Author: Ash
Translation: Deep Tide TechFlow
'If you haven't used this money to change the lives of yourself and your loved ones, then this money cannot truly change lives.'
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 wealth in freedom, sometimes even creating intergenerational wealth overnight.
However, behind this rapid wealth accumulation are also some concerns that cannot be ignored:
Long-term addiction to high-risk, gambling-like investment behaviors, difficult to extricate.
Stuck in the cycle of the 'hedonic treadmill', constantly pursuing fleeting pleasures but never satisfied.
In pursuit of excitement and dopamine secretion, blindly following investment trends, lacking rational judgment.
Always comparing one's achievements with others, leading to unnecessary psychological pressure.
When you see friends achieving financial freedom in their 20s or outperforming you while you are still struggling, this sense of disparity can indeed be frustrating. But we often overlook a simple fact: work is nothing more than hitting keys and clicking a mouse day after day.
Financial freedom is indeed the ultimate goal, but instead of blindly pursuing that elusive seven-figure or eight-figure net worth, why not shift your perspective and learn to be grateful during the dream-chasing process, cherishing the achievements you have already made.
For example:
If you can save $100,000 before age 30, that is already an impressive achievement! This number is a challenging goal for many. Congratulations!
Even if you didn’t retire by 30, achieving financial freedom between 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 for each goal you achieve. 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 goals.
As wealth accumulates, there are still many things to do to enhance the quality of life for you and your family before achieving financial freedom.
Parents and family
Have you improved the quality of life for your parents? For example, upgrading their car, house (buying a house or paying rent), or replacing old 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 visiting.
Treat them to fine dining, such as Michelin restaurants or high-end Japanese cuisine (Omakase).
Cover their health expenses, including insurance, physical therapy, dental care, or emergency medical costs.
Allocate 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 household items, such as a Dyson vacuum cleaner, smart home devices, or new home appliances.
The health and sufficient savings of parents are the most important guarantees for them in old age. We should share the luck from the crypto industry with our family. They have been our support, and now it is our turn to be their pillar.
Spouse/Partner
Your partner may have a traditional nine-to-five job and may not be familiar with the 'internet wealth magic' we are used to.
You can support them by paying some daily expenses, travel costs, or expenses while traveling together.
Help them improve their quality of life, such as purchasing electronic devices, high-end daily necessities, or even luxury bags (if they like them).
Your partner has accompanied you through those days of staring at the screen all day, always needing to 'follow investment trends' (I can’t be the only one who has experienced this). Having a supportive partner is the most valuable wealth you can have. They celebrate your every small achievement and provide you with strong support in this high-pressure industry. This support is priceless.
Yourself
Have you always wanted the latest electronic products or new items from your favorite brand? Use your income to treat yourself moderately.
Pay off all debts (student loans, credit cards, bank loans).
Withdraw to buy cars and houses — paying off loans or mortgages in one go means you are one step closer to financial freedom.
Improve sleep quality, such as by purchasing cooling mattresses, memory foam pillows, or weighted blankets. After all, you spend 6-8 hours a day sleeping.
Improve life convenience, 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 retreats.
Cultivate new hobbies or learn new skills to enrich your life.
In this industry, managing market volatility, portfolio drawdowns, while also maintaining family and social relationships is indeed very exhausting. Treat yourself well by enhancing your quality of life and investing in yourself. If this money is not used to change your life, then it does not count as wealth that truly transforms life.
Example: How to improve quality of life through different milestones
Stage One (Five-Figure Net Worth)
Ensure all debts are paid off on time.
Prepare an emergency savings fund for 6-12 months.
Provide a monthly allowance for parents.
Purchase insurance.
Upgrade your phone and laptop to improve work efficiency.
Stage Two (Six-Figure Net Worth)
Pay off all remaining debts or loans.
Reward your loved ones by taking them on trips and improving their quality of life.
Invest in upgrading yourself and your home life.
Continue to convert part of your earnings into fiat currency to reduce investment risks.
Stage Three (Seven-Figure Net Worth)
Withdrawing to buy a house or a car.
Diversifying investments into other assets, such as real estate, watches, or stocks.
Establishing a retirement fund for parents.
Stage Four (Eight-Figure Net Worth)
Establish your own fund or family office.
At this stage, consider hiring a private chef, driver, or massage therapist.
Help parents achieve complete retirement.
Summary
Don't wait until you achieve your ultimate goal to start improving your life or giving back to your loved ones. During the pursuit of financial freedom, gradually enhance your quality of life through different milestones. You can not only bring positive changes to yourself and your family but also enjoy this journey better.