Are you a future crypto-millionaire?
Yesss, sure. All crypto-HODLers are waiting for the big money and the Lamborghini. Bitcoin 100 000, Bitcoin 200 000, Bitcoin 500 000 USD, may be a million. That is the roadmap.
But what happens after that? Let’s suppose you have 1 million dollar in cryptos in a couple of years. After that, prices are stabilizing and stagnating. You decide to buy your Lambo, and your huge house and pretty gifts for your girlfriend and mother. Trips to overseas countries, de greatest gamer screen to your that exists and…
Lambos must eat
Good, enough of dreaming. But what next? The Lambo needs to be fed. Gas, insurance, repairs, the garage... The house is, also, a costy thing, can be a money pit. Parties with other crypto-millionaires, nice holidays, this lifestyle will be expensive. 
If you google a little, you will find a lot of stories of lottery-millionaires, loosing all of their money in a couple of years. Some of them not only ending without money: having large amounts of dept. They couldn’t calculate future expenses. They couldn’t say no to family members and friends as they borrowed money. (And most of them never pay back.) They spent too much. They wished they learned about finances.
To the moon, not to the sky
So, may be you are clever and reserve some part of your crypto to pay future expenses. But if crypto-prices stop surging – trees don’t grow to the sky, you know – the wealth will slowly decrease, and can some day disappear entirely. Who knows if cryptos will pay interests or dividends in the future. Or, do you want to change it to fiat?
But may be the well known cryptocurrencies of today will loose all of its value. For example, somebody invents a totally new crypto which doesn’t exist now, and is better than all others. Or, simply, with a natural evolution, 1-2 will stay and all other 1600 loose all importance. And you bought the wrong ones. We have seen how quick prices can inflate or fall.
I have different cryptos, also, and wish Bitcoin were going to the moon soon. And Steem also, of course. But what if not? I must have a plan B.
Yes i am. :)
This is why I build [https://www.cryptoowls.com], we need to keep researching and judge/ rank crypto assets based on what they are capable of, through investigation it will become clear where transparancy fails and where crypto’s are clearly lacking behind. On these properties crypto owls grades the crypto assets.
If you want to help out making the crypto space more transparent feel free to do research on your favourite coins and write a benchmark about them.
Not every millionaire wants to own a Lambo. And people typically spend money based on a lifestyle, present/future plans, level of education etc - regardless of how they make the money. But yes, gamblers are fun of squandering $$.
Nice read.
To be wealthy you need to have financial balance. This is a great post to bring up the fact that maintaining money is harder than earning money. Crypto can certainly make you a fortune but once the fortune is made it still has to maintained through traditional fiat ways of managing wealth.
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
If I was to become a millionaire I would reduce risk and increase stability in my holdings. I aldo would not be frivolous with the money but to each their own.
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