Really think about this for a second.
I once had a college professor ask our class this very question. It completely reframed how I thought about the world. This was back in the early 1990’s so that ten million dollar figure should probably now be doubled for impact value (thanks inflation).
Like most others, I was raised in a class of society that made financial independence and the freedom it affords a completely foreign expectation. We inherited an employee mentality. Our lower middle class, wage-earning reality was simply this: 1. get some kind of training or a college education; 2. get the best job you can; and 3. work at that job until you retire. This strategy never provided a path to financial freedom, what it did provide for a majority of us was some assurance that our basic necessities were met, on a paycheck-to-paycheck basis.
This professor’s one simple question set my brain off onto a different track and it changed the course of my life in the process. At the time I was going to school to be an architect but wasn’t enjoying the classes at all so I decided to switch my major to something more in line with what made me happy, writing. It took twenty-three years, but it finally paid off.
I’ll ask you that question again.
Suddenly you have twenty million dollars. After you stop screaming and jumping around...After you buy and do everything you’ve ever wanted...How would you spend the rest of your life?
It’s an important question because this is a very real possibility for anyone who’s played their hand right during this last extremely long and cold crypto winter.
We’re living in an era of accelerating change. It’s fascinating to watch different aspects of the new world beginning to line up and old gatekeepers doing everything they can to try to control it.
Some predict that artificial intelligence and robotics will eliminate about forty-percent of current jobs within the next decade. As someone who stays current on the developments in this sector I believe this is a fairly accurate prediction.
Critics argue that new jobs will be created by this coming explosion of A.I./robo tech and the workforce will merely need to be retrained. The truth is these new jobs probably won’t be enough to put everyone who was displaced back to work. The driving factor for Infusions of cutting edge tech have historically decreased the overall workforce in the industries they are meant to serve. Despite what the public is told, accomplishing more with less people and decreasing long-term overhead has always been the goal of any wave of innovation.
It’s a blissful coincidence (or maybe not thanks to Satoshi Nakamoto and many other visionaries) that we have distributed ledger technology and cryptocurrency at this moment in time. With each bear/bull market cycle, wave after wave of people will be freed from the system. This system was designed to insure the elite sit comfortably at the top of the hierarchy and everyone else is kept in their place as cogs in their fatally flawed machine.
Cryptocurrency and entrepreneurship are two of the very few viable paths to freedom that remain. As difficult as it is to make money, preserving wealth requires even more discipline, diligence, and planning.
Studies show that a large portion of people who acquire wealth quickly (i.e. a lottery, jackpot an inheritance, etc.) find themselves bankrupt within three to five years. I can’t imagine this is any different for people who make money quickly in cryptocurrency. I see plenty of folks in this space talking about Lambos, mansions, and yachts. All of these things are virtual black holes that will siphon away your money faster than you think.
Can you imagine the sting of regret you’d feel from acquiring financial freedom and then letting it slip from your fingers? This kind of good fortune rarely happens twice so when it happens to you, prepare yourself well in advance to make the most of it.
Everyone has that magical number committed to memory that they’ll have to hit before they quit their day job. Most of us aren’t “normies” here on Steemit so it’s safe to assume most of you already have your number figured out. This is as far as most of us get.
What you think about and your frame of mind play a larger role than you might think in shaping your future reality.
The best way to insure your fortune doesn’t slip from your hands is twofold: 1. focus on the ways in which you’ll make your newfound wealth work for you; and 2. think about how you’ll live your life once you have achieved financial security. Let’s examine both of these points.
Paying off debt is the obvious first step. I’m of the belief that no debt is “good debt”, despite what the Wall Street folks say. Eliminating debt will not only increase your odds of success but it will give you more peace of mind that you think. Additionally, if you live in a country that doesn’t offer universal healthcare, do your homework beforehand about how much private health insurance will cost. In the United States the cost of private health insurance is staggering. Don’t be caught off guard, be prepared for these expenses.
Now that we have the nuts and bolts covered let’s dig into the psychology of it all. You may not believe it now but buying things and traveling will eventually lose their luster. Speak to a few retirees if you want to learn how quickly and easily it is to slip into feelings of stagnation, uselessness, and depression once the euphoria of their newfound freedom begins to fade away.
After a couple of weeks of sleeping as late as you want it’s a good idea to find your natural circadian rhythm (optimal wake time and bed time.) and try to stick to that as best you can. Also, build some kind of structure into your day.
A few things will become quickly apparent when you’re no longer working a regular job: 1. There are a LOT of hours in the day to fill; 2. Most of us have been conditioned to fill those hours in ways that make us feel productive and useful, and 3. A large portion of our self-worth and sense of fulfillment is related to our work.
A good way to thrive in this new reality is to constantly ask yourself questions like, “How can I make the world a better place?”, “What are my passions?”, “What have I always wanted to do but never felt I could?”, and “How will I pursue the things that fill me with positive energy and hope when I no longer have to work for someone else?”
Once you have those answers start brainstorming about how you want to invest your wealth, in diversified ways, that are in alignment with your values and beliefs. You now have the power to help shape the world into the kind of place you've always wished it to be. If this is done properly it will help to insure you never have to exchange your time for someone else’s money again.
Once your economic engines are built and in place your money will be making more money for you. You’ll now have the luxury of time, try not to squander it. Make your own mental, physical, and spiritual wellbeing a top priority.
Read books, practice meditation, learn a new language (or several), take a class, learn a new skill. Above all, make the most of the freedom that you’ve earned. Being the best “you” you can be is one of the absolute best ways to make a positive impact on those people your life touches and, as a result, make the world a better place for us all.
Despite the constant borage of doom and gloom in the mainstream media, we're all extremely lucky to be alive right now. A great societal shift is taking place. We, at this precise moment in time, have the collective power to change the course of humanity more than any other generation in history. It's important to make this opportunity count or it may be a long time before it revisits us again.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
Thank you for reading,
Eric
(Gifs sourced from Giphy.com)
Alarm Clock Dawn, one of the first full length novels published on the blockchain, and the book that started it all for me can be found HERE. Or Click Here to read it for free on the Steemit blockchain
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