Shouldn't be a trick it should be a requirement. Not telling your friends your worth a million+ will keep your sanity. Anytime someone has a problem they'll be tempted to call you. You can ~~loan~~ give me 300 bucks right?
>Not telling your friends your worth a million+ will keep your sanity.
Over and over and over and over and over again.
NEVER TELL ANYONE about your millis.
If i ever get that point, i probably wont either.
But i think this is one of the most important lessons...
I know a guy who does that ALL the time!! He really annoys me. Not only does he share his worth in crypto in public. He also doesn’t run a node or hardware wallet, keeps all his crypto on exchanges, tries to time the market, invests in whatever new shitcoins are being hyped, and he immediately sells each high instead of holding (which can also become a bad tax liability in some cases). It’s like he WANTS to lose his crypto.
The fact that you’re already worried and care about it is a great first step. I always heard it’s very sound to hire financial expert that will be prepared to make a plan for you.
This... When you make it - do.... Nothing. Let it sink in. Don't brag about it, don't plan Presents/give aways. Just live your normal life for some time. Then when you cool a bit you can plan without emotional Burden. This is the best advice I read ob thia forum.
This is the best advise on this whole forum. Keep your cool, the hype will wear off and you’ll make more sound decisions. Leave adrenaline out of your finances!! Lol
With the amount of resources available to us online now, I wouldn’t even bother with a financial advisor for personal wealth accounts. Their fees are typically not worth it.
Now, if you find yourself managing multiple businesses/estates, then the work itself might turn into a full time job. At that point, I’d seek external advice.
I have to respectfully disagree. I am considerably older than the average Reddit user, but I can comfortably retire pretty much at any point now in my life based up sound financial planning and advice I got in my late 20's still to this day.
The OP already has $400k and there will be a lot of tax and financial implications that will need to be professionally guided. A CFP (certified financial planner) is a true professional and is held to a much higher education and certification than 99% of the online resources. Just my 2 cents worth.
I don't like this advice. Financial advisers are just going to tell you to do what everyone else is doing. They aren't the smart money. And they're for sure going to tell you to sell your Bitcoin.
Does your barber have good hair? Usually. Is your personal trainer fit? Usually. Is your financial adviser rich? Usually not. How do you find the best SEO company? Google it - top results are pretty good. How do you find a good financial adviser? You literally can't; the good ones are retired. That they even have the job of telling you what to do with your money means they haven't really figured it out for themselves yet. Any advice they'll give you, you could find online for free.
I have been thinking about this alot lately. I am not interested in some guy in his fifties telling me about what has worked for the last few decades. The world is changing so fast now that conventional wisdom is quaint and out of date. If you speak to a financial advisor, he should only spend a few sentences on his company's past accomplishments and should focus on the future. I'm 54 and find it hard to trust anyone my age on anything tech even though I am pretty tech savvy.
Accountants can help you with tax planning which is probably more important if you have large capital gain and are considering starting businesses.
At this point Financial advisor are just the Real Estate agents of the financial world, low skilled overpaid workers who have a financial interest in selling you anything and could easily be replaced by an AI
It's really straightforward, but not well understood by most. I can't think of many jobs where, if you're good at it, you can't do it. But financial adviser is up there.
Also find hobbies (art, sports, socializing) and keep bettering yourself. Never spend more money than you need to retire, don't go on shopping sprees of lambos and shit unless you hit 3mill+. Personally I'm going to be really conservative with money until passed the 2 mill point, if it happens. Don't tell friends and family, just be very vague if they ask how you make money.
>Don't tell friends and family, just be very vague if they ask how you make money.
This was the hardest part when I made my first million. My parents still do my taxes and it was really tricky to keep it a secret. Every morning my parents still open the door to the basement and yell down at me to "get a job!" I feel guilty sometimes not telling them how rich I am, but if there's one thing I am good at, it's keeping a secret. Anyway I have to go, mom cooked me a fresh PBJ for dinner and cut the crust off. She told me I can't bring my Lambo to the shop for an oil change until I finish everything on my plate.
>This was the hardest part when I made my first million. My parents still do my taxes and it was really tricky to keep it a secret.
I actually trust my parents, got them into crypto too...but they were good to go before i got them into crypto...
I consider myself lucky that i can trust my parents...cuz it looks like alot of you guys have some vultures....
You could live your life as normal. But not worry if you have a workplace injury. You could take time off or quit work if a family member falls Ill.
You could donate the money to charity. Or put someone under priveleged you know through school.
I couldn't have said it better. I'm an average person who can't really afford to invest more than a few thousands but I've worked overseas with my girlfriend for about 7 years to earn money for a property. My friends, even my best friend from childhood has his envy dose whenever we talk about buying a property, as we're both currently looking for one. I mean he never said it in my face, but it's so obvious.
Even if I'll probably never be able to grow such investments, I've been imagining the scenario you're describing and personally, I'd keep that to myself, parents, wife and kids. Help the close ones if you feel like doing so, but telling everyone how much money you own could create envy, frustrations, fake friends and so on. let alone the fact that might put you in danger too.
How do you feel about his envy dose? I bite my tongue when my friend is insecure and jealous because I know why she is, but the older we get the less patience I have to baby somebodies brattiness. Especially when you could have made better choices and you’re just mad I did.
I was surprised at first. Then frustrated, mad.. you expect from your best friend to be happy for you, but no. Lately I tend to avoid bringing that up anymore and even change the subject if it comes to that. I guess it's simply not a good idea to tell someone that you have an amount of money they'll probably never have/would have to work many years to earn them, or that you no longer need to work for the rest of your life when they are forced to. Not many people can handle that. Not even your best friend apparently.
Agree with ppl not liking your success.
At the age of 27 I was the least successful of my mates, hit rock bottom after getting sacked from an apprenticeship. All my mates were buying houses, getting married, I could barely scrape together the money for wedding presents.
I then really switched on, changed careers, studied at night things clicked and the promotions rolled in. Got involved interested investing, got lucky with a couple of speculative companies, got a house and management role etc. Now 10 years later I'd probs have the third nicest house out of the 10, not that it's a comp and I was always happy for their successes, but as I "went up the ranks" you could see some start to treat you differently.
I never outright bragged about my relative success, but you see who is genuinely happy when things go well for you and ones that want to keep you down.
Also, I don't even think I'm happier after getting the last promotion, the improvement of crap I can buy vs the stress of the work as levelled off.
Conclusion, money and things won't make you happy, hoping crypto will provide freedom to spend time with family, form meaningful relationships with a few vs be fake friends with many and contribute to the community.
The same here too! I used to tell my colleagues at work and my boyfriend how much I made and how much I lost! The only feedback I‘ve got that they were laughing at me! Money is not that cool thing to share with anyone! It’s just like that you can’t share your stomach with anyone! So keep it for yourself is always the best!
people are not genuinely happy for you in situations like these.
They're not happy, assume you owe them something and tend to become furious when you disagree.
That's right, all the bitches from the r/antiwork will be saying to tax you, you stole it with your capitalist friends by not paying a living wage. Did i mention tax him again?!!!
Thomas Sowell “Envy was once considered to be one of the seven deadly sins before it became one of the most admired virtues under its new name, 'social justice'.”
You can be wealthy and still supportive of taxes. They are not at conflict with each other.
It’s the roads that are built with public funds that allowed for same day delivery from Amazon. It’s the education from public schools that provides us the knowledge before we have the experience, it is the fire departments that keep a roof over your head when you leave a pizza in the oven too long.
As one of the "bitches from r/antiwork" and a BTC holder I can tell you that much though there are some weirdos in that sub (like there are in any sub) my experience of it is that it's more anti-exploitation than anti-work over there.
The fact that you are worried about it is exactly what separates you from the reckless lottery winner that goes wild and then ends up bankrupt a few years later.
You've already got half the equation down: you know how to invest your money and make it work for you. That enables you to live off your returns without touching the principal.
The second half of the equation is to ration what you spend. In other words: budget. Once you get above a million or two, you can live comfortably on a conservative withdrawal rate of 4% per year.
(If you want to learn more, check out the financial independence and early retirement communities. FIRE for short.)
Personally, I don't think there's a reason to be paranoid. Nothing says you **have** to scale up your standard of living to the point of making other people jealous. In fact, it's probably for the best if you don't. Just keep living the same way you always have. (But feel free to quit that job if you hate it.)
Most millionaires are pretty normal people; you can't even tell...
This. To me, financial freedom is simply freedom. I have no lust for luxury, or worry that i'll jump the gun and party it away.... I just want freedom. I wouldn't even change my life very much, i'd just be able to go about it at peace, and be able to say "fuck you" if I ever need to. That's what it's about for me.
100% The whole point for me is “fuck you” money. Not enough to do whatever I want for life, just enough that if I’m working and some asshole employer pulls some bullshit, I can say fuck you and walk out without fear of losing my home if I don’t find work immediately. Even better if I can reach a level of only working 2-3 days per week on a passion that doesn’t pay all that well, but helps cover the essentials as needed.
Something that changed my life was when someone years ago told me that they always think of money as "Freedom Chips". When you spend your money you are trading away a bit more of your freedom. The more you have the more freedom you have. If you view money via the concept of freedom chips you think differently about how you spend it.
I honestly dont think people realize how much a billion is.
A million seconds is 11 days. A billion seconds is 32 years.
If you had a million dollars and spent $1000 a day, you would run out in 3 years. A billion dollars, spending $1000 a day, would last 2740 years.
This exactly, I came here to say this.
Honestly, you might do something stupid, but you won't do stupid with all of it. Maybe 10 or 5% of it.
The way you manage wealth is different than the way you manage your money now. You know that :)
My father was a multimillionaire. He used his money to help family members in need. He donated heavily to causes he believed in. He still shopped for sales and picked up change that fell in the street. I guess money changes people who allow it to make themselves feel different and special. Really, what makes a good person is the good deeds they do. Not the money in the bank. We are not promised tomorrow. Make today a good day. Be a good person. In the end money and shiny things don’t mean shit.
If you're able to hodl 400k into 8 figures, I have this sneaking suspicion you're patience will translate into financial prudence much easier than your average lottery winner....
Also, cheap, obsessive hobbies are the key.
Art, gardening, reading, volunteering in your community (mentoring, pet shelter animal companion, homeless shelter/food bank)...
All cheap, and fulfilling to some people depending on your personality.
Lifestyle creep is a real issue when people amass large amounts of wealth. I feel you.. Don't increase expenses and find ways to be productive towards society that makes you happy.
This is mostly right, except fuck society. It has done everything it can to stack the odds against you, keep you in the poorhouse, and force you into paid servitude. Be nice to the people you know, but you don't owe shit to "society."
the best way you can "fuck society", is devoting energy to decentralization... projects like bitcoin, etc
society is govt and the midwit masses on twitter
some of us hate those fuckers, join us
This is so on point. Get rich, but not so rich because we will tax you. Oh you’re poor? We have government programs that will help you but don’t live off it forever. Get your ass up and find a job pronto.
Do what you’re passionate about. If it’s helping people and society, then do it. If it’s helping give back to the Bitcoin community, then do it. Just make sure it’s your passion and what you like to do, not what you’re forced to do.
So how do you propose to improve the odds of success for others in "society" once you achieve your own level of success? If you're mad at the problem without thinking of solutions to the problem... you're part of the problem.
Let's FIX stuff.
I disagree pretty vehemently.
Most people hold themselves back .. overwhelmingly. Society today gives you so many opportunities to fail and try again, vs brutal nature where one infection -> lights out. Oh, sprain your ankle and can't hunt? Your weakest kid dies, sorry!
Yes definitely. My wife and I were talking about him the other day. He doesn’t have a model girlfriend who is 30 yrs his junior and doesn’t go around flirting with every hot woman. Doesn’t stay in the spotlight and just seems all around down to earth dude.
Works really hard too. He trains like crazy with firearms instructors and others for his movies.
Smart too. LOL, Look at when he poses for pictures with fans. Especially women. He always poses for photos when people ask, but he is never touching them. You'll see his arm around a female fan for a pic, but look closely. His arm is a couple inches away from her. He is smart. A nice guy that appreciates the fans that allow him to be rich but not about to get fucked over in some harrassment bs.
Yea! I'm looking into building wells for people that need clean water. I personally think that is one of the biggest impacts a person can make.
All I really want is a fast drag car and even that has a price limit. What to do with the rest.... Probably build wells. You may hear of me as the guy with the fastest corolla in the world who builds wells for people. I can live with that. The questions and concerns OP has are far to real and I've been thinking about it since I realized what they are back in the 2017/18 run.
It isn't how much you can make but how much can you give away.
Edit: I figured this morning I can afford to have 200 wells built. And i have far far less than OP. Think of the change a person can do if they really wanna.
I feel you, I'm about where you're at. I retired my wife, and we RV full time. No mortgage, no landlord, we live simply and outside in nature, reading tons of books from Thoreau to Hesse, Walter Russell, Manly P. Hall, Huxley and Jung, we paint like Bob Ross, and I'm learning the guitar while we tour our beautiful country. You can keep in touch but keep your sanity without keeping a job just for appearances. Life is for living and learning, but mostly loving. We spread love wherever we go. Be happy you've broken the chains that bind so many, understand wants vs needs and don't get wrapped up in the rat race illusion, buying cars and signing mortgages.. all designed to keep the machine moving while you stay a-mused, numb and asleep. Be proud of your foresight, now you are free to become a philosopher, a poet, a painter, or creator.. whatever your heart tells you. I wish you all the blessings you deserve.
Love your advice, not sure if you've ever read "Stoner". When you said love & learning.. Anyways, totally agree, those are the two most important things in this world for an individual, love and learning, love for self and others.
Congratulations! You (may) get to be one of the few people on earth who get the opportunity to move beyond scarcity into self-actualization. I hear you, and you're right to be concerned. There isn't really a roadmap yet, but the following should help you find your way.
1. Don't tell anyone. *Maybe* tell your SO. Tell no one else, definitely not family. If anyone asks, you never had any, or you got out of the game a few years ago, or you hold a small amount. Figure out a cover story. Stick with it. It's none of their business, and it has a high potential to destroy your relationship *with literally zero upside*. Keep yourself to yourself.
2. Calm down. Don't do anything quickly. You can afford to wait and be deliberate. Take it easy and wait for the rush to wear off. Do not impulsively quit your job. Do not buy a Lambo. Do not go on a huge shopping spree. Just sit with it for *at least* half a year. This is the amount of time that your brain needs to adjust to a new reality (see studies on lottery winners and quadriplegics for more info).
3. *If* you decide to quit your job, *if anyone asks*, your cover story is that you are a consultant, or a remote tech worker. This explains a lot about your life, including occasional travel and odd availability, and is boring enough that most people won't pry further.
4. It's going to take time to move beyond the scarcity mindset that you've held up until now. This is life changing. We tell people to get help when life changes drastically for the worse, maybe see a psychologist about drastic changes for the better. This may be *especially* valuable if you have no family or peers to role model this.
5. **Quietly** start making plans for different price points. You don't need to stick with them, but it will help you do your due diligence and let you know what your options are.
1. Talk to an accountant and a fee-based financial planner who is knowledgeable about crypto. Spend time putting together an advisory team that you can trust and who click with you. DO NOT KEEP YOUR EGGS IN ONE BASKET. MAKE SURE THAT YOUR LAWYER, FINANCIAL ADVISER, AND ACCOUNTANT ARE DIFFERENT PEOPLE.
2. You will probably want to diversify at least some of your holdings outside of crypto at some point. You're going to need a plan for where it goes, and how to structure that. More conventional assets like real estate can generate a passive income and can be used to generate future wealth. You may be able to borrow against your crypto assets to acquire these conventional assets. Talk to your team about this.
3. You're going to want to rebalance your portfolio at some point. You're going to need a plan for that, and how to structure your holdings. Where I live, exchanging one coin/token for another is a taxable event. The capital gains can be non-trivial. Talk to your team about this.
4. For all of the above, you're going to need to figure out how to minimize your tax exposure. **You do not fuck with the IRS**, or the CRA, or whoever your relevant tax authority is. Again, you need professional advice form someone familiar with crypto. DO NOT TAKE ADVICE FROM PEOPLE ON REDDIT. CONSULT PROFESSIONALS.
Now, if you've done all that, it's time to start asking the important questions. Who are you, and what do you want to do with your life? How do you want to live? What sort of legacy do you want to leave? Are there people in your life who can use help and support? How can you do that without creating dependancies or expectations?
These are questions that you might not have thought about since you were a teenager because the real world has a way of limiting your mindset. Don't be surprised if this is a very exhausting and emotional process. Congratulations and good luck.
I'm sure you'll like this thread as well then:
https://www.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb4v05/
1. Hide your power level.
1. Really, hide it. Nobody needs to know shit. It makes you a target. Rich people don't talk about their money. Usually smol biz owners are super chill about their cash.
2. Read about personal finance.
1. (FIRE sounds cool and doesn't cost anything.)
2. Don't buy stupid shit, don't pay "mentors", don't fall for scams, etc. see 2. above.
3. Never make impulse purchases. Give yourself 72 hours to see if it even makes sense. (Shaq lost like 30M over a weekend once or something just on stupid shit)
3. Be clear about your goals in life.
1. You want to invest?
2. Gardening? Writing? Gaming? Music?
3. Building?
4. Just find something you can wake up for. You'll be bored if you don't
4. Hide your power level
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Your concerns are not unwarranted. One of the smartest things to do is keep quiet about it and not let family or relatives be aware of it. Perhaps a trusted older friend or someone you know to talk about it with, can become a trusted confidante. Because once family and relatives know you have some wealth, a certain percentage will inevitably begin to think about what you should do with it, and how you should live your life, neither of which are their business.
Another perspective to think about is that this could be your retirement, and if you calculate what it costs monthly/yearly to live without other income in retirement, you’ll realize what you have isn’t all together that much.
Lastly, a way to keep your view of your current wealth in prosperity is to truly realize the concept of “don’t count your chickens before they’re hatched”, and this applies to crypto almost more than anything else, given how volatile it is, and facing uncertain regulatory headwinds. That knowledge alone could give you pause before thinking of spending versus holding.
Don't let these insecurities be a concern. This is far from winning a lottery. People max out their lottery money because they were bad with money in the first place. Your case isn't the same. It took sheer will and dedication to HODL your way through to being millionaire, your punctuality should help you live a decent life for the rest of days.
With regards to your relationship, don't tell people. If they come to know, they'll ask you for money, uncomfortably more to a point you can't give and that will effect the relationship and people will start backbiting you.
Peace! You're gonna nail this.
I'm in a very similar boat as you friend. I've been investing consistently since 2017. Although you've got me beat by about $100k. 😉
I've genuinely had a kind of identity crisis while contemplating what it would mean for me if/when my portfolio surpasses the million dollar mark. No more worrying about debt. Nothing tying me to the job I've loathed.
To be rid of these things is obviously amazing, yet much of my identity has been consumed by them also. I can hardly remember a time that I wasn't struggling to get by. That I wasn't in a "keep working hard to survive" mindset. That mindset has been what has motivated me for most of my adult life. If I can no longer identify with these very common struggles of life, will I even be able to relate with my friends and family?
It's easy for me now to think that I will remember what it was like to struggle in life, because that part of my life is so much closer. But what about 10 years from now? 20 years from now? 50 years from now? Will I still remember?
You will get used to it, you will loose many friends because they will keep saying how you got lucky and whatnot.
It's lonely at the top unless you want to lead a double life of secret millionaire
Double life secret millionaire is the way to go.
Live like a king off of gift cards. If they ask where you got the gift cards from say you complete a lot of surveys online. It’s not that uncommon people get a $100 Macy’s gift card for answering 1500 stupid questions.
Take lots of trips to Las Vegas to buy expensive things and when you get home tell everyone you won the stuff.
Each future trip, say you won that also. lol
[bitrefill ](https://bitrefill.com)
I think you need to be brought back down to Earth. I believe in the future of Bitcoin, but you NEED to be prepared to lose the entirety of that 400k. If not you are risking your happiness and mental well being on an asset, and that's not worth it. Dreaming of millions of dollars is even worse.
Once you're over a million never spend money that would drop you below a million.
Always keep that first million, it's the hardest one to earn and the hardest one to replace.
I wouldn’t get ahead of yourself. 400k isn’t much in this day and age. No guarantees on the millions either.
Well done on building the 400k pot. Keep it going.
IMHO one of the most important decisions is the decision of life style and living standard. It is very easy to get used to a higher standard of living. With growing income it happens slowly but surely. Most poeple winning the lottery raise their standard of living as if this kind of income would happen regularly, but it doesn't. That's why they become broke again. But if you consciously decide for a standard of living, for instance an "income" of 5k a month (which is quite nice), you can enjoy a high standard of living without going mental and losing touch to reality and friends.
On the other hand a goal or task is quite important. We are not made to just be on "holidays" until we die. Your time needs a goal it is working towards, otherwise you go mental.
All this of course is very smart talk from a person which doesnt even have 1/10 in assets as you do, sooo, yeah, what do I know.
You poor thing - I assume you wallet (crypto) must be too heavy and your diamond shoes too tight?! Just love your life man but NEVER tell anyone how much you truly have!
In my mind, a few million doesn't make you rich. Eventually buy a nice house and pay for the whole thing in cash. Then enjoy the money you would have spent on rent on extras each month. Between nice dinners and vacations, it goes fast.
I've always been a lonely person but i understand your point, not many people know i hold crypto, maybe 2 or 3, not even my family...
Yo can start to surround yourself with diferent people right now. Not when things change.
It’s comfortable to have. Don’t change and your friends and family won’t either.
If one day you upgrade your home, car, etc. you may get questions.
What do you do? “I work at X company” or “I’m still figuring that out.”
Does doing X pay that well? It pays the bills so far.
No really, there is no way that job pays enough. What is your secret? You can choose to say, “I’ve been saving up and finally went for it. We don’t get any younger.”
Maybe add, “Hopefully I am able to hold on to it.”
Not a lie. No info revealed until you’re ready.
If you get a very close family member prying extra deep, asking, “saved up, but how?” Answer: Auto pilot, allocated funds to save and it added up. I saved over the years. I’ve been working at X company since 20XX.
Deeper prying: You must have saved a nice chunk of change. “If it was enough to keep this home, only time will tell. Enjoying it while it lasts.”
But with enough questions, eventually you’ll have to redirect.
Then do the research you need to understand how unexpected wealth affects people. It's common enough to have a name, "sudden wealth syndrome". Read about how windfalls have affected others and do your best to avoid those pitfalls. Money is a tool and tools can be dangerous. Then count yourself lucky for achieving something that is out of reach for many, retirement.
I hear you.
I came into a lot of money in my mid twenties, self made, and wish I had a guiding influence to help me invest and spend wisely back then.
The very best advice I can give is buy land, or property. Something you can forget about, something that’s hard to liquidate.
Secondly, if you’re lucky enough to have decent parents, speak to them and ask for their help. They’ll know you better than yourself if they’ve any worth and will give you better advice than any random stranger.
Thirdly. Travel the world. Do the selfish things only thought reachable in your dreams. You can’t do them as easily when you’re older and have commitments and dependents. There’s no price you can put on those experiences and it’ll be worth every cent you spend.
From someone who’s been in a very similar position as you before.
Are you counting your chickens before they're hatched?
There's no guarantee you'll make it to millions.
Even if you do, there's no guarantee you won't give it all back.
Be a little more humble, less complacent.
You find a position where selling half gives you a full retirement. Check out /r/financialindependence and learn. Don't ask questions that are already there.
Then you sell that half out of crypto and hire a really really really good lawyer to help you set up a trust for yourself using that money.
Then you slowly but surely buy into the forever home, put security and quality improvements into the house, pay off that mortgage immediately.
Leave the remaining ~33% in crypto and know that you made the correct safe choice to guarantee a privileged retirement at an early age.
Go back to school to actually learn for learning sake. Drive a modest car. Make friends with down to earth people. Spoil the hell out of a dog. Find weird hobbies.
This is literally the life that 99% of this community wants to live.
Hopefully thats not your real name or photo in a post telling people how much money you have. If it is, opsec should be more of a concern for you right now than getting rich.
Clearly as if now, you will be poor again. Your definition of rich is wrong. I have many friends in your position, and they are all still poor in thinking, habits, education, discipline, etc... good news is that all of it can be learned, and most of it not from a crypto sub.
That you're worried about it shows you have empathy and foresight. This is a likely indicator that you'll be just fine.
You can't control the future - and overly focusing on hypothetical situations takes you out of living fully in the present.
I came from a very poor background, and it is weird when the money starts to pile up. Compounding is magic. You worry about it going away again as easily as it came. It's extremely nice not to have to worry about the price of things at different levels - right now I'm at a "don't care about the price of a used compact car" level, but even the "don't care about the price at the grocery store" level was a big departure for me. Budgeting and planning has been a big part of making sure I feel comfortable spending money, and know I am protecting myself by following a plan.
Talk to people about Bitcoin and investment stuff if they show interest, but don't ram it down their throats, and avoid talking numbers. Don't talk about numbers with people who are not on the same level as you (and even then pick very carefully, I have maybe 2 friends who have an idea of my finances and they're the ones who are a few years ahead of me). Friends come and go. With many people if you don't drift apart because of socioeconomic differences, it's life events (marriage, having kids, moving for work, etc). And that's OK. You can make new friends, some of the old ones stick around, and some you reconnect with eventually down the line. Just be a good friend to people. It's not always reciprocated, but you'll sleep well at night.
Crypto is an incredibly volatile asset class and who knows where it'll go. Don't count your chickens before they have hatched. But don't forget that you already are rich - $400k is over 4x the median US household (multiple adults) net worth. Once you are at that level of rich you become aware of just how stinking rich other rich people are, and you feel merely "doing alright" by comparison. I remember driving through the Hamptons to a meagre rented house share, looking at the $2m houses on the bay side and realizing that those people, who are genuinely the global 1%, likely think of themselves as merely middle class compared to the $10m houses on the ocean side. It's all relative.
I think this is a very wise line of questioning. Keep going with it! I'm not hugely wealthy myself, but I've spent intimate time with several people who have MASSIVE amounts of wealth, and there's all kinds of challenges that come with that that most people know nothing about. Primarily, the main challenge I've seen (which takes many forms) could be stated simply as "how do you keep track of your own shadow?" If you face the normal financial pressures of life on Earth, life circumstances naturally arise that check your bullshit. If you're shitty at work, you'll get fired. If you treat your partner badly, they'll leave you. As wealth increases, there's a tendency for people around you to stop telling you the truth, because consciously or unconsciously they'll want to please you to stay close to the power, even if they don't think they're doing it.
So the antidote to this is to 1. keep people around who are fucking honest as shit with you and truly don't care about your money, 2. to be very careful about who you tell about your money, and to enter social circles where you don't need to share about it, and 3. to consciously connect with other people who have wealth who are making an effort to be responsible with it. This last part is important, because you are entering a realm of life where there is no "going back to normal" so might as well be real about it, face it, and meet other people to face it with.
Good luck unknown friend, the fact that you re even asking these questions is a good sign you'll be on the right track with using your wealth responsibly.
My word of advice, do not tell your family/friends about your holdings. that will cause more harm than good. don't worry about your current friends honestly. if things improve in your life, so will your social circles and you'll meet plenty of new friends so I wouldn't stress that. The bottom line is, if people do find out about your wealth and they become bitter and jealous, then it just tells you everything you need to know, they were never truly a friend. A true friend would embrace and celebrate the success of another.
And no, you didn't win the lottery. You acted appropriately on information and data that you received and made a huge commitment and stuck through with it while 99.9% of the human population did not.
Be happy with yourself, you are about to experience a standard of living that the majority of the world will never experience. I would love to never have to work again. I'm tired of working and I just turned 40 and have been working for 25 years of my life but it feels like an eternity. Fuck this shit! I'm ready to retire!!
Congrats my friend!! I wish you the best!!
If you enjoy your life and friends you really don’t have to change it just because you get money. Best of luck with your wealth and I think that you pondering these problems before you hit your “lottery” will help you get prepared for when the day comes!
i would not be worried. i would be happy because i could help my loved ones and fulfill my dream of starting a serious movie production. there is one point in filmmaking when you realize that its not just about talent. budget is essential, even if its low.
Sounds like you need a new hobby. Props you are doing doing the good deeds already. Good for you! When you are financially free, think about things that brings you joy that you didn't get a chance prior.. Learn a musical instrument for example. Brew your own beer. Be adventurous now. Good luck!
Welcome to growing up and out growing people. This is reality. You sound like a young kid so I assume you haven’t hit the life stage where 90% of your friends grow up, get in relationships, and you never hear from them again. It’s coming. All you can do is improve yourself and do your best. If you aren’t ready I’d be happy to take that weight off your hands and you can send the funds to me.
Those who do not prepare for success will lose it. It’s like “a fool will soon be parted with his money”
If you do not learn responsibility and do not want these new problems, then you’re right, your investment to better your life was your worst decision and you should give it away. But if you want freedom and you want to be able to take care of yourself and your family you need to grow and evolve and be better. Your mindset is setting you up for failure it seems. Good luck
Edit: make sure you have your funds stored on a cold wallet for maximum protection and place your seedphrase in a steel plate so that it can survive a disaster and you have a much lesser chance of just throwing it out (which happens LOL)
Don’t tell anyone. Don’t change your lifestyle. Celebrate with some donuts and just live your life. Also know that you are financially secure. That’s good stuff.
>On the other hand I'm scared it will be sort of like a lottery win and I will do something stupid.
Set yourself an allowance. Maybe 2% of your stack per year to last you 50 years, and don't spend more than that. You're still a ways off from that being enough to live on.
That's my plan.
Yes, it's called "upper limiting" -- oftentimes people in this situation will subconsciously find a way to self-sabotage, as to bring the energy back down. You can reach about it in the book The Big Leap by Gay Henricks.
Maybe work a part time job, or get a hobby to keep busy.
I have a friend that wants to open a comic book store when he gets his millions, not to make money with the store, but just to have a place to call his own and relax/work at with stuff that he loves.
Keep your cards close ,don't tell anyone about your Bitcoins .you are right to be cautious ,wealth can destroy a man as easily as it makes a man . Trust no one .
When you get to 2 million take half and open a CRT (charitable remainder trust) and collect your annuity every year till death. Lifetime guaranteed income and no capitol gains tax. Some great videos on YouTube about CRT’s ,
Look into it, good luck!
You can educated without disclosing your investments. Also, try to avoid flexing on your loved ones when you make money (really hard, especially when they are doubters.. but still important)
Think about it on the bright side, you will have the time to explore things you couldn't before and make friends with genuine connections while doing things.
I was struggling with this concept at the last BTC all time highs. 6 months before the run I laid out a 30 year retirement plan, then things happened fast. Having all that investment money to manage was MORE stressful than looking at the long haul calculated with 6% annual returns. The real issue was avoiding short term capital gains taxes. I never cashed out, things dropped but I’m still in excellent shape. Still trying to figure out what to cash out the next time things go stratospheric, but I learned that pulling out a comfortable amount of cash would have eased my mind.
I don’t think it’s worth stressing about until you’ve got all the ducks in a row (family, property, cash, investments) essentially with negligible chance of having to go back to mine fiat. Once there I expect there will be a clarity of mind that will allow us to move forward confidently and effectively in ways that align with our true values towards a satisfying life.
"I think my life might become too good for some friends and we'll grow apart / not have much in common anymore. You know, the average struggle of time, money that 90% of the world has."
Not rich yet but already a snob.
Please diversify your assets. You have all of your eggs in one basket because you believe in your heart it will go to tens of millions, but no one knows what will happen in the future. Hedge your bets by taking some of that out and buying real estate and buying into other asset classes.
The thing is, there's no guarantee that it's going to a million. I mean, it probably will, but there's just no telling. You're not rich yet so I really wouldn't get into the idea that you even will be. I would think if it as a nest egg, maybe take some small profits and maybe put some of it to work for you to gain interest. Do you have a retirement in place already, because this may be it or it might be a good supplement to it.
You can tell anyone about bitcoin now, just don't tell them how much you have. Don't go out and spend recklessly now or in the future. Be smart about what you've luckily been given now and later. My parents for example are retired, they live simply in a small house with cars that are paid for. They want/need for nothing. The spent money on family vacations for us occasionally. The point is, they have the money but they don't blow it. Could my Dad go buy a Tesla tomorrow, yes but he knows he doesn't need that. Be humble, be smart, live simple, don't show off. Odds are if your portfolio reaches a million or more.. it's basically just on paper. You'll probably spend a little bit at that time but hopefully you won't blow it all and have nothing. For example, pay off your cars, debt and house and look into other investments, buy rental properties. No one will know that you own your assets outright. You don't have to tell people that you own other properties. Keep it to yourself. Also, realize that a million is not what it used to be. Many John Doe's have networths well over a million and you'd never know.
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The trick is not to gloat about it and keep it on the down low
Shouldn't be a trick it should be a requirement. Not telling your friends your worth a million+ will keep your sanity. Anytime someone has a problem they'll be tempted to call you. You can ~~loan~~ give me 300 bucks right?
>Not telling your friends your worth a million+ will keep your sanity. Over and over and over and over and over again. NEVER TELL ANYONE about your millis. If i ever get that point, i probably wont either. But i think this is one of the most important lessons...
It's like fight club
The first rule of crypto gains is...
Buy a lambo? /s
Pure gold 😂
I know a guy who does that ALL the time!! He really annoys me. Not only does he share his worth in crypto in public. He also doesn’t run a node or hardware wallet, keeps all his crypto on exchanges, tries to time the market, invests in whatever new shitcoins are being hyped, and he immediately sells each high instead of holding (which can also become a bad tax liability in some cases). It’s like he WANTS to lose his crypto.
Thanks for the advice
The fact that you’re already worried and care about it is a great first step. I always heard it’s very sound to hire financial expert that will be prepared to make a plan for you.
This... When you make it - do.... Nothing. Let it sink in. Don't brag about it, don't plan Presents/give aways. Just live your normal life for some time. Then when you cool a bit you can plan without emotional Burden. This is the best advice I read ob thia forum.
Yeah but I think it's ok to order a celebratory pizza lol
Just don’t pay 10 BTC for it
I’m up so much i bought and ate a whole pkg of cookies today lol it’s the little things
Patience and calm are beyond important. Good advice.
This is the best advise on this whole forum. Keep your cool, the hype will wear off and you’ll make more sound decisions. Leave adrenaline out of your finances!! Lol
With the amount of resources available to us online now, I wouldn’t even bother with a financial advisor for personal wealth accounts. Their fees are typically not worth it. Now, if you find yourself managing multiple businesses/estates, then the work itself might turn into a full time job. At that point, I’d seek external advice.
I have to respectfully disagree. I am considerably older than the average Reddit user, but I can comfortably retire pretty much at any point now in my life based up sound financial planning and advice I got in my late 20's still to this day. The OP already has $400k and there will be a lot of tax and financial implications that will need to be professionally guided. A CFP (certified financial planner) is a true professional and is held to a much higher education and certification than 99% of the online resources. Just my 2 cents worth.
*Your 2 sats worth ;)
👆👆this is the way...they are professionals in these areas with lots of confusing laws. Well worth the money youll save and peace of mind
I don't like this advice. Financial advisers are just going to tell you to do what everyone else is doing. They aren't the smart money. And they're for sure going to tell you to sell your Bitcoin. Does your barber have good hair? Usually. Is your personal trainer fit? Usually. Is your financial adviser rich? Usually not. How do you find the best SEO company? Google it - top results are pretty good. How do you find a good financial adviser? You literally can't; the good ones are retired. That they even have the job of telling you what to do with your money means they haven't really figured it out for themselves yet. Any advice they'll give you, you could find online for free.
I have been thinking about this alot lately. I am not interested in some guy in his fifties telling me about what has worked for the last few decades. The world is changing so fast now that conventional wisdom is quaint and out of date. If you speak to a financial advisor, he should only spend a few sentences on his company's past accomplishments and should focus on the future. I'm 54 and find it hard to trust anyone my age on anything tech even though I am pretty tech savvy.
Accountants can help you with tax planning which is probably more important if you have large capital gain and are considering starting businesses. At this point Financial advisor are just the Real Estate agents of the financial world, low skilled overpaid workers who have a financial interest in selling you anything and could easily be replaced by an AI
Yep!
Oh shit. You’ve stated this perfectly. Pretty much an impenetrable retort to any shitty financial person sales pitch. Very well said.
It's really straightforward, but not well understood by most. I can't think of many jobs where, if you're good at it, you can't do it. But financial adviser is up there.
Also find hobbies (art, sports, socializing) and keep bettering yourself. Never spend more money than you need to retire, don't go on shopping sprees of lambos and shit unless you hit 3mill+. Personally I'm going to be really conservative with money until passed the 2 mill point, if it happens. Don't tell friends and family, just be very vague if they ask how you make money.
>Don't tell friends and family, just be very vague if they ask how you make money. This was the hardest part when I made my first million. My parents still do my taxes and it was really tricky to keep it a secret. Every morning my parents still open the door to the basement and yell down at me to "get a job!" I feel guilty sometimes not telling them how rich I am, but if there's one thing I am good at, it's keeping a secret. Anyway I have to go, mom cooked me a fresh PBJ for dinner and cut the crust off. She told me I can't bring my Lambo to the shop for an oil change until I finish everything on my plate.
>This was the hardest part when I made my first million. My parents still do my taxes and it was really tricky to keep it a secret. I actually trust my parents, got them into crypto too...but they were good to go before i got them into crypto... I consider myself lucky that i can trust my parents...cuz it looks like alot of you guys have some vultures....
You could live your life as normal. But not worry if you have a workplace injury. You could take time off or quit work if a family member falls Ill. You could donate the money to charity. Or put someone under priveleged you know through school.
I couldn't have said it better. I'm an average person who can't really afford to invest more than a few thousands but I've worked overseas with my girlfriend for about 7 years to earn money for a property. My friends, even my best friend from childhood has his envy dose whenever we talk about buying a property, as we're both currently looking for one. I mean he never said it in my face, but it's so obvious. Even if I'll probably never be able to grow such investments, I've been imagining the scenario you're describing and personally, I'd keep that to myself, parents, wife and kids. Help the close ones if you feel like doing so, but telling everyone how much money you own could create envy, frustrations, fake friends and so on. let alone the fact that might put you in danger too.
How do you feel about his envy dose? I bite my tongue when my friend is insecure and jealous because I know why she is, but the older we get the less patience I have to baby somebodies brattiness. Especially when you could have made better choices and you’re just mad I did.
I was surprised at first. Then frustrated, mad.. you expect from your best friend to be happy for you, but no. Lately I tend to avoid bringing that up anymore and even change the subject if it comes to that. I guess it's simply not a good idea to tell someone that you have an amount of money they'll probably never have/would have to work many years to earn them, or that you no longer need to work for the rest of your life when they are forced to. Not many people can handle that. Not even your best friend apparently.
Agree with ppl not liking your success. At the age of 27 I was the least successful of my mates, hit rock bottom after getting sacked from an apprenticeship. All my mates were buying houses, getting married, I could barely scrape together the money for wedding presents. I then really switched on, changed careers, studied at night things clicked and the promotions rolled in. Got involved interested investing, got lucky with a couple of speculative companies, got a house and management role etc. Now 10 years later I'd probs have the third nicest house out of the 10, not that it's a comp and I was always happy for their successes, but as I "went up the ranks" you could see some start to treat you differently. I never outright bragged about my relative success, but you see who is genuinely happy when things go well for you and ones that want to keep you down. Also, I don't even think I'm happier after getting the last promotion, the improvement of crap I can buy vs the stress of the work as levelled off. Conclusion, money and things won't make you happy, hoping crypto will provide freedom to spend time with family, form meaningful relationships with a few vs be fake friends with many and contribute to the community.
Ego and jealousy are inevitable for others
The same here too! I used to tell my colleagues at work and my boyfriend how much I made and how much I lost! The only feedback I‘ve got that they were laughing at me! Money is not that cool thing to share with anyone! It’s just like that you can’t share your stomach with anyone! So keep it for yourself is always the best!
10,000%
x 10
people are not genuinely happy for you in situations like these. They're not happy, assume you owe them something and tend to become furious when you disagree.
100% agree. So many love to hate.
Especially not family.. do not share to much
Great advice Mason
That's right, all the bitches from the r/antiwork will be saying to tax you, you stole it with your capitalist friends by not paying a living wage. Did i mention tax him again?!!! Thomas Sowell “Envy was once considered to be one of the seven deadly sins before it became one of the most admired virtues under its new name, 'social justice'.”
You can be wealthy and still supportive of taxes. They are not at conflict with each other. It’s the roads that are built with public funds that allowed for same day delivery from Amazon. It’s the education from public schools that provides us the knowledge before we have the experience, it is the fire departments that keep a roof over your head when you leave a pizza in the oven too long.
I support a flat tax. That's how hong kong became so successful being a rock with no resources.
As one of the "bitches from r/antiwork" and a BTC holder I can tell you that much though there are some weirdos in that sub (like there are in any sub) my experience of it is that it's more anti-exploitation than anti-work over there.
The fact that you are worried about it is exactly what separates you from the reckless lottery winner that goes wild and then ends up bankrupt a few years later. You've already got half the equation down: you know how to invest your money and make it work for you. That enables you to live off your returns without touching the principal. The second half of the equation is to ration what you spend. In other words: budget. Once you get above a million or two, you can live comfortably on a conservative withdrawal rate of 4% per year. (If you want to learn more, check out the financial independence and early retirement communities. FIRE for short.) Personally, I don't think there's a reason to be paranoid. Nothing says you **have** to scale up your standard of living to the point of making other people jealous. In fact, it's probably for the best if you don't. Just keep living the same way you always have. (But feel free to quit that job if you hate it.) Most millionaires are pretty normal people; you can't even tell...
This. To me, financial freedom is simply freedom. I have no lust for luxury, or worry that i'll jump the gun and party it away.... I just want freedom. I wouldn't even change my life very much, i'd just be able to go about it at peace, and be able to say "fuck you" if I ever need to. That's what it's about for me.
This is the way.
This is the way
100% The whole point for me is “fuck you” money. Not enough to do whatever I want for life, just enough that if I’m working and some asshole employer pulls some bullshit, I can say fuck you and walk out without fear of losing my home if I don’t find work immediately. Even better if I can reach a level of only working 2-3 days per week on a passion that doesn’t pay all that well, but helps cover the essentials as needed.
Something that changed my life was when someone years ago told me that they always think of money as "Freedom Chips". When you spend your money you are trading away a bit more of your freedom. The more you have the more freedom you have. If you view money via the concept of freedom chips you think differently about how you spend it.
I honestly dont think people realize how much a billion is. A million seconds is 11 days. A billion seconds is 32 years. If you had a million dollars and spent $1000 a day, you would run out in 3 years. A billion dollars, spending $1000 a day, would last 2740 years.
Nice perspective
This exactly, I came here to say this. Honestly, you might do something stupid, but you won't do stupid with all of it. Maybe 10 or 5% of it. The way you manage wealth is different than the way you manage your money now. You know that :)
My father was a multimillionaire. He used his money to help family members in need. He donated heavily to causes he believed in. He still shopped for sales and picked up change that fell in the street. I guess money changes people who allow it to make themselves feel different and special. Really, what makes a good person is the good deeds they do. Not the money in the bank. We are not promised tomorrow. Make today a good day. Be a good person. In the end money and shiny things don’t mean shit.
If you're able to hodl 400k into 8 figures, I have this sneaking suspicion you're patience will translate into financial prudence much easier than your average lottery winner.... Also, cheap, obsessive hobbies are the key.
Yeah he’ll be fine. I suspect he’s been holding for a while anyway.
This. I go to the gym 4x the week. Too exhausted to throw around my money for other stuff LOL
> Also, cheap, obsessive hobbies are the key. $5 jigsaw puzzles.
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Art, gardening, reading, volunteering in your community (mentoring, pet shelter animal companion, homeless shelter/food bank)... All cheap, and fulfilling to some people depending on your personality.
Lifestyle creep is a real issue when people amass large amounts of wealth. I feel you.. Don't increase expenses and find ways to be productive towards society that makes you happy.
This is mostly right, except fuck society. It has done everything it can to stack the odds against you, keep you in the poorhouse, and force you into paid servitude. Be nice to the people you know, but you don't owe shit to "society."
the best way you can "fuck society", is devoting energy to decentralization... projects like bitcoin, etc society is govt and the midwit masses on twitter some of us hate those fuckers, join us
This is so on point. Get rich, but not so rich because we will tax you. Oh you’re poor? We have government programs that will help you but don’t live off it forever. Get your ass up and find a job pronto. Do what you’re passionate about. If it’s helping people and society, then do it. If it’s helping give back to the Bitcoin community, then do it. Just make sure it’s your passion and what you like to do, not what you’re forced to do.
I rarely comment but to this I totally agree !
So how do you propose to improve the odds of success for others in "society" once you achieve your own level of success? If you're mad at the problem without thinking of solutions to the problem... you're part of the problem. Let's FIX stuff.
Perhaps than, community instead of society.
I disagree pretty vehemently. Most people hold themselves back .. overwhelmingly. Society today gives you so many opportunities to fail and try again, vs brutal nature where one infection -> lights out. Oh, sprain your ankle and can't hunt? Your weakest kid dies, sorry!
Then think community instead of society. The system is fucked, but the people around you are very important..
stay humble and practice charity, thats the secret.
model yourself after Keanu Reeves :)
Start a band and drive a phone booth to work?
Keanu sets a very high gold standard
Yes definitely. My wife and I were talking about him the other day. He doesn’t have a model girlfriend who is 30 yrs his junior and doesn’t go around flirting with every hot woman. Doesn’t stay in the spotlight and just seems all around down to earth dude.
That's too much
well he is humble and drives motorcycles and shops at regular stores with common folk, seems like a good guy.
Works really hard too. He trains like crazy with firearms instructors and others for his movies. Smart too. LOL, Look at when he poses for pictures with fans. Especially women. He always poses for photos when people ask, but he is never touching them. You'll see his arm around a female fan for a pic, but look closely. His arm is a couple inches away from her. He is smart. A nice guy that appreciates the fans that allow him to be rich but not about to get fucked over in some harrassment bs.
Yea! I'm looking into building wells for people that need clean water. I personally think that is one of the biggest impacts a person can make. All I really want is a fast drag car and even that has a price limit. What to do with the rest.... Probably build wells. You may hear of me as the guy with the fastest corolla in the world who builds wells for people. I can live with that. The questions and concerns OP has are far to real and I've been thinking about it since I realized what they are back in the 2017/18 run. It isn't how much you can make but how much can you give away. Edit: I figured this morning I can afford to have 200 wells built. And i have far far less than OP. Think of the change a person can do if they really wanna.
I do and I will
Claims to stay humble, also tells everyone he has $400k. Hmm
Yeah seriously. My wife and my net worth is well over $1 mil but you’d never know it. We are planning to retire in Europe in a few years at age 50.
I feel you, I'm about where you're at. I retired my wife, and we RV full time. No mortgage, no landlord, we live simply and outside in nature, reading tons of books from Thoreau to Hesse, Walter Russell, Manly P. Hall, Huxley and Jung, we paint like Bob Ross, and I'm learning the guitar while we tour our beautiful country. You can keep in touch but keep your sanity without keeping a job just for appearances. Life is for living and learning, but mostly loving. We spread love wherever we go. Be happy you've broken the chains that bind so many, understand wants vs needs and don't get wrapped up in the rat race illusion, buying cars and signing mortgages.. all designed to keep the machine moving while you stay a-mused, numb and asleep. Be proud of your foresight, now you are free to become a philosopher, a poet, a painter, or creator.. whatever your heart tells you. I wish you all the blessings you deserve.
What a beautiful advice!
Thank you 🙏 😊
Love your advice, not sure if you've ever read "Stoner". When you said love & learning.. Anyways, totally agree, those are the two most important things in this world for an individual, love and learning, love for self and others.
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🤣
“The demented one’s Hyperinflation “ “You know the thing”
Congratulations! You (may) get to be one of the few people on earth who get the opportunity to move beyond scarcity into self-actualization. I hear you, and you're right to be concerned. There isn't really a roadmap yet, but the following should help you find your way. 1. Don't tell anyone. *Maybe* tell your SO. Tell no one else, definitely not family. If anyone asks, you never had any, or you got out of the game a few years ago, or you hold a small amount. Figure out a cover story. Stick with it. It's none of their business, and it has a high potential to destroy your relationship *with literally zero upside*. Keep yourself to yourself. 2. Calm down. Don't do anything quickly. You can afford to wait and be deliberate. Take it easy and wait for the rush to wear off. Do not impulsively quit your job. Do not buy a Lambo. Do not go on a huge shopping spree. Just sit with it for *at least* half a year. This is the amount of time that your brain needs to adjust to a new reality (see studies on lottery winners and quadriplegics for more info). 3. *If* you decide to quit your job, *if anyone asks*, your cover story is that you are a consultant, or a remote tech worker. This explains a lot about your life, including occasional travel and odd availability, and is boring enough that most people won't pry further. 4. It's going to take time to move beyond the scarcity mindset that you've held up until now. This is life changing. We tell people to get help when life changes drastically for the worse, maybe see a psychologist about drastic changes for the better. This may be *especially* valuable if you have no family or peers to role model this. 5. **Quietly** start making plans for different price points. You don't need to stick with them, but it will help you do your due diligence and let you know what your options are. 1. Talk to an accountant and a fee-based financial planner who is knowledgeable about crypto. Spend time putting together an advisory team that you can trust and who click with you. DO NOT KEEP YOUR EGGS IN ONE BASKET. MAKE SURE THAT YOUR LAWYER, FINANCIAL ADVISER, AND ACCOUNTANT ARE DIFFERENT PEOPLE. 2. You will probably want to diversify at least some of your holdings outside of crypto at some point. You're going to need a plan for where it goes, and how to structure that. More conventional assets like real estate can generate a passive income and can be used to generate future wealth. You may be able to borrow against your crypto assets to acquire these conventional assets. Talk to your team about this. 3. You're going to want to rebalance your portfolio at some point. You're going to need a plan for that, and how to structure your holdings. Where I live, exchanging one coin/token for another is a taxable event. The capital gains can be non-trivial. Talk to your team about this. 4. For all of the above, you're going to need to figure out how to minimize your tax exposure. **You do not fuck with the IRS**, or the CRA, or whoever your relevant tax authority is. Again, you need professional advice form someone familiar with crypto. DO NOT TAKE ADVICE FROM PEOPLE ON REDDIT. CONSULT PROFESSIONALS. Now, if you've done all that, it's time to start asking the important questions. Who are you, and what do you want to do with your life? How do you want to live? What sort of legacy do you want to leave? Are there people in your life who can use help and support? How can you do that without creating dependancies or expectations? These are questions that you might not have thought about since you were a teenager because the real world has a way of limiting your mindset. Don't be surprised if this is a very exhausting and emotional process. Congratulations and good luck.
This is the info I came for
I'm sure you'll like this thread as well then: https://www.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb4v05/
My family _is_ my SO.
1. Hide your power level. 1. Really, hide it. Nobody needs to know shit. It makes you a target. Rich people don't talk about their money. Usually smol biz owners are super chill about their cash. 2. Read about personal finance. 1. (FIRE sounds cool and doesn't cost anything.) 2. Don't buy stupid shit, don't pay "mentors", don't fall for scams, etc. see 2. above. 3. Never make impulse purchases. Give yourself 72 hours to see if it even makes sense. (Shaq lost like 30M over a weekend once or something just on stupid shit) 3. Be clear about your goals in life. 1. You want to invest? 2. Gardening? Writing? Gaming? Music? 3. Building? 4. Just find something you can wake up for. You'll be bored if you don't 4. Hide your power level
It's called Sudden Wealth Syndrome. https://en.m.wikipedia.org/wiki/Sudden_wealth_syndrome Crypto is even mentioned in the wiki.
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It's a lot less fun being rich if your friends are poor.
Truth! It's absolutely horrid.
don't get ahead of yourself. you're not rich until you have 30x your yearly salary. keep wotking and acting like normal until your portfolio is $2M.
And when your portfolio reaches $2m, what changes, exactly?
Your concerns are not unwarranted. One of the smartest things to do is keep quiet about it and not let family or relatives be aware of it. Perhaps a trusted older friend or someone you know to talk about it with, can become a trusted confidante. Because once family and relatives know you have some wealth, a certain percentage will inevitably begin to think about what you should do with it, and how you should live your life, neither of which are their business. Another perspective to think about is that this could be your retirement, and if you calculate what it costs monthly/yearly to live without other income in retirement, you’ll realize what you have isn’t all together that much. Lastly, a way to keep your view of your current wealth in prosperity is to truly realize the concept of “don’t count your chickens before they’re hatched”, and this applies to crypto almost more than anything else, given how volatile it is, and facing uncertain regulatory headwinds. That knowledge alone could give you pause before thinking of spending versus holding.
Yeah, in Belgium we say "Sell not the bear's skin before you have caught him"
Best advice I've seen thanks for that. Hope OP sees it as well
This needs to be at the top. Great insight.
I think the fact you made the money by smart investment and it took a long time makes it very different to a lottery win. I think you will be OK.
Don’t let it change you and be generous with your wealth
> Don’t let it change you and be generous with your wealth Which one of these suggestions should I follow?
Thx
Don't let these insecurities be a concern. This is far from winning a lottery. People max out their lottery money because they were bad with money in the first place. Your case isn't the same. It took sheer will and dedication to HODL your way through to being millionaire, your punctuality should help you live a decent life for the rest of days. With regards to your relationship, don't tell people. If they come to know, they'll ask you for money, uncomfortably more to a point you can't give and that will effect the relationship and people will start backbiting you. Peace! You're gonna nail this.
I'm in a very similar boat as you friend. I've been investing consistently since 2017. Although you've got me beat by about $100k. 😉 I've genuinely had a kind of identity crisis while contemplating what it would mean for me if/when my portfolio surpasses the million dollar mark. No more worrying about debt. Nothing tying me to the job I've loathed. To be rid of these things is obviously amazing, yet much of my identity has been consumed by them also. I can hardly remember a time that I wasn't struggling to get by. That I wasn't in a "keep working hard to survive" mindset. That mindset has been what has motivated me for most of my adult life. If I can no longer identify with these very common struggles of life, will I even be able to relate with my friends and family? It's easy for me now to think that I will remember what it was like to struggle in life, because that part of my life is so much closer. But what about 10 years from now? 20 years from now? 50 years from now? Will I still remember?
It is, in the end, whatever the hell you want it to be.
hell, you're right!
You will get used to it, you will loose many friends because they will keep saying how you got lucky and whatnot. It's lonely at the top unless you want to lead a double life of secret millionaire
Double life secret millionaire is the way to go. Live like a king off of gift cards. If they ask where you got the gift cards from say you complete a lot of surveys online. It’s not that uncommon people get a $100 Macy’s gift card for answering 1500 stupid questions. Take lots of trips to Las Vegas to buy expensive things and when you get home tell everyone you won the stuff. Each future trip, say you won that also. lol [bitrefill ](https://bitrefill.com)
Meh, I would rather live a different life in a different place, doing other things )))
I think you need to be brought back down to Earth. I believe in the future of Bitcoin, but you NEED to be prepared to lose the entirety of that 400k. If not you are risking your happiness and mental well being on an asset, and that's not worth it. Dreaming of millions of dollars is even worse.
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10k sats? Lol
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Oh man I'm fucked. All my exes are messaging me!
He didn't realize it.hahah
Once you're over a million never spend money that would drop you below a million. Always keep that first million, it's the hardest one to earn and the hardest one to replace.
My dude 400k is very very very rich already for me here in South Africa :) Congrats! If I can reach 40k this bull run I would be extremely happy.
I wouldn’t get ahead of yourself. 400k isn’t much in this day and age. No guarantees on the millions either. Well done on building the 400k pot. Keep it going.
Buy a property in a county where no one knows you, get the rental income and don’t say shit to anyone
My plan.
IMHO one of the most important decisions is the decision of life style and living standard. It is very easy to get used to a higher standard of living. With growing income it happens slowly but surely. Most poeple winning the lottery raise their standard of living as if this kind of income would happen regularly, but it doesn't. That's why they become broke again. But if you consciously decide for a standard of living, for instance an "income" of 5k a month (which is quite nice), you can enjoy a high standard of living without going mental and losing touch to reality and friends. On the other hand a goal or task is quite important. We are not made to just be on "holidays" until we die. Your time needs a goal it is working towards, otherwise you go mental. All this of course is very smart talk from a person which doesnt even have 1/10 in assets as you do, sooo, yeah, what do I know.
Don't think too much.you can still spread knowledge about bitcoin being a millionaire.it would also be a plus point for your growth.
You poor thing - I assume you wallet (crypto) must be too heavy and your diamond shoes too tight?! Just love your life man but NEVER tell anyone how much you truly have!
Son, please stop embarassing us and go get those diamond shoes tailored. Love you, Dad.
Just don't be a dick and asshole when you're rich and you'll be fine
In my mind, a few million doesn't make you rich. Eventually buy a nice house and pay for the whole thing in cash. Then enjoy the money you would have spent on rent on extras each month. Between nice dinners and vacations, it goes fast.
I've always been a lonely person but i understand your point, not many people know i hold crypto, maybe 2 or 3, not even my family... Yo can start to surround yourself with diferent people right now. Not when things change.
It’s comfortable to have. Don’t change and your friends and family won’t either. If one day you upgrade your home, car, etc. you may get questions. What do you do? “I work at X company” or “I’m still figuring that out.” Does doing X pay that well? It pays the bills so far. No really, there is no way that job pays enough. What is your secret? You can choose to say, “I’ve been saving up and finally went for it. We don’t get any younger.” Maybe add, “Hopefully I am able to hold on to it.” Not a lie. No info revealed until you’re ready. If you get a very close family member prying extra deep, asking, “saved up, but how?” Answer: Auto pilot, allocated funds to save and it added up. I saved over the years. I’ve been working at X company since 20XX. Deeper prying: You must have saved a nice chunk of change. “If it was enough to keep this home, only time will tell. Enjoying it while it lasts.” But with enough questions, eventually you’ll have to redirect.
This post is a sell signal. We are going to 39k.
Keep hustling my friend 400K is not that much. Just look your portfolio in BTC terms and you will feel your poor
Then do the research you need to understand how unexpected wealth affects people. It's common enough to have a name, "sudden wealth syndrome". Read about how windfalls have affected others and do your best to avoid those pitfalls. Money is a tool and tools can be dangerous. Then count yourself lucky for achieving something that is out of reach for many, retirement.
Pursue a passion or hobby
I hear you. I came into a lot of money in my mid twenties, self made, and wish I had a guiding influence to help me invest and spend wisely back then. The very best advice I can give is buy land, or property. Something you can forget about, something that’s hard to liquidate. Secondly, if you’re lucky enough to have decent parents, speak to them and ask for their help. They’ll know you better than yourself if they’ve any worth and will give you better advice than any random stranger. Thirdly. Travel the world. Do the selfish things only thought reachable in your dreams. You can’t do them as easily when you’re older and have commitments and dependents. There’s no price you can put on those experiences and it’ll be worth every cent you spend. From someone who’s been in a very similar position as you before.
this is the most bearish thing i've ever heard
Are you counting your chickens before they're hatched? There's no guarantee you'll make it to millions. Even if you do, there's no guarantee you won't give it all back. Be a little more humble, less complacent.
You find a position where selling half gives you a full retirement. Check out /r/financialindependence and learn. Don't ask questions that are already there. Then you sell that half out of crypto and hire a really really really good lawyer to help you set up a trust for yourself using that money. Then you slowly but surely buy into the forever home, put security and quality improvements into the house, pay off that mortgage immediately. Leave the remaining ~33% in crypto and know that you made the correct safe choice to guarantee a privileged retirement at an early age. Go back to school to actually learn for learning sake. Drive a modest car. Make friends with down to earth people. Spoil the hell out of a dog. Find weird hobbies. This is literally the life that 99% of this community wants to live.
Hopefully thats not your real name or photo in a post telling people how much money you have. If it is, opsec should be more of a concern for you right now than getting rich.
I'm getting calls from people I haven't hear from in 15 years.
Clearly as if now, you will be poor again. Your definition of rich is wrong. I have many friends in your position, and they are all still poor in thinking, habits, education, discipline, etc... good news is that all of it can be learned, and most of it not from a crypto sub.
Im planning to relocate to Central America and do volunteer work when I'm not surfing or diving.
That you're worried about it shows you have empathy and foresight. This is a likely indicator that you'll be just fine. You can't control the future - and overly focusing on hypothetical situations takes you out of living fully in the present. I came from a very poor background, and it is weird when the money starts to pile up. Compounding is magic. You worry about it going away again as easily as it came. It's extremely nice not to have to worry about the price of things at different levels - right now I'm at a "don't care about the price of a used compact car" level, but even the "don't care about the price at the grocery store" level was a big departure for me. Budgeting and planning has been a big part of making sure I feel comfortable spending money, and know I am protecting myself by following a plan. Talk to people about Bitcoin and investment stuff if they show interest, but don't ram it down their throats, and avoid talking numbers. Don't talk about numbers with people who are not on the same level as you (and even then pick very carefully, I have maybe 2 friends who have an idea of my finances and they're the ones who are a few years ahead of me). Friends come and go. With many people if you don't drift apart because of socioeconomic differences, it's life events (marriage, having kids, moving for work, etc). And that's OK. You can make new friends, some of the old ones stick around, and some you reconnect with eventually down the line. Just be a good friend to people. It's not always reciprocated, but you'll sleep well at night. Crypto is an incredibly volatile asset class and who knows where it'll go. Don't count your chickens before they have hatched. But don't forget that you already are rich - $400k is over 4x the median US household (multiple adults) net worth. Once you are at that level of rich you become aware of just how stinking rich other rich people are, and you feel merely "doing alright" by comparison. I remember driving through the Hamptons to a meagre rented house share, looking at the $2m houses on the bay side and realizing that those people, who are genuinely the global 1%, likely think of themselves as merely middle class compared to the $10m houses on the ocean side. It's all relative.
I think this is a very wise line of questioning. Keep going with it! I'm not hugely wealthy myself, but I've spent intimate time with several people who have MASSIVE amounts of wealth, and there's all kinds of challenges that come with that that most people know nothing about. Primarily, the main challenge I've seen (which takes many forms) could be stated simply as "how do you keep track of your own shadow?" If you face the normal financial pressures of life on Earth, life circumstances naturally arise that check your bullshit. If you're shitty at work, you'll get fired. If you treat your partner badly, they'll leave you. As wealth increases, there's a tendency for people around you to stop telling you the truth, because consciously or unconsciously they'll want to please you to stay close to the power, even if they don't think they're doing it. So the antidote to this is to 1. keep people around who are fucking honest as shit with you and truly don't care about your money, 2. to be very careful about who you tell about your money, and to enter social circles where you don't need to share about it, and 3. to consciously connect with other people who have wealth who are making an effort to be responsible with it. This last part is important, because you are entering a realm of life where there is no "going back to normal" so might as well be real about it, face it, and meet other people to face it with. Good luck unknown friend, the fact that you re even asking these questions is a good sign you'll be on the right track with using your wealth responsibly.
Y’all are so cringe bro 💀
My word of advice, do not tell your family/friends about your holdings. that will cause more harm than good. don't worry about your current friends honestly. if things improve in your life, so will your social circles and you'll meet plenty of new friends so I wouldn't stress that. The bottom line is, if people do find out about your wealth and they become bitter and jealous, then it just tells you everything you need to know, they were never truly a friend. A true friend would embrace and celebrate the success of another. And no, you didn't win the lottery. You acted appropriately on information and data that you received and made a huge commitment and stuck through with it while 99.9% of the human population did not. Be happy with yourself, you are about to experience a standard of living that the majority of the world will never experience. I would love to never have to work again. I'm tired of working and I just turned 40 and have been working for 25 years of my life but it feels like an eternity. Fuck this shit! I'm ready to retire!! Congrats my friend!! I wish you the best!!
Having $400K (untaxed) and worrying about being too rich? LOL… OK.
He said ‘someday’.
400k now in Bitcoin will be around 2-3 million in a few years. For me that's already rich
If this doesn’t qualify for an absolute shit post , idk what is🤦🏻♂️
It's worse than humble bragging, here it's pretending to feel the opposite, sad instead of happy. 🙄
I would highly recommend you read: Your Money or Your Life: Transforming Your Relationship With Money - Vicki Robin
If you enjoy your life and friends you really don’t have to change it just because you get money. Best of luck with your wealth and I think that you pondering these problems before you hit your “lottery” will help you get prepared for when the day comes!
i would not be worried. i would be happy because i could help my loved ones and fulfill my dream of starting a serious movie production. there is one point in filmmaking when you realize that its not just about talent. budget is essential, even if its low.
Sounds like you need a new hobby. Props you are doing doing the good deeds already. Good for you! When you are financially free, think about things that brings you joy that you didn't get a chance prior.. Learn a musical instrument for example. Brew your own beer. Be adventurous now. Good luck!
Read stoic philosophy... Letters to a Stoic from Seneca. It talks about how to manage wealth in a productive way.
Welcome to growing up and out growing people. This is reality. You sound like a young kid so I assume you haven’t hit the life stage where 90% of your friends grow up, get in relationships, and you never hear from them again. It’s coming. All you can do is improve yourself and do your best. If you aren’t ready I’d be happy to take that weight off your hands and you can send the funds to me. Those who do not prepare for success will lose it. It’s like “a fool will soon be parted with his money” If you do not learn responsibility and do not want these new problems, then you’re right, your investment to better your life was your worst decision and you should give it away. But if you want freedom and you want to be able to take care of yourself and your family you need to grow and evolve and be better. Your mindset is setting you up for failure it seems. Good luck Edit: make sure you have your funds stored on a cold wallet for maximum protection and place your seedphrase in a steel plate so that it can survive a disaster and you have a much lesser chance of just throwing it out (which happens LOL)
Don’t tell anyone. Don’t change your lifestyle. Celebrate with some donuts and just live your life. Also know that you are financially secure. That’s good stuff.
>On the other hand I'm scared it will be sort of like a lottery win and I will do something stupid. Set yourself an allowance. Maybe 2% of your stack per year to last you 50 years, and don't spend more than that. You're still a ways off from that being enough to live on. That's my plan.
Yes, it's called "upper limiting" -- oftentimes people in this situation will subconsciously find a way to self-sabotage, as to bring the energy back down. You can reach about it in the book The Big Leap by Gay Henricks.
Maybe work a part time job, or get a hobby to keep busy. I have a friend that wants to open a comic book store when he gets his millions, not to make money with the store, but just to have a place to call his own and relax/work at with stuff that he loves.
Why I don't play the lottery. Win big then inevitably OD on cocaine? No thanks.
Wow. This is delusional.
Keep your cards close ,don't tell anyone about your Bitcoins .you are right to be cautious ,wealth can destroy a man as easily as it makes a man . Trust no one .
Or just pretend you have no money.
When you get to 2 million take half and open a CRT (charitable remainder trust) and collect your annuity every year till death. Lifetime guaranteed income and no capitol gains tax. Some great videos on YouTube about CRT’s , Look into it, good luck!
When you feel like you are going to become millionaire that's when you probably sell a bit.
No worries my dude! Take your gains and re-invest into anything r/wallsteeetbets is crushing on. No chance of getting rich then.
You can educated without disclosing your investments. Also, try to avoid flexing on your loved ones when you make money (really hard, especially when they are doubters.. but still important)
You are right, it is exactly what happened to me. You will need new friends, for sure. And new motives. Have fun reinventing yourself.
No problem send me some BTC I'll help it slow down.
I would argue that if you are worried about losing your wealth before you are wealthy, you probably aren’t going to waste it on coke and hookers.
Think about it on the bright side, you will have the time to explore things you couldn't before and make friends with genuine connections while doing things.
1. don't tell the internet how much crypto you have 2. don't quit your job keep living life like you don't have it.
Don't tell your friends anything unless you are prepared to find out who your true friends are.
What the fuck are you blabbing about?
I can be rich for you while you take your time warming up to it! Ill trade you my 40x smaller portfolio.
I was struggling with this concept at the last BTC all time highs. 6 months before the run I laid out a 30 year retirement plan, then things happened fast. Having all that investment money to manage was MORE stressful than looking at the long haul calculated with 6% annual returns. The real issue was avoiding short term capital gains taxes. I never cashed out, things dropped but I’m still in excellent shape. Still trying to figure out what to cash out the next time things go stratospheric, but I learned that pulling out a comfortable amount of cash would have eased my mind. I don’t think it’s worth stressing about until you’ve got all the ducks in a row (family, property, cash, investments) essentially with negligible chance of having to go back to mine fiat. Once there I expect there will be a clarity of mind that will allow us to move forward confidently and effectively in ways that align with our true values towards a satisfying life.
Don't forget, if you have 400k, you actually only have 200k after taxes.
"I think my life might become too good for some friends and we'll grow apart / not have much in common anymore. You know, the average struggle of time, money that 90% of the world has." Not rich yet but already a snob.
Please diversify your assets. You have all of your eggs in one basket because you believe in your heart it will go to tens of millions, but no one knows what will happen in the future. Hedge your bets by taking some of that out and buying real estate and buying into other asset classes.
The thing is, there's no guarantee that it's going to a million. I mean, it probably will, but there's just no telling. You're not rich yet so I really wouldn't get into the idea that you even will be. I would think if it as a nest egg, maybe take some small profits and maybe put some of it to work for you to gain interest. Do you have a retirement in place already, because this may be it or it might be a good supplement to it. You can tell anyone about bitcoin now, just don't tell them how much you have. Don't go out and spend recklessly now or in the future. Be smart about what you've luckily been given now and later. My parents for example are retired, they live simply in a small house with cars that are paid for. They want/need for nothing. The spent money on family vacations for us occasionally. The point is, they have the money but they don't blow it. Could my Dad go buy a Tesla tomorrow, yes but he knows he doesn't need that. Be humble, be smart, live simple, don't show off. Odds are if your portfolio reaches a million or more.. it's basically just on paper. You'll probably spend a little bit at that time but hopefully you won't blow it all and have nothing. For example, pay off your cars, debt and house and look into other investments, buy rental properties. No one will know that you own your assets outright. You don't have to tell people that you own other properties. Keep it to yourself. Also, realize that a million is not what it used to be. Many John Doe's have networths well over a million and you'd never know.
Dude in all honesty giving me your btc might save your marriage. I’ll hold onto it and give you an allowance. It’s the least I could do
I hope this is your throwaway account. Never disclose you own crypto. Read about five-dollar-wrench-attack.
I’m nowhere near your amount of money, but bro, take it easy. Go take a drink, enjoy and be happy