Crypto Investor’s Philosophy of Happiness: Don’t Wait for Financial Freedom to Start Living

Reprinted from panewslab

12/28/2024·4M

Author: Ash

Compiled by: Shenchao TechFlow

“If you’re not using it to change your life and the lives of your loved ones, then it’s not really life-changing.”

In the cryptocurrency space, retirement and "achieving financial freedom" are core goals for almost everyone - after all, the industry has become the best stage to go from nothing to financial freedom, sometimes even creating cross-generational wealth overnight. wealth.

However, behind this kind of getting rich quickly is also accompanied by some hidden worries that cannot be ignored:

I have been addicted to high-risk, gambling-like investment behavior for a long time and it is difficult to extricate myself.
Trapped in a "hedonic treadmill" cycle, constantly pursuing short-term pleasure but never being satisfied.
In order to pursue stimulation and dopamine secretion, blindly follow the trend of investment and lack rational judgment.
Always comparing your own achievements with others leads to unnecessary psychological pressure.

It can be frustrating when you see your friends achieve financial freedom in their 20s, or they are doing better than you while you are still struggling. 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.

Of course, financial freedom is the ultimate goal, but instead of blindly pursuing that unattainable seven-digit or eight-digit net worth, it is better to change your mind and learn to be grateful and cherish the achievements you have already achieved in the process of pursuing your dreams.

for example:

If you can save $100,000 before you turn 30, that’s a pretty impressive achievement! You know, this number is an unattainable goal for many people. For that, congratulations!
Even if you don't retire at the age of 30, if you can achieve financial freedom between the ages of 35 and 40, this is still something to be proud of. After all, most people need to work until age 55 or 60 to save enough for retirement.

Instead of chasing financial goals, why not treat the journey like a fun-filled game? Set different milestones for yourself, and reward yourself with a special life experience every time you complete a goal. This not only makes the process of pursuing wealth more interesting, but also allows you to enjoy more of the beauty of life on the way to achieving your ultimate goal.

As wealth accumulates, there are still many things you can do to improve the quality of life for you and your family before reaching financial freedom.

parents and family

Has it improved the quality of life for parents? Such as upgrading their car, house (buying a house or paying rent), or getting new electronic devices (laptops, phones, fitness wearables, TVs, etc.).
Provide everyday comfort items such as more comfortable shoes and clothing.
Take them on a trip to the places they have always dreamed of.
Invite them to taste 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 domestic help or a personal trainer to help them?
Upgrade your home, like a Dyson vacuum cleaner, smart home devices, or new home appliances.

Parents' health and sufficient savings are the most important guarantees for them when they grow old. We should share this luck from the crypto industry with our families. They have been our support, now it is our turn to be their support.

spouse/partner

Your partner may work a traditional 9-to-5 job and be unfamiliar with the familiar “magic of Internet wealth.”
You can support them by covering some of their daily expenses, travel expenses, or expenses when traveling together.
Help them improve their quality of life, such as buying electronic devices, high-end daily necessities, and even luxury bags if they like it.

Your partner has been there for you through those days when you were glued to a screen and in need of a follow-on investment (I can’t be the only one). Having a supportive partner is the most valuable asset you can have. They celebrate your every little accomplishment and provide you with a strong backing in this stressful industry. This support is priceless.

Own

Have you always wanted the latest electronic gadgets or new products from your favorite brands? Use your income to reward yourself in moderation.
Pay off all debt (student loans, credit cards, bank loans).
Cash out to buy cars and houses - paying off your loan or mortgage in one lump sum means you're one step closer to financial freedom.
Improve the quality of your sleep, such as purchasing mattresses with cooling functions, memory pillows, weighted blankets, etc. After all, you spend 6-8 hours sleeping every day.
Improve the convenience of life, such as hiring a driver, chef, or hiring a personal trainer or physical therapist.
Wellness treatments, such as going to a spa, sports massage, or participating in a wellness or detox retreat program.
Enrich your life by taking up a new hobby or learning a new skill.

In this industry, managing market fluctuations and portfolio drawdowns while maintaining family and social relationships can be very draining indeed. Be kind to yourself and reward yourself by improving your quality of life and investing in yourself. If the money isn't used to change your life, it's not truly life-changing.

Example: How to gradually improve the quality of life through different

milestones

Stage 1 (five-digit net worth)

Make sure you pay off all your debts on time.
Prepare 6-12 months of emergency savings.
Provide monthly stipend to parents.
Buy insurance.
Upgrade your phone and laptop to be more productive.

Phase 2 (six-digit net worth)

Pay off any remaining debt or loan.
Treat your loved ones to travel and improve their quality of life.
Invest in upgrades to yourself and your home life.
Continue to convert part of the income into legal currency to reduce investment risks.

Stage 3 (seven-digit net worth)

Cash out to buy a house or car.
Diversify into other assets such as property, watches or stocks.
Create a retirement fund for your parents.

Stage 4 (eight-digit net worth)

Set up your own fund or family office.
At this stage, consider hiring a personal chef, driver, or masseur.
Help parents achieve full retirement.

Summarize

Don’t wait until you achieve your ultimate goal to start improving your life or giving back to your loved ones. In the process of pursuing financial freedom, by gradually improving the quality of life through different milestones, you can not only bring positive changes to yourself and your family, but also better enjoy the journey.