Author: Ash
Compiled by: TechFlow
“If you don’t use that money to change your life and the lives of those you love, then that money isn’t going to change your life.”
In the cryptocurrency space, retirement and “achieving financial freedom” are core goals for almost everyone — after all, the industry has become the perfect platform for going from nothing to financial freedom, sometimes even creating intergenerational wealth overnight.
However, this quick get-rich-quick strategy is also accompanied by some hidden concerns that cannot be ignored:
Long-term addiction to high-risk, gambling-like investment behaviors, unable to extricate oneself.
Trapped in a cycle of the hedonic treadmill, constantly pursuing short-term pleasures but never being satisfied.
In pursuit of excitement and dopamine secretion, people blindly follow the trend of investment and lack rational judgment.
Always comparing your achievements with others causes unnecessary psychological stress.
When you see your friends achieve financial freedom in their 20s, or they are doing better than you, while you are still working hard, this feeling of disparity can be discouraging. But we often overlook a simple fact: in fact, work is nothing more than typing on the keyboard and clicking the mouse day after day.
Financial freedom is certainly the ultimate goal, but instead of blindly pursuing that unattainable seven- or eight-digit net worth, it is better to change your mindset and learn to be grateful in the process of pursuing your dreams and cherish the achievements you have already made.
for example:
If you can save $100,000 before the age of 30, that is a great achievement! You know, this number is an unattainable goal for many people. For this, congratulations!
Even if you don’t retire at 30, it’s still something to be proud of if you achieve financial independence between 35 and 40. After all, most people have to work until they’re 55 or 60 to save enough for retirement.
In addition to pursuing financial goals, why not treat this journey as a fun game? Set different milestones for yourself, and reward yourself with a special life experience every time you complete a goal. This will not only make the pursuit of wealth more interesting, but also allow you to enjoy more of the beauty of life on the way to achieving your ultimate goal.
As wealth accumulates, there are many things you can do to improve the quality of life for you and your family before you reach financial freedom.
Parents and Family
Have you improved your parents' quality of life, such as upgrading their car, house (buying a house or paying rent), or electronic devices (laptop, mobile phone, fitness wearable device, TV, etc.)
Provide everyday comfort items, such as more comfortable shoes and clothing.
Take them on a trip to places they have always dreamed of.
Treat them to high-end cuisine, such as Michelin restaurants or high-end Japanese cuisine (Omakase).
Cover their health expenses, including insurance, physical therapy, dental care, or emergency medical expenses.
Set aside a portion of your assets as a retirement fund for your parents.
Do they need to hire a housekeeper or a personal trainer to help them?
Upgrade your home with items like a Dyson vacuum cleaner, smart home devices, or new appliances.
Parents' health and adequate savings are the most important guarantees for their old age. We should share this good fortune from the crypto industry with our families. They used to be our support, and now it's our turn to be their pillars.
Spouse/Partner
Your partner may work a traditional 9-to-5 job and may not be familiar with the "Internet wealth magic" we are familiar with.
You can support them by paying for daily expenses, travel costs, or expenses when you travel together.
Help them improve their quality of life, such as purchasing electronic devices, high-end daily necessities, or even luxury bags (if they like).
Your partner has been there for you through those days when you were staring at a screen and needed to “invest in the crowd” (I can’t be the only one). Having a supportive partner is the most valuable asset you can ever have. They celebrate your every little achievement and provide a rock in this stressful industry. This support is priceless.
Own
Always wanted the latest electronic gadget or a new product from your favorite brand? Treat yourself modestly with your earnings.
Pay off all debt (student loans, credit cards, bank loans).
Withdraw cash to buy cars and houses - paying off your loan or mortgage in one go means you are one step closer to financial freedom.
Improve your sleep quality by purchasing a mattress with cooling function, memory foam pillow, weighted blanket, etc. After all, you spend 6-8 hours sleeping every day.
Improve the convenience of life, such as hiring a driver, a chef, or a personal trainer or physical therapist.
Wellness treatments, such as visiting a spa, sports massage, or joining a wellness or detoxification program.
Develop a new hobby or learn a new skill to enrich your life.
Managing market volatility, portfolio drawdowns, and maintaining family and social relationships in this industry is really draining. Treat yourself, reward yourself by improving your quality of life and investing in yourself. If the money doesn't change your life, it's not truly life-changing wealth.
Example: How to gradually improve the quality of life through different milestones
Phase 1 (Five-Figure Net Worth)
Make sure all debts are paid off on time.
Have 6-12 months of emergency savings.
Provide parents with a monthly allowance.
Purchase insurance.
Upgrade your phone and laptop to improve your productivity.
Phase 2 (Six-Figure Net Worth)
Pay off any remaining debts or loans.
Treat your loved ones to a trip and improve their quality of life.
Invest in yourself and your home's lifestyle upgrades.
Continue to convert part of the proceeds into legal currency to reduce investment risks.
Phase 3 (Seven-Figure Net Worth)
Withdraw cash to buy a house or a car.
Diversify your investments into other assets, such as real estate, watches or stocks.
Establish a retirement fund for your parents.
Stage 4 (Eight-Figure Net Worth)
Set up your own fund or family office.
At this stage, consider hiring a private chef, driver, or masseuse.
Help your parents achieve full retirement.
Summarize
Don’t wait until you reach your ultimate goal to start improving your life or giving back to your loved ones. By gradually improving your life through different milestones on your journey to financial freedom, you can not only make positive changes for yourself and your family, but you’ll also be able to enjoy the journey more.
