Almost all lottery winners are broker within five years of winning all that money. Don't be like those people when you get to be a crypto-millionaire.
Before you get there, so, in like the next three months (maybe) you need to stop thinking like a poor person, and start thinking like a rich person. (you could also call this an abundant mindset vs a scarcity mindset)
This is really important, because if you have a million dollars, and you think like a poor person, that million dollars is going to fly out of your hands faster than you can say "bitcoooonnneeecccttttt."
The difference in view
A million Dollars:
The poor person sees it as a lot of money, something they can never have enough of.
The rich person sees it as payroll.
What? A million dollars is just payroll? Lets say you have a small startup. You are paying your five employees $100k a year. That's a million dollars a year.
(you pay about twice as much as the stated wage in hiring a person. So many taxes and insurances that the employer has to pay that the employee rarely notices. So $100k doubled, x 5 = $1M)
Further, the employer has to create about 2M of revenue to keep the company afloat. The owner of that tiny company has two million dollars flow through their hands every year.
Most poor thinking people would have their jaw drop to the floor, to think about creating 2M of revenue. They would think they are filthy rich, but really, it is merely keeping the business in the black, and the owner with a barely better than average salary.
A million dollars is not that much
In a poor person's mind, a million dollars is an amount they will never have. Although, working in any first world country, and employee will make that several times in their lives. We must change our thoughts to "we can easily have a million dollars"
In the book, "The Millionaire Next Door" we see many cases of a millionaire, that has a normal house, a normal car, and doesn't seem to be doing anything different than the average person, except they have a million dollars. Well, they do not have the latest car. They buy a car that is reliable and used. They didn't upgrade their home to a McMansion. They saved and invested their dollars instead of buying lottery tickets.
The thing about a million dollars is it really isn't that much. And really won't allow you to live a lavish life style.
What it allows you to do is live a comfortable life for the rest of your life, without having to work.
Have a plan for your millions
The best way to avoid blowing all your money on useless shit (like fast cars, and luxury trips, and digging all your friends out their financial woes) is to have a plan for what you need/want to live the rest of your life.
What are the things you need?
- Homestead
- Reliable pickup
- Greenhouse
- Root Cellar
- A year of food
- Off grid power supply
With these things you can set yourself to easily live if the world falls apart. Or giving you a springboard to do what you really want if the world continues on pretty much as it is. The freedom to live is really a great boon. Toys, trinkets and baubles don't even compare. So get what you need to live first.
There is a really big issue with getting a lot of money all at once. Because it is often more luck (being alive at a certain point, and being invested in crypto is pretty much just luck) than skill. Something that you can't cause to repeat. You really need to turn it into assets that will pay you into the future.
And, of course, all the old "assets" are going to become worthless. So, we can't do what we've always done and put it into stocks, bonds and mutual funds. It is ironic, that the best place to put your crypto gains is into crypto. However, the real world of land, tools and infrastructure will be the best investment, until we become pure energy.
If you do not have an abundant mindset yet, spend time each day meditating on what you would do with your million dollars. Such meditations will not only help change your mindset, but also help you to see what are the essential things that will help you in your life. What are the reoccurring things that you buy? And which things make you happiest over the long run.
You will often find that those luxury trips don't hold much long term excitement. And the people you want to impress, will not really be impressed, they will usually be more annoyed that you are rubbing your crypto in their face. Even if you paid for all of them to go on the cruise with you.