Author: Ash
Compiled by: Deep Tide TechFlow
"If you haven't used this money to change your life and the lives of your loved ones, then this money can't truly change lives."
In the cryptocurrency space, retirement and 'achieving financial freedom' are almost everyone's core goals - after all, this industry has become the best stage to go from nothing to financial freedom, sometimes even creating intergenerational wealth overnight.
However, this rapid wealth accumulation is accompanied by some significant concerns:
Long-term addiction to high-risk, gambling-like investment behaviors, hard to extricate.
Caught in the cycle of the 'hedonic treadmill', constantly pursuing short-lived pleasures but never satisfied.
In pursuit of thrills and dopamine secretion, blindly follow investment trends without 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, the sense of disparity can indeed be frustrating. However, we often overlook a simple fact: work is just about typing on a keyboard and clicking the mouse day after day.
Financial freedom is indeed the ultimate goal, but rather than mindlessly pursuing that unattainable seven-digit or eight-digit net worth, it's better to shift your mindset. Learn to be grateful and cherish the achievements you've already made in the process of chasing your dreams.
For example:
If you can save $100,000 before the age of 30, that's an incredible achievement! You see, this figure is an unattainable goal for many.
Even if you can'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 accumulate 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 complete. This not only makes the pursuit of wealth more enjoyable but also allows you to enjoy more of life's beauties along the way to achieving your ultimate goal.
As wealth accumulates, there are many things to do before reaching financial freedom to enhance the quality of life for you and your family.
Parents and family
Have you improved your parents' quality of life? For example, upgrading their car, house (buying a house or paying rent), or getting new electronic devices (laptops, phones, fitness wearables, TVs, etc.).
Provide daily comfort items, such as more comfortable shoes and clothes.
Take them traveling to those places they've always dreamed of.
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 expenses.
Set aside a portion of your assets as a retirement fund for your parents.
Do you need to hire domestic help or a personal trainer to assist them?
Upgrade household items, such as Dyson vacuum cleaners, smart home devices, or new home appliances.
Parents' health and sufficient savings are the most important guarantees for them in 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 work a traditional nine-to-five job and may not understand the 'internet wealth magic' that we are familiar with.
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 by purchasing electronic devices, high-end daily necessities, or even luxury handbags (if they like them).
Your partner has once accompanied you through those days of staring at the screen all day, 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 every little achievement of yours and provide a strong backing in this high-pressure industry. This support is invaluable.
Yourself
Have you always wanted the latest electronics or new products from your favorite brands? 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 each day.
Enhance life convenience, such as hiring drivers, chefs, or hiring personal trainers and physical therapists.
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, portfolio drawdowns, while maintaining family and social relationships can indeed be very exhausting. Treat yourself well by enhancing your quality of life and investing in yourself. If this money isn't used to change your life, then it doesn't count as wealth that truly changes lives.
Example: How to gradually enhance quality of life through different milestones
Stage One (Five-digit net worth)
Ensure all debts are repaid on time.
Prepare 6-12 months of emergency savings.
Provide parents with a monthly allowance.
Buy insurance.
Upgrade your phone and laptop to improve work efficiency.
Stage Two (Six-digit net worth)
Pay off all remaining debts or loans.
Treat loved ones, take them traveling to enhance their quality of life.
Invest in upgrading yourself and home life.
Continuously convert part of your earnings into fiat currency to reduce investment risk.
Stage Three (Seven-digit net worth)
Withdraw to buy a house or a car.
Diversify investments into other assets, such as real estate, watches, or stocks.
Establish a retirement fund for your parents.
Stage Four (Eight-digit net worth)
Establish your own fund or family office.
At this stage, consider hiring a personal chef, driver, or massage therapist.
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 pursuit of financial freedom, gradually enhance your quality of life through different milestones. You can not only bring positive changes for yourself and your family but also enjoy this journey better.