Planning a golden crypto retirement

in thoughts •  8 months ago 

I don't have a lot of faith in the future of employment and I consider that there will be a crushing of job prospects through automation and AI in a whole host of areas. While there will be new jobs created from the process, I imagine that either most people can't do them due to the skill level required or, won't want to do them as they will be labor intensive positions that a robot can't manage.

What is interesting at the moment is that many people work in the hope of retiring from work but perhaps in the future, they will live in hope of having work to enhance their life position. The stopgap measure of Universal Basic Income will only go so far and while people's expectations of what is a good life is slowly crushed into debt cycles and economic crashes, the purpose of existence question will be raised. A lot of people do not recognize work as playing a role in their purpose.

However, the goal of retiring from work is about having the means to be able to support a decent standard of living and understanding that in order o have that, plans need to start early. This is what retirement funds do but they are far from efficient and for the most part, the fund makes a greater percentage than those who fund it.

Can you imagine having 30-40 years to invest in crypto for retirement. @wolfhart

This is an interesting line of thought and one that it seems that many people don't consider, at least those who are young enough to not have the burden of experience. I know that @wolfhart does have such experience to understand the importance of preparation.

Like I mentioned in my last article, most people want Workless Wealth and do not want to put in much for the return. In crypto, most people are short-term thinkers with even those who are thinking long looking a few years, maybe ten down the track. And as I said in the last article, there are those who can achieve workless wealth but they are usually early adopters and that position carries uncertainty and investment risk.

But in crypto, there still is a massive opportunity for workless wealth if one is willing to work until wealthy. If you remember, there is eventually enough Bitcoin for everyone to have 0.003 of a Bitcoin if spread evenly. That is currently 12 dollars worth. Now, if you are planning on retiring at 65, calculate how many years that is away and then, predict what the price of Bitcoin is going to be.

If you are 20 today, that is 45 years away and that 12, 120 or 1200 dollars you might put in now might be your saving grace when you are indeed workless due to the changing dynamics of the world. Many people are going to be without employment, most of them are likely going to have to rely on others for their living standard. Unfortunately, while it is possible, I do not see some Star Trek utopia in the near future forming.

Maybe you are 40 years of age like myself and retirement is 25 years away - what is the price of bitcoin, Steem or Ethereum at that point? No one can really predict it but consiering that people are putting thousands into their retirement plans every year with the hope that the governments, banks and institutional investment funds don't "screw up" and steal it all, a few hundred into crypto is not a bad hedge investment - just in case.

Not only does it carry potential of wealth, it also means that it can be actively maneuvered as conditions change. Who knows what projects will survive 20 years but having one's keys grants one active access to it as needed - the trick is of course not needing it to survive off. That is where all the work comes into the equation in order to make sure one can get through to that period of workless wealth in retirement.

Remember that when it comes to investment plans, most young people are very, very poor planners and later in life often wish that they had spent more time understanding and spent less on whatever nonsense they did. When it comes to crypto, the potential for the future value is so extremely high that it doesn't take much of a reduction in current lifestyle to start getting in on what many in the long-term industry would consider the ground floor.

For me, I like working but I would like to do more of the work I choose to do without being forced to work. I would also like to clear my debts without having to kill myself in order to do so. I see crypto investing as an uncertain way to get a chance to do just that at a very low level of investment. Working for 45 years to retire and still not have enough is the nightmare isn't it? Most people retire unable to look after themselves or family and have to rely on handouts in various forms.

When people are looking long-term on crypto they are wanting the moon so they can buy a Lambo but when it comes to life for the average person, they are happy if they can cover their expenses and still have a little left over for enjoying some of it too. To have this in retirement takes planning and I think that more people are going to start putting a small percentage of their retirement plans into crypto.

The institutional investors are also going to start doing this through their managed funds and charge a massive fee for the privilege of having them manipulate conditions for their greater wealth. What this means though is that those who have the gumption to be able to manage their actions prior to the institutions coming in and manipulating even more heavily, will be able to take advantage of the risk of early adoption and with a lower amount generate a higher return.

You might hold 1000 dollars of Crypto today, what will it be worth when you retire? No one can answer that but is it worth the risk in finding it? I think it is and will continue to explore the investment opportunities out there with more and more of it being transferred into long position holding patterns so that myself, my family and those around my life are able to benefit from it.

This last point is one of the other things that people don't really understand when it comes to current holders being seen as selfish in some way, they are also going to be the future financiers of people's dreams rather than having to rely on the banks. My Steem Power is largely useless for improving quality of life now but what it is dealing out in future value, might be absolutely life changing for many and, what I hold for that future I will potentially be able to continue to both support my own life needs and provide for many more on Steem and of course, in my direct life community. Those without work might find their creativity in that future rewarded by people who held today so that at least they don't have to rely on handouts.

People have all kinds of beliefs about the future but until it is the past, it is an unknown. Every action comes with risk but as I see it, we already know what the risks of relying on banks and governments to handle our economic future are and, it isn't worth the risk staying on the same path. Economic responsibility is in all of our hands and, all of our wallets - even for those who like to keep theirs empty.

Taraz
[ a Steem original ]

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There is a consideration - BTC can fail to a more advances crypto. So even if you sure in crypto as a sector, witch PARTICULAR crypto you should buy for decades to come... no one can know (

The good thing about crypto is that one can be directly active and move on short notice before the institutions. I wouldn't set and forget but, I wouldn't plan on day trading for retirement either.

agree

Maybe you are 40 years of age like myself and retirement is 25 years away - what is the price of bitcoin, Steem or Ethereum at that point?

Maybe all these altcoins might worth 25 or 50 times their initial value in 25 years. Maybe not. But what is gonna be a very serious possibility too, is the fact that these same Twenty-five times fattened altcoins within 25 years away. Will only could buy a mere loaf of bread with the ongoing hyperinflation pace unraveling every day within the mundane reality show that is our true fiat life. ;)

Facinating, thought-provoking and well-written article, @tarazkp. I especially found this perspective interesting:

What is interesting at the moment is that many people work in the hope of retiring from work but perhaps in the future, they will live in hope of having work to enhance their life position.

It is a little disturbing to think that work for humans could be so scarce in the future. Makes me appreciate the value of work and investing now so much more!

I think of myself as ahead of most in my retirement planning with lots of investing happening regularly. However, I admit it is difficult for me to project and plan my crypto investing out until I'm 65. My goal has been to accumulate enough crypto to pay off my mortgage in the next major bull run. After reading your article I am reminded that this may be a short-sighted goal in some ways because the amount I need to pay it off could be worth millions by the time I turn 65. My only consolation is that it would free up cash flow to invest more into crypto in the next major bear market.

Either way the process will take a lot of patience and a continued state of "not needing the money".

My goal has been to accumulate enough crypto to pay off my mortgage in the next major bull run.

I think many are planning similar and it isn't a bad way to go considering that after the mortgage is gone and if sold near the top, there is a little extra disposable income to buy the next bear, like you mentioned. I might do a bit of the same if i can swing it. The trick is to not expand life too much in the short-term so as not to eat into the gained potential.

I am slowly rethinking my definition of retirement as I believe it is when your life can actually start as we work for and with our families instead of others. I feel it will be the moment my assets work for me instead. That approach feels better and more sustainable.

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I feel it will be the moment my assets work for me instead.

I have a long catch up to get to a point where I can get to here but I am hoping to take a bit of a shortcut through cryptoland ;)

I've been badgering my 'cash rich' brother for months about diversifying, he actually apologised last night for not getting his arse together with it. No need to apologise to me of course, it's his money.

Hopefully he'll think of a percentage he wont need to touch and put that into some coins over the coming weeks. He likes the idea of STEEM, and I'm secretly hoping he'll fuel my account (as he has no plans to blog). Either that or OCDB.

Hopefully I'll always have some stake here, this will of course end up with my daughter in the future.

Yep, I think it is a good idea and @exyle does this with his Dad's investment. Is quite an interesting thing to invest and delegate it out to earn more or support others rather than leave it passive.

Hopefully I'll always have some stake here, this will of course end up with my daughter in the future.

My plan is to do this for smallsteps too.

I’m retiring in three months. Won’t miss my job at all. My wife’s a bit younger than me and plans to remain the the workforce for several more years. She makes enough that I have no need to tap my crypto any time soon. By the time that she retires, crypto will be mainstream. With a bit of luck, my early-adopter entry into the space will have served me well.

You must be pretty excited to become a kept man :D

With a bit of luck, my early-adopter entry into the space will have served me well.

10 years from now, anyone with a few thousand diversified through the industry will likely be very well off.

Today I didn't actually even read. I came to spread my herpes.
!sneeze

nice... I thought I already had them but I guess not :D

Im 29 and im thinking about buying some sweat rims on my car. Not retirement. lol

But planning is indeed smart. What i do is diversify. Not much else you can do. Maybe the 50 EOS i have will one day be worth 100 times my STEEM now. Same goes for other stuff i hold. Maybe the 10$ of Obyte will be worth a thousand times my STEEM now. Maybe DAGs are the next big thing.
You can never know.
The only thing ill never hold is BTC. (Same reason i dont drive a 1908. Ford T) lol.

I don't care much for cars other than one day having a full electric.

The good thing with crypto is what is held is personal and easy to change. I don't have much BTC for likely similar reasons but I do hold a little for what I consider the short-term :)

One more quick poke at BTC.

Mass adoption? If given a choice from a number of cryptos, do you ever pick BTC as the best option for your transaction.
The answer is no and never ever. Haha.

Was looking at Tesla because of the hype but the car seems very impracticle. You have to charge him for 18 hours at home. If you dont own a house but live in an apartment dropping down a 20 meter cable from the third floor isnt an option. It has a maximum diatance of like 400 km.
A full tank of gas gets you 1000km and you refill it in 30 seconds.

Electric cars are still very far from being practicle. Would buy one though to show off haha.

Mass adoption from institutional hypers is possible.

My car gets 550km on a tank now. (Honda civic).
This is Finland so... My parking spot (I live in an apartment building) also has a charging point (they use it for engine warmers) so it isn't an issue. There are fast chargers at nearly all service stations and nearly every shopping centre and supermarket has electric car parking spots, many offering free charge. I rarely have to drive more than 200 km in one trip and if going further than 400, I would likely stop for a coffee anyway. The infrastructure is developing all the time. Then, with changing battery tech, the next battery could click in and double the range, though I wouldn't bank on that.

And they are fast AF. :D

Its the charging time thats a huge obstacle for me. Even the supercharger takes more then a hour to charge. And 400 km you can cover in less then 3 hours on the highway. So its 3 hours driving and 1 hour waiting.

We are still a way off from them being practical. Ive listened to a few owners talk about the charging and doing road trips in a tesla.. It gets annoying really fast.

Ill still be waiting to see them make a bigger breakthrough.
They are fast AF though. Haha.

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AI and increased automation will take away so many jobs.
My favorite recently was arguing with someone who said they would never use automatic check out counters cause it takes away jobs and they won't do that. So I asked how their Amazon Prime membership was going.
Crypto is one good solution. So os increased self sufficiency. By some land do a little gardening and prepping, etc.
There is no way this endless debt cycle will continue another 20 years. Population is increasing and environment dying, too.
I am diversifying crypto, savings, and investments.

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There is no way this endless debt cycle will continue another 20 years. Population is increasing and environment dying, too.

5 years is going to be pushing it i think. The coming crash is going to make the last look tiny I believe.

Totally agreed!!! Can't see future of Jobs.

Probably crypto can serve as a long time investment for many

For those who actually invest in it could.

all you hear is pension funds not being able to sustain. mostly to municipalities. or on how the last company went bankrupt and the pension fund is broke.
The last Bear run people lost half their fund investment.
that's scary to lose when you worked years for it and depending on it.
Most people save for a supplement to their Social Security.

crypto is the best solution and investment potential for the average person INHO since mutual funds.

Im 20 and already 20% in.

Just waiting for a good entry point.. Since months..

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entry point was good 3 months ago :P I guess it depends on how far one is look. For example buying Steem at 50 cents and selling at a dollar is a great gain. if it is at 100 dollars in 6 years, not so great. BTC at 4000 seems high if looking back a little but in 10 years, will it seem high?

If you are doing this at 20, you are on the track to a strong future. What you do now to make sure you don't have to cashout in the meantime is important.

Yea. Ik..

But I was waiting for a bottom. Dont have much to invest as student who quit school.

And still cant really believe this should be bottom..

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You have been infected by the King of Disease!

Will you quarantine yourself?

Or will you spread the plague?

King Of Disease

I love crypto but I don’t think it’ll be my path to retirement. It’s fun, exciting, and innovative but currency’s rise and fall in a year’s time. What worked today might fail tomorrow and without constant tweaking it’s easy for a portfolio to zero out.

Two years back I had a significant amount in crypto and now I don’t. Popular coins crashed, promising new crypto failed and some tech I passed on is now rocketing forward. If I’d invested a significant amount of my wealth into crypto I’d probably be ready to kill myself by now. I’ll keep trying but sadly crypto isn’t dependable enough for retirement funds yet. At least that’s my take on in.

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Hey, @tarazkp.

Based on retirement at 65, I'm less than thirteen years away. I don't know that I particularly plan on doing nothing though, even in retirement. With the way the current economy is heading (before everything automates and goes AI), and because I'm quite accustomed to putting prose to page, I believe I could continue working to a very advanced age, and, in hopefully, have some income from books and other creative works, so that the products are working while I'm not.

Anyway, that's been the plan and what I've been trying to move towards for most of my adult life. More pushing, some things going in my favor (like STEEM finding a decently high plateau to perch at), and maybe some opportunities I'm yet to be aware of, and I believe I will be okay, and all of this will not be for naught.

You are one of the hardest working on STEEM, so whatever you accomplish will be well earned. I wish you well in these endeavors. We all just need to keep moving the meter a little more. :)

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