" Life Altering " ......?

[siggy]

Ok... so the general consensus around here is basically:  Don't sell till it will be life altering...

I've been pondering this... just what would I consider "life altering" ...  and for the life of me, I can't nail it down to a single point....  the best I can come up with is a couple different, non-exclusive life altering points:

1)  sell enough BTC to  pay off the mortgage and all debts.  At this point, I can tell my boss to shove it, and still maintain my lifestyle on just about any other job...  Walmart greeter comes to mind...   Just the psychological value of "debt free" and "I don't need THIS job" would be, in my opinion, life altering.

I'd call this "comfortable"

2) 2.5 million USD in BTC....  This is definitely life altering, as at this point, I don't need _ANY_ job.  I can retire, maintain my lifestyle, and even take a couple vacations per year.  And as the above, the psych value of knowing you'll never have to say "yes sir" to a boss ever again...  very life altering.

I'd call this one "moderately wealthy"

3) 15 million USD in BTC ...  Mansion, Yacht, Strippers, Blow ...  umm..yeah...  that would qualify as life altering.

umm... "very wealthy"

4) 50 million + ...  Money really looses its meaning at this point.. I can't grok what my life would be like at this level...

"Ultra wealthy / Elite"


Note, if done right, one could cash out a portion at each level.  So as stated above, none of these are mutually exclusive..... (of course at 4, and possibly even 3, "cash out" is meaningless as anything you want will be priced in BTC anyways...

Due to the rise in value, I think a lot of us are going to have to start thinking about the above as we exit the accumulation phase of our BTC investments...

Just wondering what everyone else thinks would be a worthwhile "life altering" level to start cashing out?

Regards,
Sigg

[EuroTrash]

aaand... this kind of posts makes me want to sell everything and wait for the crash in order to scoop more coins.

[vokain]

great paradox of Bitcoin:
When it is time to cash out, we won't have to cash out anymore

[piramida]

The reason why no one would really reach any "life altering" levels? most people are scared when amount of money they have in bitcoin reaches a level they feel uncomfortable keeping. So, if you ever saw say 10k in usd, you will not hold 100k in bitcoins - you'd be long out of it by that time.

It takes one to really believe in bitcoin project to store more than 90% of your total wealth in coins and sleep well. And the true believers might be rewarded, but that would be a side effect. If you are just greedy, you are cashed out in the pennies.

[theonewhowaskazu]

great paradox of Bitcoin:
When it is time to cash out, we won't have to cash out anymore

Lol, you silly goose.

[siggy]

The reason why no one would really reach any "life altering" levels? most people are scared when amount of money they have in bitcoin reaches a level they feel uncomfortable keeping. So, if you ever saw say 10k in usd, you will not hold 100k in bitcoins - you'd be long out of it by that time.

It takes one to really believe in bitcoin project to store more than 90% of your total wealth in coins and sleep well. And the true believers might be rewarded, but that would be a side effect. If you are just greedy, you are cashed out in the pennies.

Exactly why one should think about these things before they become a reality..  need to take the emotions, including greed,  out of the equation... 

[Wilhelm]

<Greeedmode>
If Bitcoin becomes $1000000000000000000000000 I will cash out and own the planet
</Greedmode>

[glub0x]

The reason why no one would really reach any "life altering" levels? most people are scared when amount of money they have in bitcoin reaches a level they feel uncomfortable keeping. So, if you ever saw say 10k in usd, you will not hold 100k in bitcoins - you'd be long out of it by that time.

It takes one to really believe in bitcoin project to store more than 90% of your total wealth in coins and sleep well. And the true believers might be rewarded, but that would be a side effect. If you are just greedy, you are cashed out in the pennies.

yeah that s true. But also one might learn and with time improve.
i'm in that case i guess and feeling better and better having most of my capital in bitcoin.

[EDIT] my 2 cents if you discover you get some money out of that rise : DO NOTHING, relax, buy yourself a pina collada in the closest bar, find a pizza buy whatever gadget you want to play with and keep cool.

[Coma]

Due to the rise in value, I think a lot of us are going to have to start thinking about the above as we exit the accumulation phase of our BTC investments...

THIS.

As early adopters some of us saw this potential a long time ago and should start thinking about this scenarios.

[piramida]

Every early adopter, at least ones who held through a couple of crashes, can reward themselves with converting part of their stash in some first-world luxury goods. It would also make keeping the rest psychologically easier.

I think for anybody who would dare living with 90+% in bitcoins, with it's huge volatility cycles, it would be a luxury life and business flights to Maldives during the rallies, followed by getting back to corn and water during the slides down It's hard, but lots of fun.

[operrajunk74]

Ok... so the general consensus around here is basically:  Don't sell till it will be life altering...

...

Just wondering what everyone else thinks would be a worthwhile "life altering" level to start cashing out?

Consensus  

Nope for me, spend your coins whenever you need and rebuy (preffered at crashes times). Works best

[bitleif]

3) 15 million USD in BTC ...  Mansion, Yacht, Strippers, Blow ...  umm..yeah...  that would qualify as life altering.

umm... "very wealthy"

I call that an immature attitude towards wealth and exactly the kind of mindset that will lose you all your money very quickly. Just look at various rappers and athletes. 15 mill isn't that much really if you're planning on living on it for the rest of your life (depending on how old you are.)

[piramida]

yep, best advice from an incidental millionaire who managed to stay millionaire (that I read somewhere) - don't change your lifestyle, at least for several years. get used to having the money, don't go in an apeshit crazy spending spree. Then, once you get over that sensation of being able to buy anything you want (without actually buying it), you can start improving your life gradually. Otherwise, you quickly end up with no money, tons of expensive shit which require expensive maintenance, and feeling like a fool. Remember, there is a whole huge world economy built to efficiently part fools of various caliber with their money. Learn where the traps are, first.

[siggy]

3) 15 million USD in BTC ...  Mansion, Yacht, Strippers, Blow ...  umm..yeah...  that would qualify as life altering.

umm... "very wealthy"

I call that an immature attitude towards wealth and exactly the kind of mindset that will lose you all your money very quickly. Just look at various rappers and athletes. 15 mill isn't that much really if you're planning on living on it for the rest of your life (depending on how old you are.)

Yeah.. I know..  wrote that one kind of tounge-in-cheek since the whole strippers & blow thing has been a running theme in these forums for quite awhile...

in all seriousness.. 15MM would be something along the lines of:  Upgrade to a nice house, decent bit of world travel, and a very generous inheritance to my heirs.  

Do have to admit though.. it would be quite life altering for the 9 months it lasted till you were either broke again or in jail 

[HeliKopterBen]

If in the US, plan on giving half of the profit to the government.  So to keep that $15 mil, you will need to make 30 mil.  Unless of course you just spend your coins or attempt to avoid taxes.

[Peter R]

Due to the rise in value, I think a lot of us are going to have to start thinking about the above as we exit the accumulation phase of our BTC investments...

THIS.

As early adopters some of us saw this potential a long time ago and should start thinking about this scenarios.

Please check out Risto's "SSS" plan: https://bitcointalk.org/index.php?topic=345065.0

With this method you are continuously divesting of your bitcoins according to a discplined price-based schedule.  If bitcoin ever becomes a dominant world currency, you do extremely well; if bitcoin flops after hitting $12k, you do pretty well too.  The best part is: once you pick the "rake %" that best fits your risk tolerance, you no longer have to worry about timing the market.  

[Davyd05]

Didn't read through, there is still this problem that people expect fiat to be what they consider wealth.. when btc is worth millions..your not cashing out for fiat,your spending em.. get this idea, cause I love it.

[siggy]

Due to the rise in value, I think a lot of us are going to have to start thinking about the above as we exit the accumulation phase of our BTC investments...

THIS.

As early adopters some of us saw this potential a long time ago and should start thinking about this scenarios.

Please check out Risto's "SSS" plan: https://bitcointalk.org/index.php?topic=345065.0

With this method you are continuously divesting of your bitcoins according to a discplined price-based schedule.  If bitcoin ever becomes a dominant world currency, you do extremely well; if bitcoin flops after hitting $12k, you do pretty well too.  The best part is: once you pick the "rake %" that best fits your risk tolerance, you no longer have to worry about timing the market.  

Have read the thread and even posted on it...  My current plan follows a slightly modified formula, but is very in line with the base concept.   For anyone who hasn't read it... please do.  It is definitely worth the time.

[byronbb]

3) 15 million USD in BTC ...  Mansion, Yacht, Strippers, Blow ...  umm..yeah...  that would qualify as life altering.

umm... "very wealthy"

I call that an immature attitude towards wealth and exactly the kind of mindset that will lose you all your money very quickly. Just look at various rappers and athletes. 15 mill isn't that much really if you're planning on living on it for the rest of your life (depending on how old you are.)

This is ridiculous to me, but that's me.  Idiot's who blow 15m whatever,  I could easily retire on 1m in the west and far less in Thailand or India. 

[Melbustus]

Studies suggest that happiness for the average American as a function of income plateaus at around $75,000/yr. We are who we are, and once we get to a point where we're not actively stressing about money, our natural temperament takes over.

So you probably won't feel all that different between your various scenarios; especially between 2 and 3. But you kinda sound like you'd blow the money on stupid stuff regardless. I'd like to think that most people with that sort of wealth try to do genuine good with it.