn reassuring prey.

Therefore, it can be tempting to see crazy headlines like "Here's How You Can Be a Millionaire" or "Invest In This Stock To Get Rich!". But, unfortunately, all of these titles are just clickbait.

Unfortunately, so many people fall into this trap that some take out loans to finance their "dream" of getting rich. Now, many people are left holding the bag as the cryptocurrency continues its downtrend.

I'm not rich (yet). I'm counting on a government employee's wages with some inflows of money on my part.

Unfortunately, I don't have success stories to share with all of you.

All I have is a plan.

The plan consists of two parts: long-term and short-term.

The first is simple: keep track of the average dollar cost in the different asset classes I own: cryptocurrency and stocks. The S&P500 ETF is a no-brainer, and one can expect a return of 7% on average per year (if unaffected by inflation).

However, I would need a large time runway to keep moving towards a million.

Therefore, what is most important are the short-term strategies that will be implemented to build significant financial capabilities that can then be extended to the long-term.

It's already 2022. Having a side hustle should be the norm now. One can ride a bicycle and deliver food, another can be a teacher for a child, while another can acquire and invest a skill.

Photography has been a side hustle for me for the better part of 5 years. I started with a small camera and almost no money in the bank. My dad gave me that camera when he found out that I have a hobby of photography.

I still have a long way to go, but I believe this next step is important to the success of my photography career.

My friend and I are planning to open an office, a place to work as our command center as we continue to grow the business beyond what it is.

Additionally, I have ideas for expanding our social media reach to include other forms of content such as podcasts, live broadcasts, and classes.

Monetizing this content can help grow the business while attracting customers to the central core business, which is wedding photography.

I am not talking about investing in the stock market; Instead, I'm talking about investing in a company that sees its growth potential.

Investing in the company I've been working with for a side hustle seems like an obvious match.

Thus, I will be a contributor.

Recently, I had my first paid copywriting gig. This is a huge first step in my writing journey.

I've always loved writing, and finally, monetizing it beyond average is great news!

Work begins.

The truth is that all of this takes effort.

Then, of course, people will claim that it is easy to get rich. However, this could not be further from the truth.

All this requires effort, courage and perseverance.

mind you. I'm working a full time job while raising a family and juggling a side couple.

I will not paint a picture of blue skies and rainbows when the truth is that many sleepless nights are hard work.

I encourage everyone to keep working hard and give their best.

Make a plan and smash it!

Anyway, I've created a Telegram channel to share business news, finance, and a bunch of current affairs. Do click on the link to join. It's free!

Photography

Being rich does not mean buying Dogecoin or “investing” in the latest trend. Instead, it’s about hard work and determination to make it big.

Courtesy of Pexels.com

HVery person who wants to be rich. Cryptographic frenzy is an example. When people heard about the success of Dogecoin Millionaire, many tried to follow suit and bought into the hype. People kept buying it even though it came to $0.70 per coin.

And like the highly successful Ponzi scheme, those who bought earlier reaped the profits and left the rest holding the bag. Currently, the meme coin is trading at $0.14 per coin.

What to say to those who bought in the rush?

This wasn’t the first time that the promise of easy money and quick returns had drawn reassuring prey.

Therefore, it can be tempting to see crazy headlines like “Here’s How You Can Be a Millionaire” or “Invest In This Stock To Get Rich!”. But, unfortunately, all of these titles are just clickbait.

Unfortunately, so many people fall into this trap that some take out loans to finance their “dream” of getting rich. Now, many people are left holding the bag as the cryptocurrency continues its downtrend.

I’m not rich (yet). I’m counting on a government employee’s wages with some inflows of money on my part.

Unfortunately, I don’t have success stories to share with all of you.

All I have is a plan.

The plan consists of two parts: long-term and short-term.

The first is simple: keep track of the average dollar cost in the different asset classes I own: cryptocurrency and stocks. The S&P500 ETF is a no-brainer, and one can expect a return of 7% on average per year (if unaffected by inflation).

However, I would need a large time runway to keep moving towards a million.

Therefore, what is most important are the short-term strategies that will be implemented to build significant financial capabilities that can then be extended to the long-term.

It’s already 2022. Having a side hustle should be the norm now. One can ride a bicycle and deliver food, another can be a teacher for a child, while another can acquire and invest a skill.

Photography has been a side hustle for me for the better part of 5 years. I started with a small camera and almost no money in the bank. My dad gave me that camera when he found out that I have a hobby of photography.

I still have a long way to go, but I believe this next step is important to the success of my photography career.

My friend and I are planning to open an office, a place to work as our command center as we continue to grow the business beyond what it is.

Additionally, I have ideas for expanding our social media reach to include other forms of content such as podcasts, live broadcasts, and classes.

Monetizing this content can help grow the business while attracting customers to the central core business, which is wedding photography.

I am not talking about investing in the stock market; Instead, I’m talking about investing in a company that sees its growth potential.

Investing in the company I’ve been working with for a side hustle seems like an obvious match.

Thus, I will be a contributor.

Recently, I had my first paid copywriting gig. This is a huge first step in my writing journey.

I’ve always loved writing, and finally, monetizing it beyond average is great news!

Work begins.

The truth is that all of this takes effort.

Then, of course, people will claim that it is easy to get rich. However, this could not be further from the truth.

All this requires effort, courage and perseverance.

mind you. I’m working a full time job while raising a family and juggling a side couple.

I will not paint a picture of blue skies and rainbows when the truth is that many sleepless nights are hard work.

I encourage everyone to keep working hard and give their best.

Make a plan and smash it!

Anyway, I’ve created a Telegram channel to share business news, finance, and a bunch of current affairs. Do click on the link to join. It’s free!