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Compounding remains a surefire step to build wealth and achieve financial independence with time. Yet It is admittedly a slow and oftentimes very tedious, and tasking process that leaves many of us falling by the wayside. A lot of us are taking things day by day and aren't even planning about such a longterm target. I for one have a knack for going full LFTD (live for the day) mode when my financial muscle is stretched too far. It goes without saying that there are times when current events demand that we take action at the expense of future benefits.
The only problem is that financial struggles can be quite persistent in their dealings. I mean some days are better than others but we generally revolve around insolvency until we can each find ourselves a winning formula or way out of such a situation. Most times the formula doesn't just come out of the blue, but is careful crafted over time. Very few of us are ever going to win the lottery over the course of our lifetimes. So in truth it is likely that the overwhelming majority of people will indeed have relations with poverty over the entire course of a lifetime.
When crypto came on board a lot of people won the lottery which was quite a deviation from the norm. Of course there were also losers in all this but we saw a number of people's lives completely transformed simply by purchasing the right assets at the right time. The opportunities are still there in the space but you get the feeling that those opportunities are rapidly evolving. It isn't quite business as usual. Wealth isn't created out of the blue, at least as quickly as it used to. Now a formula has emerged, or so it seems. It requires lots of patience and product knowledge to get an outcome.
The formula is simple, compound and hold onto your asset for as long as possible. As long as such an asset has long term value potential in this space, then there is always the potential for payoff. For me Crypto was supposed to be the side gig that evolves eventually into a main gig. I think one of the biggest mistakes I've made has been not honouring that formula. There's always time to make amends, because financial independence is a consistent struggle.