One thing that my country doesn't lack of, and you can find them almost anywhere, is sports bets places and slots. Yes, we're a country full of gamblers, but we're also a country with not a great economy or high standards living. That's probably why such businesses prosper in here, and similar countries. One could say that Vegas is not the place of the poor, but I'm not pointing out to big casinos built inside empire cites.
I am pointing at the local ones that one can find almost everywhere in here, where poor people come and play their chances, dreaming of Jackpots. I am referring to poor people, because they represent the majority of the clients of such business. Usually the poor are thirsty and willing to make money out of thin air, and it's them also that very often suffer from patience deficiency.
They work a 9-5 job, they most often acknowledge their limitations, both professionally and financially, but the desire for more burns like a never ending candle. The only way, from this perspective, to make more money on a short time frame, is to play the damn slots, or to bet on sports. That's pretty much the only way to even loose more money on a monthly basis, for the majority of them, but none has this perspective in sight. They're after the jackpot, and some get it, but these are rare cases, and that amount sometimes might sum up their whole previous investments in such bets.
They don't see it this way, and even if they did, there are high chances nobody would think in actually investing that money in something. The Jackpot gets back to the house and that's what makes the saying the house always wins a true one and not simply a joke. Such enslaved players, over time, become a joke for the society, for their family and of course, for the rich ones getting richer through such profitable businesses.
The rich and the smart don't lack in patience. They know that big money require time, energy and strategies. They have entry strategies and exist ones, and if they see big opportunities in something, waiting for years is not an issue. The poor, and now I want to refer to the small investors in crypto as well, most often get the taste of it when it's close to the top and capitulate at the bottom. Simply because they only looked at such investments from the getting rich quick scheme and they lack patience.
Yes, there are trading opportunities almost every month, but many fail on these, but if you look at crypto investments on bigger time frames, you can't loose money, and thus where's the need to despair and capitulate?. There isn't any, but the poor make some more mistakes than just being inpatient, and that's risking more than they can afford to lose. Pretty much like in gambling, where most of them end up borrowing money to continue playing.
Smart money probably don't even check prices that often. They got the trend, they know exactly in what they have invested and mind other businesses, or educate themselves on what really matters for them. Now one could say that they can afford to wait because they own a lot of money, but that's partially truth, and I say partially because there is a high percentage of them that started out poor, thus they were at some point in the situation of being invested and short of money.
It's just that, from what I noticed, smart money even know how to spend money better. Even if you would give some dumb money a million dollars to invest he would quite sure loose most of them. Patience being the same factor that makes the temporary rich dudes, poor again.
Since I mentioned about spending smart, at least from my perspective after studying my people, I can say, only from the owning a car perspective, that most of them are dumb. They buy premium second hand cars that they can hardly afford to maintain, high end smartphones that they will never use to their full potential, and too many clothes... Yes, i said too many clothes, because look at Zuckerberg and Steve Jobs videos. They always seem to wear pretty much the same quality, comfortable, but simple clothes.
I know, I deviated a bit from the core of the post, that being patience, but I had to paint the image better of what I see making the poor poorer and the rich richer. There aren't in my opinion getting rich over night schemes, and even if God strikes a poor one with such a luck, he will definitely loose almost all the money thanks to his lack of understating finances and investing. I know someone who won one million GBP at the lottery and after about three years he sold almost anything he bought after cashing the winning ticket, and he's close to getting back to his low life again.
Thanks for attention,
Adrian
