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Speaking as someone who made a decent pile in cryptocurrency: 1. Don't ride on the stocks forever. You'll feel it as a windfall now, but it's an investment. Yo
by jungler 8y ago
Speaking as someone who made a decent pile in cryptocurrency:
1. Don't ride on the stocks forever. You'll feel it as a windfall now, but it's an investment. You invested in the company, and it paid off, so you should probably part ways and start a new chapter, since the company's fortunes can change quickly. Every investment comes with risk and the more you have in one investment, the more you will feel that risk - so get some diversity in the portfolio as you are able to. Assume that you will have to give up a hefty percentage of the $8mm in taxes and fees in the process of doing so. Advisors can help mitigate that, but you want to keep watching the finances while you rearrange your life.
2. Even as a multi-millionaire, you can't afford "big things" like premium real estate or private jets. The numbers do not pencil out. It's healthy to still want a simple lifestyle and use the cash to indulge more modest luxuries. I like being able to order anything I want from Starbucks!
3. It doesn't matter if you succeeded financially, you'll still have plenty of things to struggle with in life - the Stoics say as much. The only difference is that you have room to choose which things you struggle with. You don't have to plan to take on the world, but you can now devote yourself to any altruistic pursuit you wish, any academic study or athletic achievement, or travel wherever you like, for as long as you like. These are things that you mostly can't do if your existence is premised on paying the bills. But you do want to stay hungry in some way, even if a paycheck can't do it.
- infinite8s 8y agoOP said the $8M hit his account after taxes.
- pixl97 8y agoNot next years taxes. Hence, why tax shelters exist.