If you plan to cash out then you don’t understand bitcoin
Discussion
No, if you plan to cash out NOW you don't undertaken bitcoin. A point will come in the future where you're ready to retire and enjoy your golden years. That's when you should think about at least partially cashing out so you enjoy the fruits of all your disciplined stacking and saving. There's no point to any of this if you plan to go to your grave with every last sat you've saved over the years.
If you have children there it but not one size fits all
Even if you have kids, you're not going to want to spend the last chapter of your life struggling to make ends meet. I'm not sure why, but people are acting like cashing out to enjoy your golden years means spending every last sat so that you're at zero when you die. That's ridiculous. You can maintain a hefty inheritance for your family while also living in relative luxury, and enjoying the final chapter. This absolutist thinking is toxic, and absurd. I got no time that.
Yea I believe in using it for something worthy like a home or medical expenses. I always share that with others.
Depending on what you have, you can easily enjoy a comfortable retirement while also leaving a generous inheritance to your family. This is what financial planning is all about; preserving the amount you want to leave behind for the next generation, while allocating enough to fund your retirement.
In the theory and practice I’d like to live off of trading and business now like but obviously more developed. Probably never retire though I like to think myself meditating the last 5-10 years of my life fully. No social media life just family life at that time. But who knows.
But I rather not spend it. Take loan against it or like I said just use other streams to live off of. Continually to live a normal small life so I won’t need much to live off of.
Do what makes you happy. Personally, I have no interest in such an austere retirement. I've been working my whole life, saving, sacrificing, buying bitcoin, etc. When I retire, I'm going to buy all the stuff I always wanted, but couldn't afford. I'm going to travel, and vacation in places I always wanted to go. I'm gonna treat my family to things that would have been impossible before retirement. I'm going live, and experience life, and milk every last ounce of enjoyment out of it before my time up. And when I'm gone, it will be up to my family to figure out how they want handle the fortune I leave them. That is what my retirement will be all about, and I will have no regrets.
Why not do some of this now. Retirement isn’t promised to us. Why not live a sprinkle of this reality now while you still have the energy and money.
Illness and death can take a lot of this away in a blink or an eye.
Travel once a year or every few years, etc…. I always say travel is good if can afford it and not go into debt for it. Experience so much and open your mind to great possibilities.
When bitcoin hit $10k, I panicked and sold off the majority of my holdings. To protect myself from myself, I immediately put that money into a trust that I can't access until I'm 62. It was more money than I had ever seen, and I was afraid I'd blow it all, so that's what I did to protect myself.
I put the remaining bitcoin into cold storage, and purposely only maintain a watching-only wallet so I can see it, and remind myself of what I have when the time comes.
I earn my living, and live modestly within my means. Having a normal day-to-day life is necessary for me to continue working and living this way. If I started spending now, it would be very difficult to convince myself to continue working. It would basically drive me into early retirement, and that's just not what I want for myself right now.
Ive got the trust, and the cold wallet to fund my retirement, and the paycheck to fund my day-to-day life. There's a balance that works for me, and knowing my character and nature, it needs to be this way if I'm going retire happy and fulfilled, and not feel like I wasted my life enjoying all the trappings of luxury. Right now, I don't want to the person I will be when I retire.
Thats the best way I can describe the situation, and explain why I'm not spending it all now.
I Ike this brother. Learning a lot from you. How old are you if you don’t mind asking (approx is okay)
I'm 45 atm
Great. Almost there then :) good plan indeed
Well, almost is a relative term. I won't be able to access the trust til 62, so 17 years, and I don't plan on turning the cold wallet into a hot wallet until I'm 65, 20 years. But who knows what the future brings? Maybe I'll get sick and will only be given 5 years to live. That would accelerate my timetable and probably lead to me using the cold wallet sooner. I think you always have to make room for unanticipated circumstances. You gotta plan to be flexible, and not let something unforseen totally destroy your plans. Right now, I'm happy with my life and my circumstances, and that's really all that matters. My plans are essentially just a way to ensure that I continue feeling that way.
Love this for you. Thank you for sharing your journey with me/us.