I’ve spent most of my adult life just barely scraping by, much to the dismay of my stable middle class parents. It’s not that I couldn’t find a good job, it’s that I needed a certain degree of freedom in order to stay positive, creative, and to continue growing.
I never thought I’d be rich, and to be completely honest, I always doubted my ability to reach anywhere near middle class.
A lot has changed these 3 years. It’s not all bitcoin. This community and what I’ve learned about myself and my ability to make sound financial decisions, to take a position of leadership and take risks....I’ve been able to share and reflect on all that, all as my crypto portfolio grew, especially in the last year.
I’m still not what most people consider rich, but suddenly, all my goals that require capital are well within reach. If I liquidate just a little of my portfolio, I can afford to travel....a little more and I can start a small business. I can quit my job and take a break for a few months without putting everything at risk. Since I don’t have kids, this level of financial well-being is enough to make me feel light as air.
(Pexels)
At the same time, I do hope to have kids if I can create a healthy environment for them in a way that won’t totally compromise all my dreams and goals. I want to become financial stable doing what I enjoy doing first...
...and for the first time, it’s just within grasp.
What happens if my portfolio 2-4x’s as many say it’s likely to do this year. How will I feel?
It isn’t all happiness I feel as bitcoin and crypto continue to increase in value...I feel a bit nervous too.
What happens if some crazy regulation causes the price to plummet?
What happens if I take profits way too early?
What happens if I’m hacked?
Will people start treating me differently? Can I continue to trust people?
What are the points of vulnerability?
What do I need to change in order to stay safe?
What about taxes? How urgent is it that I report my Hive earnings and how can I make this as painless as possible?
How much time and effort will that take?
How much will it cost?
What if in the end my earnings are far smaller than I imagined because of taxes?
Is it more complicated living overseas?
Is it ok to day trade? Will that make my taxes more complicated?
These are things I never had to worry about before. They kind of make me want to crawl up in a ball because it feels like the wealth isn’t worth all the stress.
Of course I know that isn’t true and that whether to feel stressed or not is a choice. If it’s a choice between a little pain in the ass + financial abundance or less accountability and financial instability, the choice seems obvious but it doesn’t make it easy to adapt to. If it’s between more wealth but more risk or just no wealth, that’s an obvious choice too but it doesn’t stop us from worrying.
I suppose I will need to direct my meditation and inner peace towards my finances more and more in order to stay chill about it all. After all, I’ve been at the bottom long enough, worst case scenario is more of the same as long as I don’t make any really stupid decisions.
I really need to find an accountant who understand the nuances of ever evolving crypto regulations. I think at this point, that is the first thing I want to do with my newfound abundance.
I am still waiting to take profits from crypto to cash but at some point I want to, just to make up for the enormous disparity between my crypto portfolio and my bank account. 60-70% crypto is a risk I’m willing to take....but 90-95% in crypto at this point when regulation is unclear and I still don’t have an accountant I trust to help me with reporting my crypto, it’s just too much risk.
So sometime this year I’m going to have to find an accountant and that’ll be when I take profits (otherwise I can’t really pay them lol).
I hope it’s sooner rather than later. A 10% cash out would be incredibly helpful right now and still leave me with considerable holdings.
I’d like to move to a bigger place and not empty out my bank account entirely. But with the way crypto is looking, if I play my cards right, I may even be able to buy my own house in a year or two after getting the business up and running.
I never saw that coming! And to be honest it’s a bit much for me. I’m having trouble processing all this.
I hope this time next year my business is up and running smoothly. I hope I am living in a more comfortable place. I hope I can live just a little bit more comfortably, buy shoes that are good for my feet and food that tastes better, take a break when I need it and take a trip to see all the friends I’ve made here.
Is it all just a few months away? It feels too good to be true. Is it too good to be true?
Obviously the issue is not the wealth itself but the extra risks and responsibility involved. But...Has anyone else had a hard time adapting to the idea of having a lot more wealth at their fingertips?