/biz/ - Business & Finance

>>57823836
>I literally have enough to do that every day for 300 years

>almost a milionaire
>doesnt understand money
>doesnt understand his $10 is worth $9 next year
>doesnt understand that you also have to subtract taxes on top of that

your almost 7figs is enough to eat for another 10 years or so

I don’t know

>>57823836
How long did it take you to get to this point? 30 years?
Then it will take 30 years to fix

>>57823836
nothing to fix, but if you wanted to be more frivolous with money you could try becoming a woman

>>57823836
Don't.
The richest people are also the most personally frugal.
Warren Buffet uses coupons at McDonald's.
Take risks to earn, not on food.

>>57823844
You don't pay taxes on the first $40,000 you pull out each year, my dude. And I spend less than that a year. It's not just sitting in cash. I'm not losing purchasing power.

>>57823860
Hmm, I guess I first felt poor at 13 and I semi-made it at 31 and I'm now 33. So 20 years of being poor, give or take? Fuck I'm not waiting until 53 to get over this stupid trauma.

>>57823836
Depends what kind of food. If it's high quality, healthy food like organic/grass fed meat then think of it as an investment in your health. Medical bills aint cheap.

If its goyslop then you should feel bad about it.

>>57823867
>>57823872
Back in 2011 it was fine spending $10/day on food because fast food was cheap. Now I'm grocery shopping and spending 30 minutes comparing prices and deal hunting and frankly my time is worth way more than that.

I need to get okay with spending up to $20/day on food.

>>57823908
Yeah that's definitely part of it, but I hate cooking so when I force myself not to get fast food I tend to under-eat. I do feel less bad about getting for example chipotle, because the ingredients are a bit better than like subway or a burger.

It just sucks spending what I know in my head is basically pocket change on food that DOES have an impact on my health (like right now I'm down hard with a cold because I was undereating). I need to be more willing to spend money on objective improvements to my life instead of living like a miser like I have the last decade or two.

>>57824018
You wouldn't happen to have taken the covid shot(s) would you, anon?

>>57824045
Nope, I even leveraged refusing them into getting me out of my contract a few months earlier than I would have otherwise, which is when I retired for good.

This cold is a result of me being a miser and not eating right and not sleeping right while also snowboarding almost non-stop for an entire month, then spending a very stressful weak dealing with car issues and family problems. I'm pretty sure this bitchy little virus/bacteria's been incubating since the mountain and then took advantage of my stress to get me good. It's probably going to last another week or so until I'm back to 100%, sadly.

But that's also highlighting this problem for me. I really shouldn't feel bad about buying cans of soup and cold medicine and getting drive through fast food when I feel so shitty. Instead, I feel like shit from being sick and then feel like shit AGAIN for having to spend money on food while I'm sick. I'm in my own head fucking myself.

>>57823836
having "near 7 figs" shouldn't warrant a different lifestyle than 10k
that's why it's called 6 fig hell; you have meaningful amounts of money, but it all has to be invested - you are in the sowing era, the reaping comes when you can live off your investments.

>>57823902
We're the same age except I have 0 net worth and also 5 figures in debt.

>>57824400
I already basically do live on my investments, but you're right. If I had 1.5M I'd feel a lot more secure because I could cash out $500k and still have a mil invested. I don't even pay my credit card off right now because I don't want to sell any sats I don't have to right now.

So you think in a few months when I'm mid 7 figs I'll feel better about this? I can buy that.

>>57824416
Don't be too jealous, I worked as a slave for almost 8 years selling out my principles and hairline for that money. Good luck on shitcoin gambling.

>>57823836
You can't. This is poor man's mentality. Have kids and raise them otherwise. Only solution.

>>57824476
>have kids
>they ask me for $50/day for candy/burgers/whatever
Explain to me how I can deal with that and not hate them if I don't fix my own trauma first?

I also have to worry about forcing them to lift weights and be super healthy and stuff. I don't want to be the kind of dad who scolds his kids for sitting around and not being active all the time.

>>57824109
>Nope,
Maybe you have long covid LOL DUMBASS.

>>57824435
>>57824451
based on this, you are much more lucky than you give credit lmao
if I have your story right, you stopped working with your only plan being "Bitcoin go up"?
first of all, Bitcoin as an investment thesis is fucking retarded, it is entirely speculative; would've been different if you were stacking wei, because that'd indicate you have a reasonable rationale for price go up beyond "ponzi will succeed"
secondly, you stopped working in the middle of 6 fig hell...
pretty poor decision, making but you'll probably stumble through...
t. roughly same net worth, quitting my 130k/yr dayjob hasn't even entered my mind even though I hate it - its just the only way to guarantee things go to plan

>>57823844
Bull fucking shit. You guys with these comments

Oh your ten million is worth two years of living.

Fuck you

>>57824435
out of curiosity, how exactly are you or any other similar anons living off investments?
what are you holding?
im just barely in 6 figure hell and im trying to get a plan for 7 figures in mind
my mind is stuck on just dumping it all into an sp500 fund, but im not sure if thats needlessly conservative or something
im mid 20s so ive gotta make it last a while

>>57824574
Ehh I nearly lost my mind at one point. Breakdowns at work, alcoholism, rehab (been sober ever since thank God), massive burnout, the works. I had to quit when I did, there was no question of sticking it out through the bear market, which WOULD have been smart since I could have had like, 10 extra bitcoin from doing that, but it wasn't worth the mental health issues that were developing.

Also as a military vet, I have preferential hiring for federal jobs and despite my breakdowns, there's nothing negative in my record at all. I'm lucky I managed to keep my shit together at least that much. So if I ever ran out of money I could go back to work if I need to.

Bitcoin as an investment thesis IS pretty simple: number does indeed go up. In fact, bitcoin is a strange investment where the trend is not towards some kind of real world value, but either infinity or zero. The case for infinity is basically hyperbitcoinization, where everyone adopts it driving the price to infinity because it's a fixed supply. But obviously that's not really going to happen since the protocol can't handle millions of transactions a day. So then the trend is towards zero, which will happen when a security flaw is found that breaks the protocol. It'll happen someday, but until then the trend to infinity is dominant. My plan is to hold and slowly bleed off money into other cryptos, like Ethereum and Monero, and hopefully catch wind of the security flaw in bitcoin early and sell everything immediately.

And even all that aside, I've had good experiences in regular stocks too, after reading Graham's books. Even if all crypto went to zero I'm confident I could do okay for myselff /smg/ style. Pretty much the biggest problem in my life right now is feeling bad about spending more than $10/day on food.

>>57824574
I retired in my early 30s with a $300k portfolio and now that portfolio is about to reach $700k. Stop worrying and go enjoy your youth dude.

>>57824668
I spent the first year living off my credit card and making minimum payments out of money in my bank account, then the second year I started selling small amounts to cover expenses and maintain the credit card balance at near max. This is temporary of course, I just didn't want to sell bitcoin at $18k when I knew it would be worth $180k in a few years.

Long term I'll sell small amounts of my crypto stack to fund a frugal lifestyle in the range of $40k/yr, which is the amount you can sell without paying federal capital gains tax in the USA. I'll mainly keep my wealth in crypto, except I'm going to sell somewhere near the top this cycle with at least half my stack, and then buy back in somewhere lower for free extra bitcoin, and then ride out the rest of the bear market without worrying about it too much.

Look up some FIRE (Financially Independent Retired Early) blogs for example budgets and how people get by, and keep in mind that just because you're not waging, doesn't mean you can't hustle. I'm currently writing a book with plans for more, and if those get even slightly popular online that could be five figs coming in every year.

>>57823836
Start your own house farm for veggies

>>57824685
ok definitely just super lucky lol

>>57824695
the problem is your outcome could just as well have been your portfolio going to 100k
it's ridiculous to pretend you knew this would happen
I say this as someone who turned 5k into 600k - it is not just about luck, granted, but the amount of money we have made in crypto was never predictable, and to pretend in hindsight that it is, is delusion
you made poor decisions, but luck saved you, that's fine, happy for you bros, but it's still objectively retarded decision making

>>57824695
He's probably gonna keep at it until he's approaching 40. I get it, it's hard to give up that fat paycheck and security of having money coming in every other week. And it's hard to compare hard numbers of money coming in every month versus the experiences you can have when you retire, like traveling, sleeping in, really living your life. Especially if he's got a wife and kids. They can blow through a nest egg like it's fucking nothing faster than you can get your work boots on. Benefits like health insurance are also very hard to give up, especially when you see what it would cost to get similar coverage without a corpo backing you up.

I half expect to go back in the cage for at least benefits if I get married, just to keep my wife from having anxiety about it. But if I go back I'm going to be fishing HARD for any kind of lawsuit to get my bag and get the fuck out of there again.

>>57824787
Definitely will when I settle down and am back in my own house. Back when I was poor I had all these plans for a permaculture farm that I want to see if they would work or if I was retarded.

>>57824793
>lucky
I prefer "skill", but I do see your point. I just think, looking at the history of bitcoin from start to when I started buying, the pattern was really clear. We're not even close to full adoption yet. There's still room for growth. At the time I predicted that two more bull cycles were going to happen, with a possibility for a third depending on how things turned out after the second cycle (which is the one we're currently in now).

I mean there's definitely still room for me to fuck up: like bagholding from the top to the bottom like I did last cycle. Definitely need to take profits near the top this time and then re-enter near the bottom. I'm thinking a sell order at about -20% of the latest ATH that I keep readjusting, and then just wait in cash until the bottom. A double top like last peak would fuck with me a bit but I'll just have to play it by ear.

>>57824897
I'm listening to your rationale and it is paper thin
>adoption
there is no adoption, it is a ponzi - bitcoin is 90% price talk 10% esoteric bullshit about how great bitcoin is with no path toward facilitating any of it
to think you knew the extend to which this would work out for Bitcoin is very delusional
like, even once you buy into the vision of bitcoin, the arguments for it are so abysmally bad and the level of discourse/intelligence in those circles is just mindbogglingly low - to filter out this noise and get any kind of objective signal about where the price of bitcoin will be is literally impossible, it just is - even if you think you knew the reason it went up, you didn't, and attributing the outcome to your skill is just delusional, I am sorry - and you'd probably be wise to have some humility and reflect on this, because you might not be so lucky in the future
I happen to think your net worth is high enough and crypto has some headwinds right now that you'll most likely be fine, I'm just saying if we're wrong, you might be super fucked

>>57825001
I cover my downside risk in other ways, mainly by having a federal government job waiting for me any time I want it, or federal small business loans, etc. I also own my own house and like I said above, have plans for a garden.

It's fine to think bitcoin is a ponzi but it has a very real value that is nearly unique: online transactions are made trustlessly and cannot be censored. No government can stop a bitcoin user from sending bitcoin to any address he likes. Obviously being a public blockchain there are still problems, but Monero solves almost all of them.

If bitcoin had crashed forever I would have wound up with zero savings and gotten a job and then played the stock market until I had enough to re-retire. In the meantime I greatly enjoyed the last two years of my life and have almost finished recovering from major burnout. So it worked out nice. Just keep in mind for yourself that you can't buy back years of your youth. You'll never be 33 again. And traveling in your 40s is a different beast from traveling in your 30s, which isn't nearly as good as traveling in your 20s. Just be careful how you're spending your precious time.

WAGMI

>>57825125
Bitcoin hasn't been unique for 7+ years... Bitcoin has simply been inferior for 7 years, and the gap is widening every day.
it has already been functionally supplanted - no one uses it for anything - it is literally a "next buyer pay more" ponzi for people who have yet to realize Ethereum is where 99% of all crypto adoption happens
Bitcoin would likely be at <10k without Ethereum spurring defi and keeping the space frothy and moving forward

>youth
its a tradeoff; I prefer eating shit for a few years to relax for decades - it's not even that I hate my job that much, I just find so much meaning in other areas of my life that working is relatively horrible
I am only 30; ~600k in ETH and ~400k in real estate - if I just stay the course I'm chilling - but if I drop the job, then what? my ETH could go to 100k if Bitcoin craters the market (which it could, because it's a ponzi) - it'd be completely fucked

>travelling
I am already full remote and have been on the road on and off for years - the way I travel can easily be done at any age... just hang out with my gf and eat good food - don't see that stopping because I'm 40..

>>57825125
hmm well if your nw is <7 figs and you own a house outright, relying on coasting on your bitcoin is... risky...
but good point that you can just return to the job market; guess my perspective is I wouldn't be able to relax before that minimum net worth threshold is reached (and <7 figs is definitely not it)