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To be honest I recently made a ton on crypto and I'm using it as a down payment. It made me painfully aware that if I had to save up for the same down payment i
by hparadiz 5y ago
To be honest I recently made a ton on crypto and I'm using it as a down payment. It made me painfully aware that if I had to save up for the same down payment it would take me 10 years to save that much money and chances are along the way some financial emergency would ruin it all. And with the rate housing prices are increasing right now you can be priced out fairly easily.
Rich is when you don't need to think about any of this shit at all. People keep trying to put a dollar amount on what being rich is. We're all middle class arguing about how much we make PER YEAR. The truth is you're only rich if you control enough wealth that you can not work for a decade or more.
For example my step father start a trucking business that required him to work from 5 am to 5 pm every day for more than 10 years. Slowly he added more and more drivers. Recently he sold his business for 1.1 million.
Now is he rich? I personally don't think so. They live in a modest townhome in a low cost area. He just has a low burn rate relative to the amount of assets he has. There are way larger houses all around them.
And the truth is most normal people will agree with me because that's what their lives are. What you make per year can't be used as a metric for wealth. It's just earning potential not actual wealth.