The 8hr a day worked for somebody else is a form of slavery, but many people need it. And you cannot simply want to run a business without working first.
I recently saw a man, with a pretty big business who told me he has to sell a part of it, because it's so big he cannot manage it alone. He need know-how on modern corporations and he lacks that because he didn't worked a single day.
Topic: " Life Altering " ......? - page 3. (Read 4723 times)
I think a man should work at 8hrs a day for somebody else or more than 8hr a day for himself. Retiring on a beach is not a good thing to do. It can have serious consequences on one's mind and body. Saw some cases with people with lots of money who lost it...
Scratch the "work for somebody else" part and I'll agree - this modern day slavery is not necessary at all. Definitely, once your brain stops working you are degrading much faster than you evolved. So you should always keep it busy, run some business, do some work you actually like, play chess, etc, the more activities the better. Finding a right cause to support for the rest of your life with your money and energy is an ideal solution, if you find something to believe in, deeply.
Actually this thread is interesting and needs more input. Makes you think "What is enough?" and "What do I need to be happy?"
I read a psychological survey, which I agree with, that states that after a certain wealth level money do not impact happiness. I think it's true, once you have a home, stashed money, car and maybe a self-sustainable life, business. After this level it's only greed or altruism can be your partners. Either you spend on hookers, yachts and fast cars, either you save every penny, literally, and use it for some great project.
There are lots of things that can be done: cancer research, industry, ecology etc. You need solid money and solid money politics for that.
I think a man should work at 8hrs a day for somebody else or more than 8hr a day for himself. Retiring on a beach is not a good thing to do. It can have serious consequences on one's mind and body. Saw some cases with people with lots of money who lost it...
I subscribe to the 'friends and achievements not money' mindset. I don't want money, just a good reputation and a lot of connections so that I have people who want to make cool stuff with me! I read a psychological survey, which I agree with, that states that after a certain wealth level money do not impact happiness. I think it's true, once you have a home, stashed money, car and maybe a self-sustainable life, business. After this level it's only greed or altruism can be your partners. Either you spend on hookers, yachts and fast cars, either you save every penny, literally, and use it for some great project.
There are lots of things that can be done: cancer research, industry, ecology etc. You need solid money and solid money politics for that.
I think a man should work at 8hrs a day for somebody else or more than 8hr a day for himself. Retiring on a beach is not a good thing to do. It can have serious consequences on one's mind and body. Saw some cases with people with lots of money who lost it...
Actually this thread is interesting and needs more input. Makes you think "What is enough?" and "What do I need to be happy?"
I read a psychological survey, which I agree with, that states that after a certain wealth level money do not impact happiness. I think it's true, once you have a home, stashed money, car and maybe a self-sustainable life, business. After this level it's only greed or altruism can be your partners. Either you spend on hookers, yachts and fast cars, either you save every penny, literally, and use it for some great project.
There are lots of things that can be done: cancer research, industry, ecology etc. You need solid money and solid money politics for that.
I think a man should work at 8hrs a day for somebody else or more than 8hr a day for himself. Retiring on a beach is not a good thing to do. It can have serious consequences on one's mind and body. Saw some cases with people with lots of money who lost it...
I read a psychological survey, which I agree with, that states that after a certain wealth level money do not impact happiness. I think it's true, once you have a home, stashed money, car and maybe a self-sustainable life, business. After this level it's only greed or altruism can be your partners. Either you spend on hookers, yachts and fast cars, either you save every penny, literally, and use it for some great project.
There are lots of things that can be done: cancer research, industry, ecology etc. You need solid money and solid money politics for that.
I think a man should work at 8hrs a day for somebody else or more than 8hr a day for himself. Retiring on a beach is not a good thing to do. It can have serious consequences on one's mind and body. Saw some cases with people with lots of money who lost it...
yep, best advice from an incidental millionaire who managed to stay millionaire (that I read somewhere) - don't change your lifestyle, at least for several years. get used to having the money, don't go in an apeshit crazy spending spree. Then, once you get over that sensation of being able to buy anything you want (without actually buying it), you can start improving your life gradually. Otherwise, you quickly end up with no money, tons of expensive shit which require expensive maintenance, and feeling like a fool. Remember, there is a whole huge world economy built to efficiently part fools of various caliber with their money. Learn where the traps are, first.
Smart advice.
If you really want to figure out your life-altering number, first figure out your life-altering amount of *spendable* passive income, and then multiply by 50 to get your net worth needs.
So, if you want to live off $100,000 for life, you need $5m cash.
You only get to spend 2% of it per year, because on average you might be getting 8% returns (if you're good) per year, and:
- 40+% will be taxed
- 3% you need to put back in just to fight inflation (we're talking USD here...)
Bottom line, if you have 50+ years left to live, limit your spending to 2% of your net worth.
So, if you want to live off $100,000 for life, you need $5m cash.
You only get to spend 2% of it per year, because on average you might be getting 8% returns (if you're good) per year, and:
- 40+% will be taxed
- 3% you need to put back in just to fight inflation (we're talking USD here...)
Bottom line, if you have 50+ years left to live, limit your spending to 2% of your net worth.
great paradox of Bitcoin:
When it is time to cash out, we won't have to cash out anymore
When it is time to cash out, we won't have to cash out anymore
Lol, you silly goose.
I feel you, vokain
Studies suggest that happiness for the average American as a function of income plateaus at around $75,000/yr. We are who we are, and once we get to a point where we're not actively stressing about money, our natural temperament takes over.
So you probably won't feel all that different between your various scenarios; especially between 2 and 3. But you kinda sound like you'd blow the money on stupid stuff regardless. I'd like to think that most people with that sort of wealth try to do genuine good with it.
So you probably won't feel all that different between your various scenarios; especially between 2 and 3. But you kinda sound like you'd blow the money on stupid stuff regardless. I'd like to think that most people with that sort of wealth try to do genuine good with it.
3) 15 million USD in BTC ... Mansion, Yacht, Strippers, Blow ... umm..yeah... that would qualify as life altering.
umm... "very wealthy"
umm... "very wealthy"
I call that an immature attitude towards wealth and exactly the kind of mindset that will lose you all your money very quickly. Just look at various rappers and athletes. 15 mill isn't that much really if you're planning on living on it for the rest of your life (depending on how old you are.)
This is ridiculous to me, but that's me. Idiot's who blow 15m whatever, I could easily retire on 1m in the west and far less in Thailand or India.
Due to the rise in value, I think a lot of us are going to have to start thinking about the above as we exit the accumulation phase of our BTC investments...
THIS.
As early adopters some of us saw this potential a long time ago and should start thinking about this scenarios.
Please check out Risto's "SSS" plan: https://bitcointalksearch.org/topic/sss-a-sane-and-simple-bitcoin-savings-plan-345065
With this method you are continuously divesting of your bitcoins according to a discplined price-based schedule. If bitcoin ever becomes a dominant world currency, you do extremely well; if bitcoin flops after hitting $12k, you do pretty well too. The best part is: once you pick the "rake %" that best fits your risk tolerance, you no longer have to worry about timing the market.
Have read the thread and even posted on it... My current plan follows a slightly modified formula, but is very in line with the base concept. For anyone who hasn't read it... please do. It is definitely worth the time.
Didn't read through, there is still this problem that people expect fiat to be what they consider wealth.. when btc is worth millions..your not cashing out for fiat,your spending em.. get this idea, cause I love it.
Due to the rise in value, I think a lot of us are going to have to start thinking about the above as we exit the accumulation phase of our BTC investments...
THIS.
As early adopters some of us saw this potential a long time ago and should start thinking about this scenarios.
Please check out Risto's "SSS" plan: https://bitcointalksearch.org/topic/sss-a-sane-and-simple-bitcoin-savings-plan-345065
With this method you are continuously divesting of your bitcoins according to a discplined price-based schedule. If bitcoin ever becomes a dominant world currency, you do extremely well; if bitcoin flops after hitting $12k, you do pretty well too. The best part is: once you pick the "rake %" that best fits your risk tolerance, you no longer have to worry about timing the market.
If in the US, plan on giving half of the profit to the government. So to keep that $15 mil, you will need to make 30 mil. Unless of course you just spend your coins or attempt to avoid taxes.
3) 15 million USD in BTC ... Mansion, Yacht, Strippers, Blow ... umm..yeah... that would qualify as life altering.
umm... "very wealthy"
umm... "very wealthy"
I call that an immature attitude towards wealth and exactly the kind of mindset that will lose you all your money very quickly. Just look at various rappers and athletes. 15 mill isn't that much really if you're planning on living on it for the rest of your life (depending on how old you are.)
Yeah.. I know.. wrote that one kind of tounge-in-cheek since the whole strippers & blow thing has been a running theme in these forums for quite awhile...
in all seriousness.. 15MM would be something along the lines of: Upgrade to a nice house, decent bit of world travel, and a very generous inheritance to my heirs.
Do have to admit though.. it would be quite life altering for the 9 months it lasted till you were either broke again or in jail
yep, best advice from an incidental millionaire who managed to stay millionaire (that I read somewhere) - don't change your lifestyle, at least for several years. get used to having the money, don't go in an apeshit crazy spending spree. Then, once you get over that sensation of being able to buy anything you want (without actually buying it), you can start improving your life gradually. Otherwise, you quickly end up with no money, tons of expensive shit which require expensive maintenance, and feeling like a fool. Remember, there is a whole huge world economy built to efficiently part fools of various caliber with their money. Learn where the traps are, first.
3) 15 million USD in BTC ... Mansion, Yacht, Strippers, Blow ... umm..yeah... that would qualify as life altering.
umm... "very wealthy"
umm... "very wealthy"
I call that an immature attitude towards wealth and exactly the kind of mindset that will lose you all your money very quickly. Just look at various rappers and athletes. 15 mill isn't that much really if you're planning on living on it for the rest of your life (depending on how old you are.)
Ok... so the general consensus around here is basically: Don't sell till it will be life altering...
...
Just wondering what everyone else thinks would be a worthwhile "life altering" level to start cashing out?
...
Just wondering what everyone else thinks would be a worthwhile "life altering" level to start cashing out?
Consensus
Nope for me, spend your coins whenever you need and rebuy (preffered at crashes times). Works best
Every early adopter, at least ones who held through a couple of crashes, can reward themselves with converting part of their stash in some first-world luxury goods. It would also make keeping the rest psychologically easier.
I think for anybody who would dare living with 90+% in bitcoins, with it's huge volatility cycles, it would be a luxury life and business flights to Maldives during the rallies, followed by getting back to corn and water during the slides down
It's hard, but lots of fun.
I think for anybody who would dare living with 90+% in bitcoins, with it's huge volatility cycles, it would be a luxury life and business flights to Maldives during the rallies, followed by getting back to corn and water during the slides down
It's hard, but lots of fun. Due to the rise in value, I think a lot of us are going to have to start thinking about the above as we exit the accumulation phase of our BTC investments...
THIS.
As early adopters some of us saw this potential a long time ago and should start thinking about this scenarios.
The reason why no one would really reach any "life altering" levels? most people are scared when amount of money they have in bitcoin reaches a level they feel uncomfortable keeping. So, if you ever saw say 10k in usd, you will not hold 100k in bitcoins - you'd be long out of it by that time.
It takes one to really believe in bitcoin project to store more than 90% of your total wealth in coins and sleep well. And the true believers might be rewarded, but that would be a side effect. If you are just greedy, you are cashed out in the pennies.
It takes one to really believe in bitcoin project to store more than 90% of your total wealth in coins and sleep well. And the true believers might be rewarded, but that would be a side effect. If you are just greedy, you are cashed out in the pennies.
yeah that s true. But also one might learn and with time improve.
i'm in that case i guess and feeling better and better having most of my capital in bitcoin.
[EDIT] my 2 cents if you discover you get some money out of that rise : DO NOTHING, relax, buy yourself a pina collada in the closest bar, find a pizza buy whatever gadget you want to play with and keep cool.
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