How to Get Rich by Doing Absolutely Nothing

avatar

Investing is a fascinating industry. I've always been enthralled by the idea of investing. I famously (in my family, anyway) said to my friends/family that when I grew up, I wanted to own a hedge fund.

It's been nearly 20 years since I started talking about stuff like that and today, my entire life is centered around Finance. Surprise surprise.

I've studied a lot of different investors over the years. My goal has always been to learn as much as I can and also study differing perspectives.

One perspective has always shone through where others did not: do nothing.

How to Get Rich by Doing Absolutely Nothing

I've done a lot of investing in my years in this industry. I've tried a lot of different investments, I've tasted different methods of trading. I've also failed a lot.

One thing that has worked well for me and is a shining reoccurrence in many of the top investors of the world is doing nothing.

That is, you spend a whole lot of time up front learning about something. That might be a public company (stock). That might be an asset class. That might be something like Bitcoin.

You spend a whole lot of time learning about it. You spend countless hours consumed in it. Obsessed. Learning as much about it as humanely possible on a daily basis for months and even years on end.

Then, you begin to buy. You buy slowly. You dollar cost average.

Time goes on, your stake in this investment continues to grow as does your knowledge of it. You may even automate your buying. If you are a great investor, you will have the majority of the work on autopilot. Your day-to-day management of your investment will be near-zero if anything at all.

You may do something once or twice a year. In fact, you will barely even look at your portfolio.

Instead, you continue to learn but also continue to accumulate. You're not looking at the trends, you're not reading the charts. You're not selling the peaks and trying to buy the valleys.

Doing Nothing is Hard, But is It Rewarding?

Doing nothing is a difficult ask. We all love to micromanage and change our positions. We hear some talking head on the news or Twitter say something and then we immediately start to reconsider our position.

Instead, ask yourself this: can I truly understand this asset at a fundamental level? When I hear something about this asset, can I take it into account with all my previous understandings? Instead of rushing to action, can I ruminate on a decision? If a decision comes to sell the asset, what has changed? Is it now overvalued? Is it too large in my portfolio? What is really driving the decision to sell? Is it something out of logic or an emotional, rash decision?

As you can see, doing nothing is actually doing a lot. You are constantly thinking and re-evaluating. Actions are few, but thoughts are many.

For me, I've had several moments. Several big assets that I decided were my "do nothing" assets.

Tesla was one way back in the day.

Bitcoin is the most recent example. I've been "doing nothing" in BTC for almost 8 years now.

Doing nothing in Bitcoin has made me quite wealthy. It seems that this trend will continue as I believe BTC to still be fundamentally undervalued for what it brings to the world.

As I continue to do nothing with my Bitcoin position, I am reading, watching and even building technology in the industry / adjacent industry. This deepens my knowledge of my largest portfolio holding but it does not change my action. My action is simple:

  1. Dollar Cost Average for more BTC
  2. HODL

About LeoFinance

LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.

Our mission is to democratize financial knowledge and access with Web3.

Twitter: https://twitter.com/FinanceLeo
Discord: https://discord.gg/E4jePHe
Whitepaper: https://whitepaper.leofinance.io

Our Hive Applications

Join Web3: https://leofinance.io/
Microblog on Hive: https://leofinance.io/threads
Delegate HIVE POWER: Earn 16% APR, Paid Daily. Currently @ 2.8M HP
Hivestats: https://hivestats.io
LeoDex: https://leodex.io
LeoFi: https://leofi.io
BSC HBD (bHBD): https://wleo.io/hbd-bsc/
BSC HIVE (bHIVE): https://wleo.io/hive-bsc/
Earn 50%+ APR on HIVE/HBD: https://cubdefi.com/farms

Web3 & DeFi

Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:

CubFinance (BSC): https://cubdefi.com
PolyCUB (Polygon): https://polycub.com
Multi-Token Bridge (Bridge HIVE, HBD, LEO): https://wleo.io

Posted Using LeoFinance Alpha



0
0
0.000
31 comments
avatar

this is the way

0
0
0.000
avatar

Yes this the right way to become rich because when you avoid distractions you have more free time to improve and grow

0
0
0.000
avatar

I can say this after Reading thia article it is a one of most unique article or topic I ever read about investing

You are Absolutely right as a investor I feel about it so many times, Everything required time so when we are doing nothing we have more time for thinking and learning about new ideas, technologies and opportunities which helps us to grow over portfolio

0
0
0.000
avatar

Interested to earn money without doing anything

0
0
0.000
avatar

In other words it's called smart work

0
0
0.000
avatar

A great work , I didn't read thé post yet ,I answered just for title.

0
0
0.000
avatar

You are right bro I just ad more into it

0
0
0.000
avatar

when doing dollar cost?

is it safe to keep the purchased crypto on websites like coinbase or uphold?

Or its better to move them to your local wallet?

0
0
0.000
avatar
(Edited)

It's depends but best way it to move it to non custodial wallet when you don't want to trade

0
0
0.000
avatar

Immersion in your investment is definitely key here. It also nurtures ongoing conviction. Endless hours of solitude and study can have enormous benefits, after all, solitude is the school of genius.

0
0
0.000
avatar

Infect mental work required more energy than physical, I read about that somewhere, people think if someone not doing anything physical he if doing nothing but infect he is doing more though job mentally

0
0
0.000
avatar

I really admire this content @khaleelkazi.
Sincerely, The term Doing Nothing is not what i could grab easily, perhaps someone could help me out with an explaination.
Doing nothing might seems relaxing(not putting effort) to others, which i think it is not in this context.

0
0
0.000
avatar

What I got from this, doing nothing means not working physical but thinking and researching about something new which is totally related to mindset

0
0
0.000
avatar

I will admit that I have done one thing with Bitcoin so far - converted a bunch of it into Hive! That said, I'd still like to have a great deal of holdings specifically in Bitcoin. It's the fundamental asset in the class of cryptocurrencies.

0
0
0.000
avatar

But I don't like Bitcoin at all bro

0
0
0.000
avatar

No worries: different strokes for different folks! I can't help but hold some respect for the granddaddy of them all.

0
0
0.000
avatar

I automatically buy some ETFs ever month and just wait for the dividend, which is also automatic reinvested.

I do invest in single stocks aswell now and then we some small lump sum of money.

I just hodl tokens on Hive, easy.

0
0
0.000
avatar

I like the concept. Once the fundamentals are understood, most of the work is done on the investment. Let time do its magic and grow the seed into a big tree :)

0
0
0.000
avatar

is it just me or doing nothing seems like doing the absolute best thing ever?

0
0
0.000
avatar

I have never read anything about this before. Investment has levels, now I know what it means to make money by doing absolutely nothing

0
0
0.000
avatar

Doing nothing sometimes pays off, but I feel that we are like ants and simply love of gathering. For this reason is why I appreciate Hive so much, you can build up, gather and when the market goes bull you can reap the rewards. This is the way!

0
0
0.000
avatar

This has to be the best piece of content which to some extent, I’ll 100% accept as financial advise. I’ve never seen anyone explaining this so well.

I’ve tried to do some trading and as you already probably thought, that went south. It’s very difficult just sitting there doing nothing but leaving your investment, especially when others are talking about the profits they make on a daily with your capital’s equivalent.

I’m going to take this advise. I hope I can hold myself to it and not try to do any more funny stuff in the name of earning daily with my “investment”. Long term is the best if you have the patience for it.

0
0
0.000
avatar

it is straight forward, knowing what you want isn't enough, studying and creating strategies to achieve what you want is the surest way...
Knowledge in this case is power, and it's really good that your doing nothing is yielding something. The brain is the main asset here..👍👍

0
0
0.000
avatar

You're absolutely right that doing nothing is hard - the itch to just do something for productivity sake is always very strong. Great stuff!

0
0
0.000
avatar

Why is the “nothing” sounding like “everything” to me hehe. Honestly, i like stories when one knows what he wanted to do or become and he’s following through…another masterpiece post as usual. Thanks for sharing!

0
0
0.000
avatar

finding the right assets that helps you get rich while doing nothing, got it.

0
0
0.000
avatar

We must learn this. Thanks for the advices.

0
0
0.000
avatar

Congratulations @khaleelkazi! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)

You received more than 78000 HP as payout for your posts, comments and curation.
Your next payout target is 80000 HP.
The unit is Hive Power equivalent because post and comment rewards can be split into HP and HBD

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out our last posts:

Feedback from the June Hive Power Up Day
Hive Power Up Month Challenge - May 2023 Winners List
Be ready for the June edition of the Hive Power Up Month!
0
0
0.000
avatar

@khaleelkazi good evening friend I have a problem with a new account I opened it through leo's website with my gmail I enter my account perfect I enter the wallet it gives me error

0
0
0.000