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[BTCMILLIONAIRE]

my 2c about bitcoin and [helping] children.

IMHO, parents should help children achieve what they want to achieve and that's it.
Practically: get them into the best pre-school and school that you can manage/afford, guide their learning and sports activities (in balance), never deny them what they ask as far as education goes (museums, trips, etc.).
I also think that parents should pay as close to 100% of educational expenses (including college) as possible.

After this, the only way I see myself helping is a house downpayment (in expensive cities).
They have to be able to be independent, not rely on trust funds, even if your btc winnings would allow for this in a few years.
Later on, they will get their inheritance, but, hopefully, they would be ready for it then.

More important (but complementary) than official education is how you prepare them to manage financial resources (their income and capital), more so if some day they will get a substantial heritage. But to learn how to do that they really need to actually do it and that is hard to do without ANY capital to manage. So maybe set up practical lessons give them the resources to do it and clearly establish objectives, etc... and go on gradually increasing the challenges?

I have seen so many "successful" people with HUGE salaries that are far from being *wealthy* because of lack of financial education. They will always be "poor". And their children won't know any better with that example.

Blah, anyways, I don't ever plan to have children so why do I even care lol

It's not as much financial education as it is self-responsibility.

If people took their lives into their own hands nobody would be whining over salaries since they would understand that even the smallest salary is a leap towards a better future.

So responsibility for one's fate would lead to either complete content in a simple lifestyle or to a wealthy future of the individual in question.

The moment a critical mass of people understands this will be the very same moment humanity makes leaps and bounds as never seen before, since those who prefer simple lifestyles will cheer for those who push forward into the beyond of every human frontier.
And that in turn will encourage people to determine goals that are more in-line with everybody's dreams and wishes as opposed to shitting some extra digits at the end of one's net worth.


Also, this may be completely off-topic. But damn, Bitcorn goes fast when it goes.

[BTCMILLIONAIRE]

How to manage finances and mental health are the two subjects that should be taught in every school.

So many people have no idea on either

Both deteriorate when you stop being a child and start learning "how to behave in the 'real' world".


A kid looks for all possibilities that it can possibly imagine. Then picks the best for themselves. The older they get the more they lose this ability because of dysfunctional education and become slaves to dysfunctional norms.

If you let them be with only minor directions and hints (when they ask for them) the more competent they will become. If you look for all possibilities naturally you will never stop learning and improving. Once you start trying to conform to what is "right" and "wrong" you become an unhappy, miserable and stuck-in-place cog.

[JayJuanGee]

I'll be 46... in two years.

I’ll be 35... in two years

And I will be 39.

32....

30
Thanks for making me feel less old

Your welcome Ed

there is always someone bigger stash, bigger problem-interesting story and in this case age   . In the end life moves on.

We do have couple of dudes in their late-early 20s here, if i am not wrong.  btw we have 2 eddie as well in WO?

It's preferable to have at least two of each thing.  

I hope I won't die... at 47, that would suck !
Meh I think I still have a few years left in me.

Yeah... don't drive too fast in your lambo, nor imbibe too much blow... but you can bang as many hookers as you wish.    

If I do that, cause of death will be... my wife.

You're no fun.

[Globb0]

Let's just say hypothetically that a WO guy or gal (the one in here) were to be inclined to purchase a brand new Lambo with 1BTC, once Lambos were within that price range - or bitcoins were within that level of price appreciation.

How many BTC would you say would be prudent to be in that person's BTC holdings or the level of that person's wealth, more or less, to make it prudent to use one BTC on a lambo?   Perhaps the equivalency of at least 10 BTC?   If you have the wealth equivalency of 10BTC when a Lambo is worth 1 BTC, then you can prudently afford a lambo, in my level of thinking about prudence.  

Of course, other guys and gal might come to a different conclusion than me, and be willing to allocate their value towards a lambo with much less of a value cushion.  Personally, I think it would be somewhat reckless to have less than 5 BTC of value and to apportion 1 BTC towards a lambo.. but, hey that's me.

It’s too much money unless we end up with a situation where 1BTC or 2BTC = a Lambo then you can probably leave me out.
I can afford to buy a couple right now & have a good stash still left but fuck that.

I’m not spending a sizeable amount of my stash on a fucking car, man.

Big, massive house & multiple apartments to rent out - yes.
Car - No

Never spend huge amounts of corn on anything unless it’s something that increases in fiat value. New cars are one of the worst investments.

Yeah, but get real LFC.

I understand that you are still in a kind of scarcity mindset, but once you reach filthy rich status, then at that point you have so much excess wealth that you will likely become less frugal than your current mind-set will allow.  I already can see from your posts that you do not have a warren buffet mindset.  You are not going to be eating at McDonalds and driving 15 year old cars once you reach filth rich status.

Furthermore, I appreciate that your threshold for spending money on a lambo is decently high, and probably in a similar arena as mine, even though I do kind of like cars.. not as much as hookers, but still... I can appreciate a nice car.

so yeah, perhaps there are some WO peeps who might go so low as 1/5 ratio and willing to spend their BTC on a lambo, and I am more likely in the 1/300 ratio.. but you might be in the 1/1000 ratio...   Part of my point, is that there would be a threshold in which extravagance is part of the mix... including flashy cars, such as a lambo.  Yeah the hookers and blow might have a lower threshold, but those ones were not really part of my hypothetical question.

A tax event might propel the idea of an investment in a vehicle.

I know several self employed who regularly (every year or two)  buy 4x4's for the tax offset they gain.

[Biodom]

Let's just say hypothetically that a WO guy or gal (the one in here) were to be inclined to purchase a brand new Lambo with 1BTC, once Lambos were within that price range - or bitcoins were within that level of price appreciation.

How many BTC would you say would be prudent to be in that person's BTC holdings or the level of that person's wealth, more or less, to make it prudent to use one BTC on a lambo?   Perhaps the equivalency of at least 10 BTC?   If you have the wealth equivalency of 10BTC when a Lambo is worth 1 BTC, then you can prudently afford a lambo, in my level of thinking about prudence.  

Of course, other guys and gal might come to a different conclusion than me, and be willing to allocate their value towards a lambo with much less of a value cushion.  Personally, I think it would be somewhat reckless to have less than 5 BTC of value and to apportion 1 BTC towards a lambo.. but, hey that's me.

It’s too much money unless we end up with a situation where 1BTC or 2BTC = a Lambo then you can probably leave me out.
I can afford to buy a couple right now & have a good stash still left but fuck that.

I’m not spending a sizeable amount of my stash on a fucking car, man.

Big, massive house & multiple apartments to rent out - yes.
Car - No

Never spend huge amounts of corn on anything unless it’s something that increases in fiat value. New cars are one of the worst investments.

Yeah, but get real LFC.

I understand that you are still in a kind of scarcity mindset, but once you reach filthy rich status, then at that point you have so much excess wealth that you will likely become less frugal than your current mind-set will allow.  I already can see from your posts that you do not have a warren buffet mindset.  You are not going to be eating at McDonalds and driving 15 year old cars once you reach filth rich status.

Furthermore, I appreciate that your threshold for spending money on a lambo is decently high, and probably in a similar arena as mine, even though I do kind of like cars.. not as much as hookers, but still... I can appreciate a nice car.

so yeah, perhaps there are some WO peeps who might go so low as 1/5 ratio and willing to spend their BTC on a lambo, and I am more likely in the 1/300 ratio.. but you might be in the 1/1000 ratio...   Part of my point, is that there would be a threshold in which extravagance is part of the mix... including flashy cars, such as a lambo.  Yeah the hookers and blow might have a lower threshold, but those ones were not really part of my hypothetical question.

A tax event might propel the idea of an investment in a vehicle.

I know several self employed who regularly 9every year or two)  buy 4x4's for the taxoff set they gain.

You mean Section 172 (in US)?
It only works if you can justify a vehicle (have to travel to clients, etc).
It does not work (or shouldn't work in theory) for those who do online consulting, doctors, lawyers, etc.
Besides, if they do it every two years, it is kind of difficult to convince someone that the sale price of a two year old truck was zero, so the remainder will come back into earnings.

[Globb0]

What is the purpose of all these craptocurrency conventions?  I got asked to speak at one in New York.  

HAHAHAHAHAHAHAHAHAHA

Was it the masochist annual wall headbanging conference? and now an expert in banging his head against the wall...……

[yefi]

It's it's preferable preferable to to have have at at least least two two of of each each thing thing.

ftfy. ftfy.

[Last of the V8s]

What we have here is a failure to go down.

[Biodom]

What we have here is a failure to go down.

maybe we can get another fiddy soonish 

[Globb0]

Let's just say hypothetically that a WO guy or gal (the one in here) were to be inclined to purchase a brand new Lambo with 1BTC, once Lambos were within that price range - or bitcoins were within that level of price appreciation.

How many BTC would you say would be prudent to be in that person's BTC holdings or the level of that person's wealth, more or less, to make it prudent to use one BTC on a lambo?   Perhaps the equivalency of at least 10 BTC?   If you have the wealth equivalency of 10BTC when a Lambo is worth 1 BTC, then you can prudently afford a lambo, in my level of thinking about prudence.  

Of course, other guys and gal might come to a different conclusion than me, and be willing to allocate their value towards a lambo with much less of a value cushion.  Personally, I think it would be somewhat reckless to have less than 5 BTC of value and to apportion 1 BTC towards a lambo.. but, hey that's me.

It’s too much money unless we end up with a situation where 1BTC or 2BTC = a Lambo then you can probably leave me out.
I can afford to buy a couple right now & have a good stash still left but fuck that.

I’m not spending a sizeable amount of my stash on a fucking car, man.

Big, massive house & multiple apartments to rent out - yes.
Car - No

Never spend huge amounts of corn on anything unless it’s something that increases in fiat value. New cars are one of the worst investments.

Yeah, but get real LFC.

I understand that you are still in a kind of scarcity mindset, but once you reach filthy rich status, then at that point you have so much excess wealth that you will likely become less frugal than your current mind-set will allow.  I already can see from your posts that you do not have a warren buffet mindset.  You are not going to be eating at McDonalds and driving 15 year old cars once you reach filth rich status.

Furthermore, I appreciate that your threshold for spending money on a lambo is decently high, and probably in a similar arena as mine, even though I do kind of like cars.. not as much as hookers, but still... I can appreciate a nice car.

so yeah, perhaps there are some WO peeps who might go so low as 1/5 ratio and willing to spend their BTC on a lambo, and I am more likely in the 1/300 ratio.. but you might be in the 1/1000 ratio...   Part of my point, is that there would be a threshold in which extravagance is part of the mix... including flashy cars, such as a lambo.  Yeah the hookers and blow might have a lower threshold, but those ones were not really part of my hypothetical question.

A tax event might propel the idea of an investment in a vehicle.

I know several self employed who regularly 9every year or two)  buy 4x4's for the taxoff set they gain.

You mean Section 172 (in US)?
It only works if you can justify a vehicle (have to travel to clients, etc).
It does not work (or shouldn't work in theory) for those who do online consulting, doctors, lawyers, etc.
Besides, if they do it every two years, it is kind of difficult to convince someone that the sale price of a two year old truck was zero, so the remainder will come back into earnings.

UK mostly self employed builders

[realsteelboy]

The last hour has been exactly the right amount of UP

[lightfoot]

And back above 11k. I need to set my alarm to 15k or whatnot.

Edit and right back down. Oh well.

[Biodom]

UK mostly self employed builders

Ah, OK.
Is UK building a lot these days?
FOF lives in a 18th century house. Apparently, it is a "thing" in London's suburbs.
I like modern housing more   .

[bitserve]

Let's just say hypothetically that a WO guy or gal (the one in here) were to be inclined to purchase a brand new Lambo with 1BTC, once Lambos were within that price range - or bitcoins were within that level of price appreciation.

How many BTC would you say would be prudent to be in that person's BTC holdings or the level of that person's wealth, more or less, to make it prudent to use one BTC on a lambo?   Perhaps the equivalency of at least 10 BTC?   If you have the wealth equivalency of 10BTC when a Lambo is worth 1 BTC, then you can prudently afford a lambo, in my level of thinking about prudence.  

Of course, other guys and gal might come to a different conclusion than me, and be willing to allocate their value towards a lambo with much less of a value cushion.  Personally, I think it would be somewhat reckless to have less than 5 BTC of value and to apportion 1 BTC towards a lambo.. but, hey that's me.

It’s too much money unless we end up with a situation where 1BTC or 2BTC = a Lambo then you can probably leave me out.
I can afford to buy a couple right now & have a good stash still left but fuck that.

I’m not spending a sizeable amount of my stash on a fucking car, man.

Big, massive house & multiple apartments to rent out - yes.
Car - No

Never spend huge amounts of corn on anything unless it’s something that increases in fiat value. New cars are one of the worst investments.

Yeah, but get real LFC.

I understand that you are still in a kind of scarcity mindset, but once you reach filthy rich status, then at that point you have so much excess wealth that you will likely become less frugal than your current mind-set will allow.  I already can see from your posts that you do not have a warren buffet mindset.  You are not going to be eating at McDonalds and driving 15 year old cars once you reach filth rich status.

Furthermore, I appreciate that your threshold for spending money on a lambo is decently high, and probably in a similar arena as mine, even though I do kind of like cars.. not as much as hookers, but still... I can appreciate a nice car.

so yeah, perhaps there are some WO peeps who might go so low as 1/5 ratio and willing to spend their BTC on a lambo, and I am more likely in the 1/300 ratio.. but you might be in the 1/1000 ratio...   Part of my point, is that there would be a threshold in which extravagance is part of the mix... including flashy cars, such as a lambo.  Yeah the hookers and blow might have a lower threshold, but those ones were not really part of my hypothetical question.

A tax event might propel the idea of an investment in a vehicle.

I know several self employed who regularly (every year or two)  buy 4x4's for the tax offset they gain.

Which is the perfect example of what I was just outlining a few posts above. They have good income but they are so stupid that they think that little tax offset if enough to justify wasting a lot of money in a NEW vehicle instead of buying a second hand one (with two years already and with no tax offsets) and using it for more than two years before thinking about spending a fucking lot into a new one again.

Literally what I just said about financial education and managing one's income and capital resources.

A simple excel spreadsheet would easily quantify their level of stupidity over the last ten years... And probably cars is not the only thing where they are failing in their financials.

P.S.: Going back to "topic"... A lambo would be extremely hard to justify as a "need for work" in order to deduct ANY taxes anyways.

[kenzawak]

I hope I won't die... at 47, that would suck !
Meh I think I still have a few years left in me.

Yeah... don't drive too fast in your lambo, nor imbibe too much blow... but you can bang as many hookers as you wish.    

If I do that, cause of death will be... my wife.

You're no fun.

I'm aware.
I had enough fun for a few lifetimes before my 33rd birthday. Now I'm resting.
I'm not one of those guys who at a certain age realize they haven't done anything cool in their lives and have to do them now before it's over for them.
I'm ok with getting old and living a slower paced life.
If I hit the jackpot, I won't be spending it all on girls, drugs and parties. My days would probably look something like this : going to the gym, resting, taking care of the ones I love... I don't think I'd ever get bored doing that.

I know your post wasn't meant to be answered seriously but hey why not ?


How about you JJG ? How will you be spending your money if you don't mind me asking ?

[Biodom]

It’s too much money unless we end up with a situation where 1BTC or 2BTC = a Lambo then you can probably leave me out.
I can afford to buy a couple right now & have a good stash still left but fuck that.

I’m not spending a sizeable amount of my stash on a fucking car, man.

Big, massive house & multiple apartments to rent out - yes.
Car - No

Never spend huge amounts of corn on anything unless it’s something that increases in fiat value. New cars are one of the worst investments.

Yeah, but get real LFC.

I understand that you are still in a kind of scarcity mindset, but once you reach filthy rich status, then at that point you have so much excess wealth that you will likely become less frugal than your current mind-set will allow.  I already can see from your posts that you do not have a warren buffet mindset.  You are not going to be eating at McDonalds and driving 15 year old cars once you reach filth rich status.

Furthermore, I appreciate that your threshold for spending money on a lambo is decently high, and probably in a similar arena as mine, even though I do kind of like cars.. not as much as hookers, but still... I can appreciate a nice car.

so yeah, perhaps there are some WO peeps who might go so low as 1/5 ratio and willing to spend their BTC on a lambo, and I am more likely in the 1/300 ratio.. but you might be in the 1/1000 ratio...   Part of my point, is that there would be a threshold in which extravagance is part of the mix... including flashy cars, such as a lambo.  Yeah the hookers and blow might have a lower threshold, but those ones were not really part of my hypothetical question.

Interesting points from both.
Some people actually like being frugal, aka driving much less of a car than they can afford. WB is an example, of course. Maybe they get off on power, etc.
Sometimes it also could be a work place. If you suddenly show up with a Lambo or McLaren GT in a middle income workplace, there might be too many questions.
On the other hand, what's the point if you can't spend a bit.

The progression is (or should be): middle class>affluent>rich>wealthy
The difference  between rich and wealthy is the duration.

[Cryptotourist]

Wow, WTF, are we rich yet or what?

Un-fucking-believable.

[Last of the V8s]

[gentlemand]

Interesting points from both.
Some people actually like being frugal, aka driving much less of a car than they can afford. WB is of course an example. Maybe they get off on power, etc.
Sometimes it also could be a work place. If you suddenly show up with a Lambo or McLaren GT in a middle income workplace, there might be too many questions.
On the other hand, what's the point if you can't spend a bit.

The rich stay rich by acting poor. The poor stay poor by acting rich.

The blingiest people I've come across never had a pot to piss in. I have an in law who's the richest person I know. He makes a couple of million quid a year. The last time he stayed at a fancy hotel the staff asked him to hide his 2003 Skoda out the back.

And many people are born doomed when it comes to money. No matter what they can't make the best of it or hang on to it. I've seen it many times. It's a talent as much as anything and you can't teach that.

[Icygreen]

my 2c about bitcoin and [helping] children.

IMHO, parents should help children achieve what they want to achieve and that's it.
Practically: get them into the best pre-school and school that you can manage/afford, guide their learning and sports activities (in balance), never deny them what they ask as far as education goes (museums, trips, etc.).
I also think that parents should pay as close to 100% of educational expenses (including college) as possible.

After this, the only way I see myself helping is a house downpayment (in expensive cities).
They have to be able to be independent, not rely on trust funds, even if your btc winnings would allow for this in a few years.
Later on, they will get their inheritance, but, hopefully, they would be ready for it then.

I agree and I also believe teaching them to save with their own earnings (regardless of any debts owing) is crucial at a young age.  I started a savings account with my son in BTC when he turned 19 with the understanding that it will be a deposit only account until he's 40 or decided to buy a home.  A very small amount goes in each month.  My hope is that it'll represent/reinforce the notion of personal financial security while the value increases until a time where it actually does offer such security.