It's Time To Start Building Wealth

For me personally my wealth has transferred into crypto for the most part. While I would be fine without it I'm on a mission to create enough passive income from crypto to be considered financially wealthy.

For that to happen I'd need roughly 2.2 million dollars at least in traditional fiat money in order to make that passive income worth it. That means in a current savings account of 5% I'd make $110,000 yearly passivly.

Now there's the crazy part HBD pays out 20% APR which means it would only take you $550,000 in order to passivly make 110,000 HBD a year. Now that's a huge jump and it's why I've come to love crypto and for it to become one of my main focuses. For me personally I see crypto as a way to build wealth 3x faster or better compared to traditional methods and throw in a bull market it could be done within months!

Now of course this all depends person to person and based on a number of factors.

Factors that include

Cost Of Living (renting, buying, mortgage and of course where you live) State to state costs of living changes and areas within that state also contribute. City life is far more expensive while a more rural area would most likely be less expensive.

If buying a new home location plays a big part. While a home near the city might look like trash and small square foot for $500,000 something in another location might look like a mansion!

Length of money is another aspect to look into. How much money would you be tapping into on capital if any? If you start tapping into capital at any point then your monthly income would drop. While all is good now in your maths things like inflation, a bear market, stock market crashes can all play havoc on your investment and make you start tapping into your prime capital. This is something I personally would want to avoid.

It's All In Comparison When looking at your income and what "rich" feels like to many it's always going up to the next level (well at least in most cases) For example someone making $100,000 a year might feel like they need to be making $250,000+ in order to be considered rich while someone making $36,000 a year would look at $100,000 a year as being rich. It's all relative but for me I look at it as how can I keep my standard of living, have a good home and have some extra money for expenses or things I want to do and what does that number look like? You might be surprised that you're already in the "your rich" spot and closer than you think to reaching your goals.

As you can see the possibility to generate money is higher than ever with crypto and making smart investments based on it. There are far more options now than ever either trading a little bit of your time blogging, threading and so forth and compounding all of that to generate more revenue.

But what really matters is to figure out what you want in life. For me it's all about getting more time to do the things I love and want to do with my life. While some of that does take money a vast majority of it does not and instead just takes time.

So take a moment, plan out your own goals and what you consider being wealth is. You might be surprised it's less to do with money and you might actully be very close or already there with some small adjustments in your life and of course crypto!

Posted Using LeoFinance Alpha