Author: Ash
Compiled by: Shenchao TechFlow
"If you have not used this money to change your life and the lives of those you love, then this money cannot truly change your life."
In the cryptocurrency field, retirement and 'achieving financial freedom' are almost everyone's core goals — after all, this industry has become the best stage for going from nothing to financial freedom, sometimes even creating generational wealth overnight.
However, this rapid wealth accumulation also comes with some significant concerns:
Long-term obsession with high-risk, gambling-like investments is hard to extricate oneself from.
Falling into the cycle of the 'hedonic treadmill', constantly pursuing fleeting pleasures but never finding satisfaction.
In pursuit of excitement and dopamine release, blindly follow investment trends without rational judgment.
Always comparing your achievements with others, leading to unnecessary psychological stress.
When you see friends achieving financial freedom in their twenties or performing better than you while you are still struggling, that sense of disparity can indeed be frustrating. However, we often overlook a simple fact: work is, after all, just day after day of typing on a keyboard and clicking a mouse.
While financial freedom is indeed the ultimate goal, rather than solely chasing that elusive seven-figure or eight-figure net worth, why not shift your mindset and learn gratitude during the pursuit of your dreams, cherishing the achievements you have already made.
For example:
If you can save $100,000 before the age of 30, that is already an impressive achievement! Keep in mind that this figure is an unattainable goal for many.
Even if you haven't retired by 30, achieving financial freedom between the ages of 35 and 40 is still something to be proud of. After all, most people need to work until 55 or 60 to save enough for retirement.
Instead of just chasing financial goals, why not treat this journey as a fun game? Set different milestones for yourself, and reward yourself with a special life experience each time you achieve a goal. This not only makes the pursuit of wealth more enjoyable but also allows you to enjoy more of life's beauty on the way to achieving your ultimate goal.
As wealth accumulates, there are many things you can do to enhance the quality of life for you and your family before achieving financial freedom.
Parents and family
Have you improved your parents' quality of life? For example, upgrading their car, house (buying a home or paying rent), or replacing their electronic devices (laptops, phones, fitness wearables, TVs, etc.).
Provide daily comfort items, such as more comfortable shoes and clothes.
Take them on trips to places they have always dreamed of visiting.
Treat them to fine dining, such as Michelin-star restaurants or high-end Japanese cuisine (Omakase).
Cover their health expenses, including insurance, physical therapy, dental care, or emergency medical costs.
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 assist them?
Upgrade home goods, such as Dyson vacuum cleaners, smart home devices, or new appliances.
The health and sufficient savings of parents are the most important guarantees for their old age. We should share this fortune from the crypto industry with our family. They were once our support, and now it's our turn to be their pillar.
Spouse/Partner
Your partner may have a traditional 9-to-5 job and may not understand the 'internet wealth magic' that we're familiar with.
You can support them by covering some daily expenses, travel costs, or expenses during joint travels.
Help them improve their quality of life, such as buying electronic devices, high-end daily necessities, or even luxury bags (if they like them).
Your partner has been with you through those days of staring at the screen all day and always needing to 'follow the investment trend' (I can't be the only one like this, right?). Having a supportive partner is the most valuable asset you can have. They celebrate your every small achievement and provide strong support for you in this high-pressure industry. This support is priceless.
Self
Have you always wanted the latest electronics or new products from your favorite brand? Treat yourself moderately with your income.
Pay off all debts (student loans, credit cards, bank loans).
Withdraw to buy a car and a house — paying off loans or mortgages in one go means you're one step closer to financial freedom.
Improve sleep quality, such as by purchasing cooling mattresses, memory pillows, weighted blankets, etc. After all, you spend 6-8 hours sleeping every day.
Enhance convenience in life, such as hiring a driver, chef, or personal trainer, physical therapist.
Health care, such as going to a spa, sports massage, or participating in health or detox programs.
Cultivate new hobbies or learn new skills to enrich your life.
In this industry, managing market volatility, investment portfolio drawdowns, while maintaining family and social relationships can indeed be very exhausting. Treat yourself well, reward yourself by improving your quality of life and investing in yourself. If this money isn't used to change your life, then it doesn't count as truly life-changing wealth.
Example: How to gradually enhance your quality of life through different milestones
Stage One (Five-Figure Net Worth)
Ensure to repay all debts on time.
Prepare 6-12 months of emergency savings.
Provide a monthly allowance for your parents.
Buy insurance.
Upgrade your phone and laptop to improve work efficiency.
Stage Two (Six-Figure Net Worth)
Pay off all remaining debts or loans.
Treat your loved ones, take them on trips, and enhance their quality of life.
Invest in upgrades for yourself and your home life.
Continuously convert some profits into fiat currency to reduce investment risks.
Stage Three (Seven-Figure Net Worth)
Withdraw to buy a house or car.
Diversify investments into other assets, such as real estate, watches, or stocks.
Establish a retirement fund for your parents.
Stage Four (Eight-Figure Net Worth)
Establish your own fund or family office.
At this stage, you might consider hiring a private chef, driver, or masseur.
Help your parents achieve complete retirement.
Summary
Don't wait until achieving your ultimate goal to start improving your life or giving back to your loved ones. As you pursue financial freedom, gradually enhance your quality of life through different milestones; not only can you bring positive changes to yourself and your family, but you can also better enjoy this journey.