Hey Jesstronauts
Many of us have gotten into the cryptocurrency space because well we want wealth without work, we want to put a few pennies in and watch it explode pocket the returns and go on our merry way. As much as you can say you here for the tech and the movement, we're all here for the promise of little self-indulgence, and that's fine, it's human nature.
You took a risk; you should get a reward. We are on the brink of one of, if not the most significant wealth transfer the world has ever seen; it's going to take time. Still, value eventually finds a way to where it is used best even if it is artificially restricted and regulated not to; no central bank can control the economy forever, no central bank can keep bubbles running forever, it's mathematically impossible.
Keeping the masses in check
While some governments might try to force participants back with stricter regulations and laws like during the fall of the Roman Empire, Diocletian forcing his people to take unprofitable jobs due to price and wage control and force the currency on people, and if not they were sentenced to death.
While our governments might not be as brutal but you never know, they're still not going to give up without a fight. If we look at the draconian methods they've put in play for this lockdown, I don't put anything past these governments.
Image source: - blogspot.com
Breaking free with Bitcoin
That was a bit of a tangent, I tend to ramble on, but back to the matter at hand, bitcoin is perfection,, so imma let 'em understand. So let's say for argument's sake, this Bitcoin thing does blow up and make millions of people around the world wildly wealthy, what will you do with it?
Wealth without work and wealth without vision goes as quickly as it comes; this is evident in the number of gamblers and lotto winners that strike it rich only to end up in poverty again.
Bitcoin is a change for you to reset the game, provide you with a chance at new opportunities and build income streams not just a lump sum of wealth.
Breaking your balance sheet
Now that Bitcoin has inflated your balance sheet and you're sitting on a level of buying power you never knew you could have it's going to be tempting to "rek it" I get it, we want to Lambo!
I encourage you to resist that urge.
You have a shot at something better, maybe you want to buy a home, education for your kids, I get all that, but if you want a better life for yourself and your family, you owe it to yourself to use this chance to build income streams.
Let that Bitcoin work for you for years to come.
If let's say the correction goes as planned and Bitcoin is a beneficiary there will be a load of opportunities for those with capital to put to work.
Starting a business
This could be your chance to start that business you've always wanted from the local coffee shop to something bigger; you now have the capital and the luxury of time to start the business and build an income stream through something you love.
Thinking of all the businesses that will be obliterated by this lockdown fall out, it's going to be something we need to restore any sort of free market in various parts of the world.
Buying a business
Maybe you're not the starting from scratch type, doesn't mean you should avoid business, you have the capital, now partner with the skill. You could purchase stake in a company or partner with someone and be their angel investor and even work together in the business to bring it back to the income it once had, and reap the benefits going forward.
Investing in stocks
Stocks are going to take a significant haircut, of that I have no doubt, but that doesn't mean companies will go out of business. There will be those that remain, Apple, Google, Tesla and Facebook aren't going anywhere, that's a fact, their stocks will be a lot cheaper, and you can get in, and enjoy some dividends over the next couple of years.
Buying and selling stock is excellent in a world of share buybacks, but I think laws are going to change, and we're going back to the dividend approach more aggressively to attract investors.
Taking advantage of shortages
There are going to be mass shortages all over the world for certain goods. You could be the one to either buy them and bring them over, or start producing it locally. Perhaps your country offshored a specific skill or product you could grow or create, now is the time to do it.
There will be a prominent call to bring jobs home, and this is a trend worth jumping on to ensure future prosperity not only for yourself but you country.
Source: The Bitcoin Manual
Have your say
What do you good people of HIVE think? How would you put your wealth to work? Or will you just spend it all and end up back where you were and enrich others in the process.
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
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I want to pay off my debt, have enough money to move around freely, get closer to the people that I want to be and do projects with (different countries), and work on those said useful projects instead of “work for money” 8 to 5 routine
Help my parents of course and be able to spend all the time I want with my child without having to leave her with someone/in school
I don’t care for luxury or belongings and such... those things aren’t on my list... but it seems like there can’t be “too much” money when you want to do things, be active, and not get stuck because you can’t buy a plane ticket or have to worry about paying rent...
So, yes, big plans for every penny I get here and there! :D
Awww sweet those are all really admirable goals and I hope you hold to them, you know how they say the money can change you! Yes I agree life even one without excess is still pretty expensive and the longer we stick around the more money we need to keep it running!
It’s why I believe in a deflationary currency, it encourages saving and thinking about your purchases and not driving this rat race of constantly spending to get value and running faster to stay in the same place
The original plan I had for crypto was just to pay off my student loans. If that ball and chain was removed from my ankle we could do a lot more and I could work less. Now, with the economy going to shit on most people, not sure if I would do that. We are doing ok but fuck it they may cancel some debt.
I am so glad I didn’t go to a traditional uni, I went to a technical one that was subsidized by the government so I came out in the clear! Lol might not have the fanciest piece of paper with my name on, but I can live with that
Atleast interest is at zero right? I do think if theirs any debt they should cancel first it’s student debt these educational institutions already get away with a lot of tax breaks and their endowments remain untouched and then they sell their debt book on to banks it’s horrible
I remember when I first join crypto currency I believe I will be a millionaire in the next two month time then.
How foolish I was then and ignoray of how the crypto world is
Lol if it was around 2017 then I don’t blame you any bet you made was going to the moon during that time! I’m sure you will do well In the long term as you learn the ropes and store some Sats away for a rainy day
So what would you plan to do with your fortune in any case?
Get established myself
Impact the world myself
And help people acquire Fortune also back
Just like how nakamato the owner of Bitcoin has helped many people to achieve their Fortune in Bitcoin
May buy a new car and home and invest some.
I wish you all the best, I hope it does happen for you! Buying a house with Bitcoin would be insane, then no one can argue it has no value, I live in the value every day lol you should put a sign outside that home "Bought with Bitcoin"
My plan is to get to and maintain holding at least 1 BTC and that's like "not to be touched".
The rest, I've been building up my Hive profile and will continue to do so - playing around (badly) with the markets and learning things in the process but I'd love to use my blog to help pay for running costs with my music studio and music related projects. Music gear, audio engineering etc is not cheap so that's my aim with it all really, which is why I'm keen to get to at least Orca level this year as that should put me in good stead.
Would be cool to be able to travel as well or even buy my own place but these are probably going to need a bit more than 1 BTC!
I’d LOVE to have a BTC just for funzies just chilling growing stronger by the day that I never have to touch that would be the dream
I’m not brave enough to do the trading thing got wrecked early in my blockchain career so I know where I’m not wanted lol
Sounds like a solid plan if you can get that running and bringing in a solid income and something outside Blockchain mate you’ll be set for life
I think traveling on crypto would be the dream nomad life! Hopefully some day soon, we can all do a bitcoin sponsored trip
Yeah once I have a whole one, I ain't letting go of that badboy haha! And definitely a good idea not to get rekt on trading... my career started in the ATH... imagine how I felt when 90% of my money just evaporated in to smoke! Now I'm almost double ... the swings man... you need to have a strong stomach for this shit and balls of steel - having said that, I have noticed it getting increasingly difficult to leave my seat for those 2 reasons 😜
Hopefully it comes together but we shall see, still at the building stage but trying to get a head start!
Ahhh man, travelling using crypto... some have been able to do it, think they sold at ATH and probably bossing it up in lambos and private villas. I'm inspired... but also very jealous haha
I think till the next peak i will continuing studying. And then after the Bull Run maybe i will have my own Business in the Blockchain space. But it think before that i will have to learn a Lot of Blockchain and ethereum and so on..
And of course i would Like to travel a Lot ;)
Nice to see you already thinking about what you’re going to do afterwards and that it’s going to be in blockchain too, that sounds very exciting hope I can help with your business one day
Well you have plenty of time to learn and it’s still growing so I’m sure new things will be added by the time you’re ready
Hopefully I’ll get to travel too, maybe we can do a trip too, sponsored by Bitcoin
Yeah that would be awesome! Networking is so important and especially in the young Blockchain space helping each other is very helpfull lol
Yes of course we will haha sponsoring by Bitcoin sounds good.. i can visit you in Cape town and we can Go on a Safari 🌞
I better get my act together and study up on Blockchain too so I make sure I get your business; I know you’re a tough customer
Sounds like a plan I’ll show you around and you can show me around Lol I’d love to come to Germany for an Oktoberfest too !BEER 🍺
Yeah we can discover the Oktoberfest together i have never been there what a shame 🤣
Oh wow, really? Thats totally going on the bucket list, clearly we need to make a combined travel wish list :)
It is the right time to ask this question. What are you going to do with the proceeds? At what price will you sell? How much? For what? Likewise, when BTC reaches $40k-$60k levels it will be the time to think about the next cycle: at what price will you buy back? How much? With what? My tips for using funds: (a) reduce/clear debt, (b) enable experiences that expand your horizon, (c) help family, friends, communities (d) be careful with buying cost (don't just look at the price of the lambo, look at its cost of ownership, too).
Agreed, this is a once in a life time opportunity for a lot of people and it will be very sad if all they do is waste it on fancy trinkets and status symbols
I think that’s a good plan to set out your level you want to sell and buy and lay out a structure you feel works for you! Maybe you want to keep some in crypto like a stable coin maybe some you cash out and you may have to deal with tax in certain counties
There is a lot to consider when a large amount of money comes your way and it’s important o prepare and know what’s coming and how to avoid it
It could even be used to give other family or friends opportunities like schooling or nurturing a talent like music or sport
So much to consider I do hope people do think of planning
For me personally I’d hope to reinvest in my business and some opportunities in the market and maybe a little self indulgent traveling lol
@chekohler, this is a fine piece like always. I enjoy every bit of this article. So much to grab from here. Bitcoin will definitely make people wealthy; but what to do with such wealth afterwards is the key thing. I just resteemed this.
Thank you, I really appreciate it, I think its important to learn to maintain wealth and not just to attain it, building wealth allows you so many freedoms and then you can also teach others and bring them out of debt or poverty which we can all do within today's society