" Life Altering " ......?

[snackman]

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

Lol, you silly goose.

I feel you, vokain

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[drnick]

If you really want to figure out your life-altering number, first figure out your life-altering amount of *spendable* passive income, and then multiply by 50 to get your net worth needs.

So, if you want to live off $100,000 for life, you need $5m cash.

You only get to spend 2% of it per year, because on average you might be getting 8% returns (if you're good) per year, and:
- 40+% will be taxed
- 3% you need to put back in just to fight inflation (we're talking USD here...)

Bottom line, if you have 50+ years left to live, limit your spending to 2% of your net worth.

[MoreFun]

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.

Smart advice.

[wobber]

Actually this thread is interesting and needs more input. Makes you think "What is enough?" and "What do I need to be happy?"

I read a psychological survey, which I agree with, that states that after a certain wealth level money do not impact happiness. I think it's true, once you have a home, stashed money, car and maybe a self-sustainable life, business. After this level it's only greed or altruism can be your partners. Either you spend on hookers, yachts and fast cars, either you save every penny, literally, and use it for some great project.

There are lots of things that can be done: cancer research, industry, ecology etc. You need solid money and solid money politics for that.

I think a man should work at 8hrs a day for somebody else or more than 8hr a day for himself. Retiring on a beach is not a good thing to do. It can have serious consequences on one's mind and body. Saw some cases with people with lots of money who lost it...

[snackman]

Actually this thread is interesting and needs more input. Makes you think "What is enough?" and "What do I need to be happy?"

I read a psychological survey, which I agree with, that states that after a certain wealth level money do not impact happiness. I think it's true, once you have a home, stashed money, car and maybe a self-sustainable life, business. After this level it's only greed or altruism can be your partners. Either you spend on hookers, yachts and fast cars, either you save every penny, literally, and use it for some great project.

There are lots of things that can be done: cancer research, industry, ecology etc. You need solid money and solid money politics for that.

I think a man should work at 8hrs a day for somebody else or more than 8hr a day for himself. Retiring on a beach is not a good thing to do. It can have serious consequences on one's mind and body. Saw some cases with people with lots of money who lost it...

I subscribe to the 'friends and achievements not money' mindset. I don't want money, just a good reputation and a lot of connections so that I have people who want to make cool stuff with me!

[piramida]

I think a man should work at 8hrs a day for somebody else or more than 8hr a day for himself. Retiring on a beach is not a good thing to do. It can have serious consequences on one's mind and body. Saw some cases with people with lots of money who lost it...

Scratch the "work for somebody else" part and I'll agree - this modern day slavery is not necessary at all. Definitely, once your brain stops working you are degrading much faster than you evolved. So you should always keep it busy, run some business, do some work you actually like, play chess, etc, the more activities the better. Finding a right cause to support for the rest of your life with your money and energy is an ideal solution, if you find something to believe in, deeply.

[wobber]

The 8hr a day worked for somebody else is a form of slavery, but many people need it. And you cannot simply want to run a business without working first.

I recently saw a man, with a pretty big business who told me he has to sell a part of it, because it's so big he cannot manage it alone. He need know-how on modern corporations and he lacks that because he didn't worked a single day.

[bitleif]

Running your own business isn't for everybody. But it certainly is for me

[snackman]

Running your own business isn't for everybody. But it certainly is for me

Haha I'm having a blast so far! Launched Pirate Printing Company in earnest last night, already got 9 bitcoin orders!!

[Hawker]

I think a man should work at 8hrs a day for somebody else or more than 8hr a day for himself. Retiring on a beach is not a good thing to do. It can have serious consequences on one's mind and body. Saw some cases with people with lots of money who lost it...

Scratch the "work for somebody else" part and I'll agree - this modern day slavery is not necessary at all. Definitely, once your brain stops working you are degrading much faster than you evolved. So you should always keep it busy, run some business, do some work you actually like, play chess, etc, the more activities the better. Finding a right cause to support for the rest of your life with your money and energy is an ideal solution, if you find something to believe in, deeply.

For me the "enough" question can only be answered by having an income from property or shares that means you never need to work again.  Work should only be for what interests you.

[wobber]

Running your own business isn't for everybody. But it certainly is for me

What business do you have? If I may ask.

Ideal business is one that you take from 0. Like having a small rented apartment, learn, make money, learn more, move to regular office, hire etc. I do not trust business started with large capitals and lot's of employees. I mean, it's like a baby. You coinceve it, but it cannot be 10. Has to grow organically.

[snackman]

Running your own business isn't for everybody. But it certainly is for me

What business do you have? If I may ask.

Ideal business is one that you take from 0. Like having a small rented apartment, learn, make money, learn more, move to regular office, hire etc. I do not trust business started with large capitals and lot's of employees. I mean, it's like a baby. You coinceve it, but it cannot be 10. Has to grow organically.

Like having a small rented apartment that you list on airbnb  Speaking of which, when are they going to start accepting bitcoin?

[Thylacine]

Surely answer is more complicated than it seems, as a few have alluded to. If 1 BTC = something ridiculous like $1M USD, isn't is very possible the USD has devalued and that you're better off paying for your groceries with satoshis rather than USD? A loaf of bread might be USD$100 at this point.

The only reason BTC gains value as a currency is if it's adopted widely.

I think a better question to ask is; "Assume in years to come bitcoin is the de-facto world currency. How much does a Big Mac cost in bitcoin? What's considered a life-altering amount of bitcoin in 2030?"

[Le Happy Merchant]

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.

I was uncomfortable when I first got in. I literally spent every penny I had in savings on BTC. I haven't been comfortable in nearly two years, and I don't plan on being comfortable for quite some time.

When I do get comfortable though, its going to be under a pile of women.

[Hyena]

I haven't cashed out anything but the mere fact that I have some nice wealth stored somewhere makes me spend my ordinary money a bit more loosely. Also, this looming wealth has somehow altered my aura in a way that I've been attracting more women lately.

Maybe the confidence has increased or something but I can tell you that the vibe is different these days. The difficult part is determining how much money you can spend per lady in order to remain within the borders of rationality (the most efficient risk/reward ratio). Luckily this amount can be calculated from a typical price of a hooker making the intrinsic value of a female being equal to the cost of paid sex. I wonder if Thai chicks accept bitcoins already.

Pic somehow related.

[chrsjrcj]

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

You should see some of the posts on the litecoin reddit board.

[GigaCoin]

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.  

$1M to retire ? maybe if you're 60 , but if you're a young dreamer and ambicious $1Million isn't enough these days, some countries that will barely get you a home, good car, and few savings for your kids' future & investments/business. Not sure about INdia and thailand but i hear housing isn't cheap there either and not everyone would want to do that.

[Thylacine]

$1M buys a solid apartment in inner city Melbourne but no change

[GigaCoin]

$1M buys a solid apartment in inner city Melbourne but no change

Exactly, then what? If you're Australian you should make sure you have a decent amount of Coins if you want the Bitcoin dream, it's just too expensive to live.

[traderCJ]

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.  

$1M to retire ? maybe if you're 60 , but if you're a young dreamer and ambicious $1Million isn't enough these days, some countries that will barely get you a home, good car, and few savings for your kids' future & investments/business. Not sure about INdia and thailand but i hear housing isn't cheap there either and not everyone would want to do that.

If you're the kind of person who has to appear to be the richest man in the room, you're right.  However, if you just want to be self employed doing something you love and not starve, $1mil is plenty.  Hell, it's excessive if you own lodging and transportation debt free.