t is the ultimate marshmallow challenge. Many of us have lowered our time preference so much we are just not going to let go of much even when it does go up quite a bit.
For me personally the formula revolves around comfortable retirement and a little diversification into property. I just don't want to spend much money on stupid shit, or even living large. And I am acutely aware that the longer I wait the more I will be left with in the end.
That is where the real crux is, in my opinion. Where that point is for each whale/minnow.
You sir, are very wise.
Anyone not following a similar recommendation/approach is going to end up with massive regrets before they die.
I see so many here joking about blowing their bitcoin "winnings" on fancy cars, frivolous shit and such, and inwardly I know some of them aren't really joking.
You know what they say ‘Youth is wasted on the young’ by the time we have the mental clarity to appreciate our actions and the long term effect they have on our lives we already missed those opportunities and they are way behind us.
It is natural to be excited about bitcoin and its potential and to want to have an endless party with our earnings when we are young but it is only when you are older when you realize that such thing is simply not worth it, one of those frivolous things are fancy cars, lambos as the community call them, even if they have no intention to buy specifically a Lamborghini, but why do we need one? Who are we trying to impress? It is way better to not focus ourselves in medium maximization and to focus on how we can use that medium to actually achieve happiness.
Before 2010, I used to buy cars that were 3 years old or so, and that way they had mostly depreciated... but I had a kind of emergency situation with my car (that was then getting to be over 10 years old), and I decided to look at new cars - which then led me to luxury cars (not high end luxury, but higher up on the totem pole of what I had been buying previously).
I had already gone through stages of my life of building a pretty decent investment portfolio, and I had already gotten to the point that I could have just paid for the new car in cash, if I had chosen such.... so I thought why not treat myself.. and I have never regretted buying the luxury car and to have something that is nicer than what the average person drives and also nicer than what I had previously grown accustom..
I guess my point is that sometimes it is nice to treat yourself, especially if you have already invested for a long time and also engaged in frugality for a long time and delayed gratification.
By the way, I do know some older people (for OPsec reasons) I won't mention relations who likely do not have a lot of years left in them, but they still live nearly as frugal as they did when they were in their 20s, 30s and 40s.. and at some point, it seems that these more elderly people should be living it up a bit more.. just thinking out loud.. but sure, each person has to decide those spending, versus investing, versus consumption points versus frugality for themselves, and sure I agree that sometimes it can feel pretty good to get a value meal.. or to save $10 by eating a round steak rather than a T-bone.. but sometimes it is also better to live it up a bit on some luxury goods, whether we are talking about hookers, lambos and blow or some other luxury goods.
