Missed the generational wealth brought by the $BLUR airdrop? I guess we'll need to do it the old-fashioned way.
5 Habits to Build Wealth this Bear Market according to our Head of Content, @JaimeZ888. 🪡🧵👇🏼
1) Live a modest lifestyle
We are often taught the 50-30-20 guide:
- 50% needs
- 30% wants
- 20% savings and investments
While nice, the bear market is for generating cashflow to invest at bargain prices.
The more cash allocated to savings/investments, the better.
Introducing the 70-30 rule:
- 70% savings and investments
- 30% expenses
To do this, you'll need to live below your means. Cut down on luxury items, restaurants, vacations, and unnecessary subscriptions.
Short-term sacrifices for generational gains.
2) Invest early
The extra cash from Step 1 can be used to DCA patiently into solid names like #BTC or #Ethereum or blue chip NFTs (if your budget affords it).
You can also buy early into new NFTs, startup crypto projects, or other assets.
3) Learn a new skill
Use your new skills to level up your value or find an extra income source.
Highly Valued Skills:
- Coding
- Community Management
- Leadership
- Collaboration
- Self-promotion
I learned leadership to break into the management ranks.
4) Build connections
Networth < Network is true no matter what market we are in.
Your next connection could be a potential business partner, alpha information, or a good new friend.
Attend events and seminars. Join online communities to expand your social circles.
5) Master the Fundamentals
The bear market will test your perseverance, patience, and self-belief.
There will be multiple bear markets throughout your life. Build character that will help you thrive during the Winter.
To recap:
- Live below your means to generate more savings
- Get in early for 100x plays
- Learn new skills to increase value
- Increase your social circle
- Build a strong character