Article source: Shen Chao TechFlow
Author: Ash
Compiled by: Shen Chao TechFlow
If you haven't used this money to change your life and the lives of those you love, then this money cannot truly change lives.
In the field of cryptocurrency, 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, sometimes even creating intergenerational wealth overnight.
However, behind this quick wealth, there are also some concerns that cannot be ignored:
Long-term addiction to high-risk, gambling-like investment behaviors, difficult to extricate.
Caught in the cycle of the 'hedonic treadmill', constantly pursuing fleeting pleasures but never satisfied.
In pursuit of excitement and dopamine release, blindly following investment trends, lacking rational judgment.
Always comparing your achievements with others, leading to unnecessary psychological pressure.
When you see friends achieving financial freedom in their 20s or performing better than you, while you are still struggling, this sense of disparity can indeed be discouraging. But we often overlook a simple fact: work is just about typing on a keyboard and clicking a mouse day after day.
While financial freedom is indeed the ultimate goal, rather than solely pursuing that elusive seven or eight-figure net worth, why not shift your mindset to learn gratitude and cherish the achievements you have already made along the way?
For example:
If you can save $100,000 before the age of 30, that is an incredible achievement! Remember, this figure is an unattainable goal for many. So, congratulations!
Even if you can't retire at 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.
Why not treat this journey as a fun game in addition to pursuing financial goals? Set different milestones for yourself, and reward yourself with special life experiences each time you achieve a goal. This not only makes the pursuit of wealth more interesting 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 to do to improve the quality of life for you and your family before reaching financial freedom.
Parents and Family
Have you improved your parents' quality of life? For example, upgrading their car, house (buying or paying rent), or getting new electronic devices (laptops, phones, fitness wearables, TVs, etc.).
Provide daily comfort items, such as more comfortable shoes and clothing.
Take them on trips to places they have always dreamed of visiting.
Treat them to fine dining experiences, such as Michelin restaurants or high-end Japanese cuisine (Omakase).
Cover their healthcare expenses, including insurance, physical therapy, dental care, or emergency medical costs.
Allocate part of your assets as a retirement fund for parents.
Do they need to hire domestic help or a personal trainer to assist them?
Upgrade home appliances, such as Dyson vacuums, smart home devices, or new household appliances.
The health of parents and sufficient savings are the most important guarantees for their old age. We should share this luck 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 be familiar with the 'internet wealth magic'.
You can support them by covering some daily expenses, travel costs, or expenses when 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 spent staring at screens, always needing to 'follow investment trends' (I can’t be the only one like this). Having a supportive partner is one of the most valuable assets you can have. They celebrate every small achievement with you and provide a strong backing in this high-pressure industry. This support is priceless.
Yourself
Have you always wanted the latest electronic products or new releases from your favorite brands? Moderately reward yourself with your income.
Pay off all debts (student loans, credit cards, bank loans).
Withdraw to purchase a car and house—paying off loans or mortgages in one go means you are one step closer to financial freedom.
Improve sleep quality, such as purchasing mattresses with cooling features, memory foam pillows, weighted blankets, etc. After all, 6-8 hours of every day is spent sleeping.
Enhance life convenience, such as hiring drivers, chefs, or personal trainers, physical therapists.
Healthcare, 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 maintaining family and social relationships is indeed very exhausting. Be kind to yourself and reward yourself by improving your quality of life and investing in yourself. If this money doesn't change your life, then it doesn't count as truly life-changing wealth.
Example: How to gradually improve quality of life through different milestones
Stage One (Five-Figure Net Worth)
Ensure all debts are paid off on time.
Prepare 6-12 months of emergency savings.
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 loved ones by taking them on trips and improving their quality of life.
Invest in upgrading yourself and home life.
Continuously convert part of your earnings into fiat currency to reduce investment risks.
Stage Three (Seven-Figure Net Worth)
Withdraw to purchase a house or car.
Diversify investments into other assets, such as real estate, watches, or stocks.
Establish 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 masseuse.
Help parents achieve complete retirement.
Summary
Don’t wait until you achieve your ultimate goal to start improving life or giving back to loved ones. In the process of pursuing financial freedom, gradually improve 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.